Best Banks in Portugal for Expats 2026: Compare Fees and Open an Account

Quick answer: for most expats the best all-round bank is Millennium BCP (about €5.20 a month), with branches and English service across the country. If you want no monthly fee, ActivoBank charges €0 and opens fully online by video. To open while you are still abroad, Santander's Próximo International desk handles non-residents remotely, and ActivoBank accepts several EU passports by video call; other traditional banks usually need you in Portugal or a power of attorney. You will need a Portuguese NIF first. Money apps like Wise, Revolut and N26 are useful alongside a Portuguese account, but only Revolut and N26 are licensed banks with €100,000 deposit protection, while Wise is a payment service rather than a bank.

Last updated: June 25, 2026. Bank fees, remote-opening rules and onboarding checks can change, so this guide uses conservative fee language unless a bank's current tariff supports a specific figure.

Portugal has a modern banking system, but opening an account still depends on your documents, residency status and the bank's onboarding checks. Most newcomers should compare one full-service Portuguese bank with one digital money app. The bank handles local administration, rent, salary, tax and visa paperwork. The money app can help with currency exchange and international transfers.

Remote opening is possible in some cases, but it is not guaranteed. If you need an account for a D7 visa, Golden Visa, property purchase or rental contract, confirm the bank's requirements before you rely on a purely online process.

Best Banks in Portugal for Expats: Quick Comparison

The best bank depends on how you will use the account. A visa applicant may need a traditional Portuguese bank with clear statements and local compliance checks. A remote worker may care more about app quality, card fees and international transfers. The table below separates those use cases instead of pretending one account fits everyone.

Fees and onboarding rules change. Use this comparison to shortlist banks, then confirm the current tariff, identity checks and account conditions directly with the bank before applying.

What You Need Before Opening a Bank Account

Most Portuguese banks ask foreign applicants for the same basic package of documents. The exact list can change by bank, nationality, residency status and source of funds.

• Passport or EU national identity card.
• Portuguese NIF, issued through the Portuguese tax system.
• Proof of address, either in Portugal or abroad.
• Proof of employment, pension, business ownership or other income.
• Evidence of source of funds for larger deposits or visa-related transfers.
• Portuguese phone number or email address, depending on the bank's onboarding process.

The NIF is the usual first step. If you are still outside Portugal, check the current requirements with the Portuguese tax authority or use a regulated professional who can confirm whether you need a fiscal representative for your situation.

How to Open a Portuguese Bank Account

The process is simpler when you separate document preparation from bank selection.

1. Get your NIF. Most banks will not open the account without it.
2. Prepare your documents. Keep address, income and source-of-funds documents recent and consistent.
3. Choose the bank based on use case. Millennium BCP is the best all-around choice for most expats, Santander is strongest for English-speaking branch support, and ActivoBank is the best fee-free digital option.
4. Confirm onboarding rules. Ask whether your case can be handled remotely, by video call, through an adviser or only in branch.
5. Submit the application. The bank will run identity and compliance checks before approving the account.
6. Activate online banking and cards. Check transfer limits, card delivery, app access and statement downloads before using the account for visa or property paperwork.

For urgent visa timelines, do not assume a neobank account will satisfy every requirement. Ask the lawyer, adviser or public authority handling your application what type of bank evidence is acceptable.

Best Traditional Banks in Portugal

Traditional banks are still the safer default when you need a Portuguese account for rent, mortgage applications, tax payments, salary, direct debits or visa paperwork. They are also easier to explain to landlords, lawyers and public offices.

Millennium BCP

The standard Conta Millennium costs about €5.20 a month plus 4% stamp duty, with a €250 minimum opening deposit, per Millennium's official preçário. You can open online if you hold a Portuguese Citizen Card, otherwise through a representative or power of attorney.

Millennium BCP is the strongest all-around choice for many newcomers because it combines branch coverage, mainstream banking services and familiarity with foreign-client onboarding. It is a practical default when you need statements, transfers, local cards and a bank that lawyers and advisers already know.

Pros: broad branch network, full-service banking, useful for visa and relocation paperwork, and English support in many expat-heavy areas.

Cons: account packages and card fees vary, remote opening is not guaranteed, and branch experience can depend on location.

Opening notes: prepare your NIF, ID, proof of address, proof of income and source-of-funds evidence. Ask the bank or adviser whether your case can be handled remotely.

Santander Portugal

Santander's Conta Base costs about €5.30 a month, with a minimum to open of €0 online, €50 by video or €150 in a branch, per the official preçário. Its Próximo International desk opens accounts for non-residents from abroad.

Santander Portugal is a strong choice if you prefer a branch-first experience and want staff who are used to working with international clients. It can be especially useful in Lisbon, Porto and the Algarve.

Pros: large-bank infrastructure, good branch presence and strong English-language support in many expat areas.

Cons: fees vary by account package, remote onboarding is case by case, and some products are better suited to residents than non-residents.

Opening notes: confirm whether the branch you plan to use handles non-resident accounts and what source-of-funds documents it expects.

Novobanco

Novobanco's standard Conta DO Normal costs about €5.18 a month, and it offers a dedicated non-resident account, Conta 100% RE, at about €4.50 a month, per its official preçário.

Novobanco is worth comparing if you want a traditional Portuguese bank with everyday accounts, savings products and branch access. It is not usually the simplest digital-first option, but it can work well for clients who want a conventional bank relationship.

Pros: broad product range, physical branch network and mainstream local banking services.

Cons: fees and account packages vary, English support depends on branch, and remote opening may be limited.

Opening notes: ask for the current tariff and confirm whether your residency status is accepted before collecting documents.

Caixa Geral de Depositos (CGD)

CGD's current account (conta à ordem com caderneta) costs about €4.95 a month, with a €150 minimum deposit, per the official preçário. Online opening is for residents with a Portuguese Citizen Card; foreigners open in a branch.

CGD is Portugal's state-owned bank and has a broad physical presence. It can be a good comparison point if you want conservative local banking rather than an app-first account.

Pros: large network, mainstream services and strong name recognition in Portugal.

Cons: branch experience varies, digital experience may not suit every expat, and account costs depend on the chosen package.

Opening notes: check whether the branch handles foreign applicants regularly and whether you need an appointment.

Banco BPI

BPI's Conta Base costs about €6.25 a month, with a €100 minimum deposit, per the official preçário. Its app is for Portuguese nationals; non-residents use BPI's dedicated non-resident desk.

Banco BPI is another mainstream option for expats comparing Portuguese banks. It can make sense if you want a conventional account and may later need loans, savings or other local products.

Pros: recognized bank, broad banking services and useful local branch access.

Cons: fees vary, English support is not uniform, and onboarding requirements can differ by branch.

Opening notes: confirm the exact documents, account package and initial deposit requirement before applying.

Banco CTT

Banco CTT's account costs about €5 per quarter (around €20 a year) and is free if you keep a debit card and choose digital statements, with no minimum deposit, per its official preçário. Accounts are opened in person at a CTT store.

Banco CTT can be useful for straightforward everyday banking. It is less compelling if you need complex international support, private banking or a branch team that handles many expat visa cases.

Pros: simple account positioning and accessible local touchpoints.

Cons: product depth may be narrower than larger banks, English support varies and it may not be the best first choice for complex relocation cases.

Opening notes: check whether your nearest location can open the specific account you need and whether non-resident onboarding is available.

Best Digital Banks and Money Apps for Expats

Digital banks and money apps can be excellent secondary accounts. They are usually faster for cards, foreign exchange and travel spending. They are not always enough when a landlord, lawyer, public office or visa file asks for a Portuguese bank statement.

ActivoBank

ActivoBank's Conta Simples has no monthly fee and no minimum deposit, per its official account terms, and you can open it fully online by video call.

ActivoBank is the best fee-free digital option for many expats. ActivoBank is Millennium BCP's digital banking brand, so it sits closer to the Portuguese banking system than most standalone money apps.

Pros: strong app experience, often no monthly maintenance fee, Portuguese banking context and useful everyday account features.

Cons: physical support is more limited than a traditional bank, eligibility can vary, and some applicants may still need branch or video checks.

Opening notes: check current tariff conditions, accepted documents and whether your nationality or residency status can complete digital onboarding.

Wise

Wise's standard account is free. It is a payment institution, not a bank, so your money is safeguarded but is not covered by a €100,000 deposit guarantee, and it gives you a Belgian IBAN rather than a Portuguese one.

Wise is often useful before and after arrival because it makes exchange rates and transfer fees clear. It is best used alongside a Portuguese bank rather than as the only account for relocation paperwork.

Pros: strong multi-currency tools, transparent transfer pricing and useful international payment features.

Cons: not a traditional Portuguese bank, not always accepted where a local bank account is required, and some services depend on country eligibility.

Opening notes: confirm whether the recipient or authority needs a Portuguese IBAN or a Portuguese bank statement.

Revolut

Revolut's standard plan is free. It is a licensed bank (Revolut Bank UAB, Lithuania) with €100,000 deposit protection, and it is rolling out Portuguese (PT50) IBANs.

Revolut is useful for day-to-day spending and travel. For relocation, treat it as a companion account unless your landlord, employer, lawyer and visa process all accept it.

Pros: easy app onboarding, card controls and useful travel features.

Cons: plan fees and limits vary, support is digital, and it may not satisfy every Portuguese paperwork requirement.

Opening notes: check plan fees, transfer limits and whether your account details work for Portuguese direct debits or required payments.

N26

N26's standard account is free. It is a licensed German bank with €100,000 deposit protection, and it gives you a German IBAN.

N26 can work well for some expats who want simple digital banking, but availability and account features depend on the country and customer profile.

Pros: clean app experience, EU banking context and simple card controls.

Cons: eligibility varies, it may not provide the Portuguese banking evidence you need, and it is not a substitute for every local banking use case.

Opening notes: check supported residence countries, available plans and whether a Portuguese IBAN is required for your intended use.

Bank Fees in Portugal

In practice, a standard current account at a traditional Portuguese bank costs roughly €5 to €6 a month (about €60 to €75 a year), plus 4% stamp duty, and several charge nothing: ActivoBank has no monthly fee, and Banco CTT's account is free if you keep a debit card and use digital statements. Every bank must also offer a regulated minimum-banking-services account (serviços mínimos bancários), whose maintenance fee is capped by law at around €5.37 a year (1% of the IAS). We check each fee against the bank's official preçário, the schedule every bank must publish under Banco de Portugal rules, and last verified these figures in June 2026; fees change, so confirm the current preçário before you open.

Portuguese bank fees vary by account, package, debit card, credit card, transfers and statement needs. Avoid old averages and ask each bank for its current tariff before applying.

A single monthly-fee number can be misleading because the same bank may offer a standard current account, bundled account, youth or salary account, premium package and minimum-banking-services account. This guide uses conservative fee language unless a bank's current tariff supports a specific figure. For a final decision, open the official bank link in the table and check the current tariff or fee schedule for the exact account you plan to use.

Common fee categories include:

• Monthly account or package maintenance fees.
• Debit or credit card fees.
• SEPA and non-SEPA transfer fees.
• Foreign exchange markups.
• ATM withdrawal charges outside the bank's normal network or country rules.
• Paper statements, replacement cards and account certificates.

Banco de Portugal's bank customer information pages are the best official starting point for consumer banking rules, minimum banking services and complaint routes: Banco de Portugal bank customer portal.

Freelancers and business accounts

If you freelance in Portugal under the simplified regime (the recibos verdes most newcomers use), you are not legally required to open a separate business account, and a personal current account is fine. A dedicated business account, used only for business movements, is mandatory only if you have organised accounting (contabilidade organizada), which becomes compulsory once annual business income passes €200,000, under Article 63.º-C of the Lei Geral Tributária. Many freelancers still open a separate account for cleaner bookkeeping, but that is a choice, not a legal duty.

If you do want a business account, the main banks charge roughly €5 to €12 a month plus 4% stamp duty: Millennium BCP's Conta Negócio ENI is about €5.20, BPI's about €7.99 (or €4.99 with a card terminal), CGD's Caixa Business about €8, Novobanco's Novo Negócio is free for the first three years then about €7.25, and Santander's Conta 123 Negócios about €11.90. ActivoBank and Banco CTT do not offer a business account, so freelancers with them use a personal account. Wise Business, Revolut Business and N26 Business have no monthly fee on their entry tier, but only Revolut and N26 are licensed banks with deposit protection, and all three give a non-Portuguese IBAN.

Foreign-exchange and ATM fees

Inside the euro area, Portuguese banks do not charge extra for card payments or ATM withdrawals, and using a Multibanco machine on your own bank's network in Portugal is free. The cost only appears outside the euro: a foreign-currency card transaction at a Portuguese bank typically runs about 3.85% to 4% (plus 4% stamp duty on the fee), with possible fixed charges on overseas ATM withdrawals. Exact figures vary by bank and card, so check the preçário.

This is where the money apps earn their place. Wise converts at the mid-market rate with a fee of roughly 0.4% to 0.6% for major currencies, and allows about €250 of free ATM withdrawals a month, then 2.69%. Revolut's free plan gives interbank rates on up to €1,000 of exchange a month (0.5% above that, plus a 1% weekend markup) and €200 or five free ATM withdrawals a month, then 2%. N26 adds no foreign-transaction fee on card payments, with about two free euro ATM withdrawals a month (then €2) and 1.7% on non-euro withdrawals. For frequent travel or non-euro spending, one of these alongside a Portuguese account usually beats using a bank card abroad.

Banking for D7 and Golden Visa Applicants

D7 and Golden Visa applicants often need a Portuguese bank account earlier than tourists or short-term visitors. The account may be used to show available funds, receive income, pay local expenses, fund a property or investment step, or provide statements to a lawyer or adviser.

Keep the banking task separate from investment selection. If you are researching the Golden Visa route, use the dedicated Portugal Golden Visa guide and the relevant investment or fund pages. This bank-account article is for choosing and opening the account itself.

For passive-income applicants, start with the Portugal D7 visa service page and confirm what bank evidence is expected for your file. Requirements can depend on the consulate, timing and your personal facts.

Is Banking in Portugal Safe?

Portugal's banks operate under Portuguese and European banking rules, with Banco de Portugal as the national central bank and supervisor inside the Eurosystem. For official information on banks, banking conduct and consumer protection, use Banco de Portugal.

Deposits at covered Portuguese credit institutions are generally protected up to EUR 100,000 per depositor and per institution under Portugal's deposit guarantee framework. Always check the current rules, covered institutions and exclusions with the Portuguese Deposit Guarantee Fund and Banco de Portugal before relying on protection for large balances.

For euro transfers inside Europe, Portuguese banks participate in the broader SEPA payment environment. The European Central Bank's SEPA information page explains the official framework for euro retail payments.

For everyday safety, use strong app authentication, keep bank contact details updated, and report suspected card loss or fraud immediately through the bank's official channels. If a dispute is not resolved with the bank, Banco de Portugal's customer portal explains the complaint route.