Before you start

A NIF (tax number) — free and assigned immediately at a Finanças office or via a fiscal representative; required before opening a resident account
Valid photo ID: passport, or EU/EEA/UK national ID card / Portuguese residence card valid 12+ months
Proof of address (comprovativo de morada) — a utility bill or bank statement under 3 months old; a foreign one is usually accepted for non-residents
Proof of income for salaried accounts (employment contract, payslips or recent statements); US citizens also need their US TIN/SSN for FATCA

Step-by-step

1
Get your NIF first (the real gatekeeper)
Apply at any Finanças (tax office) or Loja do Cidadão in Porto with your passport and a proof of address — the NIF is free and issued on the spot. Non-EU/EEA citizens who aren't yet resident must bring/appoint a fiscal representative; doing it remotely through a lawyer or NIF service (typically €50-150) before you arrive saves weeks. Without a NIF you cannot open a Portuguese resident account, sign a lease or get a phone contract.
In personWho: You (non-EU/EEA non-residents need a fiscal representative)Same day in person; 1-10 business days via a remote representativeFree at Finanças; €50-150 if using a fiscal-representative service
2
Choose a bank and gather your documents
Traditional branch banks — Millennium BCP, Caixa Geral de Depósitos (CGD, the state bank, often the most accommodating to non-residents), Novobanco and Santander — charge a monthly account-maintenance fee (comissão de manutenção) of roughly €5-7, sometimes reduced (but rarely fully waived) if you domicile your salary. The digital ActivoBank (owned by Millennium) is the expat/young-person favourite: account opening online and no maintenance fee. Decide branch vs digital, then assemble your document pack.
OnlineWho: YouSame day to gather documentsAccount maintenance ~€5-7/month at traditional banks; €0/month at ActivoBank
3
Open the account — in branch or online
Non-residents almost always open in person at a Porto branch: bring NIF, ID, proof of address and proof of income, sign the forms, and you'll often leave with the account opened the same day (debit card and codes by post days later). ActivoBank and some others let EU citizens / residents open fully online with a video/identity check. US citizens complete a FATCA self-certification — some smaller banks decline US clients to avoid the reporting burden, so confirm before queueing.
In personWho: YouAccount opened same day to a few days; card/PIN by post in ~1-2 weeks€0 to open; card annual fee varies (often €0 at ActivoBank)
4
Activate MB WAY and set up direct debits
Once your Portuguese debit card and IBAN are live, install MB WAY — Portugal's dominant mobile app — and link your phone number to the card. It powers instant P2P transfers (by phone number, no IBAN needed), card-free Multibanco ATM withdrawals and most online checkouts. Use your new Portuguese IBAN to domicile your salary and set up direct debits (débitos diretos) for rent and utilities. Multibanco ATMs also handle tax payments, fines, top-ups and transit tickets.
Mobile appWho: You (and your employer for salary domiciliation)Minutes to set up MB WAY once the card arrivesFree to use MB WAY and the Multibanco network

Documents you’ll need

NIF (Número de Identificação Fiscal / tax number)
Valid passport, or EU/EEA/UK national ID card / Portuguese residence card (12+ months validity)
Proof of address / comprovativo de morada (utility bill or bank statement <3 months old)
Proof of income (employment contract, payslips, or recent bank statements) for salaried accounts
US citizens: US TIN/SSN and FATCA self-certification

Things most newcomers don’t know

Open a Revolut or N26 account before you land — instant EU IBAN with just a NIF — to bridge until your Portuguese account is live.

It gives you a working IBAN on day one, but it's a bridge, not a replacement: Portuguese landlords, employers and direct debits expect a local setup. Revolut now issues Portuguese (PT) IBANs to residents (so it can take salary and direct debits), whereas N26 still gives a German IBAN that some local services reject.

Source: Revolut Portugal / N26 (provider)

ActivoBank is the low-fee digital option, but CGD (the state bank) is usually the most non-resident-friendly for an in-branch account.

ActivoBank charges no monthly maintenance fee; but several private banks restrict online/non-resident opening, while CGD branches reliably accept a full document pack (including a foreign proof of address). Pick by your status, not just the headline fee.

Source: ActivoBank / CGD (provider)

Life in Portugal runs on MB WAY and Multibanco — set up MB WAY the moment your card arrives.

MB WAY handles peer payments by phone number, bill-splitting and card-free ATM withdrawals, and Multibanco ATMs pay taxes, fines and utilities. A foreign-only IBAN can't link to MB WAY, which is the main practical reason to get a Portuguese account rather than living on Revolut alone.

Source: SIBS / Banco de Portugal (provider)

Common mistakes to avoid

Trying to open the account before you have a NIF — almost every bank will turn you away without it
Assuming the monthly maintenance fee is waived just because you domicile your salary — at traditional banks it's usually only reduced (~€4-6), and stamp duty (imposto do selo) is added on top
Counting on opening online as a non-resident — most online flows are for EU citizens or existing residents; non-residents generally must go in branch
US citizens leaving FATCA paperwork to the last minute — bring your US TIN/SSN, and check first, since some banks decline US clients
Relying solely on N26's German IBAN for salary, rent or MB WAY — some local providers reject non-PT IBANs; switch to a Portuguese IBAN (or Revolut's PT IBAN) for daily life

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.