Whether you're relocating permanently, retiring in the sun, buying a holiday home or simply spending more time in the country, having a Portuguese bank account can make everyday life much easier.

Fortunately, Portugal has a well-established banking system with plenty of choice. From long-standing banks with branches across the country to newer digital options that let you do almost everything through an app, there's something to suit different lifestyles and budgets.

The right bank will depend on how you plan to use your account. Some people like the option of walking into a local branch and speaking to someone in person, while others are happy to manage everything online and keep banking fees to a minimum.

Before making a decision, it's worth understanding the main differences between Portugal's banks and which ones are generally considered the most foreign-friendly.

What should foreigners know?

Portugal's major banks regularly work with international customers, whether they're expats, retirees, digital nomads, students or people buying property in the country. While the experience can vary from one branch to another, banks in larger cities and popular expat areas such as Lisbon, Porto and the Algarve are generally more used to assisting foreign customers, and it's often possible to find English-speaking staff.

Although each bank has its own products, the range of accounts is broadly similar. The most common is the current account (conta à ordem), which is used for everyday banking, including receiving your salary, paying bills, setting up direct debits and making transfers. If you're planning to put money aside, most banks also offer savings accounts and term deposit accounts, although interest rates and conditions vary.

You'll also find joint accounts for couples, student and youth accounts, business accounts for freelancers and companies, as well as premium or private banking services for customers with more complex financial needs.

When comparing banks, it's worth looking beyond the type of account on offer. Monthly maintenance fees, ATM access, the quality of the mobile app, English-language customer support, international transfers and the size of the branch network can all make a difference, especially if you're planning to live in Portugal long term.

Caixa Geral de Depósitos (CGD)

Author: CGD;

As Portugal's largest bank by assets, Caixa Geral de Depósitos, usually referred to as CGD, has been serving customers for decades. It is owned by the Portuguese state and has one of the country's biggest branch and ATM networks.

CGD offers a full range of financial products, including current and savings accounts, mortgages, insurance and investment services. Many Portuguese families have banked with CGD for generations, thanks to its reputation for stability and nationwide presence.

Opening an account can sometimes involve more paperwork than at some private banks, but for customers who value having a branch nearby almost wherever they are in Portugal, it remains a reliable choice.

Millennium bcp

Credits: Wikipedia;

Millennium bcp is the country's largest private bank and has long been a familiar name for both Portuguese customers and many expats. Customers can manage their finances online while still having a branch to visit when needed.

Many branches, particularly in Lisbon, Porto and the Algarve, regularly assist international customers, making the bank a popular option for people relocating to Portugal. Alongside everyday banking, Millennium offers mortgages, savings products, investment services and business banking.

For many newcomers, Millennium bcp strikes a good balance between personal service and modern banking, which explains why it is often recommended to foreign residents.

Santander Totta

Author: Legalico;

Santander Totta is part of the international Santander Group and has branches across Portugal.

It offers a full range of banking services, including current and savings accounts, mortgages, loans and investment products. Its online banking platform is straightforward to use, and many branches, particularly in larger cities and popular expat areas, have staff who can assist customers in English.

Santander Totta is especially worth considering if you're planning to buy property in Portugal, as it has long been active in the mortgage market and is familiar with helping foreign buyers.

Banco BPI


Banco BPI is another of Portugal's major banks and has been part of the Spanish CaixaBank Group since 2017. It combines a long-standing reputation with modern digital banking, offering everything from everyday current accounts to mortgages, savings products and investment services.

If you are more comfortable speaking English, you'll find staff who can help in many of the larger branches, especially in Lisbon, Porto and other areas with international residents. Day-to-day banking can also be done through the bank's mobile app, so you won't need to visit a branch for most things.

BPI is a solid all-round choice for anyone looking for a well-established bank with both traditional services and a strong digital offering.

Novo Banco


Novo Banco is one of Portugal's major retail banks, with branches across the country and a broad range of banking products.

Customers can choose from current and savings accounts, mortgages, business banking and investment services, while the bank has continued to improve its online banking and mobile app in recent years.

For those looking for another nationwide bank with a modern approach, Novo Banco remains a dependable option.

ActivoBank: Portugal's best-known digital bank


If you'd rather do your banking through an app than visit a branch, ActivoBank is probably the first name you'll come across.

Although it's owned by Millennium bcp, ActivoBank operates as a digital bank. Most services are available through its app, while customers can also use Millennium's ATM network and selected branches when needed.

If you rarely visit a branch and prefer managing your finances from your phone, ActivoBank is well worth considering.

Other digital alternatives

While ActivoBank is the digital bank most commonly recommended to expats, there are other options available.

moey!, backed by Crédito Agrícola, is a mobile-only bank aimed at customers who prefer everyday banking through an app. At the same time, Banco Best focuses more on investment and wealth management than standard current accounts.

International fintechs such as Revolut and N26 are also widely used in Portugal, particularly for travel, online shopping and spending in different currencies. Although they are not Portuguese banks, many residents choose to use them alongside a traditional Portuguese bank account.

Traditional bank or digital bank?

One question many newcomers ask is whether it's better to choose a traditional bank or go fully digital.

If you like having a branch nearby or think you'll need services such as a mortgage, banks like CGD, Millennium bcp, Santander Totta, Banco BPI and Novo Banco are likely to be the better fit.

If you mainly use your phone for banking and want to keep fees as low as possible, a digital bank such as ActivoBank or moey! could make more sense.

Some people even use both – a traditional bank for their salary, savings or mortgage, and a digital account for everyday spending and travelling.

Which bank should you choose?

There isn't a single bank that's right for everyone. If having a local branch nearby is important, banks such as CGD, Millennium bcp, Santander Totta, Banco BPI and Novo Banco all offer extensive networks across Portugal.

For many expats, Millennium bcp is often considered one of the best all-round choices thanks to its balance of traditional banking, digital services and experience working with international customers. If keeping fees low and banking through an app is your priority, ActivoBank is one of the strongest digital alternatives.

Ultimately, the best bank is the one that matches your lifestyle. Taking a little time to compare fees, services and customer support before opening an account can help you find a bank that suits your needs both now and, in the years, ahead.