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Portugal – Banking

Portugal has a modern banking system that offers a variety of services to both locals and expats. In this article, we will explore the main local banks in Portugal, whether major UK and USA banks have a presence in the country, if there are accounts and services specifically aimed at expats, typical bank opening hours, any specific areas of concern that expats should be aware of, and how to open a bank account in Portugal as an expat.

Main Local Banks in Portugal

Some of the main local banks in Portugal include:

  • Caixa Geral de Depósitos – Caixa Geral de Depósitos is one of the largest banks in Portugal, offering a wide range of financial services.
  • Millennium BCP – Millennium BCP is a major Portuguese bank known for its comprehensive banking solutions.
  • Santander Totta – Santander Totta provides various banking products and services in Portugal.
  • Novo Banco – Novo Banco is a Portuguese bank offering banking and financial services.
  • BPI – BPI is a prominent bank in Portugal known for its banking solutions.
  • Montepio Geral – Montepio Geral is a well-established bank offering financial services in Portugal.

Major UK and USA banks in Portugal

Some major UK and USA banks that have a presence in Portugal include:

  • Barclays – Barclays operates in Portugal and provides a range of financial services.
  • HSBC – HSBC serves customers in Portugal with international banking services.
  • Citibank – Citibank offers banking solutions in Portugal.

Accounts and Services for Expats

Banks in Portugal offer a range of accounts and services that are specifically aimed at expats. These include:

  • Non-resident accounts: These accounts are designed for expats who do not live in Portugal full-time but need to manage their finances in the country.
  • Foreign currency accounts: These accounts allow expats to hold money in a currency other than the Euro, making it easier to manage money from abroad.
  • International money transfers: Banks in Portugal offer international money transfer services that are designed to be fast and secure.

Typical Bank Opening Hours

Banks in Portugal are generally open from Monday to Friday, from 8:30 am to 3:00 pm. Some banks may have extended hours, and some may be open on Saturdays.

Specific areas of concern for expats

Expats should be aware that some banks in Portugal may require a minimum balance in their accounts or charge fees for certain services. Additionally, some banks may only offer services in Portuguese, so it is important to check if English-speaking staff are available.


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Opening a Bank Account

To open a bank account in Portugal as an expat, follow these steps:

  1. Choose a bank: Research and compare different banks in Portugal to find one that offers the services you need and has a branch or ATM located conveniently for you.

  2. Gather the required documents: Most banks in Portugal require the following documents to open an account:

  • Passport or National ID Card
  • Proof of address (e.g. utility bill or rental agreement)
  • Portuguese Tax ID Number (NIF) – Some banks may allow you to open an account without a NIF, but others may require one.
  1. Visit the bank branch: Visit the bank branch in person and bring the required documents. Some banks may require you to make an appointment before visiting.

  2. Fill out the application: Fill out the application form and provide any additional information or documentation required by the bank.

  3. Wait for approval: After submitting your application, the bank will review it and let you know if it has been approved. Once your account is approved, you can start using it to manage your finances in Portugal.

In conclusion, banking in Portugal can be relatively straightforward for expats, with many banks offering a range of services to meet their needs. However, it is important to be aware of any language barriers, fees, and documentation requirements when opening a bank account in Portugal. By following the steps outlined above and doing your research, you can find a bank that works for you and manage your finances effectively while living in Portugal.


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