Best banks in Portugal for expats in 2026: fees, English and opening from abroad
On 30 April 2026, France’s BPCE completed its €6.7 billion takeover of Novo Banco.[9] Nine months earlier, Revolut had started moving its Portuguese customers to Portuguese PT50 IBANs.[18] And in February, DECO PROteste’s best bank title went to Banco Best, after four years with ActivoBank.[28]
So the names have moved around. What hasn’t changed is the part that trips most expats up: most Portuguese banks only let you open online with a Portuguese Citizen Card.[2][7] If you’re a foreigner, and especially if you’re not in Portugal yet, the bank that’s cheapest on paper may simply not open for you.
This guide gives you the 2026 fees at nine banks and app accounts, which ones take foreigners and non-residents, and how to get an account in place before you move.
The short version
- A standard account at a traditional Portuguese bank costs you about €5 to €8 a month plus 4% stamp duty in 2026, less with a salary paid in or if you’re young.
- ActivoBank and Moey charge you €0 a month, but Moey needs a Portuguese Citizen Card.
- Most banks only let you open online with a Portuguese Citizen Card. As a foreigner you usually open at a branch or by video call.
- Portugal’s visa portal doesn’t require a Portuguese account for the D7, but some consulates’ checklists ask for one.
- If you’re not in Portugal yet, you can open remotely with our partner bank before your visa appointment.
If you already know you want an account before you arrive, our remote bank account service opens one with our partner bank while you’re still at home.
In this guide7 sections
- Which bank in Portugal should you choose as an expat?
- How much does a bank account in Portugal cost in 2026?
- Which banks in Portugal can foreigners and non-residents open?
- Which banks in Portugal speak English?
- Which app accounts work in Portugal?
- Can you open a Portuguese bank account from abroad?
- Who owns Portugal's main banks?
Which bank in Portugal should you choose as an expat?
The bank that fits you depends on where you live today and which documents you hold, more than on the fee. A €0 app account is no use to you if it only opens for residents of Portugal.
You live in Portugal
You have a residence permit
You can open at most banks, at a branch or by video call. ActivoBank costs you €0 a month.
You live in the EU or UK
You’re moving to Portugal
Some banks open by video call or at a branch on your passport. Our partner bank opens for you remotely.
You live outside Europe
You’re applying for a D7, D8 or D2
Most online routes are closed to you. Our partner bank opens remotely once you’ve booked your visa appointment.
You don’t have an appointment yet
Or you’re a Golden Visa investor
The private bank route opens without a visa appointment and gives Golden Visa investors a custody account.
Start with your own case:
- You live in Portugal with a residence permit. You can open at most banks. ActivoBank costs you €0 a month, and so does Moey if you hold a Portuguese Citizen Card.[15][17]
- You’re under 26. Several banks waive the fee for you: CGD up to 25, Millennium bcp up to 23, Santander up to 26, and Banco CTT under 25.[1][3][6][13]
- You live abroad and hold an EU or UK passport. ActivoBank’s video call takes a UK, German, Spanish, French, Italian, Dutch or Polish passport.[16]
- You live outside Europe and you’re applying for a visa. Most online routes are closed to you, so a remote opening with our partner bank is usually the way in.
How much does a bank account in Portugal cost in 2026?
A standard current account at a traditional Portuguese bank costs you about €5 to €8 a month, plus 4% stamp duty, before any discount.[1][3][6][8][10] ActivoBank and Moey charge you nothing.[15][17]
Most banks cut the fee if you pay in a salary or pension, spend on your card, or hold savings with them. The table gives you each bank’s main account and the cheapest way to hold it.
| Bank | Standard account | Lower fee if you | Living abroad |
|---|---|---|---|
| CGD | €4.95 a month | Take a Conta Caixa package: from €3.20 a month with its conditions; free up to age 25 | You get the package discount with just €50 a month on your card[1] |
| Millennium bcp | €5.20 a month | Are 23 or under: free | Mais Portugal for people living abroad: €8, or €5 with its conditions[3][5] |
| Santander | €7.30 a month | Take Conta Jovem: free up to 26 | Open online only with Portuguese nationality and a Citizen Card[6][7] |
| Novo Banco | €7.90 a month (Conta 100%) | Meet its conditions: €4.50; or are 18 to 25: free | Conta +351 for non-residents: €9.90, or €5.50 with its conditions[8] |
| BPI | €7.99 a month (Conta Valor) | Pay in €500 or more a month: €4.99 | Check its opening rules with the bank[10] |
| Crédito Agrícola | €15 a quarter | Charged quarterly: €62.40 a year with stamp duty | Opening in the app needs Chave Móvel Digital[11][12] |
| Banco CTT | €5 a quarter | Hold a debit card and get statements digitally: free | Open to residents and non-residents[13][14] |
| ActivoBank | €0 | Already €0 | Video call for seven passports[15][16] |
| Moey | €0 | Already €0 | Needs a Portuguese Citizen Card[17] |
All fees are before 4% stamp duty, from each bank’s price list in force in 2026.
What is the basic bank account, and can you get one?
The basic bank account (“serviços mínimos bancários”) costs you at most €5.37 a year in 2026, because Portuguese law caps its fees at 1% of the social support index.[3][26] CGD, Santander and Banco CTT charge €4.08 a year plus stamp duty.[1][6][13]
You can have one if two things are true:
- You don’t hold another current account in Portugal, or you convert the one you have.[1][3]
- You have the right to live in an EU country. CGD lists legal residence in the EU as a condition.[1]
Which banks in Portugal can foreigners and non-residents open?
Most traditional banks take non-residents as customers, but very few let you open online without a Portuguese Citizen Card. Your passport usually gets you in at a branch, a representative office or a video call.
- Millennium bcp opens its standard account for residents and non-residents of Portugal.[3] If you live abroad without a Citizen Card, it sends you to one of its representative offices.[4]
- CGD opens online only if you have a Portuguese address and tax residence and a Citizen Card. Everyone else opens at a branch.[2]
- Santander says that from abroad you can only open online, and only with Portuguese nationality and a Citizen Card.[7]
- Novo Banco has the Conta +351 for non-residents and the Conta Boas Vindas for foreigners with a passport, a NIF and a tax address in Portugal.[8]
- Banco CTT opens for residents and non-residents of Portugal.[14]
- Crédito Agrícola needs an active Chave Móvel Digital to open in its app.[12]
- ActivoBank opens by video call with a residence permit or one of seven European passports, and at a branch with an EU, Schengen or UK passport.[16]
Expect to need a NIF wherever you open. Portugal’s tax portal lists opening a bank account among the things you need it for.[23]
Have these ready before you open
- ✓Your passport, or your Portuguese residence permit if you have one
- ✓Your Portuguese NIF
- ✓Proof of your address where you live now
- ✓Proof of your work, pension or other income
- ✓Your tax number from the country where you live
- ✓If you’re from outside Europe: your visa appointment confirmation
Which banks in Portugal speak English?
Santander runs a dedicated English phone line on +351 217 807 396, on weekdays from 07:00 to 22:00, and offers English at its branches.[7] Millennium bcp has a full English website and gives support in Portuguese, English and Spanish.[27]
- CGD has an English section on its website.[29]
- ActivoBank has an English version of its website, though it warns that not every legal document is translated.[16]
If you’d rather bank entirely in English, the app accounts below are the simpler choice.
Which app accounts work in Portugal?
Revolut, Moey, N26 and Wise all work in Portugal. Revolut and Moey give you a Portuguese IBAN, and Moey is the only Portuguese bank of the four.[17][19]
Revolut
You get a Portuguese IBAN
If you live in Portugal, its Portuguese branch gives you a PT50 IBAN. The Standard plan costs €0.
Moey
You need a Portuguese Citizen Card
€0 a month and a Portuguese IBAN, from the Crédito Agrícola group. Opened in the app.
N26
You need to live in a supported country
Portugal is one of them. The Standard account has no monthly fee.
Wise
You move money between currencies
Wise says itself that it isn’t a bank, and your balance has no deposit guarantee.
- Revolut started moving its Portuguese customers to PT50 IBANs from its Portuguese branch in July 2025.[18] The Standard plan costs €0 for residents of Portugal, and your deposits fall under Lithuania’s €100,000 guarantee.[19]
- Moey costs you €0 a month, with free SEPA transfers. You need a Portuguese Citizen Card, Chave Móvel Digital and a home address in Portugal.[17]
- N26 opens for you if you live in one of its supported countries, and Portugal is one of them.[20]
- Wise is handy for converting pounds or dollars into euros. Wise says itself that it isn’t a bank, and your balance isn’t covered by a deposit guarantee scheme.[21]
Is your money safe in a Portuguese bank?
Yes, up to a limit. Portugal’s deposit guarantee fund covers up to €100,000 per depositor at each bank, whether or not you live in Portugal.[22] The limit applies per bank, so money you hold at two banks is covered at each.
Can you open a Portuguese bank account from abroad?
Yes, but the route depends on your passport. A Portuguese Citizen Card opens most online doors. Without one, you need a bank that takes your passport by video call, a branch or representative office visit, or a remote opening with help.
We help you open with our partner bank in two ways:
- The standard route costs €300, for a single or joint account, and usually takes 3 to 4 weeks. You sign the bank’s forms at home and a Portuguese law firm certifies your signature, so you don’t need an apostille.
- The private bank route costs €500, or €600 for a joint account, and takes 2 to 3 weeks. It suits you if you don’t have a visa appointment yet, if you’re a Golden Visa investor who needs a custody account, or if you’re buying property without living in Portugal.
Can I open a Portuguese bank account from the UK?
Yes. If you hold a UK passport, ActivoBank’s video call accepts it, alongside your NIF, proof of address and proof of your income.[16] Our partner bank treats UK applicants like EU ones, so you don’t need to show a visa appointment before your account opens.
How do I open a bank account for my D7 visa?
Open it remotely once you’ve booked your visa appointment. Portugal’s visa portal sets the 2026 benchmark for proof of means at €920 a month, the minimum wage, and doesn’t itself mention a Portuguese bank account.[24] Some consulates do: the Washington DC embassy’s D7 checklist asks pensioners and passive-income applicants for a Portuguese bank account, and for savings of 12 minimum wages.[25]
Your bank account for the D7, before you move
You get your NIF
You book your visa appointment
You open your Portuguese account remotely
You move your funds into it
You add the bank’s statement to your visa file
Your consulate’s own checklist decides what proof of funds it wants. Check it before you book.
If you’re from outside Europe, our partner bank needs your visa appointment confirmation before it opens your account. You can start before you book, and your file waits until the confirmation arrives. If you’d rather not wait, the private bank route opens without it.
Our D7 visa guide covers the rest of your visa file.
Who owns Portugal’s main banks?
Two of the names you’ll see most have changed hands or sit inside larger groups.
- Novo Banco has been 100% owned by France’s BPCE since 30 April 2026.[9]
- ActivoBank is 100% owned by Millennium bcp.[30]
- Moey belongs to the Crédito Agrícola group.[17]
None of this changes your deposit guarantee: each is a Portuguese bank covered up to €100,000.[22]
We help you open a Portuguese account with our partner bank while you’re still at home: €300, usually 3 to 4 weeks, no apostille and no trip to Portugal. If you don’t have a visa appointment yet, or you’re a Golden Visa investor, the private bank route costs €500, or €600 for a joint account. You’ll need a NIF first: our NIF service gets you one online.
Frequently asked questions
What is the best bank in Portugal for expats?
It depends on where you live and what you hold. If you live in Portugal, ActivoBank costs you €0 a month, and so does Moey if you hold a Portuguese Citizen Card. If you’re not in Portugal yet, a remote opening with our partner bank works before you move.
Can a non-resident open a bank account in Portugal?
Yes. Millennium bcp, Novo Banco and Banco CTT all open accounts for non-residents, and Novo Banco has a dedicated non-resident account. Online opening without a Portuguese Citizen Card is rare, so you usually open at a branch, a representative office, by video call or with help.
Can a foreigner open a Portuguese bank account online?
Sometimes. ActivoBank opens by video call with a Portuguese residence permit or one of seven European passports. CGD, Santander and Crédito Agrícola need a Citizen Card or Chave Móvel Digital to open online.
Do I need a NIF to open a bank account in Portugal?
Yes. Portugal’s tax portal lists opening a bank account among the reasons you need a NIF, and banks ask for it when you open. You can get one online before you travel.
Can I open a Portuguese bank account from the UK?
Yes. ActivoBank’s video call accepts a UK passport, and our partner bank opens for UK applicants without a visa appointment. You need a NIF either way.
Do I need a Portuguese bank account for the D7 visa?
Portugal’s visa portal doesn’t require one, but some consulates do. The Washington DC embassy’s D7 checklist asks pensioners and passive-income applicants for a Portuguese bank account. Check your own consulate’s checklist.
How much does a Portuguese bank account cost?
About €5 to €8 a month plus 4% stamp duty for a standard account at a traditional bank, before discounts. ActivoBank and Moey charge €0, and the basic bank account is capped at €5.37 a year in 2026.
What is the cheapest bank account in Portugal?
ActivoBank’s Conta Simples and Moey both cost €0 a month. Moey needs a Portuguese Citizen Card. Banco CTT’s account is free if you hold its debit card and take your statements digitally.
Which Portuguese banks offer English service?
Santander has a dedicated English phone line, and Millennium bcp supports you in English. CGD and ActivoBank have English versions of their websites.
Is Revolut a Portuguese bank?
Not quite. Revolut gives residents of Portugal a PT50 IBAN through its Portuguese branch, but your deposits fall under Lithuania’s €100,000 guarantee. Moey and ActivoBank are Portuguese banks.
Is my money safe in a Portuguese bank?
Yes, up to €100,000. Portugal’s deposit guarantee fund covers up to €100,000 per depositor at each bank, whether or not you live in Portugal.
Can US citizens open a bank account in Portugal?
Yes, with the right route. ActivoBank’s video call takes a US passport only with a Portuguese residence permit. If you’re applying for a Portuguese visa, our partner bank opens your account remotely once you’ve booked your appointment.
Sources and how we checked
We checked every fee and rule on 4 November 2026 against the sources below. Fees are from each bank’s price list in force on that date.
- CGD, price list (preçário), in force from 3 August 2026: account and package fees, waivers, basic bank account.
- CGD, account opening: online opening requirements.
- Millennium bcp, price list section 1, in force from 29 June 2026: Conta Millennium, eligibility, Mais Portugal, basic bank account rule.
- Millennium bcp, open an account online: online opening and representative offices.
- Millennium bcp, Mais Portugal account: account for people living abroad.
- Santander, price list for current accounts, in force from 1 June 2026: Conta Santander, Conta Jovem, basic bank account.
- Santander, Estrangeiros: opening from abroad, English phone line and branch support.
- Novo Banco, price list for deposit accounts, in force from 20 February 2026: Conta 100%, Conta 18.25, Conta +351, Conta Boas Vindas.
- BPCE and novobanco, closing press release, 30 April 2026: completion of the acquisition.
- BPI, Conta Valor: fees and conditions.
- Crédito Agrícola, Conta Depósitos à Ordem Particulares: quarterly fee.
- Crédito Agrícola, online account opening: Chave Móvel Digital requirement.
- Banco CTT, price list, in force from 1 October 2026: account fee, waivers, basic bank account.
- Banco CTT, open an account: residents and non-residents.
- ActivoBank, price list, general section in force from 1 November 2026: Conta Simples fees.
- ActivoBank, “How can I open an account?”: opening routes and accepted passports.
- Moey, open an account: fees, who can open, ownership.
- ECO, 24 July 2025: Revolut’s Portuguese PT50 IBANs.
- Revolut Bank UAB, Portuguese branch price list, in force from 21 October 2026: Standard plan and deposit protection.
- N26, “Can I open an N26 account in my country?”: supported countries.
- Wise, EEA customer agreement, 26 August 2025(EEA)-26August2025.pdf): “Wise is not a bank”.
- Fundo de Garantia de Depósitos, deposit guarantee: €100,000 per depositor per bank.
- Portal das Finanças, apply for your NIF: why you need a NIF.
- Portugal’s visa portal, means of subsistence: 2026 benchmark.
- Embassy of Portugal in Washington DC, D7 checklist, 10 November 2025: Portuguese bank account and savings.
- Banco de Portugal, basic bank account for up to €5.37 a year: 2026 fee cap.
- Millennium bcp, contacts: languages of support.
- DECO PROteste, 6 February 2026: 2026 best bank ranking.
- CGD, English website.
- ActivoBank, Annual report 2025: ownership by Millennium bcp.
