Opening a bank account is one of the first things you need to do in Portugal — and one of the most frustrating if you walk into the wrong bank unprepared. Portuguese banks are not uniformly welcoming to all nationalities, and choosing the wrong one can cost you weeks of back-and-forth.
This guide covers what you actually need to know: which banks operate in Portugal, what each one tends to be better or worse at for expats, and how to avoid the most common mistakes.
Bank policies change frequently. This guide reflects general patterns observed in 2026 but is not a guarantee of any bank's current policy. Carlos advises on the right bank and branch for your specific nationality and situation before any appointment is booked.
The Main Banks in Portugal
| Bank | Type | English service | Expat friendliness |
|---|---|---|---|
| Millennium BCP | Private | Good in tourist areas | Generally solid for most nationalities |
| Novobanco | Private | Variable | Good for certain profiles |
| Santander Portugal | Private (Spanish group) | Good | Often good for UK, Irish, Spanish clients |
| Caixa Geral de Depósitos (CGD) | State-owned | Limited | More bureaucratic, but thorough |
| BPI (CaixaBank group) | Private (Spanish group) | Variable | Good digital banking |
| Montepio | Mutual | Limited | More cautious with non-residents |
What No One Tells You Before You Go
The branch matters as much as the bank. The Millennium BCP branch in the centre of Faro handles expats and non-residents differently from the branch in a small inland town. Staff experience with foreign documentation, compliance attitudes and individual manager discretion vary enormously between branches of the same bank.
This is the practical knowledge that comes from doing this repeatedly with real clients from real countries — not from reading the bank's website.
Documents You Will Always Need
- NIF — without this, no Portuguese bank will process your application. Get your NIF first.
- Valid passport (original, not a copy)
- Proof of address — either Portuguese address (lease contract) or foreign address (utility bill or bank statement less than 3 months old)
- Proof of income or activity — pension statement, employment contract, proof of retirement, business registration
Banks may ask for additional documents depending on your nationality, the source of funds you are depositing, and whether you are opening as a resident or non-resident. Carlos prepares the complete documentation package for your specific profile before any branch visit — nothing is discovered at the counter.
Non-Resident vs Resident Account
If you are not yet a Portuguese resident (i.e., you have not yet received your AIMA residency card), you will open a non-resident account. Once you obtain residency, the account can be updated to a resident account, which typically has lower fees and better access to products.
Non-resident accounts are perfectly functional for day-to-day use — direct debits, transfers, MB Way, card payments. They are not second-class accounts. They simply have a different classification for tax purposes.
MB Way — Essential from Day One
MB Way is Portugal's dominant mobile payment system. Supermarkets, restaurants, petrol stations, utility bills, online shopping, person-to-person transfers — almost everything in Portugal can be paid via MB Way. Getting this set up at the same time as the account opening is included in Carlos's bank account service.
Digital-Only Banks — are They a Good Option?
Apps like Revolut and Wise are useful as transitional tools — good for currency conversion, international transfers and spending abroad. However, they are generally not accepted by AIMA, Portuguese tax authorities, or landlords as a primary Portuguese bank account. You will need a traditional Portuguese bank account for your residency application and day-to-day legal requirements.
How Carlos Helps
Rather than walking into a branch and hoping for the best, Carlos identifies the right bank and the right branch for your specific nationality and profile, prepares all documentation in advance, accompanies you to the appointment, and stays until the account, card and MB Way are all active. The difference between a successful first visit and a frustrating three-visit process comes down almost entirely to preparation.