If you are moving to Portugal for work, a local current account is one of the first things you will need. Employers normally pay salaries into a Portuguese IBAN, and rent, utilities and everyday spending are simpler with a local account and card. A BPI bank account Portugal setup is one option, since Banco BPI is a long-established Portuguese bank with branches across the country and online banking.
This guide covers the account types you may come across, the fees worth comparing and the documents banks typically request. Requirements and prices change and depend on your nationality, residence status and the branch, so treat this as a preparation checklist. Always confirm current terms with Banco BPI directly.
Why a local account matters when you start a job in Portugal
Most Portuguese employers pay by bank transfer to a Portuguese IBAN. Many also need an account for expense reimbursements, meal allowances or other benefits. Landlords and utility companies often expect direct debit from a local account too.
A local account also makes it easier to use MB Way and the Multibanco network, which are widely used for everyday payments in Portugal. Some foreign accounts work in the short term, but a local one is usually more practical once you are settled.
BPI account options to look at
Banks in Portugal usually offer several kinds of accounts, and Banco BPI's range may change over time. When you check the BPI website or visit a branch, ask about these categories:
- Standard current account (conta à ordem): the everyday account with a debit card, online banking and an app.
- Salary account or salary-linked package: some banks offer lower fees or extra benefits when your salary is paid into the account. Ask what conditions apply and for how long.
- Accounts for young people or students: these may suit younger workers or interns, if you meet the age conditions.
- Accounts for non-residents: if you have not yet registered as a tax resident, ask whether an account is possible and what extra documents are needed.
Product names, bundles and conditions change, so ask for the current fee sheet (folheto de comissões e despesas) for any account you consider. Portuguese banks must make it available.
Fees to compare before you choose
The cheapest-looking account is not always the cheapest in practice. Compare the same items for each option:
| Fee type | What to ask |
|---|---|
| Account maintenance | Is there a monthly or annual charge, and is it reduced if your salary is paid in? |
| Debit and credit cards | Is there an issue or annual fee, and what are the conditions for waiving it? |
| Transfers | What do SEPA transfers cost, and what about transfers outside the euro area? |
| ATM withdrawals | Are withdrawals free at the bank's own machines and at other Multibanco ATMs? |
| Foreign-currency payments | What exchange margin or card fee applies abroad? |
| Stamp duty (imposto do selo) | Which charges are taxed, and is the tax included in the quoted price? |
For an independent comparison of account costs across banks, use the Portal do Cliente Bancário run by Banco de Portugal. It is a good starting point before you visit a branch.
Documents usually needed for a BPI bank account Portugal application
Exact requirements vary by bank, branch and personal situation. These items are commonly requested:
- Valid photo ID: a passport, or an EU/EEA national ID card.
- NIF (número de identificação fiscal): the Portuguese tax number. It is often required, so many people obtain it before going to the bank.
- Proof of address: a rental contract, utility bill or similar document. Ask whether a temporary or foreign address is accepted.
- Proof of employment or income: a signed work contract or an employer's letter.
- Visa or residence permit: usually needed if you are a non-EU citizen.
- Tax residence details: banks ask you to declare where you are tax resident, under international reporting rules.
Documents in a foreign language may need a translation. Bring originals and ask whether copies need to be certified.
Online, branch or both: how the process usually works
Some banks let customers start an application online, but others may still ask newcomers to visit a branch in person for identity checks. Whether Banco BPI offers a remote option for your situation is something to confirm on its website or by phone.
If you go to a branch, book an appointment if possible and bring everything on your checklist. Ask for the fee sheet and the account contract in a language you understand. You can ask for time to read the terms before signing.
Protecting your money and avoiding scams
Deposits at banks in Portugal are covered by the national deposit guarantee scheme, within the limits set by EU rules. Check the current limit on the Fundo de Garantia de Depósitos website.
Be careful with anyone offering to open an account "guaranteed" for a fee, or asking for your online banking codes. A bank will never need your full PIN or password. Use only official bank channels and keep your credentials private.
Step by step
- Get your NIFArrange your Portuguese tax number first, as banks commonly ask for it. Use the official tax authority services or an authorised representative if you need one.
- Gather your documentsCollect your ID or passport, work contract, proof of address and any visa or residence paperwork, with translations if needed.
- Compare current fee sheetsRequest BPI's latest fee sheet and compare it with other banks, using the Banco de Portugal comparison portal as a reference.
- Contact BPI or visit a branchConfirm what is required for your nationality and status, then submit your application and read the contract before signing.
- Share your IBAN and set up accessOnce the account is active, give the IBAN to your employer and set up online banking, your card and MB Way if you want them.
Frequently asked questions
Can I open a BPI account before I arrive in Portugal?
It depends on the bank's current rules and on your status. Contact Banco BPI directly to ask whether an application is possible from abroad and which documents it needs.
Do I need a NIF to open an account?
Banks in Portugal commonly ask for a NIF, so it is sensible to get one first. Confirm with the bank whether your case allows any exceptions.
Will my salary account have lower fees?
Some banks reduce fees when a salary is paid in, but conditions differ. Ask BPI for written details of any such offer and how long it lasts.
Is a BPI account suitable for sending money abroad?
It may be, but transfer costs and exchange margins vary. Check the fee sheet for international transfers and compare them with other options.
Where can I check if the fees are fair?
Use Banco de Portugal's Portal do Cliente Bancário to compare account costs, and read the bank's official fee sheet before signing.
Our verdict
Setting up a BPI bank account Portugal is mostly a matter of preparation: get your NIF, gather your documents, compare the real fees and confirm current conditions with the bank. Doing this early helps you avoid delays when your first salary is due.
Return to our main page on jobs opportunities in Portugal for more guidance on the wider relocation process, and always rely on official sources for final requirements.