If you’re planning to relocate to Portugal, opening a bank account is an essential step to establish your financial life in the country. Fortunately, the process can be done remotely, offering convenience and ease to expatriates. Here’s a step-by-step guide to help you open a bank account in Portugal:

Gather the Necessary Documents:

• Valid Passport: Make sure to have a scanned copy of your valid passport.

• Proof of Address: Provide a document proving your residence in the home country for the last 3 months, such as a driver’s license, utility bill, or signed lease agreement.

• Proof of Employment: Present proof of employment, which can be a pay slip, employment contract, or company statement.

• Tax Number from the Home Country: If you are taxed outside of Portugal, you’ll need a document with your tax ID number from your home country.

• Portuguese Tax Number (NIF): If you don’t already have one, we can assist you in obtaining a Portuguese Tax Identification Number.

• Email Address and Mobile Number: Provide a valid email address and mobile number for communication with the bank.

Choose the Right Bank:

Taking into account your needs and preferences, select a bank in Portugal that offers suitable services for expatriates. We recommend checking the policies and fees of different banks before making a decision.

Account Opening Time:

On average, the time to open an account remotely is 3 to 4 weeks, while in-person it can take 1 to 2 weeks. However, these timelines may vary based on recent customer experiences and are subject to change.

Countries Supported by Toranja Solutions:

Due to compliance policies from the main banks in Portugal, Toranja Solutions supports only certain countries for banking services. It’s important to be aware that some countries may be deemed high risk by banks, which could result in the request for additional documentation and potentially delay the account opening process.

By following this guide, you’ll be able to open a bank account in Portugal efficiently and without complications, allowing you to fully enjoy your experience as an expatriate in this welcoming country. For more information and personalized assistance, don’t hesitate to contact us at Toranja Solutions. We’re here to help!