What can I use as proof of income for Novobanco?
To open a bank account with Novobanco, you must meet one of the following income requirements:
- Option 1: Monthly gross income between €3,500 and €4,999, and at least €35,000 in savings or liquid assets
- Option 2: Monthly gross income of €5,000 or more (no savings or liquid assets required)
If you do not meet either of these requirements, we unfortunately won’t be able to support your bank account application.
Based on your employment status, you must provide the corresponding documents below.
If your monthly gross income is €5,000 or more:
Proof of savings or liquid assets is not required.
| Employment Status | Required Documents |
|---|---|
| Employed |
|
| Retired |
|
If your monthly gross income is between €3,500 - €4,999:
In addition to the documents listed below, you must also provide proof of savings or liquid assets showing at least €35,000 (e.g. bank or investment account statements).
| Employment Status | Required Documents |
|---|---|
| Employed |
|
| Retired |
|
Notes:
- For joint bank accounts, only one account holder needs to meet the income requirement. Combined income from both account holders will not be accepted.
- Savings can be held in cash or liquid investments such as stocks. However, cryptocurrencies are not accepted.
- The bank may request additional documents during the review process, as they handle accounts on a case-by-case basis.
Document Requirements
Your documents must satisfy the following criteria:
- Your documents must demonstrate the monthly income requirement.
- Income must be in a currency that is recognized by the Bank of Portugal
- At least one account holder must meet the monthly income requirement. The bank does not allow combined incomes to fulfill this requirement
- Original PDFs or high-quality scanned documents only. Documents must be submitted in PDF format.
- No shadows or light reflections
- All text is legible
- All four corners of the document must be visible - What does "all four corners of the document must be visible" mean?
- No redactions or blacked-out information.
- Must be valid and follow the date of issue requirements below:
- Proof of Income - Issued within the last 6 months
- Proof of Tax Return - Issued within the last 12 months
- Your full name (given name + surname) must match the name on your passport.
- No abbreviations, nicknames, or initials
- Your documents must be in English, Portuguese, Spanish, or French.
- Please refer to this guide - What if my document is not in a supported language?