How Do I Open a Bank Account in Portugal as an American?

Last updated: June 2026 | By Vanessa Mororó, Head of Legal — Portugal, Roots Global

Opening a bank account in Portugal as an American is entirely possible — but it is not as simple as walking into any branch. Two things catch most US citizens off guard. First, you need a Portuguese tax number (NIF) before any bank will process your application. Second, many Portuguese banks simply decline to open accounts for Americans due to US federal compliance requirements. The process is manageable — the FATCA bank-acceptance hurdle and the US reporting obligations that follow (FBAR, Form 8938) are the two points where people most often get stuck. If you are still in the United States, a licensed attorney in Portugal can open the account on your behalf without you travelling.

Roots Global is a licensed Portuguese law firm. For US clients who cannot travel, we obtain the NIF and open a FATCA-compliant Portuguese bank account under power of attorney — addressing the two main friction points (the NIF-first requirement and the bank-by-bank FATCA acceptance gap) without a trip to Portugal.

TL;DR

• You can open a Portuguese bank account as an American, but only at banks that comply with FATCA — the US law that requires foreign institutions to report US account holders to the IRS. Novo Banco is the most consistently cited option; many others decline.
• A NIF (Portuguese tax identification number) is a prerequisite. You can get one remotely through a fiscal representative without traveling to Portugal.
• Three routes exist: in-person at a branch in Portugal, online via video-ID call, or fully remote via power of attorney — a licensed Portuguese attorney opens the account while you stay in the US.
• If your Portuguese account balance exceeds $10,000 at any point in the year, you must file FinCEN Form 114 (FBAR) annually with the US Treasury.
• Roots Global can handle the entire process — NIF and bank account — from the US on your behalf. firm's remote banking / POA service page

How to Open a Bank Account in Portugal as an American: The Five Steps

Opening a Portuguese bank account as a US citizen takes five steps. Each one is covered in detail below.

1. Pick a FATCA-compliant bank. Not every Portuguese bank accepts Americans. Novo Banco and Caixa Geral de Depósitos (CGD) are the most reliable options. Confirm current policy by calling the branch's international desk before you do anything else.

2. Get your NIF first. Portugal's tax identification number (Número de Identificação Fiscal) is required before any bank will process your application. You can obtain it at a local Finanças office, or remotely via a licensed fiscal representative — the remote route takes 5–7 business days and works from the US.

3. Gather your documents. You need your US passport, NIF card, proof of address (US utility bill or bank statement, within 3 months), proof of income, and a Portuguese mobile number. Have originals and copies ready before booking your appointment.

4. Choose your opening route. Three routes are available: walk into a branch in Portugal, apply online via video-ID call (if your bank offers it and you already have a NIF), or have a licensed attorney open the account on your behalf via power of attorney while you stay in the US. Roots Global handles the last route end-to-end. firm's remote banking / POA service page

5. Know your US reporting obligations. Once your account is open, if the combined balance of all your foreign accounts exceeds $10,000 at any point during the year, you must file FinCEN Form 114 (FBAR) annually. This is separate from your federal tax return.

Why Americans Living in Portugal Need a Local Bank Account

A local Portuguese bank account is not optional — it is the infrastructure everything else depends on. The main Portuguese payment network, Multibanco (ATM and point-of-sale), and its mobile companion MB Way are built around Portuguese IBANs starting with PT50. International accounts such as Wise, Revolut, and N26 give you a European IBAN, but it belongs to Lithuania, Belgium, or Germany — not Portugal — and that distinction matters in practice.

Several situations require a Portuguese IBAN specifically:

• AIMA residence permit applications — the immigration authority accepts Portuguese bank statements as evidence of sufficient financial means. A Wise statement may not satisfy the requirement.
• Rental contracts — most Portuguese landlords and rental agencies set up direct debit on a Portuguese IBAN.
• Utility companies — EDP (electricity), NOS and MEO (internet/telecoms), and most municipal water utilities expect a local bank mandate.
• Portuguese payroll — if you are employed by a Portuguese company or paid through a Portuguese entity, you will typically need a PT IBAN to receive salary.

In short: a multi-currency wallet is useful for currency conversion and cheap international transfers. However, it does not replace a local account for day-to-day life in Portugal.

living in Portugal as an expat

The FATCA Problem: Why Most Portuguese Banks Will Not Open an Account for Americans

Most Portuguese banks will not open an account for a US citizen. This is not personal, and it is not arbitrary — it is a direct consequence of US law.

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires every foreign financial institution (FFI) — including Portuguese banks — to identify US account holders, collect their US taxpayer identification numbers, and report their account balances and income to the Internal Revenue Service each year. Source: irs.gov — Foreign Account Tax Compliance Act.

Portugal also signed a Model 1 Intergovernmental Agreement (IGA) with the United States on 6 August 2015, making FATCA reporting a legal obligation for all Portuguese financial institutions. Source: home.treasury.gov — FATCA Agreement Portugal (2015).

In practice, compliance is expensive. Portuguese banks that serve US account holders must maintain FATCA-qualified processes, submit annual reports to the IRS, and risk 30% US withholding on certain US-source payments if they fall out of compliance. As a result, the administrative cost of a small number of US accounts does not justify the investment for mid-tier and smaller banks. Many find it simpler to decline Americans at the counter.

The banks that consistently accept US citizens are the larger institutions with dedicated international-client infrastructure. Novo Banco is the most frequently cited as actively FATCA-compliant and willing to open accounts for US non-residents. Source: novobanco.pt — account opening. Caixa Geral de Depósitos (CGD), the state-owned bank, also accepts non-residents without a residence permit. Source: caixageraldedepositos.pt. Others — including Millennium BCP and Santander Portugal — accept Americans on a branch-by-branch basis; call the international services desk to confirm current policy before visiting. In our experience, a five-minute call prevents a wasted trip.

Your US Reporting Obligations Once You Have a Portuguese Account

Opening a Portuguese bank account creates ongoing US federal reporting obligations that many Americans are unaware of until they hire a CPA.

FBAR — FinCEN Form 114. If the combined balance of all your foreign financial accounts — bank accounts, brokerage accounts, pension funds held abroad — exceeds $10,000 at any single point during the calendar year, you must file a Foreign Bank Account Report (FBAR) annually. The form is filed electronically at fincen.gov, not with your federal tax return. The deadline is April 15, with an automatic extension to October 15. Penalties for non-filing range from $10,000 per violation (non-willful) to 50% of the account balance per year (willful). Source: fincen.gov — Report of Foreign Bank and Financial Accounts.

IRS Form 8938 — FATCA. Separately, you must file IRS Form 8938 as an attachment to your annual federal return if your total foreign financial assets exceed the applicable threshold. The threshold depends on where you live — and for Americans whose tax home is abroad (the typical reader of this article), the figures are much higher than the often-quoted US-resident numbers:

Form 8938 is a FATCA disclosure separate from — and on top of — the FBAR. Source: irs.gov — Do I need to file Form 8938?.

Both forms apply regardless of whether you owe any US tax. Note also that they are separate obligations — filing FBAR does not satisfy the Form 8938 requirement, and vice versa. This is not tax advice. Consult a US-licensed CPA who specialises in expatriate taxation before you open a foreign account or file either form.

US expat taxes in Portugal — FATCA and FBAR guide

Step 1: Get Your NIF Before You Approach Any Bank

Before any Portuguese bank will open an account for you, you need a NIF — Portugal's Número de Identificação Fiscal. The NIF is a nine-digit tax identification number required for every financial transaction in Portugal, including opening a bank account, signing a lease, registering utilities, and buying property. Source: portaldasfinancas.gov.pt.

There is no shortcut: a bank will not proceed without seeing your NIF card. Attempting to obtain the NIF and open the bank account on the same day is a common mistake — and a frustrating one. Most banks require the NIF to be fully issued in advance, not just applied for.

Three ways to get a NIF as an American:

1. In person at a Finanças office (Serviço de Finanças) in Portugal. Bring your US passport and proof of your US address (utility bill or bank statement). The process is typically same-day or next-day. Source: portaldasfinancas.gov.pt — NIF for non-residents.

2. Via the Portal das Finanças online. This route requires a Portuguese digital identity credential (Chave Móvel Digital). First-time non-residents who have never held a NIF cannot self-register online without one. This path is generally closed to Americans starting from scratch.

3. Via a fiscal representative in Portugal. A licensed fiscal representative submits the NIF application on your behalf from the US — no travel required. You provide a copy of your US passport and proof of your US address; they handle the submission. The process typically takes 5–7 business days; service fees at reputable firms run approximately €150–€200.

Roots Global can obtain your NIF as part of the power-of-attorney banking service described below. NIF service / POA service page

Documents You Need to Open a Portuguese Bank Account

The document pack for a Portuguese bank account is manageable — six items, most of which you already have. Gather everything before booking your appointment; banks will reschedule if paperwork is incomplete.

Documents checklist:

• ☐ Valid US passport — original plus a copy. As of June 2026, Novo Banco and Caixa Geral de Depósitos accept a notarised copy without a Hague apostille; confirm with your chosen bank when booking, as requirements can change.
• ☐ NIF card — the original document issued by the Finanças. The card (or the letter issued at the counter) must be in hand before the appointment.
• ☐ Proof of address — a utility bill or bank statement from your US address, dated within the last three months. English-language documents are generally accepted without translation.
• ☐ Proof of income — the last two or three US pay stubs, your most recent federal tax return, a pension statement, or an employment contract. The bank uses this to assess account risk and satisfy anti-money-laundering requirements.
• ☐ Portuguese mobile phone number — required to activate the bank's app and to receive SMS verification codes. Many Americans buy a pre-paid Portuguese SIM card before visiting the branch; NOS and MEO sell them at the airport.
• ☐ Minimum opening deposit — €0 at ActivoBank's digital account; approximately €250 at most traditional branches. Bring cash or arrange a small international transfer in advance.

Non-Resident vs Resident Accounts

If you do not yet have an AIMA residence permit card, you will open a non-resident account. Documentation requirements are slightly different — you use your US address for proof of address — and a small number of services may be restricted, but the account is fully functional for payments, transfers, and IBAN provision.

Once AIMA issues your residence permit, you can upgrade to a resident account, which typically offers full Multibanco and MB Way integration, better interest rates on savings products, and access to the full range of the bank's services.

Basic bank account (conta de serviços mínimos bancários). Under Banco de Portugal regulation, any person who is a legal resident of the European Union is entitled to a minimum-service account at a capped annual cost — approximately €5.22/year (2025 IAS-indexed figure; verify the 2026 value). The right applies regardless of nationality, cannot be refused on commercial grounds, and is limited to one such account per holder. Source: bportugal.pt — What is a basic bank account?.

Which Portuguese Banks Accept Americans?

Not every Portuguese bank will open an account for a US citizen. The shortlist of banks that consistently accept Americans is short — but the options are workable. The table below summarises the current position; verify each bank's FATCA policy directly before booking an appointment, as policies change without public notice.

A few practical notes:

• Novo Banco is the most consistently cited FATCA-compliant option among US expats and immigration attorneys. Its non-resident account is accessible without a residence permit. Source: novobanco.pt.
• Millennium BCP allows non-residents to open accounts through its online portal with a video-ID verification call. Confirm FATCA acceptance directly before applying. Source: millenniumbcp.pt.
• ActivoBank (owned by Millennium BCP) requires no minimum deposit for its digital account. Notably, the first transaction must be a bank transfer rather than a cash deposit. Source: activobank.pt.
• CGD (Caixa Geral de Depósitos) is the state-owned bank and the most flexible for non-residents without a residence permit. However, an in-person visit is required. Source: cgd.pt.
• Nickel is a low-cost banking service available at tobacconists (tabacarias) across Portugal. It is not a traditional bank but provides a PT IBAN and a Mastercard debit card.

One caution on in-branch investment products. Portuguese banks routinely offer US account holders mutual funds, ETFs, or unit-linked savings/insurance products. If you are a US person, buying these almost certainly creates a PFIC (Passive Foreign Investment Company) position, which triggers punitive US taxation and a dedicated annual filing (IRS Form 8621). Do not purchase any in-branch Portuguese investment product without first consulting a US-qualified tax adviser.

cost of living in Portugal

Three Ways to Open Your Account: Which Route Fits You?

There are three routes to a Portuguese bank account as an American. Which one you take depends on whether you are already in Portugal, whether your chosen bank offers video-ID onboarding, and whether you want a professional to manage the process from the US.

Route 1: In-Person at a Branch in Portugal

Best for: people already living in or visiting Portugal.

Call the branch's international services desk in advance to confirm it accepts US citizens and to book an appointment — walk-in service for account opening is unreliable at most branches. Bring the full document pack (checklist above) with originals and copies. The appointment itself takes 10–15 minutes when the paperwork is complete; the account is typically activated the same day, and the debit card arrives by post within five to ten business days.

In practice, early morning on a weekday is the best time to visit — counters are less crowded and staff are less likely to be dealing with end-of-day processing. Bring a Portuguese mobile SIM card or arrange one before the appointment; you may be asked to verify a code on the spot.

If you are attending in person to satisfy an AIMA residence permit requirement, ask for a dated account confirmation letter on bank letterhead — AIMA accepts this as proof of financial capacity before the card is issued.

Route 2: Online or Video-ID Opening

Best for: people who have already obtained a NIF and whose chosen bank offers video-ID onboarding.

Millennium BCP operates a non-resident account opening portal that completes identity verification via a video call. You upload documents, schedule the call, and the bank's agent verifies your passport on screen [SOURCE_PROPOSAL: millenniumbcp.pt/en/open-account-online]. ActivoBank's process is app-based: download the app, upload your documents, and complete ID verification digitally.

However, many Portuguese banks require a Portuguese Citizen Card (Cartão de Cidadão) or a Portuguese digital identity credential for full remote onboarding — both of which are unavailable to US citizens who are not yet residents. This limits the online route to a small number of banks. Verify before starting the process; an abandoned part-completed application can complicate a subsequent in-person visit.

Route 3: Power of Attorney — Open from the US, No Travel Required

Best for: Americans who want the account set up before they arrive in Portugal, or who cannot or do not wish to travel.

This is the most practical solution for US citizens who cannot travel to Portugal. A licensed attorney in Portugal, acting under a notarised power of attorney (POA) signed by you, can:

1. Apply for your NIF via the fiscal representative route (if you do not already have one).
2. Open a bank account at a FATCA-compliant Portuguese bank on your behalf.
3. Return the card and account details to your US address.

You never need to visit Portugal at any stage.

The POA must be notarised by a US notary public and, depending on the bank, may require an apostille under the Hague Apostille Convention — your attorney will confirm the current bank requirement. You provide: a notarised copy of your US passport, proof of your US address, and a completed POA form that your attorney prepares.

Roots Global offers this complete service. We obtain the NIF and open the bank account as a single managed process while you remain in the US. firm's remote banking / POA service page

Timeline from POA signing to active account: typically 3–4 weeks from the date you sign and return the power of attorney — covering NIF issuance (5–7 business days), bank onboarding, and card delivery to your US address. In some cases the bank requests additional KYC documentation, which can extend the timeline to 5–6 weeks. Novo Banco and Caixa Geral de Depósitos both accept accounts opened via power of attorney; a notarised copy of your US passport is sufficient at both banks — an apostille is not required as of June 2026.

Fees, Minimum Deposits, and Ongoing Costs

Portuguese bank accounts are inexpensive by US standards. Most banks charge nothing to open an account; monthly maintenance fees at traditional banks run €4–€10, and digital-only options such as ActivoBank waive the fee entirely.

Figures are approximate as of June 2026 and subject to change. Always verify on the bank's current public tariff schedule before committing.

For large USD–EUR transfers between your US account and your new Portuguese account, Wise or Revolut typically offer lower fees than the bank's standard wire rate. Use the bank account for Portuguese payments and the transfer service for currency conversion.

Digital Banking Alternatives: Wise, Revolut, and N26

Wise, Revolut, and N26 are widely used by US expats in Portugal, and for good reason: they offer near-mid-market exchange rates, low fees, and English-language customer support. However, they do not provide a Portuguese IBAN.

• Wise issues an IBAN in the user's name but routed through a Lithuanian institution — not a PT50 IBAN.
• Revolut uses a Belgian IBAN (BExx).
• N26 operates on a German IBAN (DExx).

A non-Portuguese IBAN is not accepted for AIMA residence applications, most Portuguese rental contracts, Portuguese utility direct debits, or Portuguese payroll. For those purposes, a local PT50 IBAN is required.

The practical solution: open a local Portuguese account at a FATCA-compliant bank for official and recurring Portuguese transactions, and use Wise or Revolut for USD↔EUR currency conversion and transfers between your US and Portuguese accounts.

See Also

• Getting a NIF in Portugal as a Foreigner
• D7 Visa Portugal — Full Requirements Guide
• Living in Portugal as an Expat — The Complete Guide
• US Expat Taxes in Portugal — FATCA, FBAR, and the NHR
• Cost of Living in Portugal — 2026 City-by-City Breakdown

Frequently Asked Questions

Can I open a Portuguese bank account from the US? Yes. Via a power of attorney, a licensed attorney in Portugal can obtain your NIF and open a bank account on your behalf while you remain in the US. Roots Global offers this service — contact us to get started. firm's POA service page

Can a US citizen open a Portuguese bank account? Yes, but not at every bank. FATCA compliance requirements cause many Portuguese banks to decline US persons due to the administrative cost of IRS reporting. Novo Banco is the most consistently cited bank that accepts US citizens for non-resident accounts. Caixa Geral de Depósitos is also confirmed to accept Americans. Source: cgd.pt. Verify current policy directly with the branch before visiting, as acceptance can change.

What US bank has branches in Portugal? No major US retail bank — Chase, Bank of America, or Wells Fargo — operates public retail branches in Portugal. Citibank has a commercial presence in Lisbon but does not serve retail or personal banking clients. For Americans in Portugal, the practical options are a local Portuguese bank account, a multi-currency wallet (Wise, Revolut), or a combination of both.

Do I need to file FBAR if I open a Portuguese bank account? If the combined balance of all your foreign financial accounts exceeds $10,000 at any single point during the year, yes — you must file FinCEN Form 114 (FBAR) by April 15 (auto-extended to October 15) via fincen.gov. This obligation applies even if you owe no US tax. Separately, if your total foreign financial assets exceed the Form 8938 threshold — for Americans living abroad: $200,000 (single) or $400,000 (married filing jointly) at year-end — you must also file Form 8938 with your federal return. Source: fincen.gov; irs.gov/form8938.

What is the best bank in Portugal for Americans? Based on current FATCA-compliant options, Novo Banco is the most reliably cited choice for US citizens opening non-resident accounts. ActivoBank suits those who want a zero-minimum-deposit digital account and are comfortable with app-based banking. The right choice depends on your situation: if you need the account for an AIMA visa application, Novo Banco's full-service non-resident account is generally the stronger choice; if you primarily need a PT IBAN for day-to-day use and plan to be in Portugal soon, ActivoBank's app-based opening is convenient.

What is a NIF and why do I need it before opening a bank account? The NIF (Número de Identificação Fiscal) is Portugal's tax identification number — the equivalent of a US Social Security Number for financial and legal purposes. Every financial institution in Portugal requires a NIF before opening an account. You can obtain one in person at a Finanças office in Portugal, or remotely through a licensed fiscal representative. Source: portaldasfinancas.gov.pt.

Can a non-resident open a bank account in Portugal? Yes. Most major Portuguese banks offer non-resident accounts for people who do not yet hold an AIMA residence permit. The documentation requirements are slightly different — your home-country address is used for proof of address — but the account provides a full Portuguese IBAN and standard banking services.

How long does it take to open a bank account in Portugal? In-person at a branch: the appointment itself takes 10–15 minutes with a complete document pack; the debit card arrives within five to ten business days. Via the power of attorney route from the US: typically 3–4 weeks from POA signing, occasionally 5–6 weeks if the bank requests additional KYC documentation.

Can I open a joint account in Portugal with my non-American partner? Yes, but be aware of the FATCA consequence: a joint account where any holder is a US person makes the entire account FATCA-reportable to the IRS, and the full balance is included in the US person's FBAR aggregate. If your Portuguese partner already holds an account and you are added as a joint holder, that account becomes FATCA-reportable. Get tax advice before combining finances in Portugal.

I was born in the US but grew up abroad — do I still have FATCA/FBAR obligations? Yes. If you hold US citizenship — even if you left as a child, hold dual nationality, or have never lived in the US as an adult — you are a "US person" for FATCA and FBAR purposes and face the same reporting obligations as any other US citizen. "Accidental Americans" are a growing category; if you are uncertain of your status, consult a US tax attorney before opening foreign accounts.

This is not legal or tax advice. Banking regulations, individual bank FATCA compliance policies, and account requirements change. The information in this article reflects the position as of June 2026. Consult a licensed attorney in Portugal and a US-qualified tax professional before opening a foreign account or making financial decisions based on this guide.

About the author

Vanessa Mororó is Head of Legal (Portugal) at Roots Global. She advises clients on Portuguese banking, residency, and immigration matters, and regularly assists US citizens with remote account opening and NIF applications. LinkedIn | [PLACEHOLDER — author bio confirmed pending Vanessa's sign-off]