Banking in Portugal for Expats in 2026: From First Account to Investment Options
Opening a bank account is one of the first things you need to do in Portugal. Here's the practical guide — from the easiest options for new arrivals to the best accounts for long-term residents.
A Portuguese bank account isn't just convenient — it's essential. You'll need one for paying rent (most landlords require bank transfer), receiving salary, setting up direct debits for utilities, and accessing the Multibanco ATM network that forms the backbone of Portugal's payment infrastructure.
The Main Banks
Portugal's banking sector is dominated by a handful of institutions:
- Millennium BCP — largest private bank, good English-language service in Lisbon/Porto, strong digital app
- Caixa Geral de Depósitos (CGD) — state-owned, widest branch network, essential for certain government transactions
- Novo Banco — strong in Algarve and Lisbon, good for international transfers
- Santander Portugal — familiar brand for UK/Spanish expats, solid digital banking
- BPI (now part of CaixaBank) — popular in Porto and north Portugal
Opening an Account as a New Arrival
You'll need: NIF, passport, proof of address (rental contract or utility bill), and in some cases proof of income or employment. Non-resident accounts are possible but have limitations — most expats opt for a resident account once they have their residency permit or are in the process of applying.
Easiest option for new arrivals: Millennium BCP's ActivoBank (digital subsidiary) and Novo Banco's digital account both allow account opening with minimal documentation and no branch visit required. Useful for the first weeks before you have all your paperwork sorted.
Digital-First Alternatives
Many expats — particularly younger arrivals — use Revolut or Wise as their primary account, at least initially. Both offer Portuguese IBANs, Multibanco integration, and excellent currency exchange rates.
Revolut now has a full Portuguese banking licence (Revolut Bank UAB operates under EU passporting), meaning deposits up to €100,000 are protected under the European Deposit Guarantee Scheme. For day-to-day spending, it's hard to beat.
The limitation: some Portuguese institutions (SEPA direct debits, government portals, certain landlords) require a traditional Portuguese bank IBAN rather than a Lithuanian or Irish one. Having both is the safest approach.
Fees
Portuguese banks charge monthly account maintenance fees — typically €5-10/month for a basic current account, or waivable if you meet conditions (minimum balance, salary domiciliation, or card spending). Read the fee schedule (tabela de comissões) before opening — they vary significantly.
ATM withdrawals at Multibanco machines (the ubiquitous blue ATMs) are free at your own bank's network. Cross-bank ATM fees are low. International transfers (SWIFT) typically cost €10-20 per transaction — use Wise or Revolut for these.
Investment and Savings
Portuguese banks offer standard savings products — depósitos a prazo (term deposits) at rates that have improved significantly since the ECB rate cycle, currently around 2.0-2.5% for 12-month terms at the main banks.
For more sophisticated investment options, most major banks have wealth management arms. Non-habitual residents (under the IFICI regime) should be particularly careful about which investment products they hold — the tax treatment varies significantly by instrument and residency status. Take advice from a tax advisor before committing.
Practical Tips
- Get your NIF before arriving if possible — you can apply at a Portuguese consulate in your home country
- Open a CGD account even if it's not your primary bank — it's required for some government services
- MB Way (Multibanco's mobile payment app) is used everywhere for splitting bills, small transfers, and contactless — set it up immediately
- Portuguese banks are notoriously slow on international wire transfers — use Wise for anything time-sensitive
The Portugal Brief covers practical life in Portugal for expats and internationals.
