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Opening a Bank Account in Portugal
Which banks to choose, what you need as a foreigner, and how Portuguese banking actually works.
Whether you're planning to move to Portugal, buy property, or apply for a visa, opening a Portuguese bank account is one of the first practical steps. You'll need one for mortgage payments, paying rent, setting up utilities, receiving income, and accessing Multibanco — the payment network that runs daily life in Portugal. The process is straightforward once you have your NIF, but the options and requirements can vary depending on which bank you choose and whether you're a resident or non-resident. This guide covers everything you need to know about banking in Portugal as a foreigner in 2026.
Why Do You Need a Portuguese Bank Account?
A local bank account makes almost everything in Portugal easier — and some things are impossible without one.
Documents You'll Need to Open an Account
The required documents vary slightly between banks, but here's what to have ready.
Resident vs Non-Resident Accounts
Which type of account you open depends on your residency status — and you can upgrade later.
Most property buyers start with a non-resident account — it's possible to open one before you arrive in Portugal, which is useful for transferring your deposit and getting set up ahead of time. Once you have your Portuguese residence permit, you can upgrade to a full resident account at the same bank. This unlocks credit products, better loan terms, and full access to online banking services.
Which Portuguese Bank Should You Choose?
For property buyers, Millennium BCP and Santander are the most commonly used — they're experienced with foreign buyers, offer English-speaking staff, and have well-established mortgage products for non-residents. If you're looking for a fee-free digital option for everyday banking, ActivoBank is popular with expats in Portugal.
The largest banks in Portugal are well set up for foreigners — here's how they compare.
How to Open a Portuguese Bank Account
You can open an account in person at a branch or remotely through certain banks and services.
Banking Fees in Portugal — What to Expect
Portuguese banks charge more fees than you may be used to — here's what's typical.
Multibanco is Portugal's nationwide interbank network. It connects all major banks and powers everything from ATM withdrawals to bill payments, tax payments, transport tickets, and subscription services. When you set up utilities, phone contracts, or pay government fees, you'll often receive a Multibanco reference — a code you enter at an ATM or through your online banking to make the payment.
For expats, the key thing to understand is that many Portuguese services are built around Multibanco references and direct debits from a Portuguese IBAN. This is one of the main reasons a local bank account is so useful — digital banks like Wise and Revolut don't fully integrate with the Multibanco system, which can make paying bills and managing subscriptions more complicated.
Think of your Portuguese bank account as your hub for daily life in Portugal. It connects to everything.
What Is Multibanco and Why Does It Matter?
Multibanco is Portugal's unique payment system — and you'll use it for far more than cash withdrawals.
Digital banks and multi-currency accounts are excellent for managing international money transfers, holding multiple currencies, and everyday card spending at good exchange rates. Many expats in Portugal use Wise or Revolut alongside their local Portuguese bank account.
However, they have limitations. Portuguese consulates require a bank account with a Portuguese bank for visa applications — a Wise or Revolut account won't be accepted. Multibanco references and direct debits also need a Portuguese IBAN from a traditional bank. For property purchases, mortgage payments, and official financial transactions, you need a Portuguese bank account.
The best setup for most foreign buyers: a Portuguese bank account at Millennium BCP, Santander, or similar for official banking, property transactions, and daily bills — plus a Wise or Revolut account for currency transfers and international spending.
Digital Banks — Useful But Not a Replacement
Wise, Revolut, and N26 are popular with expats but they don't replace a Portuguese bank account.
Tips for Getting Your Account Open Smoothly
A little preparation saves you from wasted trips and frustrating delays.
Common Mistakes to Avoid
These are the issues that catch foreigners out when opening a bank account in Portugal.
Frequently Asked Questions
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