Want To Open A Bank Account In Portugal? Here’s A List of The Main Banks In Portugal.
Considering a move to Portugal?
Whether you're planning to work, start a business, study at a Portuguese university, or simply visit family, it might be a good idea to open a Portuguese bank account.
Portugal offers a wide range of retail banks to choose from, so which one should you go for? To help expats get their finances sorted, we've compiled a list of the top banks in Portugal along with details of their current and savings accounts.
Before we delve into the details, let's quickly go through how banking works in Portugal.
Banking in Portugal (an overview):
The banking system in Portugal is modern and well-integrated, thanks to the advanced Multibanco interbank network. There are around 150 banks in Portugal, including private national retail banks, cooperative banks, and international banks. Most of these banks are regulated by the Banco de Portugal.
Online and mobile banking services are offered by most banks in Portugal. However, if you need to visit a physical branch, you'll find that most retail banks are open from 8.30am to 3pm, Monday to Friday, with some operating limited hours on Saturdays.
Here’s What You’ll Need:
To open a bank account in Portugal, you'll generally need to do it in person at a branch, although some banks do allow you to start the process online. Make sure to have your ID and other required documents ready, including proof of address and your Portuguese NIF number.
Fees:
Keep in mind that most Portuguese bank accounts come with certain fees. This includes monthly account maintenance fees, typically around €5-7 per month, although fee-free student accounts can be found. If you opt for a credit card, you can expect to pay annual fees ranging from €15-50. Additionally, using your Portuguese debit card outside the country or making international transfers from your Portuguese bank account may incur fees.
List of the main banks in Portugal:
Santander: An international bank with a presence in the UK and one of the largest private banks in Portugal. It offers various account options, including the popular Santander Account with Mundo 123, as well as specialized accounts for young people and other financial products.
Novo Banco: With a large network of branches and ATMs throughout Portugal, Novo Banco provides a wide range of products for personal customers. This includes packaged accounts, simplified accounts, and a special account for newcomers called the Golden Key Account.
Caixa Geral de Depósitos (CGD): One of the largest banks in Portugal, CGD is known for its commercial and investment services, but also offers products and services for retail customers. It provides current accounts and a special account for young people up to 25 years old.
Millennium BCP: A major private bank with an extensive branch network in Portugal and globally. Millennium BCP offers popular current accounts, savings and investment products, insurance, personal loans, mortgages, and a variety of credit, debit, and prepaid cards. Its website is also available in English.
Banco CTT: One of Portugal's rapidly growing private banks, Banco CTT focuses on services for personal customers. It offers various accounts for day-to-day banking, including the CTT Bank Account, as well as credit solutions, insurance, savings and investment products, and debit and credit cards.
Banco BPI: Owned by the Spanish bank CaixaBank, Banco BPI serves both personal and business customers. It provides a range of current accounts, specialized accounts for children and young people, and various cards and savings products.
Abanca: Another Spanish bank operating in Portugal, Abanca offers accounts and products for individuals and businesses. Personal customers can choose from options such as the Value Account or Smart Account, in addition to foreign currency accounts, savings accounts, cards, insurance products, and investment options.
EuroBic: A Portuguese bank with links to Angola, EuroBic caters to both individuals and companies. It offers accounts like the EuroBic 365 Account and EuroBic Prime Account for everyday banking, as well as specialist accounts for different age groups.
Portugal also has several digital banks to choose from, including Revolut and N26, which offer app-based accounts with various plans and features.
Want to make opening a bank account in Portugal a piece of cake?!
Learn more about opening a bank account in Portugal.
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