In this article, we explore some of the reasons for remote workers to open a bank account in Portugal, as well as the requirements and steps applicable for the process. In most countries around the world, opening a bank account as a remote worker non-resident is becoming increasingly difficult. Nonetheless, Portugal is one of the few European nations where it is still easy to open up a bank account.

Before committing to opening a bank account in Portugal, you should ask yourself whether it is the right option for you. If you expect to be in the country for only a short period of time and your bank works well internationally, there may not be a significant reason for you to obtain a bank account here. In fact, most remote workers have opted for online branch-less banks which often offer great, flexible options in terms of managing your money. For remote workers in Portugal, N26 and the Transferwise Borderless account are the most popular options.

If you are staying in Portugal for longer, however, or expect to do business in the country, opening a bank account may be appropriate for you. One of the great things about bank accounts here is that they are easy to open, and you are not required to prove residency in the country in order to be approved. The accounts are also usually free or have really low maintenance fees, and give you access to the SEPA transfer system which allows for free and fast payments between accounts in the entire Eurozone area. Furthermore, the Multibank Debit Card system is hugely convenient for Portuguese bank account holders - you can use ATMs to do a host of things including paying for online shopping, your phone bill and even concert tickets. In a country where international debit and credit cards can often be declined at smaller shops, the Multibank system offers a reliable cash-less alternative for remote workers in Portugal.

The first step to for a remote worker to open a bank account in Portugal is to be issued with a Número de Identificação Fiscal (NIF), or Tax Identification Number, which is a requirement set by all banks in the country. Getting your NIF in Portugal is easy -- just head over to your nearest Finanças, Portugal’s tax offices, with your proof of address (out-of-country bank statement accepted) as well as your passport. With these documents, you can request your NIF and be issued with it immediately. As long as there are no bureaucratic hiccups, this is a fairly easy process.

Once you have your NIF, just head over to your preferred bank branch with proof of income (foreign bank statements accepted), proof of address (in Portugal or your main residence) and at least 150EUR cash to deposit in your new account. In terms of the best bank accounts for remote workers in Portugal, ActivoBank and BancoCTT are the most popular options for ease of access and good service. We do recommend going to bank branches in the morning and expect long waiting times -- banks will often put you in a virtual line and text you once you are close to being assisted. In general the process is easy and in Lisbon some bank assistants may have some English, although it is always advised to know some basic words.

In general, the process is fairly easy and relatively quick considering the many steps and requirements you have to go through in other European countries. When opening a bank account as a remote worker in Portugal and dealing with documentations in Portugal, however, we recommend being patient with local bureaucratic processes.

For more information about living in Lisbon as a remote worker, check out our complete Lisbon section.