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Banking in Portugal

Best banks in Portugal for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Portugal. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Portugal

A NIF (Numero de Identificacao Fiscal / tax number) is required to open a Portuguese bank account, along with passport and proof of address. Non-residents can obtain a NIF through a fiscal representative before arriving. Revolut and Wise are common first accounts while paperwork is arranged.

Our top pick

Wise multi-currency account

Wise is the option we recommend for almost anyone moving to Portugal: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.

Open a free Wise account →

Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.

Top banks in Portugal

Millennium BCP

traditional
largest private bank

Portugal's biggest private bank with broad branch coverage.

Caixa Geral de Depositos (CGD)

traditional
state-owned, widest network

Portugal's largest bank, fully state-owned, with the most branches and ATMs.

Novobanco

traditional
everyday retail banking

Major retail bank formed from the former Banco Espirito Santo.

Banco BPI

traditional
newcomer accounts

Owned by CaixaBank (Spain); commonly used by newcomers and non-residents.

Santander Totta

traditional
international presence

Portuguese arm of Santander with English-language support options.

ActivoBank

digital
English-language app, low fees

Millennium BCP's digital bank; popular with expats for its simple app and low fees.

International accounts & neobanks

Revolut

Very popular in Portugal; operates an EEA branch and offers Portuguese IBANs to many users.

N26

German-licensed mobile bank fully available to Portugal residents.

Bunq

Dutch EEA bank available to Portugal residents.

Payoneer

Payments platform for freelancers receiving international payments; not a local current account.

Availability changes; confirm on each provider's site.

Next steps in Portugal

See the full Portugal tax, cost and visa profile, or compare Portugal with other destinations. Not sure where to go yet? Take the finder quiz.