Banking and moving money to Portugal
Where to open an account, how to move money from Israel without it getting frozen, and what you need to report.
✓ Checked against the sources: October 2026⚠️ This isn't financial, tax or legal advice. Before moving large sums or investing, talk to a professional.
Opening an account
Many people start with an online account in the first days, then open an account at a local bank for the rental contract and salary. First of all you need a Portuguese tax number (NIF): you need it to work, open a bank account and pay taxes.
- The bank must check you ("know your customer") under anti-money-laundering law.
- Large traditional banks: Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Santander, BPI. Online options: Revolut, Wise, N26.
- Before opening, you can check that the company is in the Banco de Portugal register.
Source: gov.pt: NIF e NISS para pessoas estrangeiras · Banco de Portugal: entidades autorizadas
Moving money from Israel without surprises
- Prepare proof of where the money comes from: a flat sale, savings, inheritance or salaries. Banks in both countries must check it.
- Use a bank or a licensed transfer service. In Portugal: the Banco de Portugal register. In Israel: the Bank of Israel.
- For a large transfer, tell the receiving bank in advance and send the documents. That prevents a freeze during the check.
Source: Israel Money Laundering Prohibition Authority · Banco de Portugal: entidades autorizadas · Bank of Israel
🔒 3 more sections in this guide
- 💶 Cash
- 🚩 Scams
- 📈 An investment account with a foreign broker
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