Why do I need to open a Portugal bank account remotely?

Movingto Editorial Team
May 11, 2022

Discover the ease of setting up your finances even before you step foot in Portugal. With our comprehensive guide, you'll learn why opening a bank account remotely is a significant first step towards your move, and how it can make your transition seamless.

Why Open a Bank Account in Portugal Remotely?

Securing a bank account in Portugal before your arrival offers numerous advantages.

  1. Immediate Access to Funds: As soon as you land, have immediate access to your funds. This alleviates the stress of currency exchange or the risks of carrying large amounts of cash.
  2. Simplified Property Rental or Purchase: If you're looking to rent or buy property, having a Portuguese bank account can streamline the process. Also, If you are applying for a Portugal Visa de majority required open a bank account beforehand to proof your funds.
  3. Setting Up Utilities: Paying for utilities becomes straightforward with a local bank account.
  4. Ease of Online Shopping: A local bank account facilitates online purchases from Portuguese websites.
  5. Potential Savings: Save on international transaction fees and currency exchange rates.

How to Open a Bank Account in Portugal Remotely?

Follow our step-by-step guide to open your Portuguese bank account remotely.

  1. Research and Select a Bank: Start by researching banks that offer remote account opening. Look for those with English-speaking staff if you're not comfortable with Portuguese.
  2. Gather Required Documents: Commonly, you'll need your passport, proof of address, and a Portuguese tax number (NIF).
  3. Complete the Application Process: Most banks provide an online application process. Ensure to fill out all the necessary details accurately.
  4. Wait for Approval: After submitting your application, wait for the bank's approval. The duration may vary depending on the bank's procedures.
  5. Fund Your Account: Once approved, you can transfer funds into your new Portuguese bank account.

Opening a bank account in Portugal remotely is a convenient solution for individuals moving to the country. It provides immediate access to funds, facilitates property purchase or rental, and streamlines utility payments. With our guide, you're well-equipped to begin this process smoothly.

Are you ready to make your move to Portugal even smoother? Contact our Movingto team today for more guidance on opening a bank account remotely.

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