Month 1
Time
45 min
Cost
Free at Activobank
Difficulty
Medium
EU vs non-EU
EU/EEA: With an EU ID card (or passport) plus NIF you can open an account at any bank. Proof of address can be from home if you don't have a lease yet.
Non-EU: Bring passport + NIF; many branches also want your visa or residence document. ActivoBank and Millennium are the most used to newcomer paperwork. Smaller banks may simply say no.
What to bring
NIF
Passport
Proof of address (a Portuguese utility bill or lease)
Proof of income (last 3 payslips or a work contract)
Our pick
Compare all 4 →Prices checked June 2026
Do it
- 1
Book an Activobank appointment online
activobank.pt → "Abrir conta". You can do most of it remotely and finish in a branch.
- 2
Bring originals to the branch
NIF paper, passport, proof of address, payslips. Without proof of income they’ll open a savings-only account.
- 3
Choose your card
Free Visa Debit covers everything. Skip the credit card upsell.
- 4
Set up the app + Multibanco
You’ll use the app to authorise transfers via SMS code. Multibanco at any ATM lets you pay bills, top up your SIM, even buy concert tickets.
Words you'll hear
NIFneef
Your nine-digit tax number. Needed for leases, banks, contracts, and asked for at every till.
Multibanco
The national ATM and payments network. Pay bills, top up SIMs, and buy tickets at any machine.
MB Way
Pay-by-phone-number, used by everyone from landlords to market stalls. 'Manda por MB Way' = send it to my number.
Common questions
Can I open an account before arriving?
Some banks and fiscal-rep services arrange remote opening — common for visa applicants who need a Portuguese IBAN in their application file.
Why was I only offered a basic account?
Without proof of income, banks default to a savings-style account. Bring payslips or a work contract to unlock the full current account.
Is Revolut or Wise enough to live on?
As a sidecar, yes. As your main account, no — landlords, employers, and direct debits all expect a Portuguese IBAN, whatever SEPA rules say.
Full checklist tracking and task completion live in the Settli app for Lisbon.