Best Banks in Portugal for Expats 2026: Fees and Account Opening

Portugal has a well-established banking sector, but navigating it as a foreigner takes more preparation than most people expect.

While some banks let you open an account from outside Portugal, all banks require you to have a NIF, Portugal’s tax identification number. Before you compare fees or branch networks, getting your NIF in place is the step that makes everything else possible.

Once you have one, you’ll find around 150 licensed institutions to choose from, including large domestic banks, international names, and a growing number of digital options.

Standard accounts typically incur maintenance fees of €5-€8.60 per month, and a basic-services account is available for a legally capped €5.37 per year.

This guide covers the banks most relevant to foreign residents and non-residents: what they charge, whether they offer English-language support, which ones allow remote account opening before you arrive, and what documents you’ll need at each stage.

Banks in Portugal: Key Takeaways

Every Portuguese bank account requires a NIF (Número de Identificação Fiscal) before you can apply. EU residents can obtain one online; non-EU residents must apply in person or through a fiscal representative.

Portugal has around 150 licensed banks, ranging from large domestic institutions to international names and digital-only options.

Standard current account maintenance fees typically run between €5 and €8.60 per month. A basic-services account (serviços mínimos bancários) is available at a legally capped maximum of €5.37 per year.

Residents can typically expect an account to be open within 10 to 14 days. Non-residents applying remotely should allow 2 to 4 weeks.

Several banks, including Millennium BCP and Caixa Geral de Depósitos, allow non-residents to open an account before arriving in Portugal, though the process usually involves a service provider and additional documentation.

Deposits held with Portuguese-licensed banks are protected up to €100,000 per depositor under the Fundo de Garantia de Depósitos.

Portugal’s banking system is regulated by the Banco de Portugal and the European Central Bank (ECB), which together oversee stability and compliance with EU financial regulations.

The sector includes a mix of private national retail banks, cooperative banks, and international institutions offering a broad range of services to individuals, businesses, and investors.

What is Portugal’s Multibanco system?

Multibanco (MB) is Portugal’s nationwide interbank payment system, launched in 1985 to link all major banks through a shared ATM and digital infrastructure. Today, it powers a network of over 12,000 ATMs nationwide and supports more than 90 different banking and payment operations.

You can use Multibanco ATMs to pay bills, transfer funds, top up mobile phones, purchase train or concert tickets, and even pay taxes or social security contributions.

The system is fully integrated with Portugal’s financial and public services, making it a central part of everyday life for residents.

The MB Way mobile app, an extension of the Multibanco network, enables banking without needing a physical card. By linking your bank account to a phone number, you can send or request money instantly, pay for goods in-store using QR codes or NFC, authorize online purchases, and even withdraw money from the nearest ATM—all through the app.

Portugal’s main retail banks vary more than they might appear to at first glance. Fees, English-language support, branch access, and willingness to work with non-residents all differ significantly from one institution to the next.

The profiles below cover the six banks most relevant to foreign residents and expats, using the same criteria throughout so you can compare them directly.

Caixa Geral de Depósitos

• Best for: Full-service banking, mortgage access, and the widest branch network in Portugal
• Monthly fee: €5–€8.60
• English support: Limited
• Remote opening: Yes

Caixa Geral de Depósitos (CGD) is Portugal’s state-owned bank and the largest in the country by branch network.

Because it is government-backed, it carries a level of institutional stability that some private banks can’t match, which makes it a common choice for Portugal Golden Visa investors and Portugal D7 Visa applicants who need a well-established Portuguese bank account as part of their application.

English-language service is limited at most branches, so day-to-day banking will be easier if you have some Portuguese or are working with a local representative. That said, CGD’s online banking platform is functional and widely used, and the bank’s size means you are unlikely to be far from a branch or Multibanco ATM wherever you are in Portugal.

For non-residents looking to open an account before arriving, CGD is one of the few major banks that allows remote opening, typically through a power of attorney or with the help of a service provider.

Millennium BCP

• Best for: Expats wanting branch access and English-language support
• Monthly fee: €5–€8.60
• English support: Yes
• Remote opening: Yes

Millennium BCP is Portugal’s largest private bank and one of the most expat-friendly options in the country. It has a long track record of working with foreign clients and is frequently cited by expats for its English-speaking staff, both at branch level and through its dedicated international client services.

For non-residents, Millennium BCP is one of the more straightforward options for remote account opening. The process typically requires a set of notarised documents and may involve a service provider, but the bank has an established workflow for it, which makes the experience more predictable than at institutions with less experience handling non-resident applications.

Its branch network and integration with the Multibanco system mean that day-to-day banking is convenient once your account is open, and its online platform is well regarded among expats for ease of use.

ActivoBank

• Best for: Fee-free banking with a Portuguese licence
• Monthly fee: €0
• English support: App in English, branch service in Portuguese
• Remote opening: No

ActivoBank is the digital arm of Millennium BCP, which means it combines the fee structure of a neo-bank with the regulatory standing of one of Portugal’s largest banking groups.

This is importnat if you are applying for a D7 Visa or Golden Visa, where proof-of-funds documentation from a Banco de Portugal-regulated institution carries more weight than an account held with a foreign-licensed digital bank.

There are no monthly maintenance fees and no annual card fees, which makes it the most cost-effective option among Portuguese-licensed banks. The mobile app is available in English, though branch service is in Portuguese, and ActivoBank’s physical presence is limited compared to its parent.

The main limitation for expats is that account opening requires you to be present in Portugal. If you are already a resident or planning to open an account after you arrive, it is worth serious consideration. If you need to get banking set up before you land, you will need to look at Millennium BCP or Caixa Geral instead.

Novo Banco

• Best for: Established domestic banking with a nationwide presence
• Monthly fee: €5–€8.60
• English support: Limited
• Remote opening: No

Novo Banco is one of Portugal’s larger retail banks, formed in 2014 following the resolution of Banco Espírito Santo. It has a broad branch network across the country and offers the full range of personal and corporate banking services you would expect from a major domestic institution.

English-language support is limited at most branches, which puts it at a disadvantage compared to Millennium BCP or Santander for expats who are not comfortable banking in Portuguese. Its online platform is functional but has received mixed reviews from foreign residents compared to more digitally focused options.

Novo Banco does not currently offer remote account opening for non-residents, so you will need to be present in Portugal to get started. For expats already living in the country who want a straightforward domestic bank account with solid branch coverage, it is a reasonable option, but it is unlikely to be the first choice for those prioritising English support or pre-arrival account setup.

Santander Portugal

• Best for: Expats from countries where Santander operates
• Monthly fee: €5–€8.60
• English support: Yes
• Remote opening: No

Santander Portugal is part of the Spanish-headquartered Santander Group, one of the largest banking networks in the world. For expats arriving from the UK, Spain, Brazil, or any other country where Santander has a significant presence, the familiarity of the brand and the potential to link existing accounts across borders can make the transition to Portuguese banking more straightforward.

English-speaking service is generally available, and Santander Portugal is consistently mentioned by expats as one of the more accessible options for foreign residents who are not confident in Portuguese. Its branch network is nationwide, and the online and mobile banking platforms are well developed.

The main drawback for those planning ahead is that Santander Portugal does not currently offer remote account opening for non-residents. You will need to visit a branch in person to open an account, which means it is better suited to expats who are already in the country or who can time a visit to coincide with their account opening.

Banco BPI

• Best for: Everyday banking with broad ATM access
• Monthly fee: €5–€8.60
• English support: Limited
• Remote opening: No

Banco BPI is one of Portugal’s established retail banks and has been part of the CaixaBank Group since 2017, giving it the backing of one of Europe’s larger banking institutions. It offers a full range of personal banking services and has a solid branch and ATM presence across the country, making it a practical choice for everyday banking needs.

English-language support is limited at most branches, which puts it in a similar position to Novo Banco for expats who need to conduct more complex transactions or have detailed conversations about their accounts. Day-to-day banking through the app or Multibanco network is straightforward enough, but for anything requiring branch assistance, some Portuguese will be helpful.

Banco BPI does not offer remote account opening for non-residents, so in-person attendance is required. For expats already living in Portugal who want a reliable domestic bank with good ATM coverage and no particular need for English-language branch service, it is a solid if unremarkable option.

Opening a bank account in Portugal follows a fairly predictable sequence once you know what to expect. For residents, the process typically takes 10 to 14 days from document submission. Non-residents applying remotely should allow 2 to 4 weeks.

1. Get your NIF: This is the mandatory first step. No Portuguese bank will open an account without one.
2. Gather your documents: The core requirements are the same across most banks: a valid passport or national ID card, your NIF, proof of address (a utility bill or rental contract dated within the last three months), and proof of income or employment. US citizens will also need to complete a W-9 form as part of FATCA compliance. Some non-EU nationals may be asked for apostilled documents.
3. Choose your account type: Decide whether you need a standard current account, a basic-services account (serviços mínimos bancários), or a non-resident account. Your visa status, how long you plan to stay, and whether you need the account for visa compliance purposes will all influence this decision.
4. Book an appointment or initiate the remote process: For in-person opening, most banks recommend booking ahead rather than walking in. For remote opening, you will need to contact the bank or a service provider to start the process, which typically involves notarised documents and in some cases a power of attorney.
5. Submit your documents: Whether in person or remotely, the bank will review your documents and carry out the required identity and compliance checks. This is where most delays occur, particularly for non-residents.
6. Receive your IBAN and debit card: Once approved, your account details and debit card will be issued. Your IBAN is what you will use for salary payments, direct debits, and transfers. Keep it to hand as you will need it for most administrative processes in Portugal.

Whether you are preparing a D7 Visa application, completing a Golden Visa investment, or simply want your finances in order before you land, opening an account remotely is possible, but the process is more involved than a standard in-person application.

Not all banks offer this. Among the main options, Millennium BCP and Caixa Geral de Depósitos are the most established for non-resident remote opening.

Both have experience handling foreign applications and have defined processes for it, which makes the experience more predictable than approaching a bank with less exposure to international clients.

The process typically involves the following:

• A notarised and apostilled copy of your passport
• Your NIF, obtained in advance through a fiscal representative if you are a non-EU resident
• Proof of address from your country of residence
• Proof of income or source of funds

In some cases, a power of attorney authorising a local representative to act on your behalf is needed.

Using a service provider to manage the process is common and often recommended, particularly if you are not based in a Portuguese-speaking country.

Service costs typically start at around €290, though this varies depending on the provider and the complexity of your situation. The statutory timeline for a basic-services account is 10 working days from document submission, but non-resident applications involving additional compliance checks routinely take longer, so allowing 2 to 4 weeks is a realistic baseline.

However, having a non-resident bank account doesn’t not automatically mean it will satisfy every visa or immigration requirement.

Some applications require proof of sufficient funds held in a Portuguese-licensed bank, and the specific documentation standards can vary.

For D7 Visa and Golden Visa applicants, having a Portuguese bank account is a requirement. Both visa types involve proof-of-funds documentation, and in most cases that documentation needs to come from a Portuguese-licensed bank account.

Portugal D7 Visa

The D7 Visa requires applicants to demonstrate sufficient passive income to support themselves in Portugal.

While there is no strict rule specifying which bank must hold those funds, a Portuguese-licensed account is the standard expectation, and applications supported by documentation from a regulated domestic bank are less likely to encounter complications during processing.

Millennium BCP and Caixa Geral de Depósitos are the most commonly used banks for D7 Visa applicants given their experience with non-resident account opening and their standing as regulated Portuguese institutions.

Portugal Golden Visa

Portugal Golden Visa investors need a Portuguese bank account to route their qualifying investment, whether into a fund, scientific donation, or creating jobs.

The account needs to be held with a Portuguese-licensed bank, and the transfer of funds will be subject to standard anti-money laundering documentation requirements.

Again, Millennium BCP and CGD are the most frequently used options, though other licensed Portuguese banks are equally valid provided they can handle the transaction volumes involved.

Working hours of banks in Portugal: Banks in Portugal typically follow a standard working schedule (08:30 to 15:00), but specific hours may vary slightly from one bank to another.

Bank fees in Portugal: Bank fees in Portugal can vary depending on the specific bank, the type of account you hold, and the services you require.

International money transfers in Portugal: Most banks in Portugal offer international money transfer services but the fees vary depending on the bank, the transfer method, and the destination country.

Bank accounts security and banking fraud in Portugal: Banking fraud is uncommon in Portugal, with fewer instances than the European Union average. As with banking in any other nation, it’s important to bear in mind basic banking security steps.

Lost or stolen Portuguese bank cards: You should call the bank directly if you lose your Portuguese bank card or it gets stolen. If your bank card has been stolen, you should report it to the police immediately.

Making complaints about Portuguese banks: If you’re unsatisfied with the banking services you receive and need to complain about your Portuguese bank, your first step should be to report the issue to your bank’s complaints department. If this fails to resolve the issue, you can also report your complaint to Banco de Portugal, which is responsible for regulating Portuguese banks.

Why choose Global Citizen Solutions for your Immigration Visa?

GLOBAL APPROACH BY LOCAL EXPERTS

• GCS has offices located across Portugal.
• Members of the US-Portugal and UK-Portugal Chambers of Commerce in Portugal, and the Investment Migration Council (IMC).
• Our expert team can help you throughout your journey to secure your Visa.

100% APPROVAL RATE

• Our successful track record in applications provides reassurance to applicants.
• We have helped clients from more than 35 countries secure residency in Portugal.

ALL-ENCOMPASSING SOLUTION

• With a single channel of communication, our approach ensures that you have complete clarity on your application.
• Our BeGlobal® Onboarding System allows for a total flow of information.

TRANSPARENCY AND PRIVACY

• Our pricing is clear and detailed, you will not face any hidden costs.
• All data is stored within a GDPR-compliant database on a secure SSL-encrypted server.