01
Opening an account
The institution must identify and verify the customer. It may request ID, address, employment/tax situation and other information required by anti-money-laundering rules.
PRACTICAL LIFE
Opening an account is a financial decision — compare before signing.
Banks may request identification, tax-residence, professional and source-of-funds information. Commercial conditions, fees and required evidence vary by institution.
Practical guide
What to know first
02
Basic banking services
If the legal conditions are met, a low-cost basic-banking-services account may be available. As a general rule, the customer cannot hold another current account in Portugal, subject to statutory exceptions.
03
2026 maximum cost
Banco de Portugal states that total annual basic-banking-services charges cannot exceed 1% of the IAS — €5.37 in 2026.
04
Before choosing
Compare maintenance fees, cards, transfers, cash withdrawals, foreign exchange, international transfers and closing conditions.
Important: A bank is not required to accept incomplete evidence that prevents legally required customer identification. If an account is refused, ask for the applicable reason and check whether the basic-banking-services regime is relevant.
Check before acting
Bank Customer Portal — FAQ ↗Basic banking services — Banco de Portugal ↗
Rules and channels can change. The current official source takes priority.