NIF and Bank Account in Portugal: Do You Need One First?

Do you need a NIF to open a bank account in Portugal?

Yes, unless you choose your bank around it. gov.pt lists opening a bank account among the things a NIF (número de contribuinte) is needed for, together with buying goods or services and signing contracts. Banks turn that into checklists: ActivoBank requires a valid Portuguese TIN, shown on a Citizen Card, a TIN card or the taxpayer central registration document, before it opens an account.

The requirement is not universal. One major bank's document list admits non-residents without a Portuguese tax number, so you can reverse the usual order of arrival paperwork.

Which bank opens an account without a Portuguese NIF?

Millennium bcp. Its official account-opening document list states that non-residents without a Portuguese tax number may open an account, provided they present a foreign tax number and/or state their place of birth. The original wording: "Aos Não Residentes sem Número Fiscal de Contribuinte nacional é permitida a abertura de conta desde que apresentado o Número Fiscal Estrangeiro e/ou indicado o local de nascimento."

Identification is a passport or another valid photo ID. Proof of address is either the same set of documents residents use, or your own declaration confirmed by an official entity of your country of origin, such as a consulate or embassy (same document list).

"First the NIF, then the account" describes ActivoBank's checklist. Millennium's paperwork accepts the reverse.

Can you open a Portuguese bank account online or before you arrive?

At some banks, yes. Santander opens accounts online through two routes, Chave Móvel Digital or a video call, with the documents signed digitally. The regulatory basis is Banco de Portugal's Aviso n.º 1/2022, art. 21.º n.º 6 and Anexo I, which admits videoconference as an alternative procedure for verifying a customer's identity, under the conditions of that annex.

Santander's in-app biometric route, advertised at 5–10 minutes, takes a photo of a Cartão de Cidadão and a short face video, so it presupposes the Portuguese citizen card, which a foreign newcomer will not have. From abroad, that leaves the video call.

Millennium's address rule also works from abroad: a declaration confirmed at a consulate or embassy of your country of origin is something you arrange before travelling.

What documents do Portuguese banks ask for?

Four things: identification, a tax number, proof of address and proof of income. The exact set varies by bank:

For Santander, this guide verified only the online-opening routes and does not reproduce its full paper checklist. A dash means the source checked does not list the item.

What is the cheapest legal bank account in Portugal?

A basic bank account, or Serviços Mínimos Bancários. Banco de Portugal defines it as a set of essential banking services at reduced cost, including the opening of a current account and a debit card, and every credit institution that takes deposits must provide it.

The price has a legal ceiling: charges may not exceed 1% of the Social Support Index (IAS) per year, which is €5.37 in 2026.

Refusal grounds are a closed list. A bank may only refuse if you decline to declare that you hold no other current account, or if it learns you already hold one, with co-ownership exceptions for people aged 65 or over or with a disability of 60% or more. Not being resident in Portugal is not on that list. The bank has to justify a refusal in writing, and you can complain to Banco de Portugal.

Can you use Wise or Revolut instead of a Portuguese bank account?

As a replacement, no: neither Wise nor Revolut is a Portuguese bank.

Wise answers this itself: "Wise is an electronic money services provider, which means it offers features similar to a traditional bank account". It holds no UK banking licence and offers local account details in more than 8 currencies.

Revolut is a bank, just a Lithuanian one. Revolut Bank UAB is a credit institution supervised by the Bank of Lithuania, with a banking licence valid from 13 December 2021 and headquarters in Vilnius.

If a counterparty insists on a Portuguese account, or you want the €5.37 basic account above, you still need a Portuguese credit institution.

How do you get a NIF for your bank account?

The number itself is free: "O pedido do NIF é gratuito". There are two routes: in person, by prior appointment through the CAT line (217 206 707), at any Serviço de Finanças or Loja do Cidadão; or remotely, through a legal representative on the Finanças e-balcão, the route for applicants living outside the EU, Norway, Iceland or Liechtenstein. A legal representative for this purpose is not the same thing as a fiscal representative.

Documents: a valid passport plus a document showing your foreign address, unless the address is already on your ID; gov.pt adds an entry visa if you present a passport. No fiscal representative is required at issuance: Ofício Circulado 90057/2022 ties that obligation to an actual tax relationship arising later, and only for non-EU/EEA residents.

The full walkthrough is in the NIF guide. Once the account is open, keep the address on your NIF current: the steps are in how to update your NIF address. And if a bank at home later asks you to prove where you pay taxes, that is a separate document: the tax residence certificate.