Portugal – Banking

What are the main banks in Portugal?

Portugal currently hosts more than 150 banks, spanning private national retail institutions, public and cooperative banks, international operations, and newer app-based challengers. Five institutions dominate the sector by total assets and form the undisputed backbone of the country’s financial system.

Caixa Geral de Depósitos (CGD) holds the position of Portugal’s largest bank by total assets. In 2024, those assets reached €94,083 million, equating to a market share of 24.15%, with net income of €1,650 million. As a state-owned institution, CGD maintains the broadest branch footprint anywhere in the country. Official website: www.cgd.pt.

Millennium BCP (Banco Comercial Português) stands among Portugal’s largest privately owned banks, having been founded in 1985. In 2024, Global Finance recognised it as the Best Investment Bank in Portugal, and its online banking platform is accessible in English. Official website: www.millenniumbcp.pt.

Banco Santander Totta is one of Portugal’s most significant banks, with origins stretching back to 1843. It functions as a universal bank, delivering retail, private, corporate, and investment banking products and services to its customers. Official website: www.santander.pt.

Novo Banco was created in August 2014 by the Bank of Portugal as a bridge bank and today provides retail and investment banking products, asset management, and insurance services. It ranks as the fourth largest bank in Portugal by total assets and maintains a network of more than 300 branches across the country. Official website: www.novobanco.pt.

Banco BPI occupies fifth place among the major institutions and is owned by CaixaBank. In 2024, Euromoney awarded it the title of Best Bank in Portugal. It delivers a comprehensive suite of personal, business, and investment services. Official website: www.bancobpi.pt.

Banco Montepio is a cooperative savings bank with an extensive history and a sizeable branch presence throughout Portugal. Together with CGD, BCP, Novo Banco, Santander, and BPI, Montepio is recognised as one of the six largest institutions operating in the sector. Official website: www.montepio.org.

Oversight of the Portuguese banking sector falls under the Bank of Portugal (Banco de Portugal), where the full register of authorised institutions can be found. Always verify current contact information and service offerings directly with each bank, as these details are subject to change.

Do any major international banks operate in Portugal?

Portugal hosts a diverse array of international banks originating from countries including Brazil, China, Angola, and elsewhere. However, the presence of large global retail banks with extensive branch networks is more limited here than in certain other European markets.

Several euro-area banking groups conduct business in Portugal through a branch structure rather than a fully incorporated subsidiary — BBVA is one such example, even though it also maintains a local Portuguese entity. Santander, often perceived as an international name, operates here through its dedicated local entity, Banco Santander Totta, which functions in every practical sense as a fully domestic bank.

As of October 2025, Portugal had no branches of banks headquartered outside the European Economic Area — referred to in EU terminology as “third-country branches” — according to data compiled by the European Banking Authority. This means that large non-EU retail banks such as HSBC, Barclays (in a retail capacity), or Citibank do not currently maintain independent retail branches in Portugal.

Foreign bank transaction fees at ATMs are approximately 2–3%; however, certain international banks — including Barclays and Deutsche Bank — participate in the Global ATM Alliance, under which ATM charges are waived. If your home-country bank belongs to such an alliance, it is worth confirming whether this benefit extends to use in Portugal.

Among the international banks with a notable presence in Portugal, Banco do Brasil is particularly well-regarded and primarily serves the Brazilian community. Various multinational banking institutions can be found in larger urban centres, typically offering opening hours comparable to their Portuguese counterparts and a range of services oriented towards internationally mobile clients.

The presence and service offerings of international banks can shift over time. Always confirm current availability directly with the institution concerned, or consult the Bank of Portugal’s register of supervised institutions for the most authoritative and up-to-date information.

Do banks in Portugal offer accounts or services specifically for expats?

Portugal’s private high-street banks offer a broad range of current accounts, including student accounts, non-resident accounts, and joint accounts, giving expatriates several tailored options depending on their individual circumstances.

Novo Banco’s Golden Key Account is designed specifically with expatriates in mind, offering benefits such as discounts on health insurance and access to an English-speaking account manager. Its digital banking tools, including an intuitive mobile app, allow international clients to manage their finances with ease and efficiency.

Millennium BCP provides extensive digital services, and its mobile application is widely favoured by expats for its convenience and multilingual support. The bank’s international banking division offers products tailored to non-residents, and services are available in English.

ActivoBank charges no monthly account maintenance fees, provides free debit and credit cards, and supports fully online account opening. As a Millennium subsidiary, it benefits from robust back-end infrastructure and security while remaining app-centric and straightforward to use.

It is also possible to hold foreign currency accounts denominated in a range of currencies — including US dollars (USD), Canadian dollars (CAD), Australian dollars (AUD), New Zealand dollars (NZD), Hong Kong dollars (HKD), and Singapore dollars (SGD) — though not every bank offers this facility, so it is advisable to check with your preferred institution directly.

Monthly maintenance charges for bank accounts generally fall between €4 and €8 (as of 2025). Some institutions waive these fees when a minimum balance is held, and student accounts are frequently exempt from monthly service charges altogether.

Portuguese law requires all banks to offer a conta de serviços mínimos bancários (minimum services bank account). This is a basic account carrying a legally capped annual fee of approximately €5.00 as of 2025, providing core services including a debit card and transfer facilities. This provision serves as an important safeguard for anyone encountering difficulties opening a standard account. Always verify current terms and charges via your bank’s official website or through the Bank of Portugal.

What are typical bank opening hours in Portugal?

Standard branch hours across Portugal run from 08:30 to 15:00, with some locations remaining open until 16:00. A number of branches also operate on Saturday mornings for a few hours. Hours differ between branches and locations, so it is always worth confirming your local branch’s schedule in advance.

ATMs remain accessible outside branch hours for routine transactions such as cash withdrawals. Banks observe Portugal’s national public holidays and will be closed on those dates throughout the year, so plan ahead whenever you need in-branch services.

All major banks in Portugal offer online banking with round-the-clock account access. For added convenience, you can download a Portuguese mobile banking app and handle your finances entirely from your phone. Opening an account with a mobile-only bank is another option worth considering.

Portuguese banks are connected to the Multibanco ATM network, which allows you to withdraw cash, settle bills, top up a Portuguese mobile phone, transfer funds between accounts, and even pay income tax and social security contributions — all outside normal branch hours. This extensive functionality makes the relatively short branch opening times far less of a practical constraint.

Regional differences do exist: branches in Lisbon and Porto may offer somewhat greater flexibility, while those in rural areas may operate reduced hours or with limited staff. If telephone banking or face-to-face advice is important to you, confirm the schedule of your specific branch before committing to it as your primary banking location.

What do expats need to know about the banking system in Portugal?

Portugal’s banking system is modern, dependable, and thoroughly regulated. The country adheres to rigorous EU banking standards, delivering strong consumer protections, secure transactions, and transparent processes. That said, several features distinguish it from banking systems in other parts of the world, and expatriates would do well to familiarise themselves with these differences.

Deposit protection: Savings of up to €100,000 per person, per institution are safeguarded under both the EU’s Deposit Guarantee Scheme Directive and Portugal’s national guarantee fund (as of 2025). This is structurally comparable to the FSCS in the UK, which covers up to £85,000, and the FDIC in the US, which covers up to $250,000 — though the specific limits and mechanisms differ in each jurisdiction. For authoritative details, consult the Bank of Portugal or the European Central Bank.

Regulatory oversight: The Portuguese banking system is subject to supervision by two authorities: the Bank of Portugal and the European Central Bank. Significant institutions are supervised directly by the ECB through joint supervisory teams that incorporate the national competent authorities of each participating member state.

Digital bank deposits: EU-licensed digital banks that operate in Portugal under passporting rules are regulated by their home-country supervisors — whether in Germany, Lithuania, Ireland, or elsewhere — and your deposits are covered by the deposit guarantee scheme of that licensing country, not Portugal. This is a critical distinction if you use a fintech such as N26 or Revolut as your primary account.

Currency: Portugal is both an EU and eurozone member state. Since 1999, the euro (€) has been the country’s national currency and is the standard denomination for all banking accounts and transactions. Unlike relocating to a country with its own currency, there are no currency conversion requirements for transactions conducted within the eurozone.

Cash transaction limits: Cash payments in Portugal are capped at €3,000. Any amount above this threshold must be settled electronically. This is particularly relevant when making substantial payments — for example, handing over a rental deposit or purchasing a vehicle through a private sale.

International transfers: When a transfer exceeds €50,000, the Portuguese Central Bank must be informed. International money transfers through conventional banking channels typically take between three and five working days. Always verify the current reporting thresholds with the Bank of Portugal or a qualified financial adviser, as these rules may change.

Inactive accounts: Under Portuguese law, if an account remains entirely dormant — with no deposits, withdrawals, fees, or client contact of any kind — for a period of 15 years, the balance may be transferred to the State. It is therefore advisable to keep at least periodic activity on any account you hold in Portugal.

Fraud rates: Portugal records one of the lowest card fraud rates in the European Union. The incidence of fraudulent activity per transaction stands at 0.009%, reflecting the robustness of the country’s banking security infrastructure.

Language: Many of the main banks in Portugal can provide assistance in languages other than Portuguese, particularly in cities and in branches accustomed to serving international clients. Digital banks often offer multilingual customer support as well. Nevertheless, some official documentation and correspondence may be issued exclusively in Portuguese, so having access to translation assistance is a practical precaution.

How Do I Open a Bank Account in Portugal as an Expat?

For expatriates in 2025, opening a bank account in Portugal is generally a manageable process when you have the right paperwork — most importantly your NIF and proof of address. Although traditional banks typically require an in-person visit, digital banks and specialist relocation services offer remote alternatives for those not yet in the country.

Stricter know-your-customer (KYC) and anti-money laundering (AML) obligations mean the process can occasionally take several weeks, and certain banks may decline to open accounts for non-EU residents. Preparing well in advance is strongly recommended.

1. Obtain your NIF (Número de Identificação Fiscal).

   The NIF is Portugal’s taxpayer identification number and is mandatory for all financial transactions, including opening a bank account. Residents in Portugal can apply in person at the local tax office (Finanças). Non-residents may appoint a tax representative to obtain a temporary NIF on their behalf, or use an authorised online platform — such as Anchorless.io, Bordr, or e-residence — to submit the application before arriving in the country.

2. Gather your required documents.

   You will typically need: a valid passport or EU identity card; documentation confirming your Portuguese NIF; proof of address — for residents, a utility bill, tenancy agreement, or residency certificate; for non-residents, proof of address from your home country; and evidence of employment or income, such as a payslip, employment contract, or tax returns if you are self-employed.

3. Choose your bank and account type.

   Recent reports from 2024–2025 consistently indicate that Montepio and CGD are the most accessible options for non-EU nationals who do not yet hold a Portuguese residence card. Popular choices among expatriates also include Millennium BCP, Novo Banco, Banco Santander, and ActivoBank. For a digital-first experience, ActivoBank stands out for its fee-free accounts and fully online onboarding process.

4. Visit a branch in person, or apply remotely.

   Non-residents who already hold a NIF may be able to open an account online — a process that usually involves a video call with a bank representative to verify your identity and address any questions. Outcomes can vary considerably between branches of the same institution. If one branch declines your application, it is worth trying another location or speaking with a different member of staff.

5. Make your initial deposit.

   Having between €100 and €300 in cash available to activate your account is advisable (as of 2025). Although an initial deposit is not always compulsory, it is frequently expected. Confirm the minimum deposit requirement with your chosen bank beforehand, as this differs by account type.

6. Activate Multibanco and MB Way.

   Setting up MB Way and Multibanco at the earliest opportunity is highly recommended, as both are integral to everyday life in Portugal. MB Way facilitates mobile payments and instant transfers, while Multibanco is the national ATM and payments network. Your bank will walk you through linking your account to both services when you open your account.

7. Consider using a relocation service if needed.

   The majority of immigration lawyers and relocation specialists include NIF acquisition and bank account opening as part of their visa assistance packages. While arranging these steps independently may cost less, having a single provider — such as your Portuguese immigration law firm — manage the entire process from start to finish often proves far more efficient.

If your application for a standard account is turned down, bear in mind that lodging a formal entry in the official complaints register (Livro de Reclamações) can prompt a review from the bank’s head office within days, and that every bank is legally obliged to offer the basic minimum services account. For authoritative guidance on your rights as a consumer, contact the Bank of Portugal.

What banking and payment apps are widely used in Portugal?

Portugal has adopted digital payment infrastructure at a pace that outstrips many of its European neighbours. With online banking penetration reaching 64% in 2024, managing your finances through apps and digital platforms is remarkably straightforward.

MB Way is the single most important application to familiarise yourself with. Built as an extension of the Multibanco network, it enables you to carry out banking without a physical card. By associating your bank account with a phone number, you can send and request money instantly, pay in stores via QR code or NFC, authorise online purchases, and even make cardless ATM withdrawals — all from within the app. MB Way has accumulated more than 6 million users in Portugal.

Multibanco (ATM network) is equally indispensable. It underpins a network of over 12,000 ATMs across the country and supports more than 90 distinct banking and payment operations. Using a Multibanco ATM, you can pay household bills, transfer money, top up mobile phones, purchase train or concert tickets, and settle tax or social security obligations. The system is deeply integrated into Portugal’s financial and public service infrastructure.

Revolut has built a substantial user base in Portugal. In 2025, Revolut concluded an agreement with SIBS — the organisation that operates the Multibanco network — enabling Revolut customers to access the national payments and ATM system and make payments through MB Way. Revolut additionally offers debit and credit cards, personal loan facilities, share trading, and cryptocurrency services.

N26 is another digital bank with a strong following among expats. Operated entirely through a mobile application, N26 is an attractive option thanks to its absence of foreign exchange fees and commissions. It holds a licence to operate in Portugal and offers current accounts, savings products, and cryptocurrency services.

Wise is widely used for international money transfers and holding multiple currencies. Wise supports fast, remote account opening and now provides Portuguese (PT) IBANs. However, it is not a substitute for a conventional Portuguese bank account. Despite EU regulations on IBAN acceptance, many Portuguese entities — including the immigration authority AIMA, landlords, and utility providers — remain wary of IBANs issued by fintechs.

EU-licensed digital banks operating in Portugal under passporting rules are supervised by regulators in their country of licensing, and your deposits are covered by that country’s deposit guarantee scheme rather than Portugal’s. Always confirm what protections apply to your chosen digital provider before treating it as your primary banking solution.

How can expats manage money between Portugal and their home country?

Moving money internationally can be done through a traditional bank branch or via digital banking, with charges determined by the institution you use. The best approach depends on how frequently you transfer money, the sums involved, and how important a competitive exchange rate is to you.

Bank transfers: International transfers through conventional Portuguese banks typically take between three and five working days. Fee structures vary considerably — some institutions levy a flat charge, while others apply a percentage of the transfer value. Always request the full fee schedule (preçário) from your bank before sending significant sums abroad.

SEPA transfers: Euro-denominated accounts, cost-effective SEPA transfers, and widespread card acceptance in Portugal mirror what you would expect in other eurozone countries such as Spain, France, or Germany. SEPA transfers within the EU/EEA are generally swift and inexpensive, and are often free when moving money between accounts at the same institution.

Fintech alternatives: Online banks and fintech services such as Wise or Revolut can provide more economical options for cross-border transfers, frequently offering mid-market exchange rates and transparent fee disclosures. These services are especially popular for regular transfers between Portugal and countries outside the eurozone.

Reporting requirements: Transfers exceeding €50,000 must be reported to the Portuguese Central Bank (as of 2025). This is a reporting obligation rather than a restriction on the transfer itself. Thresholds and regulations are subject to change, so always verify current obligations with the Bank of Portugal or a qualified tax adviser before executing large transfers.

Exchange rate considerations: When conducting international transactions or converting currencies, banks may apply foreign exchange fees or offer less favourable rates than specialist providers. Comparing your bank’s rate with that of a dedicated transfer service can generate meaningful savings on large amounts.

Foreign account declarations: If you continue to hold bank accounts in your home country while living in Portugal, you may be obliged to declare those accounts to the Portuguese tax authority (Autoridade Tributária e Aduaneira). Your obligations will depend on your residency status and any applicable bilateral tax treaties. Consult a Portuguese tax professional or the official Portal das Finanças for current requirements. Many expatriates adopt a hybrid approach — retaining their home-country accounts for international needs while opening a Portuguese account to handle local obligations.

Frequently Asked Questions

Can I open a Portuguese bank account before I move to Portugal?

Yes, certain Portuguese banks and service providers permit remote account opening, provided you have your NIF and the necessary documents ready. Completing this step before you arrive can make your transition considerably smoother. That said, traditional banks often still require an in-person visit, and the process for non-residents without a residence card can be involved. Services such as Bordr, Anchorless.io, or a Portuguese immigration lawyer can support you with remote account setup.

Do I need a NIF before I can open a bank account?

A Portuguese NIF (Número de Identificação Fiscal) is required before you can open any bank account in Portugal. Residents can apply in person at the local tax office (Finanças). Non-residents from outside the EU can designate a tax representative to obtain a NIF on their behalf, or use an authorised online service to apply remotely prior to arriving in the country.

Are deposits in Portuguese banks safe?

Deposits of up to €100,000 per person, per institution are protected under both the EU’s Deposit Guarantee Scheme Directive and Portugal’s national guarantee fund (as of 2025). This protection is broadly comparable to equivalent schemes across other EU member states. For balances held with EU-licensed digital banks that are not based in Portugal, the guarantee is provided by the country in which that bank holds its licence. For precise details, consult the Bank of Portugal.

Can I use Revolut or Wise instead of a Portuguese bank account?

While both are useful for day-to-day spending, Wise (even when providing a PT IBAN) and Revolut (which issues a Lithuanian IBAN) are typically not accepted by Portugal’s immigration authority AIMA, or by landlords as proof of a local bank account for visa applications or rental contracts. Both are excellent tools for transfers and everyday transactions, but maintaining a traditional Portuguese bank account is strongly recommended for official purposes such as visa applications, tenancy agreements, and receiving salary payments.

What is MB Way and do I need it?

MB Way is Portugal’s own mobile payment platform. It enables instant money transfers between phone numbers and QR code payments at participating retailers. The majority of residents use it on a regular basis, and it accounts for up to 45% of e-commerce transactions in Portugal. While it is not strictly compulsory, you will find daily life noticeably easier once you activate MB Way through your Portuguese bank account.

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

Having between €100 and €300 in cash available to activate your account is advisable (as of 2025). Although this is not always a firm requirement, an initial deposit is commonly expected. Some digital banks such as ActivoBank impose no initial deposit requirement at all. Conditions vary between banks and account types — always check directly with your chosen institution before your appointment.

Is there a basic bank account option if I am refused a standard account?

Portuguese law obliges every bank to provide a conta de serviços mínimos bancários (minimum services bank account), which carries a legally capped annual fee of approximately €5.00 as of 2025 and covers essential services such as a debit card and bank transfers. Banks are required to process applications for this account within 10 business days. If your application is declined, you have the right to escalate the matter to the Bank of Portugal.

Are there any restrictions on foreign-currency accounts in Portugal?

It is possible to open foreign currency accounts in Portugal denominated in a range of currencies, including US dollars (USD), Canadian dollars (CAD), Australian dollars (AUD), New Zealand dollars (NZD), Hong Kong dollars (HKD), and Singapore dollars (SGD). However, not all banks offer this facility, and such accounts are considerably less common than euro-denominated ones. Check with your preferred institution for current availability. For broader guidance on foreign currency accounts and reporting obligations, consult the Bank of Portugal.