The 10 Best Banks in Portugal for Foreigners in 2024

For foreigners living in Portugal, choosing the right bank to open an account is an important and strategic move.

Portuguese banks are essential for residents as they simplify financial transactions. Whether you opt for private retail banks, investment banking services, or corporate banking services, banking forms a cornerstone of life in this European nation.

Fortunately, Portugal boasts a financial landscape with over 150 local and international banks. However, deciding where to open a bank account can be challenging as most Portuguese banks offer diverse choices.

This article will simplify your decision-making process by exploring the best banks in Portugal.

In this guide, we will cover the following:

• Important information before opening an account
• Required documents to open Portuguese bank accounts
• How to open a bank account in Portugal
• What you can do with a Portuguese bank account
• A list of banks in Portugal

The Portuguese Banking System: An Overview

About the Portuguese banking system

Portugal’s advanced banking system is integral to the country’s financial infrastructure.

The Portuguese banks and banking system is controlled by Portugal’s Central Bank (Banco de Portugal) and the European Central Bank (ECB), two regulatory bodies that ensure the stability and compliance of the Portuguese banks with European Union financial regulations.

Portugal’s banking sector is characterized by a mix of private national retail banks, cooperative banks, and international banks providing diverse financial services to individuals, businesses, and investors.

Types of banks in Portugal

More than 150 banks operate nationwide, including public and private retail banks. You can also find cooperative, investment, and commercial banks.

Major Portuguese banks offer various types of services, including personal, corporate, investment, and private banking.

Additionally, there is a growing presence of digital and mobile banks, as well as fintech companies that provide innovative online services in Portugal.

Important Information Before You Open an Account

What can you do with a bank account in Portugal?

Banks in Portugal provide access to a range of financial services and benefits, just like any other bank in the world.

Here are some of the common services and transactions offered by banks in Portugal:

• Receive income in checking accounts
• Payments or personal banking
• ATM withdrawals (please note that there is a maximum limit of €3,000 for cash transactions in Portugal)
• Transfers
• Savings account
• Investment banking services
• Loan and credit card services
• Mortgage services
• Forex services or foreign currency account
• Safety deposit boxes
• Insurance (home insurance, car insurance, life insurance, health insurance)
• Services specifically for expats
• Private banking services
• Business banking
• Digital and online banking
• Direct debits
• Support for contactless payments, including connecting a card to digital wallets such as PayPal and payment apps like Apple Pay and Google Pay

Working hours of banks in Portugal

Banks in Portugal typically follow a standard working schedule, but specific hours may vary slightly from one bank to another.

The general working hours for banks in Portugal are 8.30 to 15.00, but banks can stay open later.

Some banks, especially in larger cities and tourist areas, are also open on Saturday mornings as well.

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.

• Bank accounts maintenance fees: Most Portuguese banks charge a monthly maintenance fee, usually between €5-7 per month and around €60 per year. However, many banks offer fee-free accounts, especially for basic checking or savings.
• Debit and credit card fees: Banks may also charge annual fees for credit cards and debit cards. Additionally, there may be charges for card replacement, card re-issuance, or using cards abroad.
• Transaction fees: Fees can also apply for various transactions, such as withdrawing cash from ATMs that belong to a different bank, making transfers to other banks, or using international wire transfer services.
• Foreign currency exchange fees: When making international transactions or currency exchanges, banks may apply foreign exchange fees or offer less favorable exchange rates. For amounts that are less than €50,000, the bank fee is less than €15. For larger amounts, this will be approximately €30 or more.
• Loan and mortgage fees: If you take out a loan or mortgage, there may be various fees associated with the application, processing, and administration of the loan.

International money transfers in Portugal

Most banks in Portugal offer international money transfer services. You can initiate transfers by visiting your bank branch or using online banking.

Banks charge fees to transfer money internationally. These fees can vary depending on the bank, the transfer method, and the destination country. It’s essential to inquire about the fees associated with your specific transfer.

The amount that you transfer is unlimited. However, if the transfer amount surpasses € 50,000, the Portuguese Central Bank must be notified.

International money transfers normally take between three to five working days.

Offshore banking in Portugal

Some expats in Portugal opt to establish an international offshore account, which can be the most effective means of handling their finances. Maintaining offshore bank accounts can be especially beneficial for individuals employed abroad, those who split their time across multiple countries, or those frequently engaging in international money transfers.

Offshore bank accounts are situated beyond the account holder’s home country and typically provide unique benefits, including broader cross-border service options and reduced taxation on funds.

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, such as:

• Never enter your PIN online
• Don’t give out sensitive or confidential information online or on the phone
• Online make online payments through secure platforms

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.

What Do You Need to Open a Portuguese Bank Account?

Getting a NIF number

Before you open a bank account in Portugal, you must obtain a Número de Identificação Fiscal, known as a NIF number.

Issued by the Portuguese tax office, the NIF is required for a variety of everyday activities, such as getting a phone subscription, signing up for health insurance, and carrying out any financial transactions in the country.

To learn more about the Portuguese Tax Number, make sure to read our How To Get A NIF guide.

The required documents

Now that you have your own NIF number, you can finally start gathering the documents to open a Portuguese bank account.

Here’s a list of the required documents to open a bank account in Portugal. Please note that they vary slightly depending on the bank and the type of account you wish to open.

• NIF number 
• Proof of Identity: A valid, government-issued photo ID, such as a passport or national ID card. Expatriates and non-residents may be required to provide a residence permit or visa.
• Proof of Address: This can be in the form of a recent utility bill (e.g., electricity, water, or gas bill received in the previous three months), a letter, or a rental agreement.
• Proof of Income: Depending on the type of account and your financial situation, you may be asked to provide proof of income. If you are not employed, you’ll need to show proof of registration with the Portuguese employment center (Centro de Emprego) or that you have an assured work contract.
• Portuguese phone number for SMS activation: This may not be required and is dependent on the bank. Some banks also accept international phone numbers.
• Deposit: A minimum deposit of €250-300 in cash is common, although this will depend on the bank

Some Portuguese banks allow you to open a bank account online, but most of them require you to visit their local branch in person.

The Top 10 Banks in Portugal

The Best Portuguese Banks

Caixa Geral de Depósitos

Caixa Geral de Depósitos (CGD), often simply referred to as “Caixa,” is the largest bank in Portugal.

This state-owned bank was founded in 1876, and it’s considered one of the country’s most traditional and established financial institutions.

CGD currently operates in Portugal and 23 other countries, including the UK, Brazil, Mexico, China, India, and Canada.

Caixa Geral de Depósitos offers a wide range of financial products like mortgage solutions, financial insurance, investment funds management, and life insurance.

They also have an online banking service called Caixadirecta (Online), which allows clients to pay bills, schedule online payments, make bank transfers, manage investments, order national and international transfers, and buy or sell in the stock market.

Millennium BCP

Millennium BCP, also known simply as Millennium, is one of the largest private banks in Portugal.

Officially named Banco Comercial Português, Millenium was founded in 1985, and it operates an extensive network of branches and ATMs throughout Portugal, serving both retail and corporate customers.

Millennium BCP has an international presence with branches and subsidiaries in various countries, including Mozambique, Angola, Poland, Switzerland, and France.

Some of the banking services offered by Millennium include investment funds, financial and health insurance, retirement savings, personal loans, mortgage loans, and more.

Millennium BCP offers online and mobile banking services, allowing customers to manage their accounts, make transactions, and access various banking services through digital platforms.

Novobanco

Novobanco is a Portuguese bank that was established in 2014 because of the resolution of Banco Espírito Santo (BES), one of Portugal’s largest and oldest financial institutions.

It was established as a “bridge bank” to protect the stability of Portugal’s banking system and to ensure the continued provision of banking services to customers.

Novobanco has over 300 branches across the country. It offers various banking services, including personal and business accounts for investment, asset management, credit, loans, and insurance products. Clients also benefit from digital banking solutions, which allow customers to access and conduct transactions online via the app.

Banco Atlantico Europa

Banco Atlantico Europa is a banking institution that operates in Portugal and is part of the Atlantico Financial Group.

This Portuguese bank was founded in 2009 with the mission to provide its customers with new ways to control their expenses, save more easily, and live better.

Headquartered in Lisbon and with branches in several Portuguese cities,

Banco Atlantico offers a range of banking services for individuals and corporate clients.

Some of their services include savings and investment solutions, guidance on financing real estate investments, tracking spending, and more.

Banco Atlantico even offers services tailored specifically to non-residents to smoothen their moving process to Portugal.

In addition, the bank has special solutions designed for corporate clients, including transaction management and assistance and export and import documentary remittances.

Banco Santander Totta

Banco Santander Totta is the Portuguese subsidiary of the Spanish banking group Banco Santander.

It is one of the prominent banks operating in Portugal and the largest private bank in the country.

This bank is headquartered in Lisbon and has almost 400 branches across Portugal. In 2019, Santander was the bank with the best reputation in Portugal and was named the best bank in the country by Euromoney.

Santander Totta was also named the safest bank in Portugal by Global Finance in 2016.

Santander allows clients to open personal and business accounts and provides solutions such as insurance (health, life, car, and workers’ compensation insurance), savings accounts, loans, and investment funds.

Banco Português de Investimento (BPI)

Banco Português de Investimento (BPI) (Portuguese Investment Bank) is one of Portugal’s leading commercial banks, with headquarters in Porto.

With more than 1.4 million customers, it’s the third-largest private bank in the country.

BPI was lauded with the national Cinco Estrelas Award for “brand trust” and “banking.” It’s known for focusing on corporate and retail banking activities, investment banking services, asset management, and insurance.

One of the bank’s priorities is financing Portuguese farmers and agro-industrial companies.

The bank also offers a range of current accounts. It provides a full range of financial services for Portugal’s citizens, such as loans, deposits, overdrafts, life and property insurance, and brokerage services.

Banco Montepio

Banco Montepio is a Portuguese bank officially known as Caixa Económica Montepio Geral. It is one of the oldest and most traditional financial institutions in Portugal, known for its focus on mutualism and social responsibility.

Banco Montepio is a mutual savings bank, meaning that it is owned by its members, who are also its customers. Mutual savings banks prioritize the interests of their members and communities over profit generation.

Banco Montepio provides banking services to individuals, businesses, and social and economic institutions.

EuroBic

EuroBic, is a commercial bank in owned by the Angolan banking group Banco BIC (Banco BIC S.A.). Banco BIC is a major financial institution in Angola and has a presence in several other countries.

This bank offers services to both individuals and businesses. These services typically include opening bank accounts, requesting loans, and managing various investment and wealth management solutions.

Like many modern banks, EuroBic provides online and mobile banking services, allowing customers to access their accounts, make transactions, and manage their finances through digital channels.

Bison Bank

Bison Bank is a banking institution based in Portugal that specializes in providing financial services to individuals, corporations, and institutional clients. While it is not one of the largest banks in Portugal, Bison Bank is known for its expertise in private banking and wealth management. Here is an overview of Bison Bank:

Owned by the Hong Kong-based Bison Capital Holding Company Limited, Bison Bank has a global perspective and serves Portuguese and international clients. It aims to provide international clients with financial solutions tailored to their specific needs.

ActivoBank Portugal

ActivoBank is a Portuguese digital bank part of the Millennium BCP Group, one of Portugal’s largest banking and financial services groups. This affiliation provides customers with the security and stability of a well-established financial institution.

It is known for providing a range of online and mobile banking services to its customers without charging for account maintenance fees or annual credit or debit card fees.

The 5 Best International Banks in Portugal

Portugal has a multitude of international banks from countries such as Brazil, China, Angola, and more.

If you happen to be a resident or citizen of one of these nations with a branch presence in Portugal, you may find it convenient to utilize your local branch services.

Among the well-regarded international banks in Portugal, some of the notable ones include:

• Banco do Brasil: Banco do Brasil is the oldest bank in Brazil and among the oldest banks in continuous operation in the world. This prestigious bank has been expanding its business in the Portuguese market due to the growth in the size of the Brazilian community in Portugal.
• BNP Paribas: BNP Paribas is a French multinational universal bank and financial services holding company. It operates in more than 70 countries, and it has branches in Porto and Lisbon.
• Citibank: Founded in 1812, Citibank, officially known as Citibank, N.A., is the consumer banking division of Citigroup Inc. and one of the world’s largest and most well-known financial services conglomerates. This international bank has maintained a presence in Portugal, with a branch in Lisbon.
• ABANCA: ABANCA is a Spanish bank focused on traditional banking and lending. While the bank operates primarily in the autonomous community of Galicia, Spain, it also has a presence in other countries, including Portugal.
• German Deutsche Bank: Deutsche Bank AG is a German multinational investment bank with a vast network spanning 58 countries and a large presence in Europe (including Portugal), the Americas, and Asia. It now has two segments, Corporate and Investment banking, and offers its services to corporate and institutional clients.

The Best Digital Banks in Portugal

Digital-only banks have gained popularity in Portugal (and around the world) for their convenience, lower fees, and innovative features.

They operate exclusively through digital channels, such as websites and mobile apps, without physical branch locations.

Digital bank accounts offer a wide range of banking and financial services entirely online, allowing customers to manage their finances, conduct transactions, and access various banking products electronically.

Here’s a list of the best-known digital banks in Portugal.

• N26: N26 is a 100 percent mobile bank from Germany. It currently operates in various member states of the Single Euro Payments Area, including Portugal. This bank offers international money transfers, investments, overdrafts, cash withdrawals, and store deposits.

• Revolut: Self-described as a financial “super app,” Revolut is a global neo-bank that offers services like easy money management, currency exchange, and international transfers. The app can also buy, sell, and exchange cryptocurrencies like Bitcoin and Ethereum.

Investment Banks in Portugal

An investment bank is a financial institutions that provide a range of specialized financial services to clients.

They play a pivotal role in the global financial system by facilitating complex financial transactions, raising business capital, and providing advisory services.

Some of Portugal’s most reputable investment-specialist banks are:

• Banco Invest: This bank specializes in managing savings and investments for its customers. They provide access to rising investment trends such as sustainability, climate change, AI, 5G, health, and more.
• Banco Finantia: With more than 30 years of experience, Banco Finantia is a global and independent bank that provides investment, savings, financial services, and specialized consultancy solutions to private and institutional investors.
• Banco Carregosa: This banking institution specializes in private banking with the main objective of advising and protecting customers’ assets. They provide a complete range of investment banking, wealth management, savings solutions, and property advisory services.

Money Transfer Companies

There are several companies that help businesses and individuals transfer money across international borders.

Choosing the right money transfer service depends on transfer speed, fees, exchange rates, and the specific needs of the sender and recipient. To utilize money transfer companies, it must be connected to bank accounts that are partnered with the companies to conduct transactions to or from your international or Portuguese bank account.

Some of the most popular money transfer companies are:

• Wise
• PayPal
• MoneyGram

Exploring Visa and Immigration Options for Portugal

If you're considering making the move to Portugal, it's essential to be informed about the various visa and residency options available. The Golden Visa Portugal program is an attractive option for many, offering residency to investors and their families. For those eyeing retirement in this beautiful country, the Retirement Visa (D7) is tailored for you. Digital nomads can take advantage of both short and long stay options with the Nomad Visa (D8). Meanwhile, the NHR - Non Habitual Tax regime provides significant tax benefits for new residents. 

For the entrepreneurial spirit, Portugal offers the Entrepreneurship/startup Visa (D2) - Start-up Visa (open company) tailored for those looking to establish their businesses in the country. Those with specialized skills can explore the Work visa for highly qualified employees (D3). Additionally, if you have Portuguese ancestry, you might be eligible for Citizenship by descent. 

However, moving to a new country isn't just about visas. If you're thinking of buying property, our guide on Buying Property in Portugal can offer invaluable insights. Dive deeper into the immigration process with our comprehensive Portugal immigration guide. For Americans specifically looking to relocate, we have curated information on Americans moving to Portugal. Lastly, one can't forget the importance of the NIF (Tax Registration Number), a crucial step in any relocation process. 

Frequently Asked Questions About Portuguese Banks

Which is the best bank in Portugal?

Among the best major banks in Portugal are Caixa Geral de Depositos, Millennium BCP, and Novobanco, which are also the largest banks in the country.

Do any US banks have branches in Portugal?

The US bank Citibank has maintained a presence in Portugal since 1979.

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

Yes, foreigners can open bank accounts in Portugal. But first, they need to get a NIF (tax identification number) in Portugal and then go to a branch and open a bank account.

Can an American have a bank account in Portugal?

Yes, US citizens can open a bank account in Portugal. They need to get a NIF (tax identification number) in Portugal and then go to a branch and open a bank account.

What is the best bank account in Portugal for foreigners?

The best bank to open an account in Portugal for foreigners will depend on your personal circumstances and objectives. Some of the best major banks in Portugal include Caixa Geral de Depósitos, Millenium BCP, Banco BPO, Novo Banco, and Banco Santander Totta.

Which bank has no fees in Portugal?

ActivoBank offers free banking in Portugal. The bank,  which is owned by Millennium, doesn’t charge account maintenance fees or annual card fees, and it has an innovative mobile banking app.

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

A minimum deposit of €250-300 in cash is usually requested when opening a bank account in Portugal.

Are the banks safe in Portugal?

Banks in Portugal are considered safe and well-regulated. Portugal has a stable and developed banking system that is subject to supervision and regulation by the Bank of Portugal (Banco de Portugal), the country’s central bank, as well as the European Central Bank (ECB) in accordance with European Union (EU) banking regulations.

Which international banks operate in Portugal?

There are several reputable international banks in Portugal, including Banco do Brasil, Banco Sabadell, BBVA, Barclays, BNP Paribas, Citibank, Credit Suisse, ING, and Deutsche Bank.

What is the largest international bank in Portugal?

Large international banks with a presence in Portugal include institutions like Santander, BNP Paribas, and Deutsche Bank, among others.

Can a non resident open a bank account in Portugal?

Yes, it’s possible to open a bank in Portugal as a non-resident. However, you’ll need a NIF, which is the Portuguese tax identification number.

What is the safest bank in Portugal?

All banks in Portugal are safe, as they’re subject to supervision and regulation by the Bank of Portugal (Banco de Portugal),