NIF (Tax Number)
The NIF (Número de Identificação Fiscal) is your Portuguese tax identification number. You need it for virtually everything: banking, renting, buying property, signing contracts, and even some purchases.
✓ First Step: Getting your NIF should be your first administrative task in Portugal—or even before you arrive.
How to Get a NIF
Option 1: In Person at Finanças Office
- Visit any local tax office (Serviço de Finanças)
- Bring passport and proof of address
- Non-residents need a fiscal representative (representante fiscal)
- Free of charge
- Issued same day
Option 2: Through a Lawyer or Service
- Many firms offer remote NIF application services
- Cost: €50-200 depending on provider
- Convenient if you want to get NIF before arriving
- The service acts as your fiscal representative
Non-EU residents need a fiscal representative in Portugal until they become residents. This can be a friend, lawyer, or professional service. They're legally responsible for your tax correspondence.
Documents Needed
- Valid passport
- Proof of address (from home country or Portugal)
- Fiscal representative details (if non-EU non-resident)
Opening a Bank Account
Portuguese banks have historically been bureaucratic, but options have improved for expats.
Traditional Banks
- Millennium BCP: Largest private bank, some English support
- Santander Totta: Spanish-owned, extensive branch network
- Novo Banco: Successor to BES, competitive offerings
- Caixa Geral de Depósitos (CGD): State-owned, most branches
- BPI: CaixaBank-owned, good digital services
Digital/Neo Banks
- ActivoBank: BCP's digital bank, easier for expats
- Moey: Mobile-only bank, easy onboarding
- N26/Revolut: EU-based fintechs with Portuguese IBANs available
💡 Tip: ActivoBank and Moey are often recommended for expats due to easier account opening processes and English support.
Required Documents
- Passport (some require apostilled copy)
- NIF (tax number)
- Proof of address (Portuguese address preferred)
- Proof of income or employment
- Sometimes: residence permit or proof of visa application
Traditional Portuguese banks can be slow and require multiple visits. Account opening may take 1-4 weeks. Bring ALL documents to your first appointment—missing items mean starting over.
Account Types
Conta à Ordem (Current Account)
- Standard checking account
- Comes with debit card (Multibanco network)
- Online/mobile banking
- Low or no monthly fees at many banks
Conta Poupança (Savings Account)
- Interest-bearing (though rates are low)
- May have withdrawal restrictions
- Often linked to current account
Non-Resident Account
- Some banks offer accounts specifically for non-residents
- May have higher fees or requirements
- Can usually convert to resident account later
International Transfers
SEPA Transfers (Within EU)
Portugal is part of SEPA (Single Euro Payments Area), making EU transfers easy:
- Same-currency (EUR) transfers within EU
- Usually free or very low cost (€0-5)
- 1-2 business day delivery
- Use IBAN for transfers
Transfers to/from US
- Bank wire: €15-40 fees, slow (3-5 days), poor exchange rates
- Wise (TransferWise): Low fees, mid-market rates, 1-2 days
- Revolut: Good rates for smaller amounts
- OFX/XE: Good for larger transfers
💡 Wise Recommendation: Many expats use Wise for US-Portugal transfers. You get the real exchange rate plus a small transparent fee. Much better than bank wires.
Receiving US Income
If you receive income in USD:
- Keep a US bank account for receiving payments
- Use Wise or similar to convert and transfer as needed
- Avoid converting through Portuguese banks (poor rates)
Multibanco System
Portugal has one of Europe's best ATM networks: Multibanco. It's used for far more than cash withdrawals.
Multibanco Features
- Cash withdrawals (€400-500 daily limit typically)
- Bill payments (utilities, taxes, etc.)
- Mobile phone top-ups
- Bank transfers
- Concert/event ticket purchases
- Tax payments
✓ Cash Society Shifting: While Portugal was traditionally cash-heavy, card payments are now accepted almost everywhere. MB Way (mobile payment) is increasingly popular.
MB Way (Mobile Payments)
MB Way is Portugal's mobile payment system, similar to Venmo/Zelle:
- Link to your Portuguese bank account
- Send money to phone numbers
- Pay at shops via QR code
- Online payment option at many merchants
- Free for personal transfers
Be aware of MB Way scams—criminals pose as buyers on classified sites and trick sellers into sending money. Never follow phone instructions from strangers to use MB Way.
US Bank Accounts
Keep your US bank accounts while living in Portugal:
Why Keep US Accounts
- Receive US income (Social Security, pensions, investments)
- Maintain credit history
- US credit cards (often better rewards, no foreign transaction fees)
- Backup access to funds
US Address Requirement
Some US banks require a US address. Options:
- Family member's address
- Mail forwarding services (US Global Mail, Traveling Mailbox)
- Some banks accept international addresses (Schwab, Fidelity)
💡 Charles Schwab: Schwab checking accounts are popular with expats—no foreign ATM fees, good for international use, and they accept international addresses.
FBAR Reminder
If your aggregate foreign account balances exceed $10,000 at any point during the year, you must file an FBAR (FinCEN 114) with the US Treasury.
- Due April 15 (automatic extension to October 15)
- Report ALL foreign accounts you have signature authority over
- Penalties for non-filing are severe
- File electronically through FinCEN's BSA E-Filing System