Banks in Portugal for Expats
You need a Portuguese bank account for rent, utilities, taxes, and daily life (MB WAY!). Portuguese banks charge for almost everything — but some are much better than others for expats. Here's the honest comparison.
How to choose
Bring your passport, NIF, proof of address, and proof of income. Some banks let you open an account the same day, others take 1-2 weeks. Ask specifically about maintenance fees, transfer fees, and card fees before signing.
ActivoBank
Digital-first bank with zero maintenance fees. The expat favourite.
Pros
- +Zero monthly maintenance fees
- +Good mobile app in English
- +Easy account opening process
- +Free domestic transfers
- +Free debit card
Cons
- -No physical branches (uses Millennium BCP ATMs)
- -Account opening requires in-person visit
- -Limited investment products
Best for: Most expats — best balance of features and zero fees
Visit website →Bordr (Remote Bank & NIF Setup)
Open a verified Portuguese Millennium BCP or Novobanco bank account and get your NIF 100% online before moving.
Pros
- +100% online from abroad
- +No travel or Portuguese address required
- +Includes fiscal representation and official NIF
- +Dedicated English-speaking support
Cons
- -One-time setup fee
Best for: Incoming expats, D7/D8 visa applicants needing an account before arrival
Visit website →Wise
Multi-currency account for receiving foreign income, paying zero markup exchange rates, and sending remittances.
Pros
- +Cheapest international transfers to UK, US, India, Bangladesh, etc.
- +Real mid-market exchange rate
- +Virtual & physical debit cards
- +Instant Portuguese IBAN payments (SEPA)
Cons
- -Not a traditional Portuguese retail bank (no MB WAY)
Best for: Expats receiving foreign income or sending money home
Visit website →Remitly
Specialized money transfers from Portugal to India, Bangladesh, Pakistan, Nepal, and worldwide.
Pros
- +Express transfer options
- +High exchange rates for South Asian corridors
- +Bank deposit or cash pickup
Cons
- -Transfer service only, not a checking account
Best for: Workers and expats sending regular money back home
Visit website →Moey
App-only bank. Open an account from your phone in minutes.
Pros
- +Open account 100% online
- +No maintenance fees
- +Instant notifications
- +Modern app
Cons
- -No physical branches at all
- -Limited features compared to full banks
- -May struggle with some direct debits
- -Portuguese-focused app
Best for: Tech-savvy expats who want quick setup
Visit website →Millennium BCP
Portugal's largest private bank. Full service but expensive.
Pros
- +Largest branch network
- +Full range of services
- +English-speaking staff in major cities
- +Good mortgage products
Cons
- -Monthly fees €5-15
- -Card fees
- -International transfer fees
- -Slow account opening
Best for: People who need a full-service bank with branches
Visit website →CGD (Caixa Geral)
State-owned bank. Most branches, most bureaucratic.
Pros
- +Government-backed (safest)
- +Most ATMs and branches nationwide
- +Required for some government payments
Cons
- -Monthly fees
- -Very slow and bureaucratic
- -Limited English
- -Outdated digital experience
Best for: People in rural areas who need physical branches
Visit website →Novo Banco
Mid-tier bank. Decent digital experience, some fees.
Pros
- +Reasonable fees
- +Improving digital experience
- +Good for mortgages
- +English support available
Cons
- -History of instability (BES successor)
- -Monthly maintenance fees
- -Not the cheapest
Best for: People looking for mortgages or investment products
Visit website →Insider Tips
- →ActivoBank is the answer for 90% of expats living in Portugal — zero fees, English app, easy setup
- →Need a bank account before arriving? Services like Bordr (bordr.com/?via=george) open Millennium BCP accounts 100% remotely
- →Use Wise for international transfers and foreign client payments — Portuguese banks charge exorbitant markup rates
- →For sending money home to India, Bangladesh, or Nepal, Remitly offers the fastest transfers and best corridor rates
- →Set up MB WAY immediately once you have a Portuguese debit card — it's essential for peer-to-peer payments
- →Ask about 'comissões' (fees) before signing anything — maintenance, cards, transfers, statements