# How to Open a Bank Account in Portugal (2026)

> Open a bank account in Portugal as an expat: documents you need, best banks for newcomers, and the step-by-step process in 2026.

By Jules de Bruin · URL: https://www.how-to-portugal.com/finance/open-bank-account

Updated August 2026. You can open a Portuguese bank account with a NIF and identification. Revolut issues a PT IBAN without a local address, while ActivoBank, Bankinter, and moey! offer low-cost Portuguese current accounts. Traditional banks such as CGD, Millennium bcp, BPI, and Santander require a NIF and proof of address, and often waive fees for young people or salary domiciliation.

## Which Are the Best Banks for Expats?

The easiest option before you arrive is **Revolut**, which opens online and provides a Portuguese IBAN (PT50) and MB WAY access. For a fully Portuguese bank, **ActivoBank** and **Bankinter** have free or low-cost digital accounts, while **CGD** and **Millennium bcp** have the largest branch networks.

## What Documents Do You Need?

Banks normally ask for a valid passport or citizen card, your NIF, proof of address, and proof of activity or employment. Non-EU citizens may also need a residence permit. Some digital banks can verify your identity through the Chave Móvel Digital or video call.

## What Is the Step-by-Step Process?

1. Obtain your NIF from the Finanças or a citizen shop. 2. Choose a bank based on whether you need branches, English support, or a PT IBAN. 3. Apply online or book a branch appointment. 4. Submit documents and complete identification. 5. Receive your debit card and activate online banking.

## Do You Need a Portuguese IBAN?

A PT IBAN is not legally required, but it avoids practical problems. Some Portuguese employers, utilities, and the tax portal prefer a PT IBAN, and the MB WAY instant-payment network works best with one. Revolut and Trade Republic issue PT IBANs; N26, Wise, bunq, and Openbank do not.

## How Do Bank Fees Compare?

Digital accounts such as Revolut Standard, ActivoBank Conta Simples, Bankinter Conta Online, and moey! are free or low cost. Traditional banks charge EUR 6 to EUR 10 per month unless you meet waiver conditions such as salary domiciliation or age under 25 or 30.

## Compare two providers

Already down to two? Each comparison declares a winner on every criterion that decides the purchase.

[Revolut vs MoeyRevolut wins 1 of the 5 computed criteria, moey! wins 0.](/finance/compare/revolut-vs-moey)[ActivoBank vs BankinterOn the structured fields these two are effectively tied: same fee, same protection band.](/finance/compare/activobank-vs-bankinter)[CGD vs Millennium bcpCaixa Geral de Depósitos wins 1 of the 5 computed criteria, Millennium BCP wins 0.](/finance/compare/cgd-vs-millennium-bcp)[Santander vs NovobancoSantander Portugal wins 3 of the 6 computed criteria, Novo Banco wins 0.](/finance/compare/santander-vs-novobanco)[Moey vs ActivoBankActivoBank wins 1 of the 5 computed criteria, moey! wins 0.](/finance/compare/moey-vs-activobank)[Wise vs RevolutRevolut wins 2 of the 5 computed criteria, Wise wins 0.](/finance/compare/wise-vs-revolut)[Banco CTT vs ActivoBankActivoBank wins 2 of the 5 computed criteria, Banco CTT wins 0.](/finance/compare/banco-ctt-vs-activobank)[Openbank vs N26On the structured fields these two are effectively tied: same fee, same protection band.](/finance/compare/openbank-vs-n26)[SMB vs Moeymoey! wins 1 of the 5 computed criteria, All deposit-taking institutions wins 0.](/finance/compare/smb-vs-moey)[Revolut Business vs Novobanco NegócioNovo Banco wins 1 of the 5 computed criteria, Revolut Business wins 0.](/finance/compare/revolut-business-vs-novobanco-negocio)

## Related Guides

[### Commercial Banks Traditional Portuguese banks compared.](/finance/commercial-banks)[### Fintech Apps Digital-first banking options.](/finance/fintech-apps)[### Savings Accounts Where to earn interest.](/finance/savings-accounts)[### Revolut vs N26 Compare the two neobanks.](/finance/revolut-vs-n26)

## Frequently Asked Questions

### Can I open a bank account in Portugal without a NIF?

Most Portuguese banks require a NIF. Revolut is the main exception for a fully functional account, although it is still advisable to get a NIF for taxes and utilities.

### Can I open a Portuguese bank account from abroad?

Yes. Revolut lets you open an account with a PT IBAN before you move. N26, Wise, and bunq also open remotely but issue non-PT IBANs.

### How long does it take to open a bank account?

Digital banks can open an account in minutes. Traditional banks usually take 1 to 3 working days after you submit documents.

### Do I need a minimum deposit?

Some youth accounts require an initial deposit, for example EUR 100 for CGD CaixaJovem. Many digital accounts have no minimum.

### Is my money safe in Portuguese banks?

Deposits are protected up to EUR 100,000 per person per institution by the Fundo de Garantia de Depósitos. Revolut deposits are protected by the Lithuanian scheme up to the same limit.

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