Best Bank in Portugal for Expats and Non-Residents

| Updated: January 10, 2025

For foreigners looking for a different way of life or investment possibilities, it’s time to consider opting for the best bank in Portugal.

Especially for individuals who are applying for visas or real estate investment, opening a local bank account in the best bank for expats in Portugal is a crucial first step in properly handling money.

Portuguese officials claim that with a population of over 10 million, the nation nevertheless draws an increasing number of foreigners. With a Residence Permission rise of 33.6%, the foreign population in 2023 alone rose to 1,044,606 people overall.

This increasing trend emphasizes the requirement of easily available financial solutions catered to foreigners and non-residents.

This guide will lead you through the best bank in Portugal for expats and non-residents, the account opening process, kinds of accounts, and pointers for selecting the correct bank.

Why Expats Need an Account in the Best Bank in Portugal

Not only is it practical but it is also usually necessary is having a bank account in Portugal. Here’s why non-residents and expats especially need an account in the best bank in Portugal:

Property Purchases: Required for purchasing real estate and handling mortgage payments .
Residency Applications: Applications for residency are required to fulfill visa criteria including the D7, Golden Visa.
Cost Savings: Get better exchange rates and avoid foreign transaction costs.
Local Integration: Easy taxes, utilities, and daily costs payments.
Investment Opportunities: Provides access to savings schemes and local investment items including real estate.

Finding the Best Bank in Portugal for Expats

Ranked seventh on the Global Peace Index (GPI), Portugal presents expats with a safe and friendly surroundings. Its reliable banking system guarantees expats can properly handle their money while enjoying peace of mind and makes opening an account simple.

Below are the best banks for expats in Portugal, known for their expat-friendly services and robust financial products:

1. Millennium BCP

Founded in 1985, Millennium BCP is the largest private bank in Portugal and a homegrown institution. With approximately 695 branches across the country, it provides a comprehensive range of services, including retail, corporate, and investment banking, as well as insurance and fund management. Known for its strong digital banking platform, Millennium BCP also has an international presence in countries such as Poland and Mozambique.

Being Portugal’s biggest private bank and a well-liked alternative for foreigners, Millennium is known for its extensive services catered to non-resident needs. Additionally, Millennium BCP Multilingual online and mobile banking systems along with the bank’s global perspective let expatriates easily handle their money in Portugal.

Furthermore, Millennium BCP is considered as the best bank in Portugal as it offers non-resident specialty financing packages, which would be extremely helpful for individuals wishing to buy Portuguese property.

2. Caixa Geral de Depósitos (CGD)

Established in 1876, CGD is Portugal’s oldest and largest state-owned bank. With around 717 branches nationwide, it plays a crucial role in the country’s banking system. CGD offers a full suite of financial services, including retail and corporate banking, and has a notable international presence in Europe, Africa, and Asia. It is known for its financial stability and long-standing reputation.

Being the biggest government-owned bank in Portugal, Caixa Geral de Depósitos (CGD), is well-known for its dependability and honest financial practices. CGD provides expats simple access to in-person banking and local financial knowledge via its large branch network all throughout the nation.

For foreigners who give dependability and long-term financial stability first priority, this state-sponsored institution is a top contender for the position of the best bank in Portugal.

3. Novo Banco

Created in 2014 following the resolution of Banco Espírito Santo (BES), Novo Banco is a Portuguese institution focusing on retail, corporate, and investment banking. With around 400 branches in Portugal, it inherited the healthy assets of BES and has undergone significant restructuring. Novo Banco is now owned by U.S. private equity firm Lone Star and the Portuguese Resolution Fund, aiming for modernization and market competitiveness.

Modern banks dedicated especially to foreign clientele and expats include Novo Banco. Renowned for its wealth management tools and investment choices, Novo Banco is the best in Portugal for expats or high-net-worth individuals wishing to investigate Portuguese real estate and investment prospects.

At strategic sites, this best bank in Portugal provides English-speaking customer assistance to guarantee that language never prevents access to high-quality help.

4. Santander Totta

Santander Totta, launched in Portugal in 1988, is part of the global Spanish Santander Group. With approximately 726 branches across the country, it has become one of Portugal’s leading banks. The bank has grown significantly through acquisitions and offers a wide range of banking services, including mortgages, personal banking, and corporate financial solutions, catering to a diverse clientele.

The bilingual mobile banking software developed by Santander Totta guarantees that expats may handle their money in their native tongue and facilitates international money transfer. For expats and regular travellers looking for dependable cross-border banking solutions, Santander Totta is a top choice for the position of the best bank in Portugal with its large worldwide network.

5. Banco BPI

Founded in 1981, Banco BPI is a prominent Portuguese bank with around 500 branches. It offers a wide array of financial services, including retail, corporate, and investment banking. Majority-owned by the Spanish CaixaBank, BPI has leveraged this partnership to strengthen its market position while retaining a strong local identity. It is a key player in Portugal’s financial ecosystem.

Expats who seek flexibility and digital convenience will find great attraction in Banco BPI’s extensive variety of banking services. Renowned for their simple digital banking systems, Banco BPI lets expats easily handle their accounts using mobile and internet banking.

The bank offers expats tailored financial solutions including mortgage products targeted for non-residents. Furthermore providing 24/7 digital banking service, Banco BPI makes it simple for foreigners to get help anytime they need it. Banco BPI is the best bank in Portugal for everyone who give current banking solutions and customized service first priority.

Tips for Choosing the Best Bank in Portugal for Expats

Consider Language Support: Choose a bank that offers English-speaking services.
Check Digital Accessibility: Verify digital accessibility by seeing if the bank offers online banking and a user-friendly mobile app.
Review Fee Structures: Compare exchange rates of currencies, transaction fees, and maintenance costs.
Location Convenience: Choose the best bank in Portugal with extensive branch network and ATM system.
Evaluate Expat Packages: Search for banks providing specific programs for foreigners including mortgage support.

Before Opening An Account in the Best Bank in Portugal For Expats

For both residents and non-residents, opening an account in the best bank in Portugal for expats is a necessary step. Setting up local banking helps control daily spending, transfers, and more significant financial obligations such mortgages whether your move is for business, retirement, or property investment.

Here is a thorough list of your requirements together with tips on how to move through the process without incident.

1. Obtain a Portuguese Tax Number (NIF)

Getting a Número de Identificação Fiscal (NIF), sometimes referred to as a Portuguese Tax Number, is the first and most important necessity when opening an account in the best bank in Portugal. Any financial transaction done in Portugal—including opening a bank account, purchasing real estate, or paying taxes—must be handled by the NIF.

Where to Get It: Apply for an NIF at a Portuguese local Serviço de Finanças (tax office). Should you not yet be in Portugal, you can designate a legal representative—a lawyer or specialist service—to get the NIF on your behalf.

2. Provide a Valid Passport or National ID

Opening an account with Portuguese banks calls for proof of your identity, which comes from legitimate identification. For non-residents, the most usually approved type of ID is a passport. Instead EU residents could use their national ID card.

Tip for Expats: Make sure there at least six months of validity left on your passport . Should your passport be near expiration, the best bank in Portugal could reject to open an account.

3. Proof of Address

You will have to show evidence of your residential address—either from Portugal or your own nation. This helps confirm your domicile for adherence to anti-money laundering (AML) laws.

Tip: The paperwork has to show your full name and address. Although they are usually acceptable by the best bank in Portugal, digital copies have to be clear and readable.

4. Proof of Income or Financial Stability

The best banks in Portugal need evidence of financial stability.particularly if you intend to seek for credit cards, loans, or mortgages. This guarantees the bank your consistent income or enough financial means to keep the account open.

Accepted Documents:

Employment contract or recent pay slips
Pension statements for retirees
Bank statements showing savings or investments
Tax returns or income declarations

Self-Employed or Investors: Provide documentation such as business registration certificates or investment portfolio statements.

5. Residency Visa or Residency Permit (If Applicable)

For some account types in the best bank in Portugal, – especially those connected to real estate or investment purchases – you might have to show a residency visa or permit. Not all the banks would open a simple non-resident account without this residency document.

Visas That May Be Required:

D7 Visa: Passive income visa for retirees and those with stable income sources.
D8 Visa: For remote workers intend to work from Portugal
D2 Visa: Entrepreneur visa for those starting a business in Portugal.

6. Additional Documentation (Case by Case)

Some best banks in Portugalmay request further documentation depending on the type of account or services you’re applying for. These can include:

Reference Letters: A letter from your current bank, especially if you’re applying for a mortgage or credit facilities.
Proof of Tax Compliance: Evidence that you’ve fulfilled tax obligations in your home country, especially for high-net-worth individuals.

Step by Step Process of Opening a Bank Account in Portugal

Once you’ve gathered all the necessary documents, follow these steps to open your account in the best bank in Portugal:

Choose the Right Bank: Research institutions designed especially for foreigners and non-residents. Search for the best banks in Portugal for expats providing minimal costs, internet banking, and multilingual services.
Visit a Branch or Apply Online: While some, like Millennium BCP or Santander Totta, may enable remote applications, most banks still need in-person visits for account opening.
Submit Documentation: Show the banker the above listed papers. Make sure every original version is accessible as copies might not be enough.
Sign Required Forms: You’ll need to sign several forms, including terms and conditions, data protection agreements, and possibly FATCA forms for U.S. citizens.
Account Activation: Your account will be active upon approval. Your account specifics, IBAN (International Bank Account Number), and online banking access will be sent to you.
Deposit Initial Funds: Some banks require an initial deposit to activate the account, ranging from €50 to €250 depending on the bank.

Remote Account Opening for Non-Residents

Several best banks in Portugal have lately started providing remote account opening services, therefore facilitating non-residents’ opening of a bank account prior to even visiting the country. Usually, this procedure consists in a video verification call whereby a bank agent will instantly confirm your identification to through lawyers or relocation and investment companies.

All required paperwork can also be sent electronically, simplifying the procedure and doing away with the necessity for in-person meetings. Sometimes banks could also demand the delivery of actual signed forms by courier. For expats and non-residents, these remote account opening services in the best bank in Portugal guarantee ease of use so they may effectively handle their money from outside before their arrival in Portugal.

Some banks opening accounts for non-residents:

Types of Accounts Available for Expats

The best bank in Portugal offer various account types, each designed to meet specific needs:

Current Account: Used for daily transactions like paying bills or receiving income.
Savings Account: Ideal for earning interest on long-term deposits.
Mortgage Account: Specifically for real estate purchases and property investments.
Investment Account: For those interested in stocks, bonds, or real estate portfolios.
Non-Resident Account: Tailored to the needs of expats who do not have a permanent residence in Portugal.

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Frequently Asked Questions About Best Bank in Portugal for Expats

Do I need an NIF to open a bank account in Portugal?

Yes, opening an account in the best bank in Portugal requires a Portuguese tax number (NIF). Banks demand that you mark yourself as a taxpayer and follow local tax rules. Should you be a non-resident, before opening your account you will have to get an NIF from the Portuguese tax authority (AT).

Can I open a bank account before arriving in Best Bank in Portugal?

Several Portuguese banks do provide remote account opening services, thereby enabling you to begin the procedure overseas. Most banks will nonetheless, however, still want you to visit personally to finish the last stages and present actual papers when you arrive.

Are English-speaking services available at Best Bank in Portugal?

Yes, several Portuguese banks provide bilingual online systems and English-speaking employees. Expats who might not be conversant in Portuguese can especially benefit from this.

What documents do I need to open a bank account in Best Bank in Portugal?

Usually, to open an account in the best bank in Portugal, you must present your passport or EU identity card, proof of address (like a utility bill or rental contract), your NIF (Portuguese tax number), and evidence of income or employment (such recent pay stubs or a bank account opening in Portugal).

How long does it take to open a bank account?

If you have all the needed paperwork, opening an account in the best bank in Portugal typically takes one to three working days. Depending on the banking policies, opening the account remotely could take more time.

Can I get a credit card as a non-resident?

Yes, most Portuguese banks provide credit cards to non-residents; acceptance will rely on your financial circumstances. To prove your capacity to pay back the credit, you could have to provide documentation of assets or income including recent pay stubs, tax returns, or bank statements.

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