Emigrate: how to open a bank account in Portugal and why is it convenient?

When the decision is made to move to a new country, having a local bank account is essential to manage finances efficiently. PortugalLike many other countries, requires this step both for practical purposes and to comply with various legal requirements.

Below, why it is important to do so and how to open a bank account in Portuguese territory.

Emigrate to Portugal: why should I open a bank account

When moving to a foreign country, have a local bank account facilitates a large number of essential procedures. For residents and foreigners, the ability to make payments, receive transfers or pay for services is only possible through the banking system that governs the region.

Additionally, It is essential to carry out procedures such as applying for a D7 visa or obtaining a residence permit. Have this facility too helps integration by allowing access to other serviceswhile establishing a connection with the financial institutions of, in this case, Portugal.

Emigrate to Portugal: is it possible to obtain a D visa by opening a bank account?

Although some consulates require the opening of a bank account to apply for specific visas, such as the D7, It is not always easy to do it without having residency documentation. However, there are viable options for opening an account before you move.

Neobanks, which operate exclusively online, can be considered a more accessible option in terms of initial requirements. On the other hand, traditional banks, such as Caixa Geral de Depósitos, tend to have more experience working with foreigners, although the process could be longer and more exhaustive.

Immigrate to Portugal: what papers are needed to open a bank account

To open a bank account, some essential documents must be gathered. He passport It must be current and not expire in less than six months. It is necessary to obtain a NIF (tax identification number), which can be requested even if you do not have a residence permit, as long as you can indicate a residence address in the country of citizenship.

Additionally, you must submit a proof of addresssuch as a rental agreement or utility bill. If the person is employed, it will be necessary to show a employment contract or a tax return; If you are self-employed, documents that validate the economic activity will be required.

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Correct presentation of documents and transparency are key to guaranteeing the success of the process.

Emigrate to Portugal: how to open a bank account

The process to open a local bank account consists of several steps. First, it is important select the bank with which you want to interact. Caixa Geral de Depósitos is a highly recommended option for foreigners, due to its friendly treatment.

Then, All necessary documentation must be presented at the chosen branch. The manager will conduct a review of the documents, and additional data may be requested, depending on the source of income. The verification process can take from a few days to several months. If the request is accepted, the contract will be signed and an account number will be receivedalong with the bank card, which will be sent to the address provided.

This process generally takes between 3 days and 4 weeks, depending on the complexity of the case. With proper preparation and presentation of all required documents, opening a bank account in the new country will be a simple procedure without major complications.