If you’re planning to move to Portugal for work, study, or a long-term stay, opening a local Portuguese bank account will make life much easier. It allows you to receive your salary, pay rent, manage utilities, and avoid foreign transaction fees.

Portugal’s banking system is modern, reliable, and well-integrated with the rest of Europe. With a bit of preparation and the right documents, opening an account is straightforward, even for foreigners.

Currency in Portugal

Portugal uses the Euro (€) as its official currency.

As a full member of the Eurozone and SEPA (Single Euro Payments Area), Portugal’s banks allow for fast and secure Euro transfers across Europe, usually at no extra cost. Having a local account also ensures you can pay bills, receive wages, and make local transactions seamlessly in Euros.

Best Banks in Portugal for Newcomers

Portugal has a mix of traditional national banks, international institutions, and modern online banks. Here are the top options for expats, students, and digital nomads in 2026:

Caixa Geral de Depósitos (CGD)

Portugal’s largest and state-owned bank, with branches in every major city and town.

• Perk for newcomers: English-speaking staff in many locations and dedicated expat services.

• Why choose it? Reliable and easy to find, perfect for those who prefer in-person service.

Millennium BCP

One of Portugal’s biggest private banks, popular with locals and foreigners alike.

• Perk for newcomers: English-language online banking and helpful staff.

• Why choose it? Great for everyday banking with flexible account options for residents and non-residents.

Banco Santander Portugal

Part of the international Santander Group, with excellent digital banking tools.

• Perk for newcomers: English-language mobile app and simple expat-friendly account setup.

• Why choose it? Ideal for professionals or anyone already familiar with Santander abroad.

Novo Banco

Known for personalized service and a wide network of branches.

• Perk for newcomers: English-speaking staff and dedicated expat account packages.

• Why choose it? Excellent for long-term residents or families moving to Portugal.

ActivoBank

A digital-first branch of Millennium BCP, designed for online convenience.

• Perk for newcomers: Fully digital setup, low fees, and an intuitive mobile app.

• Why choose it? Perfect for digital nomads, students, and anyone who prefers app-based banking.

Revolut / N26 (Digital Banks)

International app-based banks that operate seamlessly in Portugal.

• Perk for newcomers: Instant online setup and multi-currency support.

• Why choose it? Great if you travel often or want to manage both Euros and other currencies without extra fees.

Documentation Needed

Opening a bank account in Portugal requires a few key documents. These vary slightly by bank and by your residency status, but typically include:

1. Valid Passport or EU ID Card – For identification.

2. Portuguese Tax Number (Número de Identificação Fiscal / NIF) – Essential for almost all financial transactions.

3. Proof of Address – A rental contract, utility bill, or residence certificate (comprovativo de morada).

4. Proof of Employment, Study, or Income – Work contract, university enrollment, or recent payslips.

5. Portuguese Phone Number – Required for online banking setup and security codes.

6. Residence Permit (for non-EU citizens) – Confirms your right to live in Portugal.

 You can apply for a NIF at any local tax office (Finanças) or through an authorized representative. It’s often the first step before opening your bank account.

Tips for Opening a Bank Account in Portugal as a Foreigner

• Get your NIF first: You won’t be able to open a full account without one.

• Start with a non-resident account: If you don’t yet have your residence permit, many banks offer basic non-resident accounts that you can upgrade later.

• Ask for English-speaking service: Major banks and urban branches (Lisbon, Porto, Faro) typically have bilingual staff.

• Compare fees: Monthly maintenance fees range from €2–€8; some banks waive them for students or if your salary is deposited monthly.

• Use SEPA transfers: These make Euro payments within Europe quick and nearly free.

• Activate Multibanco access: This ATM and card system is the backbone of Portuguese banking, used for everything from withdrawals to bill payments and tax payments.

• Go digital: Apps like ActivoBank, Revolut, and N26 are fast, flexible, and perfect for managing your money on the go.

• Bank hours: Branches usually open Monday–Friday, 8:30 AM to 3 PM, and close early on Fridays.

Final Thoughts

Opening a bank account in Portugal is an important step toward settling into your new life. With a stable Euro-based economy and a digital-friendly banking environment, managing your finances here is simple and efficient.

Traditional banks like Millennium BCP, Santander, and Caixa Geral de Depósitos offer strong in-person support, while ActivoBank, N26, and Revolut provide modern, no-hassle alternatives for digital users.

With your NIF, residence proof, and documents ready, you can open your account in no time  and start enjoying everything Portugal has to offer, from its relaxed lifestyle to its reliable financial system.