Millennium bcp Account for Expats: What to Know When You Start a Job in Portugal

Why newcomers choose Millennium bcp

Millennium bcp has a wide branch and ATM network across Portugal, an app and online banking, and staff in major cities who are used to serving international customers. Some branches can offer service in English, though this is not guaranteed everywhere.

Other banks may suit you better depending on your location, employer or budget. Treat this guide as a way to prepare for any account opening, with Millennium bcp as the example. Compare fees and conditions before you decide.

Account types you may come across

Product names and packages change often, so use the categories below as a general guide and ask the bank what is currently offered.

• Standard current account (conta à ordem): the everyday account for receiving salary, paying bills and using a debit card. This is the one most employees need.
• Packaged accounts: some banks bundle a current account with cards, digital services or benefits, sometimes with lower fees if you meet conditions such as receiving your salary there.
• Joint accounts: useful if you move with a partner, but all holders usually need to provide documents.
• Basic banking services account: Portuguese rules provide a regulated, low-cost account with limited services for eligible people. Ask whether it applies to you.
• Savings and deposit products: optional, and usually better left until you are settled.

For starting a job, a simple current account with a debit card and online access is normally enough.

Documents you should prepare

Banks must verify identity and tax status, so expect to provide several documents. The exact list varies, so ask in advance. Typical requests include:

• Valid passport or national ID card, and for non-EU citizens a visa or residence permit.
• NIF (número de identificação fiscal): the Portuguese tax number, which is needed for most financial and contractual matters.
• Proof of address: a rental contract, utility bill or similar. Some banks accept a foreign address, others want a Portuguese one.
• Employment contract or proof of employment and sometimes details of expected income.
• Social security number (NISS), if you already have it. Your employer usually helps with this.
• Tax residence information, as banks collect this to meet international reporting rules.

If your documents are not in Portuguese, English or another widely accepted language, the bank may ask for a translation or certification. Check before you go.

Salary account basics

Your employer will ask for your IBAN, the international account number. Portuguese IBANs start with "PT50" and have 25 characters. You can usually find yours in the banking app, on the account contract or by asking the branch. You might also hear the older term NIB, which is the national part of the number.

Some points to keep in mind:

• Salary must be paid into an account in your name. Check with your employer if you are unsure about any other arrangement.
• Ask your employer about their payroll date so you know when to expect the first payment, which can take a month or more after you start.
• Some banks reduce account fees or offer benefits when your salary is paid in, which is often called salary domiciliation. Ask which conditions apply, how long they last and what happens if they stop.
• Payments are typically made in euros. If you are paid in another currency, ask about conversion costs.

Everyday banking in Portugal

Once your account is open, you will likely get a debit card that works in the Multibanco ATM and payment network. Many people also link their card to MB WAY, a popular mobile payment and transfer service tied to a Portuguese phone number. Availability depends on your bank and your setup.

Direct debits are common for utilities, rent and subscriptions. Remember that bank deposits in Portugal are covered by the EU deposit guarantee scheme up to €100,000 per depositor per institution, which is reassuring if you hold your savings there.

Questions to ask before you sign

Take a few minutes to read the fee information document the bank must provide. Useful questions include:

• What are the monthly account and card maintenance fees?
• Are there conditions for fee reductions, such as salary domiciliation?
• Are there charges for international transfers or foreign card use?
• Can I use online banking in English, and how do I get support?
• What happens if my residence status or address changes?

Never share your online banking passwords or card PIN with anyone, including people who offer to "help" with account opening for a fee. Banks do not charge you simply to apply to open a standard account in the way scams claim.