Bank - Bank account of a private person

Bank - Private bank account

You have been assigned a NIF and NISS, so don't waste time and go to the bank!

Like it or not, you can't move here without a bank account! You can say to yourself 100 times: "I have Revolut, I'm fine...". Unfortunately, the opposite is true. Here in Portugal, you most often pay with the so-called MBWay or Multibanco, which supports payment cards within Portugal. MBWAy also supports Revolut cards, but with a Portuguese bank account you are sure to pay everywhere!

A lot of shops/merchants don't accept any other transaction method than MBWay or the terminal only supports Visa Portuguese payment cards, so with VISA or Mastercard you are relatively out of luck and have to withdraw from the ATM at a ridiculous exchange rate.

To establish a bank account you do not have to have a permanent residence in Portugal, but you must report your correspondence address in Portugal, where you will receive a debit card by post (it can be a hotel). Also, prepare for the whole process to take several days, even more than a week. As a foreigner, they will have to validate your person, that you are not, for example, a terrorist, and they will ask about your income - what activities it comes from and what amounts of transactions will flow through your private bank account.

If the Portuguese goes to open a bank account, he has an afternoon to do it. For you, as a foreigner, it will take a few days and then you will have to wait another 1-2 weeks for your debit card, which you will enter in the MBWay application to pay really everywhere.