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The Best Banks in Portugal for Foreigners

Portugal’s advanced banking system plays a key part in delivering the high quality of life that attracts so many foreigners to the country. With a modern and efficient financial infrastructure, banks in Portugal provide security and accessibility that make managing finances straightforward and reliable.

Portuguese banks are essential for making financial processes much more convenient. From everyday transactions and investment banking to securing a mortgage in Portugal, Portuguese banks provide a comprehensive range of services.

In this article, you’ll find out more about how the banking system works, how it can make your life easier, and which are the best banks to consider when opening a bank account in Portugal.

The Portuguese Banking System: An Overview

The Portuguese banking system is overseen by two regulatory bodies: The country’s Central Bank (Banco de Portugal) and the European Central Bank (ECB). These two regulatory bodies ensure that all Portuguese banks are stable and compliant with the European Union (EU) financial regulations.

There are currently over 150 banks in Portugal, consisting of private national retail banks, cooperative banks, and international banks. The clientele of Portugal banks ranges from local to foreign retail clients to high-net-worth individuals and institutions.

One of the innovative features of Portuguese banking is that most banks are linked up to the national Multibanco system. This system allows clients to perform a range of convenient transactions from their accounts. For example, one of its services, MBWAY, is a digital wallet payment method where clients can link debit or credit cards to their phone number, enabling instant payments with secure authorization through the innovative mobile banking app.

Between the digital banking, mobile banking services, and online investment banking, convenience is at the forefront of the Portuguese banking system.

Types of Banks in Portugal

Public and private national retail banks, cooperative banks, investment banks, and commercial banks all make up the banking landscape in Portugal and offer tailored professional financial services. Users of these types of banks in Portugal will have access to personal and corporate services, investment banking services, digital banking, and private banking.

Important Information Before You Open an Account

Opening bank accounts in Portugal is simple for citizens, residents, and foreigners. However, it is useful to know important information about banking in Portugal to have a better idea of how they operate.

Here is an overview of what you can do after opening a bank account in Portugal, the logistics of bank fees, security, and working hours of banks, and the ins and outs of international and offshore banking.

What can you do with a bank account in Portugal?

Banks in Portugal prioritize giving you the freedom and capability to control your finances as you would like. As such, they make a wide range of services available to you after opening a bank account in Portugal, including:

Sending and receiving money
Online/digital and mobile banking
ATM withdrawals
Local and international fund transfers
Mortgage services for buying property in Portugal
Personal loans and overdrafts
Savings accounts
Investing
Forex exchange and other foreign currency services
Private banking
Insurance
Business banking

Working hours of banks in Portugal

Most Portuguese banks observe standard working hours from 08:30 to 15:30, Monday to Friday. However, specific hours may differ from one bank to another. For example, one could open as early as 08:00 while another could close at 16:00, or even later at 20:00. ATMs are still available after hours to perform simple transactions like withdrawing cash. Banks will also follow public holidays in Portugal and will be closed on those days.

Bank fees in Portugal

Bank fees will vary from one bank to another and will also depend on the type of account you have and on the type of bank services you use. The general bank account maintenance fees usually fall between €5-7 per month, with more premium accounts attracting slightly higher fees. However, it is also common for banks to offer free accounts for basic check or savings accounts.

Other bank fees you could incur are debit and credit card fees, transaction fees (for example, when withdrawing from a different bank’s ATM), foreign currency exchange fees, investment service fees, international money transfer fees, and mortgage and other loan fees.

International money transfers in Portugal

International money transfers can be done conveniently, either at a physical bank branch or via digital banking, for a fee set by the bank. An international transfer usually takes three to five working days.

Usually, the amount you’re able to transfer is unlimited, but banks are required to notify Banco de Portugal, the Portuguese central bank, if you are transferring more than €50,000.

Offshore banking in Portugal

Offshore bank accounts are based outside the account holder’s country of residence and often provide unique benefits, including access to a broader array of international services and potentially lowering property taxes in Portugal.

For expats in Portugal, opening an international offshore account can be an ideal way to manage finances. An offshore account is especially beneficial for those who work abroad, split their time between multiple countries, or frequently transfer money across borders.

Bank accounts security and banking fraud in Portugal

Banking fraud is lower in Portugal than the EU average. Banco de Portugal reported that in the case of credit transfers (which accounts for the highest value of fraud among payment instruments), only six out of every one million transactions were fraudulent.

Regardless, if you’re planning on banking in Portugal, it’s best to follow these basic security practices to ensure you protect yourself and your funds:

Only make online payments through secure channels.
Never disclose confidential information relating to your bank account to anyone else.
Never click on a link in an email or text message to go to a banking site, always type in the bank’s full website address in your search bar online.
Never enter your bank PIN anywhere on a website.

Lost or stolen Portuguese bank cards

If you have lost your bank card or suspect it has been stolen, inform your bank immediately so that they can cancel the card and issue you with a new one. If your card has been stolen, you will also need to report it to the police immediately.

Making complaints about Portuguese banks

If you’re unhappy with a bank’s service in Portugal, your first step should be to get in touch with their complaints department—they’re there to help sort things out. If that doesn’t do the trick, you can reach out to Banco de Portugal, the main banking regulator, who can step in to assist.

What do you need to open a Portuguese bank account?

Getting a NIF number

A NIF number is a taxpayer identification number, known in Portuguese as the Número de Identificação Fiscal. It is required when performing financial transactions, like buying property, signing contracts, and opening bank accounts.

Portuguese residents can apply in person at the Portuguese tax office (Finanças) and Portuguese non-residents can designate a tax representative to get a temporary NIF on their behalf, which will later be replaced with a permanent NIF. You can read about the full requirements in this NIF Portugal article.

The required documents

Besides getting your NIF number, here are the typical documents a bank will require from you when opening an account. However, keep in mind that this may differ depending on the bank and the account you are applying for.

Proof of identity, like a passport
Proof of address, such as a recent Portuguese utility bill
Proof of income
A minimum deposit into the account, usually €250-300

The Top 10 Banks in Portugal

Now that we have a better idea of how opening a bank account works, it’s time to get to know some of the best banks in Portugal. Some of these banks have been around for years, cementing themselves as industry leaders for their consistent level of service, while others are slightly newer but offer high levels of convenience and innovation.

The best Portuguese banks

Our top contenders for the best bank in Portugal for foreigners

Caixa Geral de Depósitos

Established in 1876, Caixa Geral de Depósitos (CGD) is the oldest and largest public bank in Portugal, headquartered in Lisbon. This state-owned bank provides a full range of services and has a solid reputation in mortgage and savings accounts.

The bank upholds a commitment to sustainability which is evident in its policies and initiatives aimed at promoting environmentally responsible banking.

CGD is a reliable option for those seeking security and long-term financial products like mortgages, which are quite easy to access for foreign residents compared to some private banks. Its vast branch network throughout Portugal means in-person support is widely available, and many branches have English-speaking staff.

Millennium BCP

Millennium BCP (Banco Comercial Português) was founded in 1985 and headquartered in Porto, though it has an international presence. Millennium BCP is Portugal’s largest privately-owned bank and is well-regarded for its digital services. The bank has invested heavily in digital and AI-driven solutions, enabling a personalized and efficient customer experience.

Its banking app, the Millenium App, won Portugal’s Five Star Award and Product of the Year in 2024. Additionally, Millennium BCP was also awarded the Best Bank for Sustainable Finance by Global Finance, in recognition of its commitment to integrating sustainability into its services.

Millennium BCP offers comprehensive digital services, and their mobile app is widely used by expats for its convenience and multi-language support. Their international banking division provides solutions tailored to non-residents, and they offer services in English, making it easy for newcomers to manage accounts, loans, and mortgages.

Novobanco

Formed in 2014, Novo Banco emerged from the restructuring of Banco Espírito Santo. Based in Lisbon, it focuses on providing a range of services to both individuals and corporate clients, including investment options for high-net-worth individuals.

Novo Banco is known for its active corporate banking division, with a strong focus on supporting Portuguese businesses and contributing to economic recovery. It is also noted for its integration of digital solutions, allowing clients efficient banking experiences through its mobile app. In 2023, The Banker (Financial Times) named Novobanco the Bank of the Year in Portugal.

Novo Banco has services designed for international clients, especially those with higher investment needs. The bank’s staff is trained to cater to English-speaking clients, and it provides tools for easy cross-border transactions, which is a major benefit for expats.

Banco Atlantico Europa

Banco Atlântico Europa, founded in 2009 and headquartered in Lisbon, is a part of the Atlântico Financial Group and has earned a reputation for its customer-centric services aimed at an international audience. The bank specializes in providing seamless international transactions, competitive savings options, and a simplified online account setup, which can be set up remotely.

The bank’s services are available in both Portuguese and English, and its personalized account management system offers tailored support for expats and non-residents, allowing smooth access to investments, savings, and home loans.

Banco Santander Totta

The Portuguese subsidiary of Spain’s Banco Santander, Santander Totta has a strong presence in Portugal and focuses on both retail and corporate banking. It is the largest private bank in the country and is known for customer-centric services. Its digital banking platform consistently ranks among the most user-friendly in the country.

Santander Totta has received several accolades for its financial products and recently earned awards for Portugal’s Best Cash Management Bank for 2023 by Euromoney and Best Retail Bank in Portugal for 2024 by World Finance magazine.

For clients who maintain accounts in other countries, Santander Totta’s global network allows for smoother international transactions.

Banco Português de Investimento (BPI)

Founded in 1981 and headquartered in Porto, Banco BPI is one of Portugal’s leading banks, with a particular focus on retail and private banking. BPI has developed strong ties with both Portuguese and international clients and is known for customer satisfaction in mortgage and investment products.

The bank has also been recognized for its commitment to social responsibility. Their long list of recent awards includes Euromoney’s 2024 Best Bank in Portugal, Best for Sustainability, and Best Digital Bank, as well as Global Finance’s 2024 Best Corporate/Institutional Digital Bank and Best in Innovation.

Banco BPI offers multilingual online and mobile banking services and personalized financial advice, making it easier for foreigners to navigate financial matters.

Banco Montepio

Banco Montepio, or Caixa Económica Montepio Geral, was founded in 1840 and is one of Portugal’s oldest banks. Based in Lisbon, it operates as a mutual savings bank, owned by its members, focusing on ethical banking and social responsibility over making a profit. This makes it an attractive choice for those looking to support community-focused financial institutions.

Banco Montepio offers a range of retail and corporate services, including personal accounts, mortgages, and investment solutions, with competitive rates. For expats, Banco Montepio provides a network of services tailored to facilitate their financial integration into Portugal, including options for quick mortgage approvals and multi-language support.

EuroBic

Established in 2008 and headquartered in Lisbon, EuroBic (formerly Banco BIC) is a dynamic bank that caters to retail and corporate clients throughout Portugal. Known for its personal and business banking services, it offers a range of products such as loans, credit cards, and investment solutions, attracting clients with flexible and accessible financial options.

EuroBic offers tailored services for non-residents, making it ideal for expats. Additionally, the bank was acquired by an international bank, ABANCA, in 2023, which is expected to further strengthen its services and international reach, benefiting foreign customers.

Bison Bank

Bison Bank, headquartered in Lisbon, is a relatively new player on the scene in Portugal with a global focus, specializing in wealth management, investment banking, and asset services. Since its establishment in 2019, it has aimed to serve high-net-worth individuals and institutions, positioning itself as a leader in digital financial services and tailored investment products.

Bison Bank emphasizes customized wealth management solutions, and its online platforms allow clients to manage investments seamlessly. The bank is especially popular among international clients for its efficient digital solutions, and it recently expanded its services to support cryptocurrency investments, proving it to be a forward-looking bank in Portugal’s financial sector.

Bison Bank provides an English-speaking customer service team, ensuring ease of communication for expats and foreign investors. The bank’s international expertise and global approach to asset management make it a strong choice for foreigners looking to diversify their portfolios or manage international wealth.

ActivoBank Portugal

Founded in 1994 as a subsidiary of Millennium BCP, ActivoBank is headquartered in Lisbon and is known for its fully digital banking model. Targeting tech-savvy individuals, the bank offers a user-friendly digital platform with an emphasis on mobile and online banking, focusing on cost-effective solutions like free account management and competitive loan rates. Its app-based approach has made it a leader in digital financial services within Portugal.

ActivoBank is highly appealing to expats and international residents due to its English-language support and easy online account opening process, which requires minimal documentation. Its fee-free basic accounts and straightforward digital interface make it particularly suitable for foreigners looking for efficient and low-cost banking without the need for frequent in-branch visits.

The Best International Banks in Portugal

If you’re a bit hesitant to switch to one of the established Portuguese banks, there are a few international banks in Portugal from places like Brazil, France, China, the UK, and the US. You may even be fortunate enough to be banking with these institutions already, making the transition a little easier.

Here are a few notable ones:

Banco do Brasil: This is the oldest bank in Brazil, currently expanding into the Portuguese market.
BNP Paribas: This is a French multinational universal bank and financial services holding company, with wealth management and investment options.
Barclays: This British multinational universal bank focuses on international banking, private banking services, and wealth management solutions.
Citibank: This global US bank is one of the best American banks in Portugal, offering specialized wealth management, corporate services, and high-net-worth solutions.
ABANCA: This Spanish bank offers competitive loan and mortgage options, particularly appealing for expats.
Deutsche Bank: A German multinational investment bank, known for its wealth management and corporate services, ideal for expats with global banking needs and investment interests.

The Best Digital Banks in Portugal

The benefit of using digital banks is that you are able to manage your finances entirely through apps or websites, eliminating the need for physical branches. Along with this, you get to enjoy lower fees, faster transactions, and innovative features like real-time spending tracking.

Here are some of the top digital banks in Portugal:

ActivoBank: As we have touched on already, this is a digital bank by Millennium BCP, known for free accounts, competitive fees, and an intuitive app.
Moey!: This is Portugal’s first entirely mobile-only digital banking solution, created in collaboration with global tech leaders like Mastercard and Microsoft, along with some of the most disruptive fintech companies worldwide
Revolut: Popular in Portugal for multi-currency accounts, facilitating cryptocurrency transactions, low foreign exchange fees, and efficient digital tools
N26: A German digital bank with EU-wide popularity, providing easy, mobile-first banking

Investment Banks in Portugal

Investment banks in Portugal provide specialized financial services such as wealth management, growth of investment funds, raising business capital, facilitating complex transactions, and advisory services.

While the best banks in Portugal listed above also offer some investment banking services, some of the other leading investment-specialized banks in Portugal include Banco Invest, Banco Finantia, and Banco Carregosa.

Money Transfer Companies

Money transfer companies offer a simpler range of services than established banks, mainly focusing on international money transfers for individuals and businesses. These companies will specialize in keeping fees low while maximizing the speed of the transfer and the values of the exchange rates.

Some of the most popular money transfer companies in Portugal include Wise, PayPal, and MoneyGram.

Exploring Visa and Immigration Options for Portugal

If you’re looking into banking in Portugal because you’re considering a move to the country, you may also need to consider your residency options. There are several appealing visa options to explore. The Golden Visa is popular with investors, offering residency in exchange for an investment in Portugal, while the D7 Visa—often called the retirement or passive income visa—is perfect for those who can support themselves with passive income.

Portugal has also introduced the D8 Visa, more commonly known as a Digital Nomad Visa, designed for remote workers who earn at least four times the Portuguese minimum wage and work for a foreign employer or as freelancers. Portugal also offers other visas like entrepreneurship visas, family reunification visas, and student visas, so there’s something for everyone.

What’s more, these permits let you apply for permanent residency and citizenship after five years, opening up opportunities to live, work, and travel freely within the EU. To get started and figure out which visa might be best for you, our partner, Global Citizen Solutions, can provide personalized guidance.

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Frequently Asked Questions about Portuguese Banks

Which is the best bank in Portugal?

Some of the leading banks in Portugal include Millennium BCP, Caixa Geral de Depósitos, Banco Português de Investimento (BPI), and Banco Santander Totta. However, choosing a bank is a personal decision, and you should research how each bank operates before deciding which one best suits you.

Do any US banks have branches in Portugal?

Yes, Citibank is one of the most well-established US banks in Portugal.

Can I open a bank account in Portugal as a foreigner?

Yes, you can open a bank account in Portugal as a foreigner as long as you get a NIF number (tax identification number) first.

Can an American have a bank account in Portugal?

Americans can apply for a bank account in Portugal. First, you’ll need a NIF number (tax identification number), then you’ll be able to approach your bank of choice to apply for an account.

What is the best bank account in Portugal for foreigners?

There is no one best bank account in Portugal for foreigners; it will all depend on your specific needs and preferences. However, the leading banks in Portugal that cater to foreigners include Millennium BCP, Caixa Geral de Depósitos, Banco Português de Investimento (BPI), NovoBanco, and Banco Santander Totta, among others.

Which bank has no fees in Portugal?

ActivoBank offers a fee-free bank account option. ActivoBank is a digital-first, app-based bank owned by Millennium BCP.

What is the minimum amount to open a bank account in Portugal?

Banks in Portugal usually require you to deposit a minimum of €250-300 to open a bank account. This minimum amount may differ from one bank to another.

Are the banks safe in Portugal?

Banks in Portugal are exceptionally safe and well-regulated. The banking system is overseen by two regulatory bodies: The country’s Central Bank (Banco de Portugal) and the European Central Bank (ECB). These two regulatory bodies ensure that all Portuguese banks are stable and compliant with the European Union (EU) financial regulations.