Moving to Lisbon or Porto for a new job and wondering what to do about your bank? Here is the good news: as an EU citizen, you do not need to close anything before you leave. Opening a bank account in Portugal is not mandatory, but it can make daily life easier once you arrive, especially if you want to pay with MB Way like the locals do. This guide explains what EU law says, what each option really costs and how to open a Portuguese account in a single morning if you decide to.
Keeping your home account: what EU law says
Since the Single Euro Payments Area (SEPA) was created, a euro transfer between France, Belgium, Germany, Austria or the Netherlands and Portugal works exactly like a domestic one: same speed, same fees, usually zero. Even better, the EU SEPA Regulation No 260/2012 bans what is known as IBAN discrimination. In practice, an employer, a mobile operator or a gym in Portugal cannot require your account to be located in Portugal. An IBAN starting with FR, BE, DE, AT or NL has to be accepted just like a Portuguese one (PT50 followed by 21 digits).
Your future employer can therefore pay your salary straight into your home account. If an HR department hesitates, a polite reminder of the rule usually settles it. If they keep refusing, Banco de Portugal, the national central bank, is the authority in charge of enforcing the regulation, and the EU portal Your Europe sums up your banking rights across the Union. The EU Payment Accounts Directive also gives you the right to open a basic account in any member state, even if you have only just arrived.
The one thing to do before leaving: tell your bank about your change of address. Banks automatically exchange tax information between EU countries, and an up-to-date address prevents blocked cards and lost letters.
Why a Portuguese account is still handy day to day
Legally, your home account is enough. In practice, Portugal has a few payment habits of its own. The first one is MB Way, an app that lets you send money using just a phone number, pay in shops or online and split the bill with colleagues in seconds. Everyone in Portugal uses it, from the Saturday market to the corner café where an espresso costs €0.80. The catch: MB Way runs on cards issued by Portuguese banks, and most foreign banks and neobanks are not compatible.
The second local habit is Multibanco, the national ATM network. It is not just for cash: with a Portuguese card you can pay bills using “Multibanco references” (an entity number plus a reference number), top up your phone, pay a fine or settle some online purchases. Many Portuguese websites offer this payment method by default.
- Splitting a prato do dia (€8 to €12) with colleagues: MB Way, done in seconds.
- Ordering from a Portuguese website: Multibanco reference or MB Way.
- Topping up your phone or some transport tickets: any Multibanco ATM.
Neobanks: the ideal compromise for your first months
Between your home bank and a Portuguese bank there is a third option: neobanks such as Revolut, N26, Wise or bunq. You can open one online in ten minutes from your sofa, before you even leave, with an ID document and a selfie. Their IBAN is often Lithuanian, German, Belgian or Dutch, but thanks to the SEPA rule your employer must accept it like any other.
Their strengths: an app in your own language, instant notifications, virtual cards for online shopping, one-tap card freezing and free basic plans. Their limits: free ATM withdrawals are capped each month on basic plans, and MB Way support is still rare. They are perfect as a travel and backup account, less so as your only account in Portugal.
| Criteria | Keep your home account | Neobank | Portuguese bank |
|---|---|---|---|
| Paperwork | None | 10 minutes online | Branch appointment, NIF required |
| Monthly fees | Those of your current plan | €0 on basic plans | €0 (youth account or salary paid in) to about €8 |
| Receiving your salary | Yes, thanks to SEPA | Yes, thanks to SEPA | Yes |
| MB Way | No | Rarely | Yes |
| Multibanco services | Withdrawals | Withdrawals | Withdrawals, bills, top-ups |
| App in your language | Yes | Yes | Mostly Portuguese and English |
Opening an account in Portugal: NIF, documents and timing
If you choose to open an account locally, the key document is the NIF (Número de Identificação Fiscal), your Portuguese tax number. Without it, no bank can open an account for you. You can get it free of charge at a Finanças tax office with your ID, often on the same day. Beyond that, the major banks (Caixa Geral de Depósitos, Millennium bcp, Santander, BPI, Novo Banco) and online brands such as ActivoBank ask for roughly the same paperwork.
| Document | Required? | Where to get it | Timing |
|---|---|---|---|
| NIF | Yes | Finanças office or through your employer | Often the same day |
| ID card or passport | Yes | Your home country | Immediate |
| Proof of address | Yes | Housing certificate, utility bill or home country address | 1 to 3 days |
| Employment contract or payslip | Often | Your employer | As soon as you sign |
| Portuguese phone number | Recommended | Prepaid SIM card from a shop | Immediate |
| EU citizen registration certificate | Sometimes | Your local town hall (Câmara Municipal) | Often issued on the spot |
As for timing, allow about an hour in a branch for the opening itself. You leave with your Portuguese IBAN, app access usually comes the same day and your debit card is posted within 5 to 10 working days. Tip: ask for a “conta jovem” (youth account) or an account with your salary paid in, often free of maintenance fees for under 26s or under 30s. Once your card arrives, you can activate MB Way through your banking app or at any Multibanco ATM.
Fees, cards and withdrawals: the numbers to know
Good news for your budget: Portugal uses the euro, so paying by card in Lisbon costs the same as paying at home in Paris, Berlin or Amsterdam. EU rules also require cross-border euro transfers and withdrawals to cost no more than their domestic equivalents. The real differences come down to fixed fees and how you use ATMs.
| Fee type | Home account | Neobank | Portuguese bank |
|---|---|---|---|
| Account maintenance | €0 to €3 a month depending on your bank | €0 on basic plans | €0 to €8 a month, plus 4% stamp duty |
| Debit card | €0 to €50 a year | €0 (delivery sometimes charged) | Often included, otherwise €15 to €25 a year |
| Card payment in euros | €0 | €0 | €0 |
| Multibanco ATM withdrawal | Depends on free withdrawals in your plan | Free up to a monthly cap | Free |
| Online SEPA transfer | Usually €0 | €0 | €0 to €1.50 depending on the bank |
| Legal basic account | Also exists at home | Not applicable | Capped at about €5 a year |
Two ATM traps to avoid. First, Euronet machines, common in the tourist areas of Lisbon and Porto, charge an operator fee of several euros per withdrawal: always pick a machine showing the MB logo instead. Second, if your bank limits free withdrawals, take out slightly larger amounts less often. In reality, a card works almost everywhere, even for a coffee.
Security: good habits to adopt in Portugal
Portugal ranks among the safest countries in Europe, and banking fraud there is mostly digital. A few simple habits go a long way.
- Watch out for the MB Way scam: a stranger asks you to go to an ATM “to receive a payment”. In reality, you are linking your account to their phone. Nobody needs you at an ATM to pay you.
- Never share a code you received by text message. Your bank will never ask for it by phone, text or email, even if the message seems to come from CTT (the Portuguese postal service).
- Turn on payment notifications and set spending limits in your app.
- Use a virtual card for online purchases.
- Carry two cards from two different banks, stored separately, so a lost wallet never leaves you stuck.
The strategy that works: keep, then add
For most young people moving abroad, the winning formula has two steps. Before leaving, keep your home account and add a neobank as a backup card. During your first weeks, get paid on the IBAN of your choice and enjoy the sun, the ocean and an international city without any paperwork stress. Later, if you miss MB Way and Multibanco payments, open a Portuguese account in a morning, NIF in hand. Our guide to settling in Portugal covers the other admin steps, and our article on taxes in Portugal explains how your salary is taxed. To compare working conditions across Europe, the European Commission’s EURES job mobility portal is also a reliable source.
We recruit French, German and Dutch speakers for customer service and content moderation jobs with major brands, in their native language, and for them this step is even simpler. The partner company generates your NIF and NISS (your Portuguese social security number), and you can keep your home bank account to receive your salary of about €1,060 gross per month, paid 14 times a year. You sign a renewable 12-month fixed-term contract with paid initial training, and housing is provided for the whole contract, with rent, bills and internet covered. Your flight is reimbursed for French speakers and paid directly by the company for German and Dutch speakers, so with no rent to pay you keep around €900 to €1,000 a month to live on, bonuses included. You need to be an EU citizen, a native French, German or Dutch speaker with good English and at least a high school diploma. To understand your payslip, read our guide to salary in Portugal, then browse our jobs in Portugal.
FAQ
Can my Portuguese employer refuse my foreign IBAN?
No. SEPA Regulation No 260/2012 prevents an employer from requiring an account in a specific EU country. Your salary can be paid into a French, Belgian, German or Dutch IBAN, and Banco de Portugal can step in if an employer refuses.
Do I need a NIF to open a bank account in Portugal?
Yes, it is essential. You can get your NIF free of charge at a Finanças tax office with your ID. You will also need it for your employment contract, your SIM card and any purchase with an invoice.
Are Revolut or N26 enough to live in Portugal?
For card payments, cash withdrawals and receiving your salary, yes. Their main limit is MB Way, which rarely works with them. That is why many newcomers keep a neobank and open a small Portuguese account after a few weeks.
