Banking in Portugal: The Ultimate Guide for Foreigners and Locals

Banking in Portugal is modern, reliable, and increasingly digital. It is very easy for both residents and non-residents to open a Portuguese bank account. Whether you’re an expat, investor, Golden Visa applicant, or a long-term visitor, understanding how Portuguese banks work can help you choose the best financial products.

However, with more than 150 local and international banks, it can be difficult to pick the right one. This guide explores the best banks for expats in Portugal, services available to foreigners, banking fees, ATM withdrawals, and offshore banking.

Read more about:

• Banking Services in Portugal
• How to Open Portuguese Bank Account
• Best Banks in Portugal
• Types of Bank Accounts in Portugal
• Banking Fees and International Transfers

An Overview of the Portuguese Banking System

Portugal’s banking system is stable and well-regulated, overseen by the Bank of Portugal (Banco de Portugal). The country offers a mix of traditional banks, digital banks, and international financial institutions.

As a member of the Eurozone, the Portuguese banking system is also monitored by the European Union (EU). It creates a powerful, two-tiered system that provides consistency and stability across the entire Euro area.

Banks in Portugal often have a standard working schedule. The average working hours are 08:30 to 15:00, Monday to Friday. However, some branches, particularly in large commercial centers, may stay open later, until 16:00 or 17:00. They may offer limited-service windows mainly for over-the-counter cash services, though self-service ATMs are available 24/7.

Portugal Economy

Portugal’s economy has improved in the last decade, due to booming tourism, real estate investment, and a growing tech sector. Inflation has stabilized, and interest rates across the eurozone influence Portuguese savings accounts, mortgages, and loans.

According to Eurostat, the Gross Domestic Product (GDP) is estimated to increase from 1.9 percent in 2025 to 2.2 percent in 2026, before edging down to 2.1 percent in 2027. A stable national economy means Portuguese banks remain secure for both local and international clients.

Major or Traditional Banks in Portugal

Major or Traditional Banks are the backbone of the Portuguese financial system. They operate on a national scale, a full range of services, such as mortgages and pensions.

These are widely considered some of the best Portuguese banks due to their service range, physical branch networks, and reliability. The largest and most reputable traditional banks in Portugal include:

Caixa Geral de Depósitos (CGD) – CGD is the largest bank in Portugal and is fully owned by the Portuguese State. It has the largest domestic branch network.

Millennium BCP – As one of the largest private banks, Millennium BCP is well-regarded for its digital services and often targets non-resident clients with English-language support and specialized accounts.

Novo Banco – Novo Banco is a major full-service private bank that offers a wide range of products, including competitive savings accounts and robust trading/investment platforms.

Banco BPI – BPI is known for its focus on private banking and investment solutions, while also providing advanced digital services through its BPI App.

Montepio – Banco Montepio maintains a strong focus on savings products, term deposits, and pension funds.

International Banks in Portugal

International Banks are global groups that operate as a Portugese subsidiary. Their unique value lies in their global network, which is beneficial for corporate clients, non-resident investors, and people who frequently move money internationally.

Some international banks offer support for opening a bank account in Portugal as a non-resident and assist with large transfers, wealth planning, and Golden Visa investments. The best international banks in Portugal include:

Santander Bank Portugal – This bank in Portugal is part of one of the largest banking groups in the Eurozone. It offers a range of retail banking services, corporate, and private banking services. It is the best bank in Portugal for expats, non-resident property buyers, and corporate clients.

Abanca – This is a Spanish-owned bank with a growing retail presence in Portugal. It offers comprehensive daily banking services, including accounts, cards, loans, and investment products, with a focus on retail clients and small businesses. It is best for business experts, young professionals, and property buyers.

BNP Paribas – As a corporate and institutional banking model, it is one of the best international banks in Portugal for wealth management. Primarily focuses on large corporate clients, institutions, and high-net-worth individuals.

Digital Banks in Portugal

Digital Banks, often called neobanks, use a technology-first approach when opening a Portuguese bank account. They offer a different, low-cost experience focused on user-friendly mobile apps, quick remote account opening, and extremely competitive FX rates. However, they lack physical branches and have a limited range of complex lending products.

Some of the best online banks in Portugal include:

Revolut: A global financial “super-app” known for its multi-currency accounts and low-cost foreign exchange. Its main services include a basic bank account, multi-currency wallets, instant transfers, budgeting tools, and access to trading stocks or crypto (depending on the plan). It is best for frequent travelers, digital nomads, and users who handle multiple currencies.

N26: A licensed German bank with a fully mobile, transparent banking model. It’s best for users who want a simple, reliable bank account in Portugal (N26), with strong security and an excellent user interface. It offers free and paid accounts, a German IBAN, free ATM withdrawals (limits apply based on plan), and premium plans that include travel insurance.

Openbank (Santander Group): A fully digital retail bank of the Santander Group. It operates across several European countries, including Portugal, offering free daily banking, and competitive rates. It is best for digital nomads, investors, and savers.

Moey: It is a free, mobile-first bank owned by the Crédito Agrícola group. It offers free current accounts, free transfers, and instant access to funds. This digital bank in Portugal is best for digital nomads and young professionals who prefer a simple, free mobile-only service.

Wise: This is the best online bank for international transfers due to its use of real exchange rates. It only charges a small, upfront percentage fee for currency conversion and transfers, avoiding the hidden markup fees standard in traditional banking. It is best for expats, digital nomads, and young professionals who frequently deal with different currencies.

How to Open a Portuguese Bank Account

The first step to opening a Portuguese bank account (Conta Bancária em Portugal) is obtaining a NIF (Tax Identification Number). A NIF in Portugal is a nine-digit number mandatory for all financial and legal transactions.

You can open a bank account in Portugal in person at a branch, through a lawyer, or a fiscal representative. You can open an account remotely via online banks or specialized services.

In case you are opening a bank account remotely to sign property transactions, like promissory contracts, final deeds (Escritura), and other documents related to buying or selling property, you can appoint a lawyer to complete the process through the Power of Attorney (Procuração).

Note: If you are a non-resident opening a bank account in person at a traditional bank, you typically need to bring a deposit of €100 to €300. However, not all banks require a deposit, especially online banks like Wise, N26, and Revolut.

Types of Bank Accounts in Portugal

The Portuguese banking system offers several types of accounts, divided by their function and by the client’s residency status. Here are the main types of bank accounts in Portugal’s major banks:

• By function: A Current Account (Conta à Ordem) is the standard everyday banking account in Portugal. You can use it for daily transactions, set up direct debits for expenses such as rent and utilities. For those looking to save, a Term Deposit Account (Conta de Depósito a Prazo) allows you to deposit money in exchange for a guaranteed interest rate (TANB). It is a safer option for earning predictable returns.
• By client status (residency): A Non-Resident Account (Conta de Não Residente) is required for anyone who has a Portuguese NIF but is not officially living in Portugal. You can use it for buying property in Portugal or meeting Golden Visa requirements. A Portuguese resident can open a Resident Account (Conta de Residente), which provides full access to the bank’s products, including credit and lending options. There is also the Minimum Services Account (Conta de Serviços Mínimos Bancários), a low-cost option that provides all residents with access to essential banking services, including transfers and a debit card.

Documents required by banks in Portugal

To open a bank account in Portugal as a non-resident or as a resident, you will typically need to provide:

• Passport or valid EU/EEA ID
• NIF (Número de Identificação Fiscal)
• Proof of address (recent utility bill, driver’s license, or bank statement from your home country)
• Proof of income or employment (payslip, employment contract, tax return, or bank statements)

Banking Fees and International Transfers

Most Portuguese bank accounts charge monthly fees, which usually cost between €5 and €7 per month and around €60 per year, plus stamp duty (Imposto de Selo). You will not have to pay these fees for some accounts, such as student bank accounts.

In addition, there are the usual charges on services, such as overdrafts and credit cards, and charges for card replacement, card re-issuance, or international transactions.

Besides the additional fees we will explore below, you must pay application, processing, and administration fees for these services if you take out a loan or mortgage. However, different banks have separate fees, so it’s best to consult with a bank representative from the one you choose.

Here is a detailed look at other costs to consider.

ATM fees Portugal

ATMs for withdrawing cash are widely available in many parts of Portugal, and many places also accept credit and debit card payments. Bear in mind that even in Lisbon, some bars and restaurants still only accept cash, but there is usually an ATM machine close at hand. There is typically a surcharge of €2.80 to €6 per withdrawal, although this may vary.

International transfer fees

Portuguese banks require a fee for international money transfers. Foreign currency exchange fees will vary depending on the bank. For amounts less than €50,000, the bank fee is typically under €15, but can vary. For larger amounts, the cost is approximately €30 or more.

In general, there is no limit on the transfer amount. However, if the amount exceeds €250,000 annually, the Central Bank of Portugal (Banco de Portugal) must be notified.

Some banks also charge customers two transfer fees when making money transfers to and from international banks. For example, if fees are transferred from a Portuguese account to a UK account, there may be fees from both the bank in Portugal and the receiving bank in the UK.

If you move to Portugal under the D2 Entrepreneurship Visa, D7 Visa, or any other visa, we recommend opening a bank account in Portugal to reduce international transaction fees and for ease in making payments.

Account closure fee

Most banks don’t charge fees for closing a bank account for private customers or micro enterprises. However, if you close the current account within the first six months of opening it, banks may charge an account closure fee based on administrative costs.

Offshore Banking in Portugal

While Portugal is not an “offshore” jurisdiction, the country has developed a high-end sector focusing on private wealth management and investment banking. These institutions often target international investors, including those who have recently relocated to Portugal.

Banks like Bison Bank Portugal are classic examples of institutions that cater to foreign investors and high-net-worth individuals (HNWIs).

Other institutions, such as UBS and Indosuez Wealth Management, also have a presence in Portugal, offering global expertise combined with local knowledge.

How can Goldcrest help you?

Now that you know how to open a Portuguese bank account, it is time to plan the next step. Whether you are interested in buying a dream home, investing in property, or offering long-term rental services, working with a buyer’s agent can provide a strategic advantage.

Goldcrest is a buyer’s agent with access to off-market properties. We can guide you through the purchase process, negotiate prices, and manage your property.

Our team has an extensive network of local experts, like real estate lawyers, contractors, and tax advisors. Contact us today to gain the latest market insights into the Portuguese real estate market.