Portugal has a conventional branch-bank system alongside app-based banks and EEA payment providers. For most newcomers, the practical question is not simply “which bank is best?” but whether you need a Portuguese PT IBAN, local services such as MULTIBANCO/MB WAY, branches or cash deposits, or mainly low-cost international transfers and multiple currencies.

Do you need a Portuguese bank account?

A Portuguese account is extremely convenient for day-to-day life, although many euro payments can legally be made from another SEPA account. A PT IBAN can make local direct debits, Portuguese payment references and some administrative or commercial processes easier in practice. If you already use an EEA account such as Revolut or a payment account such as Wise, keep it if it serves you well, but do not assume every Portuguese service supports every non-PT provider equally smoothly.

Common Portuguese banks

Large/common choices include Caixa Geral de Depósitos (CGD), Millennium BCP, Santander Portugal, BPI, novobanco and Crédito Agrícola. Digital alternatives operating in Portugal include ActivoBank and moey!.

Do not choose solely from a headline “free account” claim. Compare maintenance, cards, transfers, cash services, branch access and eligibility. Banco de Portugal provides an independent commission comparator and publishes institutions’ official fee schedules.

Opening an account: what banks normally ask for

Banco de Portugal requires banks to identify the customer and verify the relevant information. Expect identification, NIF/tax details, address and supporting evidence, and information about occupation/employer or economic activity and tax residence. A bank can request additional documents under its customer-identification and anti-money-laundering procedures.

Start with Banco de Portugal’s official account-opening guidance. Requirements and remote-opening availability differ by bank, especially for non-residents, so check the chosen bank before visiting a branch.

Residents and non-residents

Non-residents can have Portuguese bank accounts, but onboarding can require more documentation and some products are limited by the bank’s policy. If you are moving to Portugal, tell the bank when your address or tax-residence status changes. Do not leave an old non-resident status indefinitely simply because the account still works.

Services mínimos bancários: the low-cost basic account

Portugal’s serviços mínimos bancários regime gives eligible individuals access to essential banking services at a tightly limited annual cost. In 2026 the total annual charge may not exceed 1% of the IAS: €5.37. The usual condition is that the customer does not hold another current account, subject to statutory exceptions.

Check eligibility and included services on Banco de Portugal’s official minimum-banking-services page. This is a consumer/basic-banking regime, not a cheap substitute for a business account.

Deposit protection

Eligible deposits at participating Portuguese credit institutions are generally protected by the Fundo de Garantia de Depósitos up to €100,000 per depositor per institution, subject to the statutory rules. Multiple accounts at the same institution do not each create a separate €100,000 limit.

See Banco de Portugal’s deposit-guarantee explanation. For an app or foreign provider, check which legal entity actually holds the money and which country’s deposit-guarantee or safeguarding regime applies; do not assume every fintech balance is a Portuguese bank deposit.

Wise and Revolut can still be useful

Wise is particularly useful for international transfers and holding/converting multiple currencies. Revolut can be convenient for app-based euro and international banking/payment services. They can complement a Portuguese account, especially for people paid internationally or travelling frequently.

Compare the legal entity, IBAN, fees, cash/branch needs and local integrations rather than treating “online bank” as one category. For business banking, see the dedicated BorderlessAdvice business-banking guide.

Transfers, cards, MULTIBANCO and MB WAY

Portuguese debit cards are commonly connected to the MULTIBANCO ecosystem, whose ATMs provide services beyond cash withdrawals. MB WAY is widely used for mobile payments and person-to-person transfers. Whether a specific foreign-issued card/account can use all local functionality depends on the provider and service.

For euro transfers, SEPA makes cross-border euro payments routine. Always verify the recipient IBAN and name carefully; bank-transfer fraud is much harder to reverse than a card-payment dispute.

Fees: compare before opening

Portuguese banks may charge account-maintenance, card and service fees within the legal framework. Banco de Portugal’s comparator is better than a static “cheapest bank” table because prices change. Consumers also receive standardized fee information, while Banco de Portugal publishes the institutions’ fee schedules.

One useful rule: banks cannot charge consumers or microenterprises a commission merely for closing a current account. Settle pending transactions and move direct debits before closing.

Practical setup for a newcomer

  1. Get your NIF and assemble ID, address, tax-residence and income/activity evidence.
  2. Decide whether you need a PT IBAN, branches/cash, MB WAY/MULTIBANCO, international currencies, or a combination.
  3. Compare live fees using Banco de Portugal, not just advertisements.
  4. Check whether you qualify for serviços mínimos bancários.
  5. Open the account and activate online banking, cards and security notifications.
  6. Move salary/pension and direct debits deliberately; keep the old account temporarily if necessary.
  7. Never share authentication codes or approve an unexpected MB WAY/banking request.

Useful links

Last verified: 2 October 2026. Bank acceptance criteria, product fees and fintech features can change; use the linked live provider and Banco de Portugal pages before opening an account. No Amazon product is naturally relevant to this guide, so no affiliate product link is included.