Property Guides, Listings and News

Portugal Property Banking Guide for International Buyers & Investors

Opening a Portuguese bank account is a fundamental step for international buyers purchasing property in Portugal. While it is legally possible to buy without a local account, in practice nearly all transactions — including deposits, taxes, utilities, and ongoing expenses — are far easier and often required through a Portuguese bank.

A local account is used to pay property-related costs such as IMT purchase tax, stamp duty, notary fees, legal fees, condominium charges, insurance premiums, and utility bills. It is also required for receiving rental income if the property is let long-term or as a holiday rental.

To open a bank account in Portugal, international buyers typically need a valid passport, proof of address, a Portuguese tax number (NIF), and proof of income or funds. Non-residents are permitted to open accounts, although some banks may request additional documentation depending on residency status and source of funds.

Most major Portuguese banks offer accounts tailored for non-resident property buyers, with online access, multi-currency facilities, and English-speaking account managers. Buyers securing a mortgage in Portugal will usually be required to open an account with the lending bank, as mortgage repayments and property insurance are linked directly to the account.

For financing considerations, see our Portugal Mortgages Guide and our Portugal Insurance Guide.

Banking also plays a critical role in managing currency exchange and international transfers. Buyers transferring funds from abroad should avoid standard retail bank rates where possible, as fees and exchange margins can significantly increase costs. Many investors use specialist currency providers alongside their Portuguese bank account to manage large transfers efficiently.

For a detailed breakdown of managing exchange rate risk, visit our Currency Guide and Transferring Money Guide.

Once a property purchase is complete, Portuguese bank accounts are used for ongoing ownership costs including municipal property tax (IMI), condominium fees, maintenance, and rental management services. Investors with multiple properties often consolidate payments through a single account to simplify reporting and cash flow management.

Banks in Portugal are subject to strict anti-money laundering and compliance regulations. Buyers should expect due diligence checks on source of funds, particularly for high-value transactions or overseas transfers. Working with a Portuguese property lawyer helps ensure banking documentation aligns with legal and tax requirements throughout the transaction.

Portugal has a stable and well-regulated banking system overseen by the Banco de Portugal. This provides reassurance to international investors regarding security of funds and regulatory oversight.

For related topics, explore our guides to Legal Process, Taxes & Fees, and Rental & Investment Management.

Quick Links