Freelancers in Portugal can easily open bank accounts, with the required documents, just like in the case of natural persons. The difference is the legal status of the business for additional paperwork is solicited. One of our Portuguese lawyers can guide you throughout the procedures involved.
Can I open a Portuguese bank account from overseas?
Yes, it is quite simple to open a bank account from abroad instead of traveling to Portugal. This is a simple process that can be entirely handled by one of our Portuguese lawyers who can help foreigners easily open a bank account, whether for personal purposes or for a company.
Portugal is part of SEPA
SEPA is the Single Euro Payments Area that allows foreigners in Portugal to use their bank accounts and make money transfers anywhere in EU free of charge. SEPA covers 19 EU states, plus other 10 territories and countries. For more details about SEPA and bank accounts in Portugal, you can solicit the support of our Portuguese lawyers.
Are there high maintenance costs for bank accounts in Portugal?
No, most of the banks do not charge for opening new accounts
, yet, other services might be subject to specific fees. Some banks
do not impose fees for ATM withdrawals, the use of POS, or SEPA transfers. In recent years, the bank institutions changed their policies in terms of fees and other costs, so most banks provide many benefits from this point of view. Once you decide on the bank you want to work with, you will receive complete information about the fees solicited.
Paying bills with your bank account
It is quite simple to use your bank account for different payments. Utility bills can be easily paid, but one should pay attention to the fees involved. Some banks provide payments free of charge while others impose some costs. In any case, such information is normally provided by the bank or you can simply verify your account online and see the information provided. If you want to open a bank account in Portugal in 2023, feel free to discuss it with our advisors.
Investors and Golden visas in Portugal
International entrepreneurs interested in real estate investments
or starting a business in Portugal
must qualify for the Golden Visa
. This means that a bank account
is mandatory. The Golden Visa Programme
provides a lot of benefits for foreign investors, such as low taxation or even exemptions, but under certain conditions that must be respected entirely. For instance, investments of EUR 500,000 in the real estate sector grants the residency permits for investors and their families. Because the investment is made in Portugal
, opening a bank account is required. We remind that our team of lawyers in Portugal
can help you obtain the Golden Visa
and can also provide assistance for opening a bank account
. For more details and advice, please feel free to address to our specialists.
Offshore business bank account in Portugal
Investors worldwide can open offshore business bank accounts in Portugal. Such bank accounts address to global companies with ownership or activities outside Europe. International fund transfers can be made quite fast, with the help of internet banking services tailored to the needs of business owners. Currency diversification, a private relationship manager contact point, wire transfers inside and outside the EU, and the possibility of paying and receiving funds in Euro currency are among the services provided by financial institutions that offer offshore business bank accounts.
There are numerous advantages related to offshore bank accounts, such as borderless account opening, no political risks, best foreign exchange rates, lower transfer costs, and other premium facilities. Any type of business structure is eligible for offshore bank accounts. For more details, please address your inquiries to our team.
What is the best currency to use in Portugal?
Euro is the best currency in Portugal and it is also the main currency in this country. Most of the transactions are made in Euro, yet, bank account owners in Portugal have the possibility of using any kind of currency, as long as it is accepted by the bank or financial institution.
Switching the bank account in Portugal. Is this hard?
Switching or closing the bank account in Portugal must respect a few important steps, mostly related to the documents. Each bank in Portugal imposes different rules and procedures. The transfer services might be good options for those interested in switching the bank account. It is important to consider opening a new bank account before closing the previous one, to avoid the time in which you won’t have access to such an account. This way, you can also transfer the money in complete safety.
Then, it is recommended to obtain the writing confirmation from the bank you want to close the account, check if there are any fees to pay our outstanding payments. The entire process of switching the bank account
is not time-consuming and can be done in a couple of days. Such procedures can be entirely explained by one of our Portuguese lawyers who can deal and handle the formalities and requirements imposed. If you are interested in opening or switching a bank account
as a foreign citizen or owner of a company
from abroad, we invite you to talk to our team.
Bank services offered in Portugal
Most of the financial operations can be made online, in complete protection, with the help of a wide range of services provided by the banks in Portugal. Both natural persons and companies in Portugal can receive internet banking services to make money transfers, payments, currency exchange, balance verifications, money transfers between accounts, and many more.
Customers can solicit special banking services such as setting a withdrawal limit or asking for a specific type of card. Most of the services offered by the bank are free of charge, however, it is recommended to verify all the conditions and fees involved in opening a bank account. Don’t hesitate to talk to our lawyers in Portugal if you want to open a bank account for personal use or for your firm.
Opening a bank account linked to the business in Portugal
A bank account must be opened at the time the company registration starts, and that to deposit the minimum share capital. This is the first financial operation connected to the future company, as the provisionary bank account will turn into a permanent one. We remind that a bank account in Portugal can be opened only after the business is registered with the Portuguese authorities, it has all the licenses and permits issued. You should ask our specialists if you want to set up a bank account in Portugal, in order to receive all the needed support.
FAQ about bank accounts in Portugal
1. Is it hard to open a bank account in Portugal?
No, you don’t have to worry about the formalities for opening a bank account in Portugal
because these are quite simple. Once the personal documents are accepted by the bank, you can receive details about the bank account in a couple of days.
2. Can I open a bank account in Portugal if I’m abroad?
Yes, this is often the choice of foreign entrepreneurs who would rather talk to an advisor instead of traveling to Portugal for opening a bank account. One of our Portuguese lawyers can offer legal advice and support.
3. What is a corporate bank account?
A corporate bank account is needed for companies incorporated in Portugal
. This will serve to depositing the minimum share capital and for future financial operations in the firm.
4. What documents do I need for opening a bank account in Portugal?
A copy of the identification card is needed, alongside utility bills to prove the residency in Portugal. The bank will also offer some forms to complete with personal information. In the case of investors, the bank is entitled to ask for information about the source of funds before opening the account.
5. Do I need a representative for opening a bank account in Portugal?
Yes, foreign investors intending to open a company in Portugal must have a representative to act in their interests, including for opening a bank account. One of our lawyers in Portugal can help foreigners, with a power of attorney. We can also represent your business in Portugal, so feel free to talk to us.