Best Banks in Portugal for Foreigners: CGD, Millennium, ActivoBank, Revolut
Last updated: May 26, 2026
For most foreigners settling in Portugal, the practical shortlist comes down to four names: Caixa Geral de Depósitos for state-backed stability, Millennium BCP for the largest private branch network, ActivoBank for low-fee digital banking, and Revolut for everyday spending and transfers. Novo Banco and Santander Totta are strong runners-up depending on whether you bank in person or remotely.
Last updated: May 26, 2026
Who Can Open a Bank Account in Portugal
Under EU rules, any legal resident of an EU country has the right to a basic payment account in Portugal, and banks cannot refuse on the sole basis that you are not a Portuguese resident. Standard anti-money-laundering checks still apply, so expect to provide identification, proof of address, and proof of income or tax status.
Non-EU citizens (Americans, Brits, Brazilians, Canadians, South Africans, and others) can also open accounts, but the paperwork is heavier and a fiscal representative is usually required at the tax-ID stage. Portugal hosts more than 150 domestic and international banks, so there is no shortage of options, but only a handful are realistically expat-friendly in English.
Before the bank visit you need two things:
- A Portuguese NIF (Número de Identificação Fiscal), the tax ID number issued by Finanças.
- A Portuguese mobile number, which most banks now require for SMS authentication on home banking.
For the NIF process, see our guide to getting a NIF number in Portugal. At a Finanças office, the NIF itself is free for EU/EEA citizens; non-EU/EEA nationals pay €10.20 in person, plus an optional €6.80 for a physical tax card. Non-EU residents without Portuguese tax obligations also need to either appoint a fiscal representative or activate electronic notifications on the Portal das Finanças to opt out; fiscal representation services typically run €150 to €400 per year in 2026.
The Four Banks Worth Considering First
Caixa Geral de Depósitos (CGD)
Founded in Lisbon in 1876, CGD is Portugal's only fully state-owned bank and the largest by branch count, with around 717 branches in Portugal and €88.6 billion in assets as of 2023. For risk-averse expats, particularly retirees moving on a D7 visa, the implicit state backing is reassuring. Branch staff in larger cities and the Algarve usually speak English, and CGD has dedicated non-resident desks in Lisbon, Porto, Faro, and Funchal.
Downsides: branch wait times can be long, the mobile app is functional rather than slick, and standard current-account maintenance fees fall in the typical Portuguese range of €5 to €8.60 per month for non-basic products.
Millennium BCP
Millennium is Portugal's largest private bank, with more than 695 branches. It is the most common partner bank used by remote account-opening services for non-residents, partly because it has invested heavily in English-language documentation and processes for foreign clients. Its "Frequent Client" tier is widely used by expats who want a single relationship for current accounts, mortgages, and investment products.
Millennium is usually the easiest path if you are opening an account from abroad before relocation, often via a lawyer or service provider, with the file pre-validated so you only need a short branch visit once you arrive.
ActivoBank
ActivoBank is the digital arm of Millennium BCP, which means deposits sit under the same banking licence and the same Portuguese Deposit Guarantee Fund coverage. The pitch is straightforward: no monthly maintenance fee on the main current account and no annual card fee, with account opening for residents taking roughly 15 minutes via video call.
For working-age expats, freelancers, and digital nomads who do not need branch access, ActivoBank is the most cost-effective "real" Portuguese bank account. The main limitation is that, like most digital-first banks in Portugal, fully remote opening for non-residents from abroad is restricted; you typically need to already be in Portugal with a residence document or at least a NIF tied to a Portuguese address.
Revolut
Revolut holds a European Central Bank banking licence (granted in 2021) and is operated in the EU through its Lithuanian entity, which means euro deposits are covered by Lithuania's deposit guarantee scheme up to €100,000, not Portugal's. In 2025 Revolut reached an agreement with the Multibanco network operator giving Revolut customers access to Multibanco and MB WAY in Portugal, which closed the main practical gap that used to make it unusable as a primary account here.
Revolut is excellent as a secondary account for FX, travel, and splitting bills with friends. It is increasingly viable as a primary account for short-term residents, although landlords, utility companies, and the Finanças tax portal still occasionally prefer a Portuguese IBAN starting with PT50.
Quick Comparison
Bank | Best for | Branch network | Remote opening from abroad |
|---|---|---|---|
Caixa Geral de Depósitos | Retirees, conservative savers | ~717 branches | Limited, usually in-person |
Millennium BCP | First-time expats, mortgages | 695+ branches | Yes, via service providers |
ActivoBank | Digital-first residents, low fees | Digital, no branches | Resident only, in practice |
Novo Banco | Property investors | ~400 branches | Yes, "+351 account" |
Santander Totta | International transfers | ~400 branches | Limited |
Revolut | FX, travel, secondary account | Fully digital | Yes, EU-wide |
Novo Banco, created in 2014 after the resolution of Banco Espírito Santo and currently owned by Lone Star and the Portuguese Resolution Fund, runs a popular non-resident product often marketed as the "+351 account." Santander Totta, headquartered in Lisbon with close to 400 branches, is the obvious choice if you already bank with Santander in the UK, Spain, the US, or Latin America.
Document Checklist for Opening an Account
Bring originals and one photocopy of each. Most branches will scan documents themselves, but copies speed things up.
- Valid passport or EU national ID card.
- Portuguese NIF document from Finanças.
- Proof of Portuguese address (utility bill, rental contract, or atestado de residência from your junta de freguesia). Non-residents can use a foreign address with a recent utility bill.
- Proof of income or employment: payslips, an employment contract, a pension statement, or recent tax returns. The self-employed should bring their Portuguese activity registration if they have one.
- Portuguese mobile phone number.
- Initial deposit, typically €250 to open a standard current account.
If you are applying for a D7 or Digital Nomad (D8) visa, most immigration lawyers recommend showing at least €11,040 in a Portuguese bank account at the time of the visa appointment. Many applicants therefore open the account first, transfer funds in, and then apply for the visa.
For newly arrived workers, you will also need to register with social security; see our walkthrough on registering for NISS in Portugal. If you are bringing a spouse or children, the family reunification visa process has its own document requirements that overlap with bank-opening paperwork.
Step-by-Step: Opening Your Account
- Get your NIF. Either in person at a Finanças office or through an online service. Non-EU citizens need a fiscal representative or to opt into electronic notifications.
- Choose your bank. Decide based on whether you need branch access, English support, or low fees.
- Book an appointment. CGD, Millennium, Novo Banco, and Santander all accept walk-ins, but appointments are faster, especially in Lisbon and Porto.
- Attend with documents. Expect 45 to 90 minutes for a first appointment. You will sign account terms, set up home banking credentials, and request a debit card.
- Fund the account. Make the initial deposit by cash or transfer. Banks may not activate the account until the first deposit clears.
- Receive your card and credentials. Debit cards typically arrive by post within 7 to 10 working days. Home banking codes arrive separately for security.
- Activate MB WAY. This is Portugal's near-universal mobile payment app, used for rent splits, parking, restaurant tips, and online checkouts.
For a basic-services account specifically, Portuguese banks must open or convert the account, or refuse with written reasons, within a maximum of 10 working days after a complete application.
Fees, Limits, and Processing Times
- Basic bank account (serviços mínimos bancários): Maximum annual fee capped at €5.37 in 2026 (1% of the IAS). Includes a debit card, deposits, withdrawals, direct debits, intra-bank transfers, up to 48 interbank (national or EU) transfers per year via home banking, and 5 monthly MB WAY transfers capped at €30 each. At the end of 2025 there were 265,627 basic-services accounts in Portugal, up 8% year on year.
- Standard current account maintenance: Typically €5 to €8.60 per month at traditional Portuguese banks, according to Wise data from March 2026. ActivoBank charges no monthly fee on its main current account.
- Remote opening for non-residents: Services typically charge from around €290 and the full process takes 2 to 4 weeks. Most use Millennium BCP or Novo Banco as the partner bank.
- Initial deposit: Around €250 is standard.
- ATM (Multibanco) limits: Roughly €200 per transaction or €400 per day across the network of about 11,000 ATMs. Foreign-issued cards typically incur a 2 to 3% fee from your home bank.
- Wire transfers: SEPA transfers within the EU usually arrive same-day or next business day. International (non-SEPA) wires take 3 to 5 working days. Movements of cash above €50,000 in or out of Portugal must be declared to Banco de Portugal.
- Interest taxation: 25% withholding on interest for Portuguese residents. Interest earned by non-residents on current accounts is generally not taxed at source.
- Time deposits (depósitos a prazo): Minimum deposits typically €500 to €5,000, with lock-in periods of 6 months, 12 months, or 3 years.
Deposit Protection and Supervision
Banco de Portugal supervises all banks operating in Portugal, alongside the European Central Bank under EU rules. The Portuguese Fundo de Garantia de Depósitos covers deposits up to €100,000 per depositor, per credit institution, whether or not the depositor is resident and regardless of deposit currency.
In the event of a bank failure, the Fund must reimburse:
- Up to €10,000 within 7 working days.
- The remainder up to €100,000 within a maximum of 15 business days.
If you hold more than €100,000, split the balance across two banking groups. Note that ActivoBank sits under the same Millennium BCP licence, so combined balances at those two brands share a single €100,000 cap. Revolut deposits in the EU sit under the Lithuanian guarantee scheme rather than the Portuguese one.
Common Pitfalls to Avoid
- Opening an account before getting a NIF. It will not work. Get the NIF first.
- Ignoring fiscal representation rules. Non-EU residents who fail to maintain a required fiscal representative can face Finanças fines from €150 up to €7,500, frozen bank deposits, or NIF deactivation. EU/EEA residents (including those in Norway, Iceland, and Liechtenstein) have been exempt since Decree-Law 44/2022.
- Using a foreign IBAN for Portuguese direct debits. Legally, SEPA rules require companies to accept any EU IBAN, but in practice some Portuguese landlords, utilities, and public bodies still hesitate. A PT50 IBAN avoids friction.
- Treating Revolut as your only account during a Golden Visa or D7 application. Immigration officials and consulates are more comfortable seeing a Portuguese-domiciled account with a PT50 IBAN.
- Forgetting MB WAY. Without it, splitting bills, paying for parking in many cities, and some online checkouts become awkward.
- Not switching to a basic account if you qualify. In 2025, 65.9% of the roughly 28,000 new basic-services accounts were conversions from traditional accounts, suggesting many residents are leaving money on the table.
FAQs
Can I open a Portuguese bank account before I arrive?
Yes. Several law firms and relocation services arrange remote openings, typically with Millennium BCP or Novo Banco, for fees starting around €290 and processing in 2 to 4 weeks.
Do I need to be a Portuguese resident?
No. Non-residents can open accounts, though the documentation is heavier and some products (mortgages, certain time deposits) are restricted to residents.
Is English support reliable?
In Lisbon, Porto, Cascais, the Algarve, and Madeira, yes. In smaller towns, expect Portuguese-only service. Millennium BCP, Novo Banco, and CGD have the most English-language documentation.
What about Golden Visa investors?
Portugal's Golden Visa requires opening a Portuguese bank account. The qualifying fund-investment route requires a minimum €500,000 in a CMVM-regulated fund, with a €250,000 cultural-donation alternative. Since February 16, 2026, Golden Visa renewals run fully online through AIMA's Renewals Portal.
Can I get a credit card as a new arrival?
Debit cards are immediate. Credit cards usually require 3 to 6 months of account history and proof of regular income paid into the account.
Which bank is best overall?
For most new arrivals: Millennium BCP for the main account plus Revolut as a secondary. For low-fee digital banking once you have residency, ActivoBank. For conservative savers and retirees, CGD.
Settling into Portugal is mostly paperwork, and the paperwork goes faster when you can read the forms, talk to your bank manager, and understand what your landlord is actually saying. If you're learning Portuguese alongside the move, Migaku turns Portuguese shows, YouTube videos, and news articles into study material built around what you actually watch and read.