23 July 2023
You might have heard that Portuguese banks are highly advanced, and that’s true! Their system is extremely developed. All banks in the country are linked to its Multibanco system. Portugal is a Eurozone country, so that you can transfer money from any other Eurozone country without any conversion fees. Portugal is one of the easiest countries to open a bank account in for non-residents in the EU. And you can make SEPA (Single Euro Payments Area) transfers between EU countries at the same cost (usually €0), and at the same speed, as domestic transfers.
If you need to make any direct payments or transfers, you can easily do so with a Portuguese bank account. You will also receive a debit or credit card if necessary. Additionally, you can use cheques, and you have the option of choosing if you want overdraft protection or not for your account.
Here are five of the best banks in Portugal:
1. Millennium BCP - This is the largest bank in the country. Both residents and expats can open an account with this bank. They even offer a Millennium Start account for anyone under 17 years old, so if you are travelling with teenagers, this is an excellent option for them.
The minimum deposit is €150 (or equivalent amount in another currency), and the account not only allows Euros (EUR) but other currencies such as Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Danish krone (DKK), Pound sterling (GBP), Iceland krona (ISK), Hong Kong dollar (HKD), Japan Yen (JPY), Norwegian krone (NOK), New Zealand dollar (NZD), Polish zloty (PLN), Swedish krona (SEK), Turkish lira (TRY), United States dollar (USD) and South African rand (ZAR).
2. Caixa Geral de Depositos
This is the second largest Portuguese bank. It’s a publicly owned bank, which offers great options for students and a foreign currency account. If you’re a Portuguese resident living out of the country, you can have a specific account for that too.
3. Novobanco
This is a private bank and the second largest one of its kind in Portugal. It has something called a “Welcome Account,” which was created specifically for immigrants. If you’re an English speaker or prefer to communicate in English, you can open a “Golden Key Account.” They even have the option to open an eco-friendly account, which is pretty cool! The 18.31 account offsets carbon dioxide emissions.
4. Banco BPI
This is Portugal’s fourth-largest bank. You can choose from 5 different account options that are available for kids to adults. You can even have a bank account here at the ages of 0-12. If you’re into investment funds, Banco BPI has 20 investment fund options for you.
5. ActivoBank
Another great bank for expats is ActivoBank. And probably one of the easiest traditional banks to sign up for. Here are a few reasons you may want to choose ActivoBank:
If you're looking for other alternatives, such as digital bank accounts to open from anywhere (for example with your mobile phone), check out these great digital banks.
Several online and mobile banks have emerged in recent years, which allows customers to open bank accounts using laptops or mobile phones. One bank that is very suitable for Portuguese residents is Wise. A standard account can be opened for free with your smartphone in a matter of minutes. Don’t want to visit a local branch to open a bank account to use in Portugal? If yes, then N26 might be the bank for you. Two other decent online banks for Portuguese residents are N26 and Revolut. But let's start with taking a better look at Wise and their features.
Setting up an account with Wise bank can easily be done online, and is very user-friendly. Almost anyone can open a Wise account, and as long as you have a mailing address in one of the countries where Wise operates, you should have no problem receiving your card.
>> SIGN UP FOR WISE HERE to get a fee-free transfer of up to 900 SGD (around EUR 600). You can always transfer more, but they'll waiver the fee on the first 900 SGD (EUR 600).
1. Registering HERE.
2. Download the Wise app
3. Enter your email address
4. Create a password
5. Select your country of residence
6. Fill out required personal information
Then simply add funds to your account, and you're ready!
To open your Wise account, you’ll need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. Normally the verification takes around 2 working days.
When you have signed up for Wise, you can refer your own friends and make some extra money as well.
The process is very easy, and once the account is set up, you can order your new card for easy use in Portugal.
Wise bank is our top choice in 2023! >> Sign Up Here and get a fee-free transfer of up to 900 SGD (around EUR 600).
Setting up an account with Revolut is done completely online, and is very user-friendly. Any EU/EEA resident can open a Revolut account, and as long as you have a mailing address in one of the countries where Revolut operate, you should have no problem receiving your Visa or MasterCard.
You can easily open an Revolut bank account by:
1. Registering HERE.
2. Download the Revolut app
3. Pair your mobile phone
4. Add your funds to your new Revolut account
During the sign up you will be asked to enter information such as:
Then you will be asked for standard Anti Money Laundering (AML) questions:
When you have signed up for Revolut, you can refer your own friends and make some extra cash.
The process is quite easy, and once the account is set up, you can order your new Visa or Mastercard for easy use in Portugal.
Opening an account with N26 is done fully online, and is user-friendly. Any EU/EEA or US resident can open an N26 account, and as long as you have a mailing address in one of the countries where N26 operate, there shouldn’t be any problem receiving your MasterCard.
You can easily open an N26 bank account by:
1. Register.
2. Download the N26 app
3. Pair your mobile phone
4. Add your funds to your new N26 account
During the sign up you will be asked to enter:
Then you will be asked for standard Anti Money Laundering (AML) questions:
When you have signed up for N26, you can refer your own friends and make some extra cash.
The process is quite easy, and once the account is set up, you can order your new Mastercard for easy use in Portugal.
To open an account with any of the above banks, you’ll need to visit a local branch. You should be able to find the locations of each bank on their websites. If you don’t speak Portuguese, you can ask if there’s any staff that speaks English. Or you could bring a translator. According to Portugal Property, the documents needed to open up a bank account are:
For EU citizens
For non-EU citizens
Going for ActivoBank? Here’s a list of what you need:
As you probably noticed reading this article, the documentation to open a bank account in Portugal is pretty standard. There shouldn’t be any problem with opening a bank account. And if you don’t wish to visit a local branch, or even move from your couch, you can quickly get an account with Wise with your smartphone. Wise is our top choice in 2023 if you want a digital bank!
We hope this article gave you some valuable information about opening a foreign bank account in Portugal. It’s quite an easy process that the country is very familiar with doing. If you also wish to qualify for Portuguese citizenship, you can read about the Portugal Golden Visa by investment on our homepage.If you’re an expat who wants to stay in Portugal for a while, it’s recommended that you register with an international bank in the country. Thankfully, it’s quite easy to open up a Portuguese bank account. Whether you’re a resident or not, the process is pretty simple. In this article, we will outline the best banks in Portugal.