Revolut in Portugal review 2026: who can open an account, fees and the PT IBAN
On 24 July 2025, Revolut opened its Portuguese branch and started moving its customers in Portugal to Portuguese PT50 IBANs.[4][6] On 6 October 2025, it joined MB WAY, Portugal’s own payment app.[7] For the first time, Revolut looks and works like a Portuguese bank account.
So if you’re moving to Portugal from the US, Brazil or Canada, it’s tempting to plan your banking around it. But Revolut only opens an account in the country where you legally live.[1] Until you live in Portugal, you can’t have a Portuguese Revolut account, and your consulate may want a Portuguese bank account before that.
This review gives you who can open Revolut in Portugal and when, what it costs you in 2026, and what to use before you move.
The short version
- Revolut opens for you only if you’re a legal resident of a country it supports, whatever your nationality.
- If you live in Portugal, you get a Portuguese PT50 IBAN from Revolut’s Portuguese branch, and the Standard plan costs €0 a month.
- If you live in the US, Brazil or the UK, you can only open that country’s Revolut. If you live in Canada, you can’t open one at all.
- When you move to Portugal, you close your old Revolut account and open a new one. You can’t transfer straight between them.
- So Revolut can’t give you a Portuguese account before you move, for example for your D7 file.
If you need a Portuguese account for your visa file, our remote bank account service opens one with our partner bank while you’re still at home.
What is Revolut in Portugal?
Revolut serves you in Portugal through Revolut Bank UAB’s Portuguese branch, registered with Banco de Portugal under number 3560.[2] It’s a branch of a Lithuanian bank, so a few things work differently from a Portuguese bank:
- You get a PT50 IBAN if you live in Portugal, so you can receive your salary and pay by direct debit.[4]
- Your deposits are covered up to €100,000 by Lithuania’s deposit insurance scheme, which also covers Revolut’s Portuguese branch.[3]
- You can use MB WAY through Revolut, with a Portuguese mobile phone contract.[7][8]
Who can open a Revolut account in Portugal?
You can open one if you’re over 18 and a legal resident of a country Revolut supports.[1] Revolut’s Portuguese price list puts it plainly: the Standard account is for people aged 18 or over “com residência em Portugal”, living in Portugal.[3]
Where you live decides it, whatever your nationality. Revolut lets you open an account “if you live in” one of its supported countries.[5]
You live in Portugal legally
You can open Revolut here
You get the Portuguese branch, a PT50 IBAN and MB WAY, whatever your nationality.
You live in the US, Brazil or the UK
You get that country’s Revolut
It’s a separate account. You close it when you move to Portugal.
You live in Canada
Revolut doesn’t open for you
Canada isn’t on Revolut’s list of supported countries for personal accounts.
You’re still applying for your visa
You can’t open a Portuguese one yet
You need to live in Portugal first. Open a Portuguese bank account remotely instead.
- Supported outside Europe: Australia, Brazil, Japan, New Zealand, Singapore, Switzerland, the UK and the US, each with its own Revolut. Mexico is on a waiting list.[5]
- Not supported: Canada. If you live in Canada, you can’t open a personal Revolut account.[5]
- One account per person. You can only hold one personal Revolut account, even across countries.[1]
Do you have to be a tax resident in Portugal?
No. Revolut asks for legal residence, and it asks you to declare your tax residences, wherever they are.[9] It collects them because the international reporting rules CRS and FATCA require it.[9]
Revolut says you’re usually a tax resident where you live for six months of the year, and you declare every country where you pay tax.[9] So in practice, by the time you live in Portugal, Portugal is usually one of them.
What do you need to open Revolut in Portugal?
You need a mobile number, an email address, your personal details, a valid government-issued ID and a selfie.[1] Revolut lists the ID documents it accepts on the submission screen in the app.[10]
To open Revolut in Portugal, have ready
- ✓Your Portuguese address, where you now live
- ✓A valid government-issued ID, the original in your hand
- ✓Proof of address, which Revolut may ask for if your nationality differs from your address
- ✓Your tax residence and tax number
- ✓A mobile number and an email address
- Upload the original. Revolut takes a photo of the physical document, never a copy or a scan.[10]
- Expect a proof of address request if your nationality is different from the country you live in.[10] Revolut accepts a bank statement, a utility bill, a signed lease or a letter from a public authority, among others.[11]
Can you open a Revolut account before you move to Portugal?
No, you can’t open a Portuguese one. Revolut opens your account in the country where you live, so from the US or Brazil you’d open that country’s Revolut, and from Canada none at all.[5]
And you can’t take it with you. Revolut says that if you move outside the EEA, or between some European countries, you close your account before opening a new one where you now live.[12] You can’t keep your account “if you’re no longer a resident in the country it was opened in”.[12]
Moving to Portugal with a Revolut account from outside Europe
You move your whole balance to another bank account in your name
You close your old Revolut account
You settle in Portugal as a legal resident
You open a new Revolut account with Portugal as your country
You get your PT50 IBAN from the Portuguese branch
Revolut doesn’t let you transfer directly between your old and new Revolut accounts.
Plan the switch. Before you close your old account, you withdraw your whole balance to another account in your name, because direct transfers between your old and new Revolut accounts aren’t possible.[12] If your stay abroad is only temporary, your account keeps working.[12]
Can Revolut count as your Portuguese bank account for the D7?
Not before you move, because you can’t open a Portuguese Revolut account until you live in Portugal. Portugal’s visa portal doesn’t itself ask for a Portuguese account, but the Washington DC embassy’s D7 checklist asks pensioners and passive-income applicants for one.[13][14]
So you open a Portuguese account remotely first, use it for your visa file, and add Revolut once you’ve moved, if you want it for everyday spending.
How much does Revolut cost in Portugal in 2026?
The Standard plan costs you €0 a month, and your first debit card is free.[3]
On the Standard plan:[3]
- Cash withdrawals in euros are free in the EEA. Elsewhere, you get 5 withdrawals or €200 a month free, then you pay 2%, at least €1.
- Currency exchange is free up to €1,000 a month, then you pay 1%. On weekends you pay 1% more.
- An extra debit card costs €5.99, and standard card delivery costs at most €7.99.
The paid plans cost €3.99 to €55 a month, or less if you pay yearly.[3] Each adds perks on top of Standard, so check what you’d actually use before you upgrade.
How do you get a Portuguese IBAN on Revolut?
Set Portugal as your country of residence and agree to the move when Revolut emails you.[4] Revolut may ask you for documents about your identity, job, employer, address or other nationalities, and you accept the Portuguese branch’s terms.[4]
With a PT50 IBAN you can:[4]
- Receive your salary straight into Revolut.
- Pay by direct debit, utility bills included.
- Skip the extra paperwork some Portuguese companies ask for with a foreign IBAN.
Revolut vs Moey vs ActivoBank: which one fits you?
All three cost you €0 a month on their basic accounts and give you a Portuguese IBAN.[3][15][16] Who stands behind your deposits and how you open are what set them apart.
| Revolut Standard | Moey | ActivoBank Conta Simples | |
|---|---|---|---|
| Monthly fee | €0 | €0 | €0 |
| IBAN | Portuguese (PT50) | Portuguese | Portuguese |
| Who can open | Legal residents of Portugal, any nationality | Portuguese Citizen Card holders living in Portugal | Citizen Card in the app; residence permit or one of seven passports by video call |
| Deposit guarantee | Lithuania, up to €100,000 | Portugal, up to €100,000 | Portugal, up to €100,000 |
| Bank | Branch of a Lithuanian bank | Crédito Agrícola group | Millennium bcp group |
Our ActivoBank review and our guide to the best banks in Portugal for expats compare the traditional banks too.
Is Revolut safe to use in Portugal?
Yes. Revolut Bank UAB is a bank, and your deposits are covered up to €100,000 by Lithuania’s deposit insurance scheme.[3] Its Portuguese branch is registered with Banco de Portugal.[2]
The guarantee is Lithuanian. If you’d rather your money sit under Portugal’s own deposit guarantee fund, a Portuguese bank such as Moey or ActivoBank gives you that.[15][16]
Revolut can’t open a Portuguese account for you until you live here. If you’re applying for a D7, D8 or D2 visa, we help you open a Portuguese account with our partner bank remotely: €300, usually 3 to 4 weeks, no apostille. 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.
Frequently asked questions
Can foreigners open a Revolut account in Portugal?
Yes, if you legally live in Portugal. Revolut decides by where you live, so your nationality doesn’t matter. You may be asked for proof of address if your nationality differs from your country of residence.
Can I open a Revolut account in Portugal from the US?
No. From the US you can only open a US Revolut account. When you move to Portugal you close it, withdraw your balance first, and open a new account with Portugal as your country.
Can I open a Portuguese Revolut account from Brazil or Canada?
No. From Brazil you can only open Revolut’s Brazilian account, and Canada isn’t a supported country for personal accounts. You open a Portuguese Revolut account once you live in Portugal.
Do I need to be a Portuguese tax resident to open Revolut?
No. Revolut asks you to be a legal resident and to declare your tax residences, whichever countries they are. Revolut says you’re usually a tax resident where you live for six months of the year.
Does Revolut give a Portuguese IBAN?
Yes. If Portugal is your country of residence, Revolut’s Portuguese branch gives you a PT50 IBAN once you agree to the move. You can then receive your salary and pay direct debits with it.
Can I use a Revolut account for my D7 visa?
Not before you move. You can’t open a Portuguese Revolut account until you live in Portugal, and some consulates, such as Washington DC, ask for a Portuguese bank account in your D7 file.
Is Revolut free in Portugal?
Yes. The Standard plan costs €0 a month, euro cash withdrawals in the EEA are free, and currency exchange is free up to €1,000 a month.
Does Revolut work with MB WAY?
Yes. Revolut joined MB WAY on 6 October 2025. You need a Portuguese mobile phone contract to use it.
Is my money safe with Revolut in Portugal?
Yes, up to €100,000. Your deposits are covered by Lithuania’s deposit insurance scheme, because Revolut’s Portuguese branch belongs to Revolut Bank UAB in Lithuania.
What happens to my Revolut account if I move to Portugal?
From outside Europe, you close it and open a new one in Portugal. Revolut doesn’t allow direct transfers between the old and new accounts, so move your balance to another account in your name first.
Is Revolut better than Moey?
It depends on what you want. Both cost €0 a month and give you a Portuguese IBAN. Revolut opens for foreign residents and adds free currency exchange up to €1,000 a month, while Moey needs a Portuguese Citizen Card and sits under Portugal’s deposit guarantee.
Can I have two Revolut accounts?
No. You can only hold one personal Revolut account, even across countries. You can add a joint account or a Pro account to it.
Sources and how we checked
We checked every rule and fee on 4 November 2026 against Revolut’s own Portuguese terms, price list and help centre.
- Revolut Help (Portugal), “Getting started with Revolut”: eligibility, one account per person, what you need to open.
- Revolut Help (Portugal), “Getting a Portuguese IBAN” and page footers: Revolut Bank UAB, branch in Portugal, Banco de Portugal number 3560.
- Revolut Bank UAB, Portuguese branch price list, in force from 21 October 2026: Standard account, plan prices, cash withdrawals, exchange, cards, deposit protection.
- Revolut Help (Portugal), “Getting a Portuguese IBAN”: eligibility for the PT IBAN and what it lets you do.
- Revolut Help (Portugal), “Where you can sign up for Revolut”: supported countries.
- ECO, 24 July 2025: launch of PT50 IBANs.
- ECO, 6 October 2025: Revolut joins MB WAY.
- Revolut, MB WAY terms and conditions, from 5 March 2026: requirements, including a Portuguese mobile contract.
- Revolut Help, “Update my tax information”: tax residence declaration, CRS and FATCA.
- Revolut Help (Portugal), “Verify my identity”: document rules and proof of address.
- Revolut Help (Portugal), “Accepted proof of address documents”.
- Revolut Help (Portugal), “Change my address”: moving country and closing your account.
- Portugal’s visa portal, means of subsistence.
- Embassy of Portugal in Washington DC, D7 checklist, 10 November 2025: Portuguese bank account.
- Moey, open an account: fees and who can open.
- ActivoBank, “How can I open an account?”: opening routes.
