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A list of the best Portuguese banks for opening an account in 2020

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Opening an account in Portugal in 2020

Advantages of opening an account in this jurisdiction:

  • A stable economic development;
  • A large selection of prestigious banking institutions;
  • It is possible to open an account without a personal visit;
  • Banks provide services to non-residents;
  • A relatively fast application review process.
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Portugal is a country of great opportunities for international business.

Opening an account with a Portuguese bank can be a profitable solution, owing to a large selection of reliable and prestigious banks with:

  • A high level of service;
  • A modern Internet banking system;
  • A wide range of financial products;
  • Flexible tariffs;
  • Minimum requirements for a package of documents.

The establishment of a local company is accompanied by the need to open a corporate bank account in Portugal.

a List of the best banks

For today, a considerable number of banks operating in this country, can open both personal and business accounts:

  • Abanco;
  • Activo Bank;
  • Banco Atlantico Europa;
  • Banco BPI;
  • Banco CTT;
  • Banco Invest;
  • BBVA;
  • Best Bank;
  • BiG Banco de Investimento Global;
  • Banco BNI Europa;
  • Caixa Geral de Depositos;
  • Millenium (BCP) Portugal;
  • Novo Banco.

Please, pay your attention: due to the recent legislative changes, opening an account in Portugal is a rather long and labor-intensive process. Most of the above banking institutions agree to cooperate only with registered companies.

WHERE IS IT POSSIBLE TO OPEN AN ACCOUNT FOR A NON-RESIDENT?

Non-residents have the opportunity to:

  • Open an account with Novo Banco;
  • Open a corporate account with the Millenium (BCP) Portugal;
  • Open an account for a company with Caixa Geral de Depositos.

To learn more about this issue, you can ask for personal advice on opening an account in Portugal with each of the above banks.

Is a personal visit required for opening an account

Entrepreneurs, who want to open an account with Abanco or open a corporate account with ActivoBank and other banking institutions must make a personal visit to the country in order to sign all the necessary documents.

Terms of opening an account with a Portuguese bank are 2 days.

Preparation of preliminary documentation

An application for opening an account with Banco CTT, opening an account for a company with Best Bank and others, can be approved in a relatively short period, only if the form is correctly filled in and all necessary documents are available.

In order to save your money and time, we recommend you entrusting this process to qualified IQD Consulting specialists and requesting for professional assistance in opening a corporate account in Portugal.

Read also:
What you need to open an account in a Portuguese bank

In order to open an account with Banco Atlantico Europa or open a business account with Banco BPI, you will need:

  • A certificate of a company registration and notarized extract from national registers with up to 6 months period.
  • Documents of the company's founders:
  1. The international passport;
  2. A tax number of the country of residence;
  3. A proof of residence.

If you intend to open an account for a company with BBVA and other banking institutions mentioned above, then, please take into account that:

  • All documents must be translated into Portuguese and notarized in Portugal;
  • If the documents are prepared in English, then translation is not required;
  • Our company provides translation and document notarization services. To find out the details, we propose you to ask for advice on a bank account opening in Portugal from our experts.
A PROCEDURE OF OPENING AN ACCOUNT

Those, who decide to open an account with Banco Invest or open a corporate account with the BiG Banco de Investimento Global will need to go through 5 key stages of the procedure:

  1. You send us scanned copies of all the above documents;
  2. We conduct a pre-assessment at the bank;
  3. If the result is positive, we request a Portuguese tax number for the founders of the company, that can only be used for banking transactions
  4. You arrive to Portugal and then, our local specialist accompanies you in the process of obtaining a temporary tax number, as well as in opening a Portuguese bank account.
Additional services

Those, who plan to open an account with Banco BNI Europa or other banks in Portugal, can take advantage from using multi-currency and merchant accounts.

How to open an account for a company in Portugal

Experienced IQD Consulting advisors are ready to provide you with comprehensive assistance in opening an account with a Portuguese bank, as well as in the process of registering a local company.

To call us, please use the contacts listed below.

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