Banking in Portugal – Everything Expats Need to Know About Banks and Payments

When starting your life in Portugal, one of the first hurdles to overcome opening a Portuguese bank account. You might be able to get around without one, relying instead on any non-Portuguese accounts you may already have, but having your own account in a Portuguese bank will facilitate almost every aspect of your time and life in Portugal.

With over 150 banks in Portugal, from private retail banks, public and cooperative banks, international banks, and even digital online banks, there is no shortage of choice when it comes to selecting what works best for you.

Portugal’s state-of-the-art Multibanco interbank network connects almost all the banks authorised to operate in Portugal, making life easier for residents and expats living in Portugal. Multibanco is the largest operator of ATMs across the country, and these ATMs offer a wider range of features than in many other countries, allowing the user to not only withdraw cash but also make transfers and pay bills and taxes directly from the machine. Other companies like Euronet also operate their own ATMs in Portugal, but as these mostly charge fees for withdrawals and other services and have fewer functionalities, most people prefer to use Multibanco ATMs where possible, so much so that the term Multibanco is also used to refer to ATMs.  

Banks in Portugal are regulated and monitored by the Bank of Portugal and the European Central bank.

There are several local Portuguese banks, some of which have become true pillars of the Portuguese society. The following in this list are the most well-known. Portugal Homes does not endorse any of the following banks, nor is the list in any particular order.

Caixa Geral de Depósitos (CGD) is one of the most important Portuguese banks and the only one that is fully owned by the Portuguese state. It is one of the oldest operating banks in Portugal, having been founded in Lisbon in 1876. CGD operates in 23 countries across 4 continents and offers key services such as customer deposits, loans, mortgages, and mutual funds, among many others.

Founded in 2014, NovoBanco is the newest bank in this list. It was formed after its predecessor, Banco Espírito Santo (BES), was restructured and recapitalised by the Bank of Portugal in order to save its health assets after bankruptcy. Since then, NovoBanco has become the 4^th biggest banking institution in Portugal, with much of its operations focused solely on Portugal. NovoBanco offers accounts specifically tailored to expats seeking to settle down in Portugal.

Banco Português de Investimento (BPI), also known the Portuguese Investment Bank, is a private institution currently owned by CaixaBank. Though BPI is oriented more toward businesses and investments, it also offers public retail banking services and is one of the Portuguese’s most popular retail banks. Founded in Porto in 1981, the bank now operates cross Portugal, Spain, Angola, and Mozambique.

Millenium BCP is another of the largest and best-established Portuguese banks, operating more than 695 branches countrywide, as well as in several other countries. Like most other major banks, it offers products and services oriented to public retail, investment, and businesses and operates two sub-brands named Banque BCP and ActivoBank.

Banco Montepio is another staple in the Portuguese banking landscape. Founded in 1844, it is one of the oldest banks in Portugal. This bank focuses on public retail, services for clients with moderate to medium savings, loans, services to micro, small and medium businesses, and service-driven companies.

Besides traditional Portuguese banks, expats can also choose other banks they may already be familiar with, as plenty of international banks have a well-established presence in Portugal. Portugal Homes does not endorse any of the following banks, nor is the list in any particular order.

Abanca is a Spanish-based bank fully operating in Portugal in addition to multiple other countries, including the United Kingdom, and the United States. It offers many banking services for individuals and businesses, including checking and savings accounts, loans for purchasing a vehicle, Real Estate or personal credit, insurance products, and several investment options across many sectors.

Deutsche Bank has been operating in Portugal since 1978, though it no longer has public retail services. Regardless, the Bank’s specialty in investment and corporate banking, as well as wealth and asset management, makes it a bank to consider if you have a business you would like to establish in Portugal.

French-based BNP Paribas has been operating in Portugal since 1985, and it has since been a bank of reference for the Portuguese market. Its main focuses are commercial and personal banking, and investment and corporate banking.

The Spanish BBVA is another international bank option. Based in Madrid and Bilbao, BBVA has been operating in Portugal since 1991 and is one of the largest banks in the world. In Portugal, the bank offers multiple banking services, including public retail, such as checking and savings accounts, personal credits, and insurance products, as well as business-geared services like business accounts, financing and loans, business banking cards, and many others.

British expats may well already be familiar with the Spanish Santander Bank, since it has a strong presence in the United Kingdom. Santander Bank is also well-established in Portugal and one of the most chosen options in Portugal by both individuals and businesses alike. It has multiple accounts to choose from, as well as several other banking services, including but not limited to credit cards, investment products, and accounts holding foreign currencies.

Keeping up with current trends, many Banks have launched their own digital services, available through home banking in Portugal. Other international companies have established their own digital banks in Portugal. You can find some of the most common options in this list. Portugal Homes does not endorse any of the following banks, nor is the list in any particular order.

ActivoBank is part of the Millennium BCP bank, though it acts as its own entity. It is a 100% digital bank, with all features accessible online. However, it does have some physical branches located throughout the country to help people create accounts, print cards on demand, and provide assistance whenever necessary.

Banco CTT is a bank owned by the Portuguese Post Office Service and is specifically geared toward public retail services. This bank provides multiple options for everyday checking and savings accounts. They also offer insurance, credit cards, and other investment-driven financial products.

Moey is a digital bank owned by Crédito Agrícola, another Portuguese bank. Moey stands out due to its simplistic approach to digital banking, offering a 100% online solution with no maintenance deposit fees

Revolut may be interesting choice for many expats due to its perks and features, especially when it comes to foreign currency exchange rates. In 2021, the European Central Bank granted Revolut a banking licence, allowing the company to fully operate as a digital bank in Portugal, while in 2025, the bank reached an agreement with the group that operates the Multibanco system, allowing Revolut customers to use the national payment and ATM system, as well as pay via MB Way. Revolut also offers debit and credit cards, personal loans services, stock trading, and cryptocurrency services.

N26 is another digital bank solution, available through an a mobile application. It a worthwhile option to consider due to its lack of fees and commissions for currency exchange. It has a licence to operate in Portugal and offers other types of services, including simple checking accounts, savings accounts, and cryptocurrency services.

Banks in Portugal will provide the usual public retail services you may already be accustomed to. However, most will also provide private and personalized services to expats and investors, including exclusive access to investment opportunities, with subscriptions to private equity, venture capital, and hedge funds often being an option. Some of the most common and most basic services you can expect to be able to access are:

Most banks in Portugal have established full online and digital presences, enabling you to operate and manage your transactions from the comfort of your home through mobile or online banking.

Opening an account in most banks in Portugal is typically a process that requires you to go in person to a local branch of your bank of choice. Most bank branches are open Monday to Friday, from 8:30am to 3pm. Some might open on Saturdays on a more limited timeframe.

Some digital banks, like ActivoBank and Banco CTT, will let you start the process online but will require some form of authentication or a visit to their physical branches. Not all digital banks have physical locations in Portugal, but both listed examples do.

In order to open a bank account in Portugal, you will need to carry some documentation with you, including a valid form of ID, such as a passport, as well as proof of address and the Portuguese Taxpayer Number (NIF). Some banks may allow to temporarily open without an address at first, but it will need to be provided sooner or later. If you provide all the documentation, you should be able to open the account on the same day. Some banks will be able to print the card in the moment, but otherwise you can either pick it up at the branch or expect to receive your debit or credit card in the following days at your address.

Expats seeking to relocate to Portugal, whether already having a property or not, should know that it is virtually impossible to buy Real Estate without holding a Portuguese bank account. Portugal Homes facilitates the process of opening a bank account in Portugal for you, even if you are not interested in acquiring property, through the Tax Representation services provided by our After Sales team. By empowering us with power of attorney, you will allow our specialised staff  to provide an expedited journey to settling your fiscal and status in Portugal, which includes opening a bank account, obtaining a Portuguese Taxpayer Number, and declaring your yearly tax.

It is always a good idea to carry some cash around with you in Portugal: a €10 or €20 note in the wallet is generally enough for everyday life. This may be confusing for those used to paying by card for anything and everything in their home country, but despite Portugal having advanced banking, payment, and transfer systems, there are still plenty of shops, especially smaller cafés, supermarkets, or other kinds of retail service, that do not accept a bank cards as a payment method. This is generally the result of the commissions and fees banking institutions charge for the use of their payment terminals. While the reverse might also happen, with places only taking payment by card, it is far more unlikely and would probably only be encountered in the largest cities.

Debit cards are by far the most popular choice among Portuguese people. When opening a bank account in Portugal, you will be typically given a Visa or MasterCard Debit Card, depending on what type of account you choose to open.

Most Portuguese debit cards are equipped with both PIN and contactless technologies. Contactless, as a payment method, is limited to amounts up to €50, with a cumulative limit of €150 or 5 consecutive transactions. If you wish to make a purchase of a higher amount or a greater number of payments, you will have to provide your PIN for security purposes.

Credit cards are also an option, though they are not nearly as commonly used as debit cards in Portugal. However, they remain available, and most Banks will provide them either at request, though this may require an analysis of the person’s financial background, or in a bundle of financial services. When researching Portuguese banks, it is always a good idea to research the type of financial products on offer and see how it can best benefit you. Also, like debit cards, credit cards are equipped with PIN and contactless technologies, with the same restrictions.

While most Portuguese shops will accept common payment networks, like Visa or MasterCard, this is not always a guarantee. These networks may be refused because Portugal has its own payment network: Multibanco. Almost every bank fully operating in Portugal will issue a card that dually accesses either the Visa or the MasterCard network and the Multibanco network, and any location accepting card payment in Portugal will take payment via the Multibanco network. Multibanco cards can also be either debit or credit.

The Multibanco (MB) System makes banking in Portugal an effortless endeavour. This Portuguese state-of-the-art system connects all major banks in Portugal in a single network. Multibanco offers a network for point-of-sale payment and bank transfer services, as well as operating the majority of ATMs found in Portugal.

The Multibanco System has more than 11,000 ATMs spread throughout the country and there is usually one around the corner in every major street in Lisbon and Porto. They are a bit harder to find in the countryside, but even so, Multibanco ATMs are extremely commonplace and can often be found inside supermarkets and shops.

Besides standard operations you can expect from an ATM, like being able to withdraw cash, Multibanco ATMs also let you pay taxes, charge your monthly transportation card, pay bills, and make national and international banking transfers. Since most Portuguese banking cards are able to access both the Multibanco network and either the Visa or MasterCard networks, you can insert your card with no issue. Cash withdrawals have a limit of €200 per withdrawal and up to €400 per day.

SIBS, the company in charge of Multibanco, also has a digital form of Multibanco, called MBWay, a downloadable application that lets you perform standard Multibanco operations through your phone. For instance, if you do not have your card at hand, you can generate a code in the application, go to the nearest MB ATM, and withdraw cash from your account without needing to use the card itself. You can also effortlessly and immediately wire money from one account to another without having to wait for the standard waiting period time when doing it directly an ATM. Other operations include the creation of virtual credit cards, adding another layer of security to your already existing card when making online purchases.

For a long time, the only way to 100% guarantee the money you were transferring went to the correct person in Portugal was by doing it directly at a Multibanco ATM, since the name of the account’s holder appears directly on the screen.

In an effort to combat fraud and money being sent to the wrong recipients, the Bank of Portugal issued a new directive in May 2024 to all banks operating in Portugal. Now, the name of the account holder appears whenever someone tries to make a transfer through the bank’s online or mobile application, fully eliminating the need to physically go to a Multibanco ATM to make the transfer. The same functionality will also apply to direct debits, ensuring that consumers have full knowledge that they are contracting the debit with the right entity. New 2025 EU payment regulation also requires that banks make offer instant transfers (money available within 10 seconds) which must be processed 24/7 and cost the same as, or less than, standard SEPA transfers.

Another directive was also issued, requiring banks to provide to the option to transfer money between Portuguese accounts with just the use of a phone number through their home/mobile banking applications, which means consumers will now have more options and rely on fewer digital applications.

Portugal continues to lead the vanguard in banking solutions and services, with a growing range of offerings designed to facilitate the lives of residents and citizens. Benefits such as the ability to conduct secure wire transfers from the comfort of your own home, confident that funds will reach the correct account, demonstrate that banking in Portugal is safe, user-friendly, and convenient. With multiple options to choose from, opening a bank account in Portugal as an expat is a straightforward and effortless process.

This reflects many other aspects of life in Portugal, and expats considering a move can expect to find a modern country with updated infrastructure, reliable public transportation, excellent healthcare services, and some of the best schools and universities in Europe.

All of this, combined with the country’s lower cost of living, beautiful weather and beaches, and the Portuguese population’s high level of English proficiency, shows that Portugal offers the full package for expats hoping to lead a relaxed, tranquil life in the sun.