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Yes, foreigners can open a bank account in Portugal — including US citizens, remotely, without residency. The process typically takes 1-2 weeks with proper documentation (passport, NIF tax number, proof of address). We've helped over 2,500 Americans open Portuguese accounts for Golden Visa investments, D7 visa requirements, and everyday banking.
The best banks for expats: Millennium BCP (largest branch network), ActivoBank (zero fees, fully digital), and Santander Portugal (English-speaking support). Below, we break down fees, features, and which account fits your situation.
Wondering how to open a bank account in Portugal remotely? We can help with that.
What Are the Best Banks in Portugal?
Portugal's banking sector mixes traditional players (Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Santander Portugal) with digital challengers (ActivoBank, N26, Revolut). Expats can choose based on branch access, English support, fees, or fully online opening.
Here are some of the best banks in Portugal:
- Best for Expats: Santander Portugal
- Best for Digital Banking: ActivoBank
- Best for Low Fees: Millennium BCP's ActivoBank
- Best for Savings: Novobanco
- Best for International Services: Caixa Geral de Depósitos
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These are the best banks for expats in Portugal (including D7 and Digital Nomad visa holders). All five accept non-resident applicants with a NIF, passport, and proof of address. Regardless of your residential status, you can open a bank account in Portugal either by visiting a local branch or applying online with digital and mobile banks.
Portuguese current accounts work in euros and cover everyday needs: salary deposits, direct debits, bill payments, and Multibanco card payments.
Below we compare account types and fees so you can pick the right one.
What Types of Bank Accounts Are Available in Portugal?
Portuguese banks offer several account types. Here's what each one is for:
Current Accounts
Current accounts are the go-to option for everyday banking needs. They enable ATM withdrawals, direct debits, and bill payments. Many banks offer specialized versions of current accounts, including:
- Student Accounts: Designed for students with lower fees and flexible terms.
- Non-Resident Accounts: If you need a non-resident bank account in Portugal, these are designed for expats or those living outside Portugal but needing a local account for convenience.
Instant-Access Savings Accounts
These accounts offer the convenience of accessing your funds while earning interest. Often, they are linked with current accounts, automatically transferring excess balances into savings.
While they have higher interest rates than current accounts, they maintain easy access for withdrawals, making them ideal for short-term savings.
Time-Deposit Accounts
For those looking to maximize returns, time-deposit accounts lock in your funds for a set period, typically offering better interest rates in exchange for limited access.
The longer the term, the higher the interest rates, but early withdrawals usually come with penalties.
Digital and Online-Only Accounts
The rise of digital banking has brought fully online accounts from N26, Revolut, and Banco Best.
These accounts are managed entirely through mobile apps with no branch visits required.
Most include no maintenance fees, virtual cards, and low-cost international transactions.
Specialized Accounts
Portuguese banks also offer personal and business accounts for specific needs:
- Junior Accounts: These are savings accounts for children, allowing parents to manage the funds until the child reaches adulthood.
- Corporate Accounts: Built for businesses and entrepreneurs, with multi-currency handling, higher transaction limits, and dedicated startup and SME support.
Santander Portugal
Santander Portugal runs the largest Portuguese branch network with English-speaking staff at most city locations. Many expats pick it as their first account when arriving.
It also offers mortgages, credit cards, and investment accounts in one place.
Best For: Expats seeking English-speaking support and a broad network of branches.
Pros
- Excellent expat support with English-speaking staff.
- A large network of branches across Portugal.
- Mortgages, credit cards, and investment products with expat onboarding.
Cons
- Higher fees for international transfers and services.
- Limited digital banking features compared to newer banks.
Key Features
- Specialized services for expatriates.
- Branches in Lisbon, Porto, Faro, Cascais, Coimbra, and other major cities.
- Financial products designed for foreigners and non-residents.
ActivoBank
ActivoBank is Portugal's main digital bank, fully online with no monthly maintenance fees. The app handles transfers, MB WAY payments, cards, and investment accounts.
Account opening for residents takes about 15 minutes by video call.
Best For: Digital-first users who want fee-free banking and a strong mobile app.
Pros
- No account maintenance or card fees.
- Award-winning mobile apps with excellent functionality.
- Simple and fast account opening process, all done online.
Cons
- Limited physical branches.
- May not suit those who prefer in-person banking services.
Key Features
- Completely digital banking with no hidden fees.
- Multiple mobile apps for easy management and transactions.
- Recognized with Consumer Choice Awards for digital banking excellence.
Millennium BCP's ActivoBank
Millennium BCP's ActivoBank is owned by Millennium BCP — Portugal's largest private bank. It runs as a separate fee-free digital brand while letting customers use Millennium BCP's full branch network when needed.
Pricing is published in full on the website with no hidden conversion or maintenance charges.
Best For: Budget-conscious customers seeking a digital bank with no maintenance fees and easy access to financial services.
Pros
- Zero maintenance and operation fees.
- No annual card fees, making it highly cost-effective.
- Well-rated mobile apps with straightforward navigation.
Cons
- Limited physical presence with few branches available.
- Smaller product range than full-service traditional banks.
Key Features
- Completely fee-free banking with no hidden costs.
- Digital-first approach with fast mobile and online banking.
- Well-suited for everyday banking needs at minimal cost.
Novobanco
Novobanco publishes some of the higher savings rates among Portuguese banks, with term deposits running 30-90 days to 3 years.
Account opening can require an in-branch visit and higher minimum balances than ActivoBank or Santander.
Best For: Customers seeking high-interest savings accounts with long-term growth potential.
Pros
- Competitive interest rates on savings accounts.
- Positive customer feedback on savings growth.
- Stable reputation within the Portuguese banking sector.
Cons
- Stricter account opening requirements and higher minimum deposits.
- Limited branch availability for in-person support.
Key Features
- Specialized savings accounts from an established traditional bank (note: digital banks like N26 may offer higher rates).
- Full-service banking covering current, savings, mortgages, and investments.
- Reliable customer support with personalized advice for savings-focused customers.
Caixa Geral de Depósitos (CGD)
Caixa Geral de Depósitos (CGD) is Portugal's state-owned bank and the country's largest by deposits. It runs branches in France, Spain, the UK, the US, Mozambique, and Macau.
It offers investment products, insurance, and business accounts under one roof — useful if you want all services with a single Portuguese bank.
Best For: Customers requiring a bank with international reach and a full product range.
Pros
- Extensive global network with international presence across multiple countries.
- Wide range of services, including investment banking and insurance.
- Well-established reputation as a trusted and stable institution.
Cons
- High fees for some international transactions.
- Limited English-speaking staff in certain branches.
Key Features
- Strong international presence across multiple continents.
- Services covering personal, business, investment, and insurance accounts.
- In-house investment funds, life insurance, and pension products.
How Do You Choose the Right Bank in Portugal?
Pick based on what you need most:
- Are you an expat looking for familiar services?
- Are you a tech-savvy individual seeking digital banking features?
- Are you a business owner in need of corporate banking options?
- Are you looking for international banks that offer services in multiple countries?
Santander Portugal and ActivoBank have English-language onboarding and dedicated expat support lines.
If you prefer fully online banking, ActivoBank and N26 let EU residents open accounts remotely by video. Non-EU applicants usually need one branch visit or a power of attorney.
What Are Bank Fees Like in Portugal?
Most Portuguese banks charge €5-7 per month for account maintenance — about €60 per year plus stamp duty. Digital banks (ActivoBank, Moey, Banco CTT) charge nothing.
Multibanco ATM withdrawals are free between Portuguese cards. Foreign cards typically pay 2-3% per withdrawal. Decline dynamic currency conversion (DCC) at the ATM — your home bank's exchange rate is almost always better.
The Single Euro Payments Area (SEPA), supported by the European Central Bank, also facilitates easier international money transfers for users of Portuguese bank accounts, potentially affecting transfer fees.
How Good Is Digital Banking in Portugal?
Online and mobile banking are standard across every Portuguese bank. ActivoBank, Millennium BCP, Santander, Novobanco, and CGD all run full-feature apps with transfers, card controls, MB WAY, and bill payments.
Most banks now let customers:
- Open a bank account remotely.
- Make online payments, which have seen annual growth rates ranging from 15% to 25%.
- Make mobile payments, growing at rates between 30% and 40% each year.
MB WAY (Portugal's instant payments app) has over 5 million users — roughly half the population.
Fees and Charges: What to Expect from Your Bank in Portugal
Typical fees to expect:
- Monthly Service Fees: Most banks in Portugal charge monthly maintenance fees ranging between €4 and €8, depending on the account type. This can amount to around €60 per year. Some banks may waive these fees if a certain balance is maintained.
- ATM and Card Usage Fees: Using debit cards or ATMs outside your bank's network generally incurs extra charges. When using foreign bank cards at ATMs, your card issuer may charge 2–3% fees (Multibanco itself is free for Portuguese cardholders). Always decline dynamic currency conversion (DCC) at ATMs to avoid unfavorable rates.
- Credit Card Costs: Credit card interest rates (TAEG) in Portugal typically range from 15% to 20% for revolving credit. Annual card fees can vary between €15 and €50, with premium cards potentially costing more.
- International Money Transfers: Bank fees for transferring less than €50,000 internationally are typically under €15. However, for larger transfers, costs can exceed €30. Transfers within the SEPA region (Single Euro Payments Area) are generally lower or free.
- Fee-Free and Low-Fee Options: ActivoBank, Moey, and Banco CTT offer accounts with no maintenance fees. Additionally, basic accounts, known as "conta de serviços mínimos bancários," have a capped annual fee, set by the Bank of Portugal, at under €5.
Always check the latest published fee sheet (preçário) on each bank's website — they update twice a year.
Below are practical ways to cut costs.
Avoiding Unnecessary Bank Fees
Pick an account that matches how you actually bank.
Some banks (Santander, Millennium BCP) waive monthly fees if you keep a minimum balance or receive a regular salary deposit. Fee-free digital accounts (ActivoBank, Moey, Banco CTT) skip the requirement entirely.
Multibanco's 12,000+ ATMs work with every Portuguese debit card, so most expats pay zero per withdrawal.
SEPA transfers within the eurozone are free or near-free at most banks.
Understanding Fee Structures
Portuguese bank fees come in three main categories: monthly account maintenance, ATM and card use, and international transfers.
Overdrafts and loans have their own pricing — check the TAEG (effective annual rate) before signing.
EU law caps cross-border SEPA transfer fees at the same level as domestic transfers.
Lastly, the Multibanco system in Portugal offers over 12,000 ATMs with services like withdrawals, bill payments, and ticket purchases, each with potentially different fee structures.
How Safe Is Banking in Portugal?
Portuguese banks are regulated by Banco de Portugal and the European Central Bank under the EU Single Supervisory Mechanism.
Customer data is handled under GDPR. Online banking uses HTTPS, multi-factor authentication, and SMS or app-based 2FA.
Deposits up to €100,000 per person per bank are covered by the Portuguese Deposit Guarantee Scheme (Fundo de Garantia de Depósitos).
Protecting Your Finances
Banco de Portugal's safety guidance for customers:
- Use secure forms and channels for communicating confidential information
- In the event of a lost or stolen wallet containing personal documents, file a report with the local police and keep the incident report as a record
- Report the lost or stolen documents to the Bank of Portugal using an online form, which requires attaching the police report.
If you spot an unauthorized transaction, contact your bank within 13 months to be eligible for reimbursement under EU PSD2 rules.
Dealing with Fraud and Theft
If your card is lost or stolen, block it through your banking app right away. Most apps offer one-tap card freeze.
Cardholders must contact their bank or SIBS (Sociedade Interbancária de Serviços) directly at the specific number 808 201 251 to get the card canceled quickly.
Reporting within 24 hours limits your liability under EU rules.
The bottom line
If you want one Portuguese account that just works: Millennium BCP for branch coverage, ActivoBank for zero fees, or Santander Portugal for English-speaking branches. Pair any of them with Wise or Revolut for cheap international transfers.
Get your NIF first — every bank requires it before opening an account.
Golden Visa Investment Funds: Quick Comparison
If you're opening a Portuguese bank account to facilitate Golden Visa fund investments, here are verified fund options to consider:
| Fund | Strategy | Min. Investment | Lock-up | Mgmt Fee |
|---|---|---|---|---|
| Lince Yield Fund | Debt | €100,000 | 6 years | 2% |
| Mercúrio Fund II | Private Equity | €100,000 | 8 years | 2% |
| Capital Green III | Credit | €200,000 | 5 years | None |
→ Compare all 38+ verified Golden Visa funds
Data verified March 2026. All funds listed are CMVM-regulated and Golden Visa eligible.
IRS Private Letter Ruling (PLR) for US IRA Investors
US investors using Self-Directed IRAs for Golden Visa investments can request an IRS Private Letter Ruling to confirm tax treatment before making the investment. This provides certainty that your IRA-funded Portuguese investment won't trigger prohibited transaction penalties.
| PLR Detail | What to Know |
|---|---|
| Cost | $3,000–$38,000 (based on gross income) |
| Timeline | Typically 180 days for IRS response |
| When to Request | Before making the investment |
| Required? | Not mandatory, but recommended for complex IRA structures |
Who should consider a PLR: High-net-worth investors using checkbook LLCs, investors with complex IRA structures, or anyone wanting written IRS confirmation before a €500,000+ commitment.
Most Golden Visa fund investments through established SDIRA custodians don't require a PLR, but sophisticated investors often pursue one for peace of mind.
Frequently Asked Questions
Can US citizens open a bank account in Portugal?
Yes, US citizens can open a bank account in Portugal by providing necessary documentation such as a passport, proof of address, and a tax identification number (NIF). You must be at least 18 to open an account in your name.
Important for non-residents: To obtain a NIF as a non-EU citizen, you may need a fiscal representative in Portugal. However, since 2022, this requirement has been eliminated for residents of countries with tax information exchange agreements with Portugal (including the US, UK, Canada, Australia, and 130+ others). Check current requirements with the Portuguese tax authority.
Do any US banks have branches in Portugal?
Deutsche Bank has a presence in Portugal for corporate and investment banking services. Note that these institutions serve large corporations and institutional clients—they do not offer retail banking for individual expats.
What is the best bank in Portugal?
The largest and most highly regarded bank in Portugal is Caixa Geral de Depósitos, with Millennium BCP and Novobanco following.
What is the best bank account in Portugal for foreigners?
Millennium BCP is considered one of the best banks in Portugal for foreigners due to its strong reputation, wide range of services, extensive branch and ATM network, and user-friendly app. It is a top pick for expats in Portugal.
Which bank offers the best savings account in Portugal?
Novobanco offers savings accounts from a well-established traditional bank. Note that digital banks may offer higher interest rates, so compare options before deciding.
About Movingto
Movingto is a leading immigration firm specializing in residency and citizenship by investment. We help individuals and families secure European residency through Portugal's Golden Visa, D7 Passive Income Visa, and citizenship pathways.
Did you know Movingto can open a bank account for you remotely?
Our team are experts in Portuguese Bank Accounts. Book a free call with a specialist now.
Get in touchWhy Choose Movingto?
- Golden Visa Experts: Deep expertise in Portugal's investment fund route, with verified fund partners and end-to-end application support.
- Personalized Guidance: Every client's situation is different. We tailor our advice to your goals, timeline, and family circumstances.
- Full-Service Support: Beyond immigration, we assist with tax planning, fund selection, document preparation, and relocation logistics.
- Transparent Pricing: Clear fees upfront — no hidden costs or surprises.
- Responsive Team: Fast, attentive communication throughout your journey.
Frequently Asked Questions
Can I open a Portuguese bank account as a non-resident?
Yes. Several Portuguese banks allow non-residents to open accounts, including Millennium BCP, Novo Banco, and ActivoBank. You will need your passport, proof of address (from your home country), NIF (Portuguese tax number), and proof of income or employment. Some banks require an in-person visit, while others like ActivoBank offer remote account opening for EU residents.
Which Portuguese bank is best for expats?
For most expats, Millennium BCP offers the best combination of English-language support, online banking, and branch accessibility. ActivoBank is ideal for digital-first users with no monthly fees. Novo Banco is a solid choice for those needing full-service banking with competitive rates. Caixa Geral de Depósitos, the state-owned bank, is the largest overall, with a full product range.
Do I need a NIF to open a bank account in Portugal?
Yes. A NIF (Número de Identificação Fiscal) is mandatory for opening any Portuguese bank account. You can obtain a NIF online through a fiscal representative (often same-day) or in person at a local tax office (Finanças). Processing time varies from same-day to several business days depending on the method.
Can I open a Portuguese bank account online from abroad?
EU residents can open accounts remotely with ActivoBank and some digital banks. Non-EU residents typically need to visit a branch in person at least once, though some banks accept video verification. For Golden Visa applicants, most lawyers can arrange account opening as part of their services.
What documents do I need to open a bank account in Portugal?
Required documents include: valid passport or ID, NIF (Portuguese tax number), proof of address (utility bill or bank statement from your home country), and proof of income (employment contract, tax returns, or bank statements). Some banks require a minimum deposit of €250-300 and a Portuguese phone number for SMS verification. Additional documentation may be requested for non-residents.
Are Portuguese bank accounts free?
ActivoBank and Banco CTT offer free accounts with no monthly maintenance fees. Traditional banks like Millennium BCP and Novo Banco charge €5-7 per month for basic accounts, though fees may be waived if you maintain minimum balances or receive regular salary deposits.
Can I transfer money internationally from a Portuguese bank?
Yes. All major Portuguese banks support SEPA transfers (free or low-cost within the EU) and SWIFT international transfers. Transfer fees typically range from €15-30 for non-EU transfers. Many expats use Wise or Revolut alongside their Portuguese account for lower international transfer fees.
