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Banco de Portugal regulated dataVerified September 2026EUR 100,000 deposit guarantee

Portugal Business Bank Account: Compare 8 Options for Foreign Founders (2026)

24 banks are headquartered in Portugal. Few of them make it easy for a Lda with foreign directors. NIF first, branch appointments, and fintech IBANs some Portuguese bodies still refuse.

This page serves two founders: one already in Portugal with a NIF and a local address, one still abroad planning the move. Both are opening an account for a Lda (sociedade por quotas, the standard Portuguese limited company). It compares Portuguese banks and EU fintechs on fees, remote onboarding, IBANs and Multibanco. GrowAcross checked 16 providers against official sources; 8 made the cut.

  • Euro and SEPA rails for every option here.
  • EU fintechs onboard a Portuguese Lda remotely, no branch visit.
  • Multibanco and MB WAY (Portugal's bank-linked mobile payment app) reach every local customer.
  • FGD (Fundo de Garantia de Depositos, the Portuguese deposit guarantee) protection at Portuguese banks.

The 3 best business accounts in Portugal for foreign founders

Wise Business wins on flexibility, Revolut Business on price, and BPI is the pick when your Lda needs a Portuguese IBAN.

Editorial picks based on independent research, no paid placement. Data verified September 2026. Always verify current pricing on the provider website.

Wise Business

Editor's pick

The most flexible remote account for a Lda with foreign directors.

Accepts an EEA-registered Lda, no Portuguese residence required.
Belgian IBAN, mid-market exchange rate, FX from 0.2 percent.
Fully remote onboarding.
English interface, 24/7 support.
Trustpilot 4.3 from 299,800+ reviews.
FEES
No monthly plan; EUR 60 one-time fee for account details; FX from 0.2 percent.
SETUP TIME
From minutes to 10 working days when extra checks apply.
Pros
No monthly plan.
Non-resident directors accepted.
Multibanco references via a PSP.
Cons
Belgian IBAN, no native Multibanco references.
Funds safeguarded, no deposit guarantee.
Extra checks can stretch setup to 10 working days.
See in full comparison

Revolut Business

Best value

A licensed EU bank at EUR 10 per month, open to UK and US residents.

Revolut Bank UAB, licensed by the Bank of Lithuania, Portuguese branch.
Accepts an EEA Lda.
Basic plan at EUR 10 per month.
Review usually within 24 hours, up to 5 business days.
Trustpilot 4.7 from 457,600+ reviews.
FEES
Basic EUR 10 per month.
SETUP TIME
Review usually within 24 hours, up to 5 business days.
Pros
Licensed bank, not an e-money institution.
EUR 10 monthly entry price.
Fast review, usually 24 hours.
Cons
Lithuanian IBAN, no native Multibanco references (PSP route).
Lithuanian deposit scheme, not the Portuguese FGD.
Applicant must reside in a supported country.
See in full comparison

BPI

Licensed PT bank

Portuguese IBAN and FGD protection for foreign founders.

Banco BPI, credit institution regulated by Banco de Portugal.
Foreign passport plus foreign fiscal residence certificate accepted.
Portuguese IBAN, Multibanco references, MB WAY.
Conta Valor BPI Negocios from EUR 4.99 per month plus stamp duty.
Minimum opening deposit EUR 100.
FEES
From EUR 4.99 per month plus stamp duty; EUR 100 minimum deposit.
SETUP TIME
Varies, branch appointment.
Pros
Portuguese IBAN, MB WAY.
FGD protection to EUR 100,000.
Published path for foreign founders.
Cons
Branch-only onboarding.
Setup time not published.
Full English onboarding not verified.
See in full comparison

Compare Portugal business bank accounts

Four EU fintechs onboard your Lda remotely with a foreign IBAN; four Portuguese banks give a local IBAN but require more effort.

GrowAcross compared what matters for a Lda with foreign directors: remote onboarding, a Portuguese IBAN, Multibanco references, monthly fees and minimums, English-language support and Trustpilot scores. GrowAcross checked 16 providers against official sources; 8 made the cut. Four are EU fintechs with fully remote onboarding, four are Portuguese banks regulated by Banco de Portugal. Use the table to shortlist one fintech and one bank, then confirm terms with the provider. Data verified September 2026.

Updated Sep 2026

GrowAcross checked 16 providers against official sources; 8 made the cut. Editorial scores rate onboarding, fees and features out of 5; scores for Millennium bcp and Santander Portugal are withheld pending confirmation of their foreign-director policy.

Sort by:
WI
Wise BusinessEditor's pick
Wise Europe SA, National Bank of Belgium.
$0/mo
From minutes to 10 working days when extra checks apply.
RemoteMulti-currencySWIFTDebit cardAPICrypto
4.0/ 5
Editorial score
Onboarding5.0
Fees4.0
Features3.0
4.3/ 5
Trustpilot
299,800+
Best for
Founders who want a remote multi-currency account without residency conditions.
Mid-market exchange rate with a fee from 0.2 percent.
Read review →Visit Wise ↗
RE
Revolut BusinessBest value
Revolut Bank UAB, Bank of Lithuania (Portuguese branch).
$10/mo
Review usually within 24 hours, up to 5 business days.
RemoteMulti-currencySWIFTDebit cardAPICrypto
4.0/ 5
Editorial score
Onboarding5.0
Fees3.0
Features4.0
4.7/ 5
Trustpilot
457,600+
Best for
Founders resident in a supported country (UK, EEA, US, Australia, Singapore, India) who want a licensed EU bank.
FX terms: see the provider's fee page.
BP
BPI
Banco BPI, Banco de Portugal, FGD.
$4.99/mo
Varies, branch appointment.
RemoteMulti-currencySWIFTDebit cardAPICrypto
3.3/ 5
Editorial score
Onboarding2.0
Fees4.0
Features4.0
1.4/ 5
Trustpilot
108
Best for
Founders who want a Portuguese IBAN, MB WAY and a published document path for foreign passports.
Stamp duty applies on top of the monthly fee.
QO
Qonto
Olinda SAS, ACPR (France).
$9/mo
IBAN within 48 hours.
RemoteMulti-currencySWIFTDebit cardAPICrypto
4.3/ 5
Editorial score
Onboarding5.0
Fees4.0
Features4.0
4.7/ 5
Trustpilot
59,000+
Best for
Founders with a Portuguese NIF and an EU, EEA or EFTA ID or passport; UK passports not accepted since October 2021.
Card FX 0.7 percent inside the EU and 2.6 percent outside.
NO
Novo Banco
Novo Banco, Banco de Portugal, FGD.
$8/mo
Varies, branch appointment.
RemoteMulti-currencySWIFTDebit cardAPICrypto
2.7/ 5
Editorial score
Onboarding2.0
Fees3.0
Features3.0
1.3/ 5
Trustpilot
160
Best for
Founders who can visit a branch and want a Portuguese IBAN from a traditional bank.
EUR 7.00 per month when bonus conditions are met.
AI
Airwallex
Airwallex (Netherlands) B.V., De Nederlandsche Bank.
$0/mo
The provider states minutes.
RemoteMulti-currencySWIFTDebit cardAPICrypto
4.0/ 5
Editorial score
Onboarding5.0
Fees4.0
Features3.0
2.9/ 5
Trustpilot
2,500+
Best for
Companies with multi-currency flows; global accounts in 20+ currencies.
FX 0.5 to 1 percent; no native Multibanco references; checkout acceptance via partner.
MI
Millennium bcp
Banco Comercial Portugues, Banco de Portugal, FGD.
$5/mo
Online application available, timing not published.
RemoteMulti-currencySWIFTDebit cardAPICrypto
1.3/ 5
Trustpilot
220
Best for
Founders who want a large Portuguese bank and will confirm foreign-director eligibility with the bank first.
Card international fee 3.5 percent.
SA
Santander Portugal
Banco Santander Totta, Banco de Portugal, FGD.
$3.9/mo
Varies, branch appointment.
RemoteMulti-currencySWIFTDebit cardAPICrypto
Not listed
Best for
Founders in Portugal who can onboard at a branch.
4 percent stamp duty on top.

Fees and eligibility rules change; verify current terms on the provider website before applying. Fintech IBANs are not Portuguese, which affects some local payments covered later on this page. Bank Trustpilot scores reflect the whole Portuguese entity including retail; fintech scores are global product ratings covering personal and business. Scores read September 2026.

Alternatives to Millennium bcp and CGD for a Lda with foreign directors

EU fintechs onboard your Lda remotely with a foreign IBAN, while BPI and Novo Banco publish the clearest Portuguese bank path for foreign directors.

EU fintechs

The fastest route around a branch appointment is an EU fintech. Wise Business, Revolut Business, Qonto and Airwallex onboard a Portuguese Lda fully remotely with video KYC (identity verification by video call or selfie). The trade-off is the IBAN: Belgian at Wise, French at Qonto, Lithuanian at Revolut, not published at Airwallex. Funds at Wise, Qonto and Airwallex are safeguarded, not covered by a deposit guarantee; Revolut falls under the Lithuanian scheme, not the FGD. None issues Multibanco references natively.

Portuguese banks with a published path

Two Portuguese banks document how they identify foreign founders. BPI accepts a foreign passport plus a certificate of foreign fiscal residence, and foreign legal entities are already BPI clients. Novo Banco accepts a passport or residence permit as identification for signing representatives, with no explicit statement on non-resident directors. Both give the company a Portuguese IBAN, MB WAY and FGD protection up to EUR 100,000 per depositor. The costs: a branch visit and unpublished setup times.

Portuguese banks without a published path

Millennium bcp accepts a Lda and offers an online application, but its foreign director policy is not published; confirm eligibility before applying. Santander Portugal restricts its online channel to Portuguese nationals resident in Portugal using Chave Movel Digital, so foreign founders apply at a branch with unpublished terms. Some banks decline applications when a director shows no documented link to Portugal, so prepare proof of address, the NIF and company documents before booking.

Caixa Geral de Depositos

Foreign director policy not published, new customers open at a branch; Conta Caixa Business EUR 8.32 per month including stamp duty, minimum EUR 500.

ActivoBank

Retail bank for individuals, no company account; non-EU applicants need a Portuguese residence title.

Banco CTT

No company account; its professional account is limited to sole traders and liberal professionals with Portuguese fiscal residence.

bunq

Does not accept a Portuguese Lda, only ENI and EIRL individual forms; the director and all beneficial owners must reside in the EEA.

Bison Bank

Private bank charging EUR 200 per quarter (EUR 800 per year) below EUR 100,000 of assets; not an operating account for an SME.

Banco BiG

Investment bank; company account needs EUR 5,000 to activate plus mailed signed documents; not an operating account for an SME.

Payoneer

E-money institution regulated by the Central Bank of Ireland; foreign director policy not published, annual fee in USD, no Multibanco. Read the Payoneer review.

Bankinter Portugal

Branch of a Spanish bank, deposits covered by the Spanish scheme, not the FGD; foreign director policy not published; Conta Relacao BK Empresas EUR 8.00 per month, minimum EUR 1.

Find your best business banking option in Portugal

Answer five questions to see whether a fintech, a Portuguese bank or a staged approach fits your Lda best.

Question 1 of 520% complete

Are you resident in Portugal with a NIF?

This quiz provides general guidance. Individual bank requirements may vary.

Documents required to open a business account in Portugal

Expect three document groups: company records, director and shareholder identification, and proof of business activity, with deeper checks at Portuguese banks. Account opening in Portugal follows identification rules supervised by Banco de Portugal. Non-nationals and foreign entities may open an account with a passport, a residence permit or an equivalent foreign public document, plus a tax identification number, and a foreign tax number is accepted. Video identity verification is available for individuals. The legal baseline is the same everywhere. What changes between providers is how much supporting evidence each one asks for.

Company Documents

Certidao Permanente access code
The online company record, available in English and free to consult with the code; requesting the code costs EUR 25 for one year to EUR 70 for four years. For foreign founders: order the code at incorporation, every bank asks for it.
NIPC (the company tax number)
Shown on the Certidao Permanente and required on every banking form.
Articles of association (pacto social)
The deed defining the company, its quotas and its signing rules.
RCBE (beneficial owner register) declaration
Mandatory for every entity incorporated in Portugal and free to file. For foreign founders: banks cross-check the declared beneficial owners against the passports you submit.

Director & Shareholder

Passport or residence permit
Valid identification for each director and signing representative.
NIF of each director and beneficial owner
Required at incorporation, so each person already holds one; Banco de Portugal rules also accept a foreign tax number for identification.
Proof of address
A recent utility bill or bank statement per person. For foreign founders: some Portuguese banks accept a certificate of foreign fiscal residence instead of a Portuguese address proof.
Professional background
A short CV or equivalent profile for each director, used to assess the management behind the company.
If you already live in Portugal
Portuguese proof of address; NIF, already held as a resident; no fiscal representative needed.
If you are still abroad
Foreign proof of address; apostilled documents where a bank asks for them; once a tax relationship exists, the Autoridade Tributaria gives you 15 days to appoint a fiscal representative or adhere to electronic notifications.

Business Activity

CAE activity code
The classification of the company economic activity, in force as CAE-Rev.4 since 1 January 2025. For foreign founders: the code must match the business described in your plan.
Business plan
Products, customers and target markets in a few pages.
Source of funds
Where the money entering the account comes from.
Expected volumes and counterparties
Typical transaction sizes, currencies and countries.

Requirements by bank type

Portuguese Banks
  • • A branch visit is common, more documents are requested and the review takes longer. The core documents are the same on both paths; what changes is the depth of the file.
EU Fintechs
  • • Fully remote onboarding, video KYC (identity verification by video call or selfie) and faster decisions. The core documents are the same on both paths; what changes is the channel you submit them through.

How to open a business bank account in Portugal as a foreign founder

NIF first, then incorporation and the RCBE filing, then the provider; a fintech can be live within days while a bank needs a branch visit. The order matters. Banks and fintechs ask for the same chain of prerequisites: tax number, incorporation, beneficial owner filing, capital deposit. Each step feeds the next, so a missing document stops the whole chain. This is the sequence that works for a foreign founder, whether you are already living in Portugal or still abroad.

1

Get your NIF

Set this up before or during incorporation (a 15-day clock starts with your first tax relationship).
  • Every director and beneficial owner needs a Portuguese tax number before anything else: get your NIF first. Once a first tax relationship exists, the Autoridade Tributaria gives you 15 days to either appoint a fiscal representative or adhere to electronic notifications through Portal das Financas or ViaCTT; the full choice is covered in our fiscal representative guide.
2

Incorporate the Lda

One session at one counter.
  • Empresa na Hora creates a sociedade por quotas at one counter, in one session, for EUR 360. The four steps are: choose a name, choose the articles, appoint a certified accountant, deposit the capital. Details in our guide to company formation in Portugal.
3

File the RCBE declaration

Within 30 days of incorporation.
  • The beneficial owner register filing is free and the first declaration is due within 30 days of incorporation.
4

Choose the provider

Your decision; the timeline card below shows what follows.
  • Decide between a Portuguese bank, with a Portuguese IBAN and native Multibanco, and an EU fintech, with remote onboarding and speed. The comparison table above lists all eight options with fees and eligibility notes. If you plan to collect from Portuguese consumers, weight the Portuguese IBAN higher. If your clients are foreign, weight onboarding speed and FX costs.
5

Verify your identity

Varies by provider.
  • Fintechs run video KYC, so this step is fully remote. Most Portuguese banks ask for a branch appointment with the signing directors present.
6

Deposit the share capital and activate

Within 5 business days of incorporation.
  • The share capital must be deposited into the company bank account within 5 business days after incorporation, unless it was deposited at creation or declared deliverable by the end of the first financial year. Once the capital is in and the account is active, the Lda is fully banked.

Verified setup times (September 2026)

Digital Banks
Fintechs: IBAN in 48 hours (Qonto) to 10 working days (Wise)
International Banks
Revolut: 24 hours to 5 business days; Airwallex: minutes
Traditional Banks
Portuguese banks: varies, branch appointment; no published turnaround

Why Portuguese banks reject foreign founders (and how to avoid it)

Six fixable causes cover the usual rejection reasons: tax setup, missing local ties, branch logistics, unfiled registers, activity codes and risk profile. Rejections come from compliance checklists, not from nationality, and the same six items recur across provider requirements. Each cause below has a direct fix. Work through all six before you submit anything.

No NIF or fiscal representative

An application arrives without a NIF for every director and beneficial owner, or the founder has a tax relationship in Portugal and never appointed a fiscal representative or adhered to electronic notifications within the 15-day window.

Solution:

Get the NIF first, then make the representative or electronic notifications choice as soon as the first tax relationship exists. For third-country residents who are self-employed in Portugal, the representative is mandatory and electronic notifications do not waive it.

No documented link to Portugal

Some banks hesitate when every director is non-resident and nothing documents a link to Portugal: no address, no local clients, no local activity.

Solution:

File the link with the application. A lease, Portuguese invoices, a local contract or a Portuguese accountant all count. Wise and Airwallex accept non-resident directors without one, while Revolut and Qonto apply residence or ID conditions instead.

Branch visit not planned

Most traditional banks open business accounts at a branch, and applications stall when the signing directors cannot attend.

Solution:

Plan one trip that covers the bank visit and the remaining formalities, or start with a fintech that verifies identity remotely.

RCBE not filed

The beneficial owner declaration was never filed. The register is mandatory for all entities incorporated in Portugal, and the first declaration is due within 30 days of incorporation.

Solution:

File it right after incorporation. It is free, and providers ask for it during onboarding.

CAE code mismatch

The CAE activity code declared at incorporation does not match the business plan, and compliance teams flag the inconsistency.

Solution:

Align the code and the plan before applying. CAE-Rev.4 has been in force since 1 January 2025, so check the current classification.

High-risk activity

Some banks decline activities their internal risk policy excludes, regardless of how clean the paperwork is.

Solution:

Disclose the activity precisely in the application, prepare source of funds documentation and a clear description of expected volumes and counterparties, and apply to providers whose published eligibility covers your sector. A rejection for risk appetite at one provider says nothing about the others.

Pro tip: apply in parallel

Apply in parallel: one fintech and one Portuguese bank at the same time. The fintech account is usually live while the bank is still reviewing, so a bank rejection never leaves the company without an operating account.

What a non-Portuguese IBAN can and cannot do for your company

A Belgian, French or Lithuanian IBAN handles SEPA payments legally and well, but Multibanco references and some local debits still need workarounds. Every fintech in the comparison gives your Lda a Belgian, French or Lithuanian IBAN. EU law is on your side: a payee who accepts SEPA transfers cannot specify the member state where the payer account is located, as long as the account is reachable. Banco de Portugal is the competent authority for IBAN discrimination in Portugal, and you can report a refusal through its complaint form and the entity complaints book, the Livro de Reclamacoes. Practice, however, still differs from the law, and it helps to know exactly where the line sits before you choose a provider.

Fintech (EMI) IBAN

A Belgian, French or Lithuanian IBAN, opened remotely.

Advantages

  • SEPA and SEPA Instant transfers in both directions
  • Invoicing and receiving payment from any client in the EU
  • Cards and day-to-day company spending
  • Paying Portuguese suppliers by standard SEPA transfer
  • Multi-currency balances, depending on the provider
  • Can still issue Multibanco references through a payment service provider, regardless of where it banks; acceptance of a fintech (EMI) IBAN as the settlement account is decided at KYC

Disadvantages

  • Cannot issue Multibanco references natively, which are how Portuguese consumers pay merchants
  • Does not guarantee acceptance for direct debits by every Portuguese public body and supplier, since refusals of non-Portuguese IBANs still happen in practice
  • May not satisfy every notary and registrar for the share capital deposit, though the law only requires the money to reach the company bank account
  • Funds are safeguarded, not covered by a deposit guarantee (Revolut falls under the Lithuanian scheme, not the FGD)

Best For:

Best for companies billing EU and international B2B clients by SEPA or card that do not rely on native Multibanco.

Portuguese bank account (PT IBAN)

A local IBAN opened at a Banco de Portugal credit institution.

Advantages

  • Portuguese IBAN accepted by every local public body and supplier
  • Native Multibanco references and MB WAY
  • FGD deposit guarantee up to EUR 100,000 per depositor, repaid within 7 business days
  • Accepted by notaries and registrars for the share capital deposit

Disadvantages

  • Branch onboarding, usually with the signing directors present
  • Setup turnaround not published
  • Euro-centred accounts, limited multi-currency

Best For:

Best for companies collecting from Portuguese consumers or needing local direct debits and deposit protection.

Why foreign founders bank in Portugal

Euro rails, EU passporting, the Multibanco network and a EUR 100,000 deposit guarantee make Portugal a practical banking base.

Banking location follows the company, and a Portuguese Lda has concrete reasons to keep its operating account tied to Portugal. Five of them matter most.

1

Euro and SEPA Instant

Portugal operates in euro on SEPA rails, with SEPA Instant where the provider offers it, as Qonto does within its plan allowance. Supplier payments, client transfers and tax payments all run on the same euro infrastructure as the rest of the single market, with no currency conversion inside the eurozone. Caveat: the fastest instant rails often sit with fintechs, whose IBANs are not Portuguese.

2

EU passporting

EU passporting means a fintech can serve your Portuguese Lda without a local license. The Banco de Portugal register lists 650 credit institutions associated with Portugal, 500 of them under EU free provision of services, plus 687 payment and e-money institutions, most operating under EU/EEA passporting. Caveat: a passported provider is covered by its home-country scheme or by safeguarding, not by the Portuguese guarantee.

3

Multibanco and MB WAY

Multibanco is Portugal national payment network, with over 12,000 ATMs, and Multibanco references are how merchants receive payments. MB WAY (Portugal bank-linked mobile payment app) is offered through about 30 participating banks. If you sell to Portuguese consumers, this network is where they pay. Caveat: full reach is native only at Portuguese banks; elsewhere you add a payment service provider.

4

Deposit protection

Banks headquartered in Portugal fall under the FGD, which protects EUR 100,000 per depositor per credit institution and repays within 7 business days. For an operating account holding payroll and tax money, that is meaningful cover. Caveat: EU institutions operating under passporting or as EU branches are covered by their home-country scheme instead.

5

Tax and residence context

Residence and tax programs have drawn foreign founders to Portugal for years, and they shape where you live while the company banks here; see the NHR and IFICI guide for the current position. For many founders the banking decision and the relocation decision happen together, which is why the two topics sit side by side on this site. Caveat: these programs decide where you live, not which account you open.

Multibanco, MB WAY and PSPs: collecting payments from Portuguese customers

Any Lda can collect Multibanco, MB WAY and direct debit payments from Portuguese customers through a payment service provider, wherever it banks.

Multibanco references

A Multibanco reference is a payment instruction the merchant generates and the customer pays at an ATM, in home banking or in the MB WAY app. It runs on Multibanco, Portugal national payment network with over 12,000 ATMs, and references are how merchants receive payments. Portuguese consumers expect this option at checkout.

MB WAY

MB WAY, Portugal bank-linked mobile payment app, is offered through about 30 participating banks, including Millennium bcp, CGD, Santander, BPI and Novo Banco. It also allows cardless ATM withdrawals up to EUR 400 per day.

SEPA direct debit

For subscriptions and recurring invoices, SEPA direct debit pulls the payment from the customer account on the due date. In law any reachable EU IBAN can be the creditor account; confirm with your provider before setting up mandates.

Who issues references

Portuguese banks distribute the SIBS PAY gateway, which generates Multibanco references for merchants: Millennium bcp, Santander, BPI, CGD, Credito Agricola and Novo Banco. A Lda does not need a Portuguese bank to get references, because three payment service providers contract with merchants directly. Ifthenpay accepts legal persons, charges EUR 0.20 plus 1.5 percent per reference, has no membership fee and pays out to the bank account the subscriber designates. Easypay publishes a maximum fee of 5.00 percent plus EUR 5.00 plus VAT per reference and pays out to any IBAN with proof of IBAN, subject to activity checks. SIBS Pay prices on quote and asks for an IBAN statement at onboarding, with no stated requirement that the account be Portuguese.

Caveat on settlement

No PSP publishes whether it accepts a fintech e-money IBAN as the settlement account; acceptance is decided during KYC. Confirm before signing the contract.

Who needs this

B2C companies selling to Portuguese consumers and businesses running local subscriptions need Multibanco references and MB WAY. Companies billing foreign B2B clients by SEPA transfer or card do not.

Is Portugal the right banking base for your company?

Portugal suits companies selling into the euro zone, but plan for branch appointments, non-Portuguese fintech IBANs and strict filing deadlines.

Advantages

  • Euro and SEPA rails

    The Lda moves money across the euro area on the same SEPA rails as any local company.

  • Deep provider choice

    650 credit institutions and 687 payment and e-money institutions are associated with Portugal, most under EU passporting.

  • Local payment reach

    Multibanco network of over 12,000 ATMs and MB WAY cover every Portuguese consumer.

  • Deposit protection

    The FGD (Fundo de Garantia de Depositos, the Portuguese deposit guarantee) covers EUR 100,000 per depositor per credit institution at Portuguese banks.

  • Remote onboarding exists

    EU fintechs open an account for a Portuguese Lda entirely online, with no branch visit.

Limitations

  • Tax number first

    Every director and beneficial owner needs a NIF before any account opens. Workaround: get your NIF early, following our NIF guide.

  • Fifteen-day tax choice

    Once a tax relationship exists, a non-resident has 15 days to appoint a fiscal representative or adhere to electronic notifications. Workaround: opt for electronic notifications through Portal das Financas or ViaCTT.

  • Fintech IBANs are foreign

    Some Portuguese public bodies and suppliers still refuse them for direct debits in practice, and Multibanco references are not native. Workaround: contract a PSP for references and add a Portuguese bank once local debits matter.

  • Traditional banks are slow to schedule

    Opening usually means a branch appointment, and turnaround is not published. Workaround: apply to a fintech in parallel so the company can operate while the bank reviews.

💡 Portugal suits companies that sell into the euro zone, collect from Portuguese consumers or run a local team, and that accept some paperwork in exchange for full local payment rails. A sole trader issuing recibos verdes has different needs from a Lda and should not default to a company account; the personal side is covered in detail in our personal banking guide. Founders whose operations sit in Asia or the Gulf rather than the euro zone should instead compare business banking in Hong Kong, Singapore and the UAE.

Business banking in other jurisdictions

Comparing where to base your company? See how business banking works in the other hubs we cover.

Business banking in SingaporeCompare Singapore business accounts for non-resident founders.Compare optionsBusiness banking in Hong KongCompare Hong Kong business accounts and remote onboarding options.Compare optionsBusiness banking in the UAECompare UAE business accounts for Mainland and Free Zone companies.Compare options

Portugal business banking: FAQ

Non-residents can open a Portuguese business account, but the NIF, the RCBE filing and the IBAN choice decide how smooth it goes.

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