Personal accounts: Guinea-Bissau

Updated 8 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A personal account in Guinea-Bissau is opened at local banks supervised by the Banking Commission of the West African Economic and Monetary Union. The currency is the West African franc, pegged to the euro at 655.957 francs per euro, about 585 francs per dollar at the European Central Bank rate of 5 October 2026. There are few banks in the country, and branches are concentrated in Bissau. A foreigner needs an account mainly if they live and work in the country, run a business here or earn income from local activity. It is easiest to open the account at the bank used by your employer or company: salary and checks go faster.

Who needs an account in practice

• Contract workers in construction, fishing, the cashew trade and international organisations.
• Owners and directors of local companies, for personal expenses separate from the company account.
• People receiving transfers from family abroad: the bank will ask about their origin.
• People moving permanently, for housing rent, utilities and everyday payments.

What you need

• passport and a residence permit or work visa;
• a Guinea-Bissau tax number;
• an address in Bissau backed by a lease or certificate;
• an employment contract or income documents;
• source-of-funds evidence for large sums.

Tax number

A foreigner obtains a tax number from the tax service, including through the Business Formalisation Centre in Bissau, where the tax and migration agencies work. It is needed for the account, an employment contract and renting a home.

Currency and transfers

Accounts are opened in West African francs; since 1 August 2025 a foreign-currency account requires prior authorisation - from the finance minister for residents and from the union's central bank for non-residents. Thanks to the franc's fixed euro peg there is almost no currency risk on euro payments, and transfers within the eight-country union are quick. Transfers outside the union follow the Central Bank of West African States' foreign exchange rules: the bank asks for the basis of the payment. Incoming transfers from abroad to a personal account also come with an explanation: salary, your own savings, sale of assets.

Country specifics

• The banking network is small, and many operations are easier in person in Bissau.
• Cash is widely used in daily life, but the bank will ask you to explain large sums.
• A foreigner's documents in other languages are usually translated into Portuguese.

Moving and lawful stay

The bank opens an account for a foreigner lawfully in the country: on a work visa, a residence permit, or as a citizen of an Economic Community of West African States country with freedom of movement in the region. Permits are issued by the migration and borders service.

Everyday payments

Bank cards are not accepted everywhere, so cash and mobile money through telecom operators, linked to a phone number, are widely used day to day. A bank account is needed for salary, rent, large purchases and transfers abroad.

How opening works

1. Residence permit and tax number.
2. Choosing a bank in Bissau.
3. Documents and proof of income.
4. Branch visit.
5. Account and card.

Why banks refuse

• No lawful stay status or tax number.
• Source of funds not proven.
• Documents not translated into Portuguese.
• The address in Bissau is not backed by a lease or certificate.
• Sanctions risk by nationality or counterparties.

What we do

Murblz specialists help with the tax number and documents, choose a bank, prepare translations and source-of-funds evidence, and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Business account · Investment property · All country programs

FAQ