If you have a job offer or have just started working in Portugal, you will need a local bank account so your employer can pay your salary. A Novo Banco account Portugal residents and newcomers can apply for is one of several options, and this guide explains the usual eligibility rules, the paperwork and how to handle your first payment.
This page follows on from our main article on jobs opportunities in Portugal. Requirements differ between branches, account types and personal situations, so treat the details below as a general guide and confirm them with the bank before you go.
Who can open a Novo Banco account in Portugal?
Novo Banco is a Portuguese bank with branches across the country and online services. In general, adults with valid identification and a Portuguese tax number can apply for a current account. Many people opening an account for work are foreign nationals who have just arrived, and banks are used to this situation.
Approval is never automatic. The bank carries out its own identity and compliance checks, and it may ask for more documents depending on your nationality, residence status and the account you choose. Non-residents may face extra questions or different conditions, so it is worth asking early.
Portugal also has a regulated basic banking service (serviços mínimos bancários) for people who do not already hold an account. If a standard account is not suitable, ask whether this option is available and what it includes.
Documents to prepare
Requirements can change, so call the branch or check the bank's website first. These are the items most commonly requested:
| Document | Why it is asked for |
|---|---|
| Passport, national ID card or residence permit | To verify your identity and right to stay |
| NIF (Portuguese tax number) | Needed for tax reporting and most banking products |
| Proof of address | To confirm where you live, in Portugal or abroad |
| Employment contract or employer letter | To show the source of the income you will receive |
| Social Security number (NISS) | Sometimes requested; your employer will need it for payroll |
Bring originals and, if possible, copies. If a document is not in Portuguese or English, ask whether a translation is needed.
How to apply step by step in practice
Many people book an appointment at a branch, because meeting an adviser in person makes it easier to sort out missing documents. Some banks also offer parts of the process online or through an app, but availability depends on your profile, so check the current options on the official Novo Banco website.
When you meet the adviser, explain that the account is mainly for receiving a salary and paying everyday expenses. Ask which account type fits that purpose, and request the standard information sheet and fee leaflet so you can compare costs calmly rather than signing on the spot.
- Check monthly maintenance fees and what conditions reduce them.
- Ask about debit card costs and ATM withdrawal rules.
- Ask whether salary domiciliation changes any fees.
- Confirm how international transfers are priced.
Giving your IBAN to your employer
Once the account is open, you will receive an IBAN, the number employers use for bank transfers. Your employer or payroll team will normally ask for it in writing, often along with your name exactly as it appears on your documents.
Double-check every digit before sending it. A mistake can delay your payment. Also confirm the account is active and that you can see it in online banking or the app before the first payday.
Managing your first salary
Salaries in Portugal are usually paid monthly. Your payslip should show your gross pay and deductions such as income tax withholding (IRS) and Social Security contributions, leaving the net amount that reaches your account. Some contracts spread holiday and Christmas allowances across the year, while others pay them separately, so read your contract carefully.
Some practical habits help in the first months:
- Compare your payslip with the amount received and ask HR about any difference.
- Set up standing payments for rent or utilities only after you know your payday.
- Check whether your card works with Multibanco and mobile payment services.
- Keep your contract, payslips and bank statements, as you may need them later for tax or renting a home.
Where to check rules and compare costs
For neutral information, use the Banco de Portugal's customer portal, which explains account types, customer rights and how to compare fees. If you have a problem with a bank, that portal also explains how to submit a complaint. For tax questions, use the Portuguese Tax Authority's official channels.
Beware of anyone who offers to open an account for you in exchange for payment or asks for your banking passwords. A bank will never need your full PIN or online banking credentials from you.
Step by step
- Get your NIF and ID readyMake sure you have a valid passport or residence document and a Portuguese tax number before contacting the bank.
- Gather supporting papersCollect proof of address and your employment contract or employer letter, plus any translations the bank requests.
- Contact Novo BancoBook a branch appointment or check the official website for online options, and confirm the current requirements.
- Review the feesAsk for the fee leaflet and information sheet, and choose an account that suits salary and daily spending.
- Send your IBAN to your employerOnce the account is active, give the IBAN in writing and verify it carefully before payroll closes.
Frequently asked questions
Can I open a Novo Banco account before I arrive in Portugal?
Some banks have processes for people abroad, but this depends on the bank's current policy and your profile. Ask Novo Banco directly, as you may still need a NIF and identity checks.
Do I need a NIF to open an account?
A NIF is usually requested for current accounts, so it is best to obtain one first. Confirm with the bank if any exception applies to your case.
Can my employer pay me into a foreign account?
Some employers can, but many prefer a Portuguese IBAN for payroll simplicity. Ask your employer what it accepts.
How long does it take to open an account?
It varies depending on your documents and the bank's checks. Start the process well before your first payday so you are not rushed.
What if my application is declined?
Ask the bank what was missing and whether you can resubmit. You can also ask about the basic banking service or compare other banks using Banco de Portugal's information.
Our verdict
Setting up a Novo Banco account Portugal workers can use for salary is mostly a matter of preparation: a valid ID, a NIF, proof of address and some evidence of your job. Ask clear questions about fees, check your IBAN carefully and keep your payslips.
When your account is ready, return to our main guide on jobs opportunities in Portugal for more help with the next stages of settling in and working.