Opening a Portuguese Bank Account: Why You Need a NIF First

Opening a bank account is one of the first things people want to do when moving to Portugal, for rent deposits, salary payments, or simply to stop paying foreign transaction fees. And it's the single most common reason people apply for a NIF: no Portuguese bank will open an account without one.

Why banks require a NIF

The NIF (Número de Identificação Fiscal) is your tax identification number, and Portuguese banks are legally required to report account holders to the tax authority. Without a NIF, the bank simply cannot register you in their system. The same applies to almost every financial step that follows: signing a rental contract, setting up utilities, getting paid by a Portuguese employer.

If you're not sure what a NIF is or whether you need one, start with our guide: What is a NIF and why do you need one?

The right order: NIF first, bank second

A common mistake is trying to arrange a bank account from abroad before having a NIF, then discovering every application stalls at the same field. The efficient order is:

1. Get your NIF remotely. Fully online, before you travel. If you're a non-EU citizen, you'll also need a fiscal representative for the application; see our non-EU NIF guide.
2. Choose a bank. Traditional banks generally ask you to appear in person with your NIF, passport, and proof of address; some digital banks accept remote onboarding.
3. Open the account, with the NIF in hand, the account opening itself is usually straightforward.

What banks typically ask for

• Your NIF (the official document, which you receive as a PDF)
• Your passport or EU ID card
• Proof of address. Banks may accept your foreign address when you're not yet resident
• Some banks also ask for proof of income or an initial deposit

Requirements vary by bank, but the NIF is the one constant across all of them.

Can you use a NIF obtained through a fiscal representative?

Yes. A NIF issued via a fiscal representative is the same official 9-digit number issued by the Portuguese Tax Authority. Banks treat it identically. It is valid for life and doesn't need to be renewed or converted later, even after you become a resident (you only update your address with Finanças).

How long does it take?

With Coepi, your application is submitted the same business day your documents are verified, and Finanças typically issues the NIF within 7–14 business days. See our current processing times. That means you can comfortably sort out your NIF in the weeks before your move and walk into a bank branch on day one.

Ready to get your NIF? Coepi handles the whole process online for €29.99 including VAT. Documents reviewed by our legal team and your NIF application submitted the same day.