Many persons will tell you that you have to be IN Portugal to Open a Portuguese bank account, but that is NOT True. It is Possible to do online.
We are currently working on getting a D7 visa (Retirement). We have never found a Portuguese Bank that would allow a person to open an account without a NIF. NIF is similar to a Social Security # (in the USA) for the Portuguese, so Like in the USA you need one to open a bank account.
You can get a NIF and a Bank account while in the USA (or any other country), cheaply and without a lawyer.
Get a NIF from https://www.nifonline.pt/. It costs about $100 USD. and it works! You can save a little ($5) by using coupon code “barefoot5” at checkout.
Then wait to receive your NIF Number.
When you get your NIF, then …
Apply for a bank account online at atlantico.eu. You have to download their app from the app store and apply through the app, including uploading documents, Including your brand new NIF.
Then WAIT. The final step in the process is a personal video interview with the Bank’s Identity Specialists. This service is in high demand and therefore be prepared to wait and try over and over again.
The ID Service is located in Portugal so they are only opened in the USA’s Moring Hours (depending on your time zone). Our experience was to connect to the verification service every morning as soon as we got up (7:30 EST) and then wait for a connection, you can figure that if they have not connected by about noon to 1:00pm EST they are closed in Portugal. We waited 4 days without ever connecting but “Boing” on the 5th day after about an hour we were greeted by an Id Specialist and was able to complete our application.
We have heard complaints that there is a problem receiving the SMS verification code, but we contacted the bank directly and they explained that they were having a temporary technical difficulty with their SMS, and, sure enough, after waiting a day or 2 the SMS was working.
A couple of things to know, they needed a document that we were not prepared with and therefore we had to upload later (A completed and signed W9 from the US government) which delayed the account opening by about a week. The second was the amount of the initial deposit, They require €1000 initial deposit as a wire from your REAL bank, not WISE or REVOLUT, so be prepared.
The whole process has taken the better part of 5 weeks, but your mileage may vary, so remain resolute and patient.
Disclosure: If you use the coupon code to purchase NIFOnline, You will get a discount and we will make a commission.
