Portuguese banking for UK movers

The NIF is a 9-digit Portuguese tax number issued by the Autoridade Tributária. Every Portuguese resident has one. Every non-resident who owns Portuguese property, holds a Portuguese bank account, or files a Portuguese tax return has one too. For British movers, the NIF is typically the first thing to obtain, before any other step of the relocation.

Two routes: in person at a Finanças office in Portugal (free, but obviously requires being in Portugal), or remotely via a fiscal representative (typically €50-€200 from one of dozens of Portuguese law firms offering the service). Remote NIF takes 2-4 weeks. Once obtained it is permanent and never changes.

After NIF is in hand, you can open a Portuguese bank account, secure a long-term rental, sign utility contracts, and progress your D7 or D8 visa application from the UK. Without NIF, none of those steps are possible.

Three traditional banks dominate the expat segment with full branch coverage across Portugal:

• Millennium BCP: largest private bank, English-speaking branches in major cities, monthly fees around €5-8 for full current account. Strong digital app, decent FX rates.
• Novobanco: rebuilt after the Banco Espírito Santo collapse, now well-regarded. Free current account for new customers, English service in Algarve and Lisbon branches.
• BPI: part of CaixaBank group (Spanish ownership). Good for Spain-Portugal cross-border activity. Slightly more expensive monthly fees.

For app-only banking, ActivoBank (owned by Millennium BCP) is popular with younger expats and digital nomads. Free current account, no monthly fees, English interface, fast onboarding. No physical branches, so cash deposit and complex transactions require the parent Millennium network.

Documentation required for any Portuguese bank account: passport, NIF, proof of Portuguese address (rental contract or temporary AirBnB receipt with letter from landlord), source of income (UK payslips, pension statements, employment offer). Most banks ask for an initial deposit of €100-€250.

Most British movers settle on a three-layer setup: a Portuguese current account for daily expenses, rent, and Portuguese utility direct debits; a UK account kept open for UK rental income, pension drawdowns, and ISA wrappers; and a Wise or Revolut multi-currency account for cheap GBP-to-EUR conversion and travel.

Wise gives you GBP, EUR, USD and 30+ other balances at near-interbank rates. Direct debits via Wise work for most subscription services but not for Portuguese utilities (which require a Portuguese SEPA mandate via a real Portuguese bank). Wise replaces a lot of FX conversion fees but doesn't replace a local bank for the rooted-life side of the equation.