Opening a bank account is one of the first practical tasks for anyone moving to or buying property in Portugal. This guide compares the best banks in Portugal for foreigners and explains what you need to open an account.
How Portuguese banking works
Portugal has a modern, well-regulated banking sector. Day-to-day banking runs on two systems you will use constantly: Multibanco, the national ATM and payments network, and MB WAY, a mobile app for instant transfers and contactless payments. Most banks offer full English-language apps and online banking.
What you need to open an account
Requirements vary by bank, but you should expect to provide:
- Your NIF (Portuguese tax number) — essential;
- A valid passport or national ID;
- Proof of address (in Portugal or your home country);
- Proof of income or employment — a payslip, pension statement or tax return.
Some banks open a non-resident account before you have a Portuguese address; others require you to visit a branch in person.
Major high-street banks
Portugal's largest retail banks all serve foreign customers and have extensive branch networks:
- Caixa Geral de Depósitos (CGD) — the state-owned bank, with the widest branch coverage.
- Millennium BCP — the largest private bank, with strong digital tools and English-speaking staff in expat areas.
- Novo Banco — a large network and a popular choice for residents.
- Santander Totta — part of the international Santander group, useful if you already bank with Santander elsewhere.
Digital-first and lower-cost options
If you want lower fees and a fully app-based experience, consider:
- ActivoBank — Millennium BCP's digital brand, popular for low fees and an easy app.
- International digital banks such as Revolut or Wise — convenient for transfers and everyday spending, though they may not always be accepted for a mortgage or certain direct debits, where a traditional Portuguese account is preferred.
Fees to watch
Portuguese banks commonly charge a quarterly or monthly account maintenance fee, plus charges for cards and certain transfers. Always ask for the bank's price list (preçário) and compare the total annual cost, not just the headline. Digital banks typically undercut the high-street banks here.
Which bank is best for you?
There is no universally "best" bank — it depends on your needs:
- For branch access and mortgages, a major bank like CGD, Millennium BCP or Novo Banco is the safer choice.
- For low fees and everyday use, ActivoBank or a digital bank works well.
- For buying property, it often makes sense to bank with the same institution that offers your mortgage.
Many foreigners keep two accounts — a traditional bank for mortgages and bills, and a digital app for low-cost spending and transfers.
