1. Overview of the Portuguese Banking System
Portugal has a well-developed, EU-regulated banking system with both domestic and international banks. The country is part of the SEPA (Single Euro Payments Area), which simplifies transfers between European countries.
The banking system is regulated by Banco de Portugal, the central bank, and offers services ranging from basic savings to business banking, mobile apps, and investment platforms.
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2. Types of Bank Accounts
Most people in Portugal use one of the following account types:
- Conta à ordem (Current Account): Standard daily-use account for salary, bills, and debit cards.
- Conta poupança (Savings Account): Earns interest but often has limited access.
- Conta para estudantes (Student Account): Lower fees and special benefits for students under 26.
- Conta não residente (Non-resident Account): For foreigners living outside the EU but wanting to invest or purchase property.
3. How to Open a Bank Account in Portugal
Opening a bank account is straightforward, especially if you’re an EU citizen. Here’s what you’ll typically need:
Required Documents:
✅ Valid Passport or EU/EEA ID
✅ Portuguese NIF number (tax identification)
✅ Proof of address (utility bill, rental contract, etc.)
✅ Proof of income or employment (optional but often required)
✅ Portuguese mobile number (for mobile banking setup)
Tip: You can apply in person or through some banks’ online portals—although most still prefer in-person verification, especially for foreigners.
4. Best Banks in Portugal for Expats
Here are some top choices among locals and expats alike:
Traditional Banks:
- Caixa Geral de Depósitos (CGD) – Portugal’s largest state-owned bank
- Millennium BCP – Widely available with strong digital tools
- Novo Banco – Business-friendly services
- Santander Totta – Great for those with Santander accounts abroad
Digital & Mobile-First Options:
- ActivoBank – A branch of Millennium BCP with online focus and low fees
- Banco CTT – Linked to the national postal service; no-fee account available
- Revolut, N26, Wise (formerly TransferWise) – Popular with expats for multi-currency use, but not legally Portuguese banks
5. Online & Digital Banking Options
Online banking is standard in Portugal. Most banks offer:
- English-language interfaces
- 24/7 mobile banking apps
- Contactless debit cards (MB Way enabled)
- Mobile payment support (Apple Pay, Google Pay, MB Way)
MB Way is a local favorite—allowing instant bank-to-bank payments, ATM withdrawals, and online purchases with a smartphone.
6. Banking Fees & Costs
Portuguese banks charge modest fees compared to other EU countries. Typical costs include:
- Monthly account maintenance: €2–€6/month (free in digital banks)
- ATM usage: Free at your bank’s ATMs; fees apply with other banks
- International transfers: Varies; consider Wise or Revolut for cheaper rates
- Debit card issuance: Often free, but replacement may cost €10–€20
Always check the “comissões” (fees) document before signing up.
7. International Transfers & Currency Exchange
If you’re earning or sending money abroad, keep this in mind:
- SEPA transfers (within the EU) are usually free or low-cost
- SWIFT transfers (outside the EU) may take 3–5 days and cost up to €25
- Wise, Revolut, and N26 are commonly used for cost-effective global transfers
Exchange rates at traditional banks are often less favorable than those offered by fintech platforms.
8. Conclusion & Tips for Newcomers
Portugal makes it easy for residents and expats to bank securely and efficiently. Whether you’re here to work, study, or retire, opening a bank account is one of the first steps to settling in.
✅ Pro tip: Get your NIF number first—it’s mandatory for almost any financial activity in Portugal.