5 Best Banks For Freelancers In Portugal [Ultimate 2022
What is the first thing that comes to mind whenever you think about a bank? For most people, it is not the most accessible place because you have to stand in long queues to get the simplest task done, which will take a long time. Suppose you are about to move to Portugal anytime soon. In that case, you don’t have to worry about the banking system anymore because the country’s banking system is quite organized compared to anywhere else in the world.
When you plan to live in Portugal, you must have a Portuguese bank account; otherwise, you will not be able to survive in this country properly. The banking system is easy in this country, and it is straightforward to open a bank account because all you need is your ID or passport. All the banks in the country are connected with a network known as multibanco. This banking system provides all the accepted payment methods all over Portugal, but you need to have a Portuguese bank account to access that.
If you are a freelancer and you are thinking about moving to this country anytime, the great news is that there are many opportunities for remote workers and freelancers. Portugal is famous for being a country for people who want to live a laid-back lifestyle and want to retire in this country. Opening a bank account is difficult for freelancers in different parts of the world. Still, the same is not the case in Portugal because many opportunities are available for you in this country.
This article will discuss the best banks for freelancers in Portugal. So without any further wait, keep reading to find more information below.
What Are The Best Banks For Freelancers In Portugal?
If you are a freelancer but you are not a resident of Portugal yet, then it is still easy for you to open a bank account in the country. You can quickly transfer the currency to any other country if you are from anywhere else in Europe. There are different options available for opening your bank account because there are many good banks in Portugal. You can choose any bank that is the most convenient for you and resonates with you due to its good reputation.
Take a look at the best banks for freelancers in Portugal below.
Millennium BCP
The Millennium BCP bank is one of the largest Banks in Portugal and has been available for the Portuguese for more than 30 years. The good thing for you is that this bank is immigrant-friendly, and it is effortless to open your account at this bank. If you are under 18 or 17, you might face issues opening your bank account in different parts of the world. That will not be the case for you when opening your account in this bank in Portugal because an option for those under 17 years old is also available.
It is an excellent option for freelancers because the freelance market is thriving nowadays, and young people are entering the freelance industry. Portugal has seen the need for time and provided an option for younger people to open their bank account by providing them this option so that they can easily convert any other currency into euros and get paid as a freelancer in Portugal. This bank will accept all other currencies except euros, such as the US dollar, for any other currency. If you have to deposit any other currency in your bank account, the minimum deposit is 150 euros.
Caixa Geral de Depositos
Caixa Geral de Depositos is the second largest bank but also one of the oldest banks in this country. A fascinating factor about this bank is that it has been operating for over a century. This Bank is the own cooperation of the Portuguese state. If you are a freelancer and moving to Portugal anytime shown on the news, consider opening your bank account in this bank because it provides many different options to accept currency from other countries worldwide.
The biggest concern for freelancers whenever they are opening a bank account is whether they will be able to get paid by their foreign clients in their current account. So if you are a student and a freelancer at the same time, then you don’t have anything to worry about because you can easily open your bank account in this bank and get your foreign currency by converting it directly into your current account.
Novo Banco
Novo Banco is a private bank in Portugal and has been operating for many years. It is your reliable bank but a little different from the rest of the banks on this list because it offers a special offer for immigrants. If you are not a resident of Portugal, then you can open an account in this bank which is known as “the welcome account.” Another special offer for you as an immigrant is the Golden key account if you are a native English speaker.
This option is available for immigrants who do not speak Portuguese yet and are only fluent in English. Opening this account will ensure that all your banking operations and transactions are in English, and you will not have to learn Portuguese to complete your banking-related procedures.
It is a very trendy bank because it has the remarkable feature of being eco-friendly. This bank is currently helping reduce the carbon dioxide emission and carbon footprint that we live behind on the planet by going paperless. If you believe in a clean and vegan lifestyle, you can open your bank account in this bank because it will resonate with your lifestyle and beliefs.
Banco BPI
Banco BPI is the right back for you if you look forward to opening your bank account in Portugal as a freelancer. This is the right bank for you because it was an option to open an account for kids. Nowadays, some kids suffer in different countries because they cannot open a bank account if they are under 17 years old. The fascinating aspect of this bank is that you can open your understanding in this Bank even if you are under the age of 12.
There is no restriction on earning money and bringing in foreign currency to the country when you are living in Portugal, and you will never have to face any barriers when you are living here. You can operate from anywhere in Portugal as a freelancer and open your bank account quickly. There are five account opening options available in this Bank, which is also the best time for investment funds. More than 20 investment options are available from this bank, and you can take advantage of them as a freelancer in Portugal.
How Can A Freelancer Open A Bank Account In Portugal?
Check out the list of the best banks and freelancers we have mentioned above and open your bank account in your choice. Once you choose your bank account, the next step is finding a branch. Some banks require you to be present physically when you are getting your account open.
If you are a freelancer moving to Portugal anytime soon and don’t know Portuguese, there is nothing to worry about. You can search for English-speaking banks with English-speaking staff and open your account there, so you don’t have to face any issues.
Take a look at the steps that you have to follow when you have to open your bank account in Portugal as a freelancer:
Get NIF Number
NIF is a tax number you must obtain, and it is necessary for making payments and opening a bank account in Portugal. To get this number, you have to visit the nearest financial office and submit some documents to them, and then they will give you this tax number.
The documents that you have to submit to the financial office include the following:
- ID or passport
- Proof of residence
- Proof of income
Best Online Banks In Portugal For Freelancers
If you don’t live in Portugal but are going to move anytime soon, you can operate a virtual bank account from your country in Portugal. However, you need to have the tax number to operate a bank account virtually from your country.
Check out the online banks in Portugal for freelancers below:
Moey
Money is a 100% online solution for digital banking in Portugal. You can access this banking system from your smartphone and never have to visit a physical branch to manage your finances again. The bookkeeping algorithm is quite powerful and will keep track of your spending habits and update you on time. In this mobile banking system, several discounts and promotion campaigns are available, and you can benefit from them as a freelancer.
Wise
You might remember transferwise if you are a freelancer, but now the name has been updated to wise. It is an online banking system available in Portugal, especially for freelancers. You can quickly get paid in any other currency and will not face any issues. The money will come directly into your bank account, and you must link it with the wise account.
This is the best digital bank for freelancers in Portugal because they can receive payments in any other currency, such as New Zealand dollars or US dollars. The most convenient aspect of using a voice account is that it has different options for experts and tourists.
Conclusion
If you are a freelancer and moving to Portugal anytime soon, then different opportunities are available to open your bank account. There are Windows options open for you even if you are not a legal adult yet. Opening a bank account in Portugal is simple and not a complicated process at all. All you need to do is to get your tax number, and then you are good to go. You can start receiving payments from anywhere in the world as a freelancer. Take a look at the best banks for freelancers that we have mentioned, and if you are looking for more information, you can find different Facebook groups that are pretty helpful for expats in Portugal to learn more!