Open an Account in Portugal

Portugal has a significant population of Ukrainians living there, which makes it a popular destination for Ukrainian individuals and businesses seeking relocation. However, in order to live or conduct business in Portugal, having a bank account is necessary. It is essential for receiving wages, running a business, buying real estate, and so on. Lawtter Solutions offers its clients the opportunity to open a bank account in Portugal with favorable terms.

Service cost

1000 EUR*

Terms

1-3 months

Support

Multilingual

Type

With a personal visit

Opening an account

How to open a bank account in Portugal for non-EU citizens?

Portugal is a country with a developed banking system. Individuals and legal entities can open accounts here. In general, more than 70 banks have a license for financial activity. Portugal has also gained popularity among investors thanks to the possibility of obtaining a “golden visa.” You can open an account in a Portuguese bank to invest in real estate, in a ready-made business, or register your own company. All this will help to obtain a residence permit and citizenship in a simplified way.

Individuals can open three types of accounts – current, time deposit, and ordinary savings. The rate is higher on the term deposit account than the classic savings account, but the storage period is shorter. Portuguese banks are members of the Multibanco network, which is a network of banks that offer uniform terms and conditions. For example, withdrawals from banks in this network are made without commissions. The system covers 12,000 ATMs throughout the Eurozone.

Portugal willingly opens accounts for non-residents. This applies to both individuals and legal entities. It is possible to make bank transfers through the SEPA system. Opening a bank account in Portugal is generally characterized by relatively loyal requirements and short decision-making time.

 

 

Advantages of opening a bank account in Portugal

 

A bank account in Portugal allows customers to obtain several important benefits. The main ones are as follows.

1

The possibility of opening an account remotely

Some companies allow you to open an account in a Portuguese bank online without a personal presence in the branch.
2

Low requirements for the minimum account balance

They exist but do not exceed 500 EUR.
3

Favorable conditions

Many banks in Portugal do not charge for account maintenance. Some financial organizations have it, but it does not exceed 5 EUR per month.
4

Low commissions

Even if the client does not use the SEPA system for bank transfers, the fees will not exceed 2 EUR for a transfer over 100,000 EUR.