open a bank account in Portugal before arriving here!
Being able to open a Portuguese bank account online, remote, without even being in Portugal is a big help for everybody! But especially for the non-EU residents who require to have a Portuguese bank account for example when they apply for a visa (Golden Visa or D7 visa or others).
This is why I am so happy that opening a Portuguese bank account online is finally possible!
This service was highly requested by those wanting to move to Portugal and needing a bank account quickly and easy.
A lot of people refused to put their plans on hold (and I am supporting and approving this attitude 1000%, because you want to make the best out of a bad situation and you don’t want to waste any more time) and this is why this service is so useful for so many, especially now with the world wide situation. Now more than ever people want to focus on other things, cutting off bureaucracy at the possible minimum level.
Speaking of non-EU residents, this is also important because this service of opening a bank account online was offered before by Millenium Bank and maybe other banks, but only to Portuguese citizen and residents. For the rest you had to be present in Portugal to open a bank account. So this is huge, the fact that now the non-EU residents can open a bank account in Portugal without being actually in Portugal.
Kathleen from Bordr kindly answered some questions about how this service works, the documents needed and many more.
Who needs to open a bank account in Portugal?
Anyone who is coming to Portugal on the D7 Visa or Golden Visa needs to open a Portuguese bank account. In the past months, several Portuguese embassies/consulates have been requiring that you have a bank account in Portugal at the time of your visa application.
Also for EU citizens it’s necessary if for example you are looking to buy a property because the cost of the house and also taxes related to the operation cannot be paid from outside Portugal, the money has to be in Portugal.
Another advantage is accessing Multibanco, one of the most advanced bank systems in the world, where you can pay your bills, redraw money and much more.
What are the advantages of using Bordr online service for opening a bank account?
The main advantage is that you are easily able to open a bank account in Portugal without being physically present in the country.
When we were in the early stages of setting up this bank account service, so many banks told us that it wasn’t possible to do this. We are so excited to be able to offer this service, especially during these times where people cannot easily come to Portugal to open a bank account in person.
Here are some of the benefits of using our service:
- No Apostille needed: Save time and money on getting your documents Apostilled. As part of our process, we connect you with one of our Portuguese attorneys to recognize your signatures over a video call.
- Personalized service: You will be assigned a private bank manager who will assist you in opening your bank account and act as your point of contact with Millennium BCP.
- Easy and convenient: We’ve streamlined the process of opening a bank account in Portugal so that you don’t have to figure it out for yourself. You can now open your Portuguese bank account from anywhere in the world and most accounts are opened within 2 weeks.
What are the documents required to open a bank account online in Portugal?
You will need these 4 documents to get started:
- Valid passport
- Proof of address in your country of residence
- Proof of employment (not needed for retirees)
- Portugal NIF document
What is the exact process of opening a bank account online in Portugal?
Here’s how the process works:
- Place your order by filling out our online form and completing payment
- Meet your private bank manager and receive your account opening documents via email
- Sign your documents over a video call with one of our attorneys who will recognize your signatures.
- Gather all of your documents and ship them to Portugal. We will provide you with the mailing address and final checklist of documents that need to be sent.
- Once your signed documents have been received, your bank manager will open your bank account and provide you with online access.
What is included in this service?
- A private bank manager
- Online banking access
- 2 debit cards
- 2 credit cards
- Free euro transfers to countries to SEPA member states (EU, UK, and 8 more)
Is the account in EURO? Can it be open in US dollars or other currency?
The account is in euros. It is possible to open a US dollar account with Millennium, but it will be an additional/separate account. You can work with your bank manager to set this up.
Do you need to deposit any amount of cash in the bank account with Millenium?
No. There is no minimum balance requirement for this type of account.
Are there any bank fees associated for this type of account?
Yes, the monthly fee ranges between 4.5 euros and 15 euros depending on your age and account balance. You can find the exact details and conditions on our website.
This service can be used only by non EU residents and EU residents?
This service can be used by anyone, EU and non-EU residents alike.
What is the cost of the service?
$350 USD per account
account can be an individual or a joint account with multiple account owners.
the cost of the signature certification by our partner law firm in Portugal.
you will not need to notarize or apostille any of the account opening documents.
Also use the discount code ALGARVELIFESTYLE
to get 10$ off your purchase
Pay only $340 USD per account.
If 2 persons have a joint account they only pay for one account that is correct?
Yes, that’s correct!
I know from my experience that you need a Portuguese telephone number for all the SMS that the bank send you. Is this the case with this service also?
You can use any phone number as long as you can receive SMS messages from a Portuguese number. If you are using a non-Portuguese number, make sure that your carrier allows you to receive international text messages.
Once your account has been opened, the bank will send you a “multichannel access code” via SMS. You will need this code to use online banking.
Why did you pick Millennium bank for this joint venture?
We chose to work with Millennium BCP because of their great reputation. They are the largest private bank in Portugal and provide access to nearly 500 branches across the country.
Since our customers are going to live all over Portugal, we wanted to work with a bank that could service them in whichever city they decide to live in.
We decided on the Prestige program because of the benefits of having a dedicated bank manager. As newcomers to the country, it can be difficult to navigate so many new things. We thought that it would be vital to have someone whom you can trust to be at your service whenever you need it.
Some of the subscribers want to know: are you happy in Portugal?
We’ve been loving our time in Portugal! We had only spent 1 month in Porto before relocating to Portugal so we weren’t sure how we’d feel living here longer term, but it’s been an amazing experience so far.
Since we moved during the pandemic and lots of city activity was quiet, we ended up visiting many cities all across the country and have really appreciated the kindness of the people, the amazing produce, and beautiful nature. After spending more time here, it’s easy to see why so many people fall in love with Portugal!
Also if you have any questions please leave a comment and I will get back to you!
Hope you will have a great move to Portugal!
Read this next – How to get a NIF online in Portugal – 2021 for non-residents