International banks in Portugal: Best options for expats

Finding the best bank in Portugal for foreigners is a crucial step when relocating to Portugal. Whether you’re a retiree seeking a safe place for savings or a digital nomad who needs fast online transfers, understanding how international banks in Portugal operate will help you avoid costly mistakes when relocating, applying for Portugal residency, or managing finances abroad. 

This guide explains the banking landscape, compares the best banks for expats, and summarises required documents, account types, and digital alternatives.

Overview of the international banking landscape in Portugal

Portugal’s banking system is stable and regulated by Banco de Portugal under EU rules. All accounts use SEPA IBANs, which makes euro transfers easy and affordable across the Eurozone. For expats, banking is straightforward. 

Many banks in Portugal have English-speaking staff, and some like Novo Banco even allow remote account opening through a power of attorney.

The country offers a wide mix of options, from state-owned Caixa Geral de Depósitos and private Millennium BCP to international names like Santander Totta and EuroBic. Fintechs such as N26, Revolut, and Wise are also popular with newcomers. 

Digital banking is strong. Most banks offer secure apps like Caixa’s Caixadirecta, and fintechs provide fully online accounts with quick setup. 

Many traditional banks in Portugal also now let you open an account from your phone, making the process even easier. However, you need a residency permit for this.

Best international banks in Portugal for expats

The following sections review the best bank in portugal for foreigners: 

1. Caixa Geral de Depósitos (CGD)

CGD is Portugal’s largest bank and is state‑owned. It had €88.6 billion in assets in 2023 and operates in 23 countries. CGD offers a full range of services: mortgages, personal loans, investment funds, life insurance, and pension products. 

Caixadirecta, its online and mobile banking service, allows bill payments, domestic and international transfers, and even stock trading.

Services for expats & non-residents

CGD provides current and savings accounts. It offers mortgages to foreigners and has branches in major cities and expat areas. Its global reach is helpful for those with international ties.

Online & mobile banking

Caixadirecta lets users manage accounts, make transfers, and handle investments. It includes card controls, e-statements, and strong security features.

Ease of opening

Accounts typically require an in-person visit. Expats need, among others, a Portuguese Residency Permit, Portuguese NIF, ID, and proof of address. Some branches offer English-speaking staff, though service quality can vary.

2. Millennium BCP

Millennium BCP is Portugal’s largest private bank. It operates in Mozambique, Angola, Poland, Switzerland, and France. The bank provides personal and business banking, mortgages, loans, insurance, and investment products.

Services for expats & non-residents

Millennium offers English-speaking staff, and works with relocation services. It provides multi-currency accounts, wealth management, and mortgage products for foreigners.

Online & mobile banking

Its digital platforms allow account management, transfers, bill payments, and investment transactions with secure authentication.

Ease of opening

Millennium generally requires an in‑person visit but is known for smooth account opening procedures. Non‑residents must provide a passport or EU ID, Portuguese NIF, proof of address and proof of income. Some offices in Lisbon and Porto specialise in assisting foreigners.

3. ActivoBank

ActivoBank is the digital arm of Millennium BCP. It offers accounts, credit cards, and investments with no monthly or card fees, targeting online banking users.

Services for expats & non-residents

It accepts non-residents but may require a residence card. It shares Millennium’s deposit protection and supports SEPA transfers for everyday banking.

Online & mobile banking

The app lets residents open accounts, manage budgets, invest, and make transfers. Live chat is available for support.

Ease of opening

Residents can open accounts online, while non-residents usually visit a Millennium branch. 

4. Banco Santander Totta

Banco Santander Totta is one of the leading international banks in Portugal and serves as the Portuguese arm of Banco Santander. With around 400 branches and awards like “Best Bank” and “Safest Bank in Portugal,” it offers loans, savings, credit cards, insurance, and investments.

Services for expats & non-residents

It’s popular with expats, especially existing Santander customers, offering cross-border support, mortgages for non-residents, and English-speaking staff in key branches.

Online & mobile banking

The app provides biometric login, real-time alerts, and international transfers, though fees can be higher than some competitors.

Ease of opening

Accounts are usually opened in-branch after completing the process.

5. Novobanco

Novobanco was founded in 2014. It is one of the best banks in Portugal, highly recommended and praised for its professional service. With over 300 branches, it offers personal and business accounts, mortgages, loans, insurance, and investments.

Services for expats & non-residents

It provides accounts, savings products, and mortgages for expats. English-speaking staff are available in the main locations. 

Online & mobile banking

The app is one of the best and supports account management, transfers, and bill payments. 

Ease of opening

Account opening usually requires an in-branch visit. Onboarding may take longer due to compliance checks, which is a common part of banking in Portugal procedures.

It is the only bank that allows non residents to pen the account through a power of attorney bank

6. Banco Atlântico Europa

Banco Atlântico Europa is part of Atlântico Financial Group and is one of the well-known banks in Portugal, focusing on savings, investments, and real estate financing. It caters to international clients with tailored services.

Services for expats & non-residents

The bank stands out for its remote onboarding process and multilingual support. It offers current accounts, investment products, foreign exchange services, and international transfers.

Online & mobile banking

Its digital platform provides account management tools, spending analysis, and integrated investment options. Since the bank has only one branch in Lisbon, its online platform may be less extensive than larger retail banks, but it caters well to international clients.

Ease of opening

Required documents include a valid passport, Portuguese NIF, proof of address, and proof of income. A minimum deposit or investment is typically required to activate the account.

7. Banco BPI

Banco BPI is Portugal’s third-largest private bank, serving 1.4 million customers. It offers retail, corporate, and investment banking, with a strong presence in real estate and agriculture financing.

Services for expats & non-residents

BPI provides current accounts, savings products, mortgages, investment funds, and insurance packages. It is known for stable long-term loans and quality investment options. While it serves non-residents, its products often appeal more to residents or long-term investors than short-term expats, reflecting common trends in banking in Portugal.

Online & mobile banking

Its digital tools, BPI Net and BPI App, allow secure transfers, bill payments, and investment management. The bank continues to upgrade its digital infrastructure to improve customer experience. 

Ease of opening

Opening an account requires an in-branch visit. Non-residents must provide a passport, Portuguese NIF, proof of address, and proof of income. Minimum entry thresholds may be higher than those at smaller or digital banks.

8. Banco Montepio

Banco Montepio is a mutual savings bank with a focus on social responsibility and community support. It offers accounts, loans, mortgages, insurance and mutual funds and is often praised for its ethical approach.

Services for expats & non-residents

Montepio provides family and youth accounts, which are often appealing to families with children, retirees, and individuals with lower income. While the bank’s main focus isn’t international clients, it remains a trusted option for those who value its ethical banking philosophy and long-standing community role.

Online & mobile banking

The bank’s Montepio24 platform and mobile app support basic banking functions like checking balances, making transfers, and paying bills. Though its digital services are more limited compared to major commercial banks, they cover essential day-to-day needs.

Ease of opening

Required documents include a valid passport, Portuguese NIF, proof of address, and proof of income. Processing times can vary depending on the branch and individual circumstances.

9. EuroBic / Abanca

EuroBic is a commercial bank, originally tied to Angolan Banco BIC, offering personal accounts, loans, investments, and wealth management.

Services for expats & non-residents

The bank caters to residents and non-residents alike, providing competitive foreign exchange rates and advisory services. Moreover, competitive foreign‑exchange rates and dedicated advisors may appeal to individuals involved in international trade.

Online & mobile banking

Its platform covers essential functions such as account management, transfers, and payments. While reliable, it is updated less often than larger banks, so features may be more basic. 

Ease of opening

Opening an account requires visiting a branch and providing ID or passport, Portuguese NIF, proof of address, and proof of income. 

10. Bison Bank

Bison Bank is a private bank owned by Hong Kong’s Bison Capital, specializing in wealth management and Golden Visa services.

Services for expats & non-residents

The bank provides portfolio management, brokerage, wealth planning, and financing for property investments. Its services are designed for international clients seeking personalized financial strategies and residency-linked investment solutions.

Online & mobile banking

Its digital tools allow clients to monitor portfolios and manage accounts securely. However, most services are delivered through dedicated relationship managers.

Ease of opening

Non-residents can open accounts remotely. Entry requirements are high, typically involving significant deposits or investments to access its private banking services.

Required documents for residents and non-residents for opening a bank account in Portugal

These are the standard documents needed to open a bank account for both residents and non-residents:

Passport or EU ID

A valid passport or national identity card is needed to verify your identity. Non-EU citizens must present a passport, while EU citizens can use their national ID card.

Portuguese NIF (Tax ID)

The NIF (Número de Identificação Fiscal) is required to open any bank account in Portugal. It can be obtained from the tax office or through a fiscal representative if you’re not a resident.

Touchdown helps you get your NIF smoothly. Usually, you need to be present at a Portuguese government office to collect your NIF. But our team of experts handle everything through power of attorney to make sure you get your NIF on time.

Proof of address

Banks usually ask for a recent utility bill, rental contract, or official document showing your address. Non-residents can use a foreign address if they don’t have a local one.

Proof of income or employment

A recent pay slip, employment contract, or tax return may be requested to meet anti–money laundering requirements. Self-employed individuals can provide tax records or invoices.

Initial deposit

Most banks require an initial deposit, typically around €250, though this may vary by bank and account type.

FATCA forms for U.S. citizens

U.S. citizens must complete FATCA (Foreign Account Tax Compliance Act) forms when opening an account to comply with international tax regulations.

Digital banks and money transfer services in Portugal

Beyond traditional banks in Portugal, many expats and freelancers use digital banks and fintech platforms for their flexibility, low fees, and fast international transfers. 

These modern tools have become an essential part of banking in Portugal, especially for people who need multi-currency accounts or want to manage money before moving to Portugal. 

Wise

Wise offers a multi-currency account and debit card that lets users hold, send, and receive dozens of currencies at mid-market exchange rates. Accounts can be opened online before arriving in Portugal, and security is reinforced with two-factor authentication. 

Wise charges transparent, low transfer fees and is ideal for paying rent, receiving income, or sending money abroad. While it’s not a bank and deposits aren’t covered by Portuguese deposit insurance, it’s regulated in the EU as a licensed money institution.

Revolut

Revolut is a UK-based digital bank offering free and premium plans. The free plan includes a virtual debit card, fee-free spending within limits, SEPA transfers, and instant peer-to-peer payments. Premium plans unlock extra perks such as higher withdrawal limits, travel insurance, and airport lounge access.  

Because accounts come with IBANs (usually Lithuanian or French), Revolut enables smooth international transfers, a useful feature for expats who may also keep accounts with American banks in Portugal or other international institutions. However, Revolut has limited support for cash deposits and no cheque services.

N26

N26 is a German neobank known for its user-friendly app, free standard accounts, and strong budgeting tools. It offers a European IBAN, making it easy to set up direct debits, receive salaries, and manage expenses without foreign transaction fees in the euro area. 

Account opening is quick and fully online, though eligibility can vary by country, so checking current sign-up policies is essential.

Types of bank accounts available in Portugal

Current accounts (Conta à Ordem)

This type of account is one of the most common options offered by banks in Portugal. These are everyday accounts used to receive salaries, pay bills, and make card transactions. Both residents and non-residents can open them, depending on the bank. And they typically come with a debit card and online banking access. 

Savings accounts (Conta Poupança)

These interest-bearing accounts help grow or preserve capital. Some have fixed terms, while others are more flexible. Interest rates are usually modest but can offer more security than keeping funds in a current account. Many of the best banks in Portugal for foreigners options include simple savings accounts for easy onboarding.

Foreign accounts

These accounts let foreigners hold euros in Portugal without needing legal residency. Select banks offer them, including Novo Banco, Banco Atlântico Europa, and Bison Bank. They're popular with expats, investors, and second-home owners.

Golden visa and investment accounts

Private banks in Portugal like Bison Bank and some mainstream banks offer specialized accounts for Golden Visa applicants. These accounts may include investment options, wealth management services, and legal or residency support.

How can Touchdown assist your move to Portugal?

Starting a new life abroad can feel overwhelming, especially when it comes to navigating banking in Portugal. Opening a local account is often one of the first steps expats take, and choosing the right banks in Portugal can make the entire relocation process far smoother.

That’s where Touchdown comes in. As Portugal’s leading relocation platform, Touchdown combines clear guidance, smart technology, and hands-on legal support to make the process simpler and more transparent.

Every relocation journey is different. You might be moving alone, with a partner, or with your family. Our free Eligibility Checker quickly identifies your best options, and from there, our in-house legal team provides full support and visibility at every stage.

With Touchdown, you get expert legal guidance, a clear step-by-step process, and one platform to manage visas, NIF, banking, rental contract review, and taxes.

Book a 1:1 consultation with our team or explore our platform to find the services you need.

FAQs about banking in Portugal

What is the best bank for foreigners in Portugal?

The best bank depends on your situation. Santander, Millennium, BPI, and Novo Banco are strong options for retirees and families.

What US banks have branches in Portugal?

No major American banks in Portugal operate locally. Some (like JP Morgan) have offices, but for personal banking, U.S. expats typically open accounts with Portuguese or EU banks.

Is JP Morgan Chase in Portugal?

JP Morgan operates corporate offices in Lisbon but doesn’t offer retail banking for individuals.

Can a U.S. citizen open a bank account in Portugal?

Yes, but options are limited. Most Portuguese banks (Santander, Millennium, BPI) don't accept U.S. citizens due to FATCA compliance requirements. Novo Banco is one of the few exceptions that allows U.S. citizens, including non-residents, to open accounts.