By
October 20, 2026
Can a Portuguese company use a business account from another EU country?
Yes, a Portuguese company can generally use a business account from another European Union country, provided the account meets the company's legal, tax, and operational requirements.
Portugal is a member of the European Union and participates in the Single Euro Payments Area (SEPA), which allows businesses to make and receive standardised euro payments across participating European countries.
Under EU regulations, businesses generally cannot be required to use a bank account with an IBAN issued in a particular EU member state for qualifying SEPA credit transfers and direct debits.
This means that a Portuguese company may be able to use a business account issued in another EU country to receive customer payments, pay suppliers, and manage its euro transactions.
However, companies must distinguish between the right to use an EU IBAN for SEPA payments and the separate requirements of Portuguese tax law.
Portuguese companies subject to corporate income tax generally have obligations concerning the use of a dedicated business bank account and the recording of their financial transactions.
This guide explains whether Portuguese companies can use business accounts from other EU countries, how SEPA payments work, and what legal and practical considerations should be reviewed before opening an account.
Yes. There is no universal requirement that every Portuguese company must use a Portuguese-issued IBAN for its commercial transactions.
A Portuguese company may use an eligible business account issued by a financial institution in another EU member state.
For example, a company incorporated in Portugal may be able to receive euro payments into an account with an IBAN issued in another EU country.
The account must be suitable for the company's activities and comply with applicable requirements.
Important considerations include:
The fact that an account has a foreign EU IBAN does not automatically make it unsuitable for a Portuguese business.
Not necessarily.
A Portuguese company does not universally need an IBAN beginning with PT to make and receive eligible euro payments.
Under EU rules governing SEPA credit transfers and direct debits, eligible payment accounts issued in other EU member states can generally be used for covered transactions.
This means that a Portuguese company may be able to use an account with an IBAN issued elsewhere in the EU.
However, businesses should verify that the account supports the required services, including incoming and outgoing transfers.
They should also check whether the account satisfies Portuguese tax and administrative requirements.
A Portuguese IBAN may offer practical advantages for certain domestic services, but it is not universally required for all commercial payments.
SEPA stands for the Single Euro Payments Area.
It is a framework designed to simplify euro payments between participating European countries.
Portugal's participation in SEPA allows eligible businesses to send and receive euro payments using standardised payment schemes.
Receiving Customer Payments
Companies can receive euro transfers from customers in participating countries.
Paying European Suppliers
Businesses can make payments to suppliers and commercial partners across Europe.
Standardised Payment Processes
SEPA provides common rules and technical standards for supported euro transfers.
Simplified Cross-Border Operations
Companies trading internationally can manage euro payments without needing a separate local account in every country.
Efficient Financial Administration
Transaction records can support accounting, reconciliation, and cash-flow monitoring.
The available services depend on the account provider.
Some accounts support SEPA Credit Transfers only, while others may also offer SEPA Direct Debit and instant payment services.
IBAN discrimination occurs when a payer or payee improperly refuses an eligible payment account solely because its IBAN was issued in another country.
Article 9 of Regulation (EU) No 260/2012 establishes rules preventing payers and payees from specifying the EU member state where the other party's eligible payment account must be located for covered SEPA credit transfers and direct debits.
For example, a Portuguese business customer generally should not reject an eligible EU IBAN solely because it does not begin with PT.
Similarly, a Portuguese company may be able to use an eligible foreign EU IBAN when paying suppliers or receiving payments.
However, IBAN discrimination rules do not eliminate every account eligibility, identification, or administrative requirement.
Businesses must still ensure that their accounts support the relevant transactions and meet applicable legal obligations.
Portuguese tax law contains specific rules concerning the use of business bank accounts.
Under Article 63-C of Portugal's General Tax Law (Lei Geral Tributária), companies subject to corporate income tax generally must maintain at least one bank account used exclusively for business-related receipts and payments.
This requirement is separate from the question of whether the account has a Portuguese IBAN.
A company may therefore need to maintain a qualifying business bank account even where it uses additional payment accounts for day-to-day transactions.
Businesses should also distinguish between traditional bank accounts and accounts offered by payment institutions or electronic money institutions.
These accounts may have different legal characteristics.
A Portuguese company considering an account from another EU country should confirm that the account satisfies the relevant Portuguese tax requirements, particularly if it intends to use that account as its only business account.
Potentially, yes.
Some authorised payment institutions and electronic money institutions offer business payment accounts with IBANs and access to SEPA transfers.
These accounts may be useful for companies primarily conducting electronic euro transactions.
Depending on the provider, services may include:
However, a payment institution account is not necessarily equivalent to a bank deposit account.
For Portuguese companies subject to the business bank account requirement under Article 63-C, the distinction may be legally important.
Before relying exclusively on a payment or electronic money account, the company should verify whether the account meets its Portuguese tax obligations.
Yes. A Portuguese company may generally receive eligible euro payments into a suitable business account issued in another EU country.
This can be useful for companies providing services or selling products to customers throughout Europe.
Examples include:
The account must support incoming payments and be eligible for the relevant transactions.
Companies should also ensure that customer payment details correctly identify the business as the account holder.
Yes.
A Portuguese company may generally make euro payments to suppliers using an eligible SEPA-enabled business account issued in another EU member state.
This can be useful when paying suppliers in Portugal and other participating European countries.
Before selecting an account, companies should check:
For companies making frequent supplier payments, transparent transaction fees and reliable payment services can be particularly important.
A Portuguese company may be able to make salary payments using an eligible EU business account that supports the necessary euro transfers.
However, the company must continue to comply with Portuguese payroll, employment, tax withholding, and social security obligations.
The account should support the required payment volumes and processing arrangements.
Employers should also verify compatibility with their payroll administration systems.
Using an account issued in another EU country does not change the company's obligations as a Portuguese employer.
A Portuguese company may be able to use an account issued in another EU or EEA country for certain tax-related transactions.
However, the availability of payment methods depends on the particular tax obligation and the systems used by the Portuguese Tax Authority.
Some payment procedures may involve bank transfers, payment references, direct debit arrangements, or other supported methods.
Companies should verify whether their selected account can be used for the relevant payment process.
The Portuguese Tax Authority also has procedures for registering an IBAN associated with the taxpayer.
Businesses should ensure that the account details provided are accurate and meet the applicable requirements.
An eligible foreign EU IBAN should not be confused with a guarantee that every domestic administrative payment method will work identically.
Yes.
A Portuguese company with foreign shareholders or directors may be eligible to open a business account in another EU member state.
The account provider must accept the company's incorporation jurisdiction, ownership structure, and business activities.
Financial institutions may request:
Some providers support online applications for eligible companies with non-resident directors.
However, approval depends on the institution's eligibility and compliance requirements.
Yes. Some financial institutions allow Portuguese-incorporated companies to apply for business accounts online.
Digital onboarding may involve:
Some providers may require additional documentation or an in-person appointment.
The availability of remote onboarding depends on the institution and the company's circumstances.
Portuguese companies applying for accounts with financial institutions in other EU countries generally need to provide documents confirming their legal existence and business activities.
Common requirements include:
Requirements vary between providers.
A suitable EU business account may provide several advantages for Portuguese companies.
Businesses can make and receive eligible SEPA transfers across participating countries.
Online account access can help company directors manage transactions from different locations.
Businesses can pay suppliers in Portugal and other European countries.
An eligible account can receive euro payments from customers throughout the SEPA area.
Electronic statements can support accounting and financial reconciliation.
Some account providers offer pricing structures designed for businesses conducting electronic payments.
The actual benefits depend on the services and conditions offered by the provider.
Although an EU business account may be suitable for many Portuguese companies, there are practical considerations.
Certain domestic payment services or administrative systems may require specific payment arrangements.
Businesses handling physical cash may need a bank offering local deposit services.
Some companies may prefer a local banking relationship when seeking loans or credit facilities.
Not every financial institution accepts Portuguese-incorporated companies.
Bank deposit accounts and payment institution accounts may have different legal protections.
The company must ensure that the account satisfies applicable Portuguese tax requirements.
These considerations should be assessed before choosing an account.
The most suitable account depends on the company's financial activities and legal requirements.
Check that the provider accepts Portuguese companies and the relevant ownership structure.
Determine whether the provider is a bank, payment institution, or electronic money institution.
Understand the legal nature of the account.
Confirm that the account satisfies applicable business banking and tax administration obligations.
Verify that the account supports the required incoming and outgoing euro transfers.
Consider maintenance fees, transaction charges, card fees, and other operating costs.
Ensure that authorised company representatives can manage the account conveniently.
Understand whether eligible deposits benefit from deposit guarantee protection or whether different safeguarding arrangements apply.
Gather company registration, identification, beneficial ownership, and business activity information.
Choosing an account based on functionality, compliance, and total operating costs can help avoid future difficulties.
Yes. A Portuguese company can generally use an eligible business account issued in another EU member state, provided it meets applicable legal and operational requirements.
Not universally. Eligible IBANs issued in other EU countries can generally be used for qualifying SEPA credit transfers and direct debits.
Yes. EU rules protect the use of eligible payment accounts across member states for covered SEPA transactions.
Portuguese companies subject to corporate income tax generally must maintain at least one qualifying bank account used exclusively for business-related receipts and payments, under Article 63-C of the General Tax Law.
An electronic money account may support business payments, but it is not necessarily equivalent to a bank account for all legal purposes. Companies should verify whether it satisfies their Portuguese tax obligations.
Yes. A suitable SEPA-enabled business account can generally receive eligible euro transfers from participating countries.
Yes. Eligible business accounts can be used for euro payments to suppliers through supported SEPA payment services.
Potentially, yes. The account must support the necessary transfers, and the employer must continue to meet Portuguese payroll and tax obligations.
Certain tax payments may be possible using supported payment methods. Companies should verify compatibility with the Portuguese Tax Authority's procedures.
Yes. Foreign-owned Portuguese companies may be eligible, subject to the provider's onboarding and compliance requirements.
Some financial institutions support online applications and remote onboarding for eligible Portuguese companies.
It depends on the company's needs. An EU business account may be suitable for electronic euro payments, while a Portuguese bank account may offer advantages for cash deposits, local services, or business financing.
Yes. Portuguese companies can generally use eligible business accounts issued in other EU member states for their commercial activities.
Under SEPA rules, qualifying euro credit transfers and direct debits should not be restricted solely because an eligible IBAN was issued in another EU country.
This gives Portuguese businesses flexibility when selecting financial services for receiving customer payments, paying suppliers, and managing international euro transactions.
However, companies must also comply with Portuguese tax and accounting obligations, including the requirement for certain businesses to maintain a dedicated bank account.
Before relying on an account issued in another EU country, businesses should verify the account's legal classification, SEPA functionality, eligibility requirements, and compatibility with Portuguese tax administration.
For companies primarily operating in euros, a suitable EU business account can provide an efficient solution for managing payments across Portugal and the wider European market.
