Banking & Finance
- See the data table below for detailed numbers
- Check the FAQ section for common expat questions
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From opening an account to wiring money home, banking in Portugal has its own set of rules. This guide walks you through all of them.
Banking Overview in Portugal
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Portugal
Foreign nationals may be able to open a bank account in Portugal, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Portugal — remote & non-resident opening
Named banks operating in Portugal, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Banco Comercial Português | May require an in-person visit — confirm with the bank directly | High | Online opening needs PT Citizen Card; non-residents without it must visit a representative office. |
| Banco Santander Portugal | May require an in-person visit — confirm with the bank directly | Medium | Requires in-person branch visit for non-residents; no direct remote onboarding offered. |
| Caixa Geral de Depósitos | May require an in-person visit — confirm with the bank directly | High | Caixadirecta App opening requires PT tax residency, Citizen Card and national phone; excludes non-residents. |
| Novo Banco | May require an in-person visit — confirm with the bank directly | Medium | No direct remote non-resident onboarding; in-person appointment required, remote only via intermediaries. |
Last checked 2026-06-21 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Portugal. While you may be able to send money to Portugal, full local account features may not be available. Check their website for the latest on Portugal-specific services.
N26
We have no record of N26 operating in Portugal — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Portugal, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Portugal is approximately €1,436 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Portugal:
- Cash remains a popular payment method in Portuga l, especially for small transactions and in rural areas. Portuguese banknotes and coins are issued in euros, making it easy for both residents and tourists to use cash for daily expenses. However, keep in mind there is technically a cap of 3,000€ for individual cash transactions in Portugal , meaning any amount over that sum must be paid by card.
- Many banks in Portugal charge a monthly or annual fee for maintaining a current or savings account . These fees vary depending on the bank and the type of account you hold, but generally, you can expect to pay between 3.50€ and 8€/month, mostly depending on whether you get your monthly salary deposited into the said account or not. If it's a student account or a specific account for young workers under 30, sometimes there are no fees at all or they stick to a minimum (€1,00/month).
- Cash remains a popular payment method in Portuga l, especially for small transactions and in rural areas. Portuguese banknotes and coins are issued in euros, making it easy for both residents and tourists to use cash for daily expenses. However, keep in mind there is technically a cap of 3,000€ for individual cash transactions in Portugal , meaning any amount over that sum must be paid by card.
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Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
How do international money transfers work from Portugal?
You can transfer money from Portugal via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Is cryptocurrency banking available in Portugal?
Cryptocurrency regulation in Portugal varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Portugal.
Does Wise (TransferWise) work in Portugal?
Wise has limited functionality in Portugal. You may need to rely on traditional banks for transfers.
How do ATM withdrawals work in Portugal?
ATMs are widely available in Portugal. Your bank's ATM network is usually free; out-of-network ATMs may charge €1-5 per withdrawal. International cards may incur additional fees.
Is mobile banking widely available in Portugal?
Yes, most major banks in Portugal offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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