Best Portuguese Banks for Expats Compared

Introduction

Choosing the right bank in Portugal isn't just about finding a place to stash your money. It's about finding a financial partner that understands your situation as a foreigner — your need for English support, your international money flows, your potential lack of Portuguese credit history, and your preference (or not) for dealing with brick-and-mortar branches.

Portugal's banking landscape has evolved significantly in recent years. Traditional banks that once dominated every high street now face fierce competition from digital-first alternatives, and expats have more options than ever. But more choice also means more confusion. Should you go with the largest bank with branches everywhere, a smaller player with better expat services, or a digital bank with no fees and a slick app?

This guide compares the best Portuguese banks for expats in 2026 — looking at fees, English support, account opening requirements, digital tools, and the real-world experience of being a foreign customer. Whether you're a retiree moving to the Algarve, a digital nomad setting up in Lisbon, or an entrepreneur launching a business in Porto, there's a bank on this list that fits your profile.

Related reads: If you haven't yet opened an account, check out our guide on opening a bank account in Portugal as a foreigner for the step-by-step process and document checklist. For a comparison that includes digital alternatives like Wise and Revolut, see our Wise vs Revolut vs Traditional Banks breakdown.

How We Evaluated Each Bank

We assessed each bank across six criteria that matter most to expats:

1. Account opening process — Can you open online, or must you visit a branch? What documents are required? How long does it take?
2. Fees and charges — Monthly maintenance, card fees, ATM fees, international transfer costs, and hidden charges.
3. English-language support — Staff English proficiency, English-language interfaces, English documentation and customer service.
4. Digital banking quality — Mobile app functionality, online banking features, MB WAY compatibility, and digital payment support.
5. Branch network and accessibility — Physical presence across Portugal and willingness to serve non-resident or newly arrived foreigners.
6. Expats' real-world experience — Common complaints, known issues, and what existing expat customers report.

1. Millennium BCP — The Everywhere Bank

Best for: Expats who want physical branches literally everywhere in Portugal.

Millennium BCP (Banco Comercial Português) is Portugal's largest private bank, with over 600 branches across the country and a presence in almost every town of any size. If you want a bank you can walk into no matter where you end up living, BCP is the safest bet.

Account Opening

BCP allows both in-branch and online account opening. Non-residents can open accounts, but expect to visit a branch for the initial setup — the online process is generally limited to Portuguese residents with full documentation. You'll need:

• Valid passport or EU national ID
• NIF (Portuguese tax number)
• Proof of address (Portuguese or foreign — foreign is accepted but may require translation)
• Proof of income or employment
• Initial deposit (typically €100–200)

Processing takes 3–7 business days after your branch visit. Many expats report being asked to purchase additional banking products (insurance, investment accounts) as a condition of opening — you can and should push back on this.

Fees

Fee waivers are available if you maintain a minimum balance (usually €1,500–2,500 depending on the account tier) or set up a direct deposit of your salary or pension.

Digital Banking

BCP's app, called "BCP Net," is functional but feels dated compared to fintech alternatives. It covers the basics: balance checks, transfers, bill payments, and card management. The interface is available in English. MB WAY is fully supported. Direct debit setup (débito direto) works seamlessly for utilities and subscriptions.

English Support

BCP has English-speaking staff in branches located in expat-heavy areas — Lisbon's central districts, Porto's city center, the Algarve, and Cascais. In smaller towns and interior regions, English support is sparse to nonexistent. Phone and online chat support in English is available but can involve long wait times.

The Expat Experience

What expats like: Branches everywhere, MB WAY support, established reputation, decent mobile app basics.

What expats dislike: Pushy upselling during account opening, slow customer service for non-Portuguese speakers, dated online interface, monthly fees that add up.

Verdict: BCP is the reliable workhorse of Portuguese banking. It won't wow you with innovation, but it will be there wherever you are. If you value branch access and don't mind paying for it, BCP is a solid choice.

2. ActivoBank — The Best Traditional Bank for Digital-Native Expats

Best for: Expats who want traditional banking services with zero monthly fees and modern digital tools.

ActivoBank is Millennium BCP's digital-first subsidiary. It offers the full backing of Portugal's largest private bank — including access to BCP's branch network for certain services — but operates primarily online with a significantly lower fee structure. In many expat forums, ActivoBank is the most frequently recommended traditional bank.

Account Opening

Account opening is fully online for EU/EEA residents with a Portuguese NIF and address. Non-EU residents may need to visit a BCP branch (ActivoBank has no branches of its own) for identity verification. Required documents:

• Valid passport or EU ID
• NIF
• Proof of Portuguese address
• Proof of income

The online process is straightforward and can be completed in 20–30 minutes. Approval typically takes 1–3 business days.

Fees

The fee structure is genuinely competitive — one of the cheapest traditional banking options in Portugal. There are no minimum balance requirements and no hidden fees for standard operations.

Digital Banking

ActivoBank's app is modern, fast, and well-designed. It supports the full range of banking operations: transfers, direct debits, card controls, spending analytics, and MB WAY. The app interface is available in English. Push notifications are reliable, and the app's spending categorization feature is genuinely useful for tracking expenses.

English Support

ActivoBank's digital support (chat and email) is available in English. Since there are no ActivoBank branches, any in-person needs are handled at BCP branches, where English support varies by location. This is the one limitation: your digital experience is smooth, but anything requiring a physical visit takes you into the BCP ecosystem with its inconsistent English support.

The Expat Experience

What expats like: Completely free banking, modern app, no minimum balance, fast account opening, free international SEPA transfers.

What expats dislike: No dedicated branches (rely on BCP for in-person needs), limited cash deposit options, occasional app bugs after updates.

Verdict: If you're comfortable managing your finances digitally and don't need to deposit cash regularly, ActivoBank is arguably the best traditional bank option for expats in Portugal. The zero-fee structure alone saves you €90–150 per year compared to BCP's basic packages.

3. Santander Portugal — The International-Friendly Option

Best for: Expats who already bank with Santander in their home country and want a seamless transition.

Santander's Portuguese operation benefits from the brand's international presence. If you're a Santander customer in the UK, Spain, Brazil, or elsewhere, the transition to Santander Portugal is smoother than switching to an entirely new banking ecosystem. The technology platform is more modern than the Portuguese-owned banks, and the staff tends to be more accustomed to serving international clients.

Account Opening

Santander Portugal offers both in-branch and online account opening. Their "Santander One" account is designed for individuals and can be opened online with Portuguese residency documentation. Non-residents generally need to visit a branch.

Required documents are standard:

• Passport or EU ID
• NIF
• Proof of address
• Proof of income
• For non-residents: proof of purpose for the account (employment contract, pension statement, etc.)

Existing Santander customers in other countries may benefit from an accelerated process through Santander's internal referral system.

Fees

Fee waivers are available with salary direct deposits or minimum balances (€2,500+ for One, €10,000+ for Premier).

Digital Banking

Santander's mobile app is one of the best among traditional Portuguese banks. It features biometric login, instant card controls, spending categorization, budgeting tools, and a clean English-language interface. The app supports MB WAY and all standard Portuguese payment systems.

English Support

Santander Portugal generally has better English support than BCP or CGD, particularly in urban branches. Their customer service phone line offers English-language options. The online banking portal and app are fully translated.

The Expat Experience

What expats like: Modern app, better English support than most Portuguese banks, familiar international brand, good for existing Santander customers.

What expats dislike: Higher fees than ActivoBank, fewer branches than BCP/CGD, some expats report being assigned to the wrong account tier during opening.

Verdict: Santander is the best choice if you value international brand consistency and modern digital tools. The fees are reasonable for what you get, and the English support makes the day-to-day experience less frustrating.

4. Banco Best — The Expat-Focused Challenger

Best for: Expats who want an English-friendly banking experience with investment options.

Banco Best is a Portuguese bank owned by the BCP Group but operating independently. It has positioned itself as a premium, service-oriented bank with a strong focus on English-language support and investment services. While smaller than the big three, Banco Best has carved out a niche among expats and high-net-worth individuals.

Account Opening

Account opening is available online and in branch. Banco Best is known for being particularly welcoming to non-residents and has streamlined the process for foreigners. Required documents:

• Passport
• NIF
• Proof of address
• Proof of income/source of funds
• For investment accounts: risk assessment questionnaire

The account opening process is typically faster than at BCP or CGD, with approval in 1–2 business days.

Fees

Banco Best's fee structure is competitive for basic banking. Where they make their money is on investment and wealth management products — which, to be fair, they're quite good at.

Digital Banking

Banco Best's digital platform is solid if not spectacular. The app covers all essential functions with an English interface. Where Banco Best excels is in its investment platform — portfolio management, fund selection, and financial planning tools are more sophisticated than what you'll find at BCP or CGD.

English Support

This is Banco Best's standout feature. They have dedicated English-speaking staff and a reputation for going above and beyond for foreign customers. Their website, documentation, and customer communications are available in English. This is one of the few Portuguese banks where you can genuinely conduct your entire banking relationship in English without friction.

The Expat Experience

What expats like: Excellent English support, welcoming to non-residents, good investment platform, no fees on basic accounts, fast account opening.

What expats dislike: Smaller branch network (mostly Lisbon and Porto), limited services in smaller towns, investment focus may be overkill for basic banking needs.

Verdict: If you have investment needs alongside everyday banking, or if English-language service is your top priority, Banco Best deserves serious consideration. The smaller branch network is the main trade-off.

5. Novo Banco — The Turnaround Story

Best for: Budget-conscious expats who want traditional banking at lower prices.

Novo Banco was created from the "good assets" of the failed Banco Espírito Santo (BES) in 2014. Since then, it has rebuilt its reputation and is now a mid-tier Portuguese bank with a competitive product offering. It doesn't have the cachet of BCP or Santander, but it offers solid services at lower prices — a trade-off that appeals to many expats.

Account Opening

Account opening follows the standard Portuguese bank process: in-branch for non-residents, online for residents. Novo Banco has been improving its digital onboarding process, but it still lags behind ActivoBank and Santander in terms of speed and user experience.

Required documents are standard. Processing takes 3–5 business days.

Fees

Novo Banco's fees are consistently 20–30% lower than BCP's equivalent packages, making them attractive for cost-conscious customers.

Digital Banking

Novo Banco's app has improved dramatically since the bank's founding. The current version is clean, functional, and available in English. It supports MB WAY, direct debits, and all standard operations. It's not as polished as Santander's app, but it's perfectly adequate for everyday use.

English Support

English support at Novo Banco is variable — similar to BCP in urban areas, less available in rural locations. Their online customer service is available in English, though response times can be slower than digital-native competitors.

The Expat Experience

What expats like: Lower fees than the big banks, improving digital platform, adequate English support in cities.

What expats dislike: Smaller brand recognition (trust concerns for some), inconsistent branch-level service, technology improvements still ongoing.

Verdict: Novo Banco is a solid budget option among traditional Portuguese banks. If you want the security of a physical bank with a branch network but don't want to pay BCP or Santander prices, Novo Banco is worth considering.

6. Caixa Geral de Depósitos (CGD) — The State Bank

Best for: Expats living in rural or interior Portugal where no other bank has branches.

CGD is Portugal's largest bank by branch count and the only bank with a presence in virtually every municipality in the country. It's state-owned, which means it carries an implicit government guarantee that some customers find reassuring. For expats living outside the major cities and coastal areas, CGD is often the only traditional banking option.

Account Opening

CGD requires in-branch account opening for virtually all customers — their online account opening is limited and often fails for non-Portuguese ID holders. The process is straightforward but can be slow:

• Visit a branch with all documents
• Fill out paper forms (English forms are not always available)
• Wait 5–10 business days for processing

Required documents:

• Passport or EU ID
• NIF
• Proof of address
• Proof of income

Fees

CGD's fees are moderate — not the cheapest, not the most expensive. Basic accounts at €5/month are reasonable for what you get.

Digital Banking

CaixaDirecta, CGD's online banking platform, is functional but dated. The mobile app works for basic operations but lacks the polish and features of competitors. An English interface is available but incomplete — some sections remain in Portuguese only.

English Support

CGD has the weakest English support of all major Portuguese banks. Branch staff in major cities may speak English, but in smaller towns, Portuguese is the only language you'll get. Their customer service phone line does not offer a dedicated English option. This is a real limitation for expats who don't speak Portuguese.

The Expat Experience

What expats like: Branches everywhere, state-backed stability, reasonable basic account fees, universal acceptance.

What expats dislike: Poor English support, dated technology, long queues, slow processes, paper-heavy procedures.

Verdict: CGD is the bank of necessity rather than choice. If you live in a town where BCP, Santander, and ActivoBank don't have branches, CGD is your traditional banking option. It does the job, just don't expect a premium experience.

Quick Comparison Table

Choosing the Right Bank for Your Situation

Retirees

If you're retiring to Portugal and receiving a pension from abroad, prioritize banks with good English support and reliable international transfer capabilities. Santander or Banco Best are strong choices. Both offer English-language customer service, modern apps that let you monitor your accounts easily, and reasonable fees. If your pension is substantial, Banco Best's investment services can help you optimize your returns.

If you're retiring to a rural area, CGD may be your only traditional option — supplement it with a Wise account for better international transfers. See our guide on transferring money to Portugal for the cheapest methods.

Digital Nomads

For digital nomads who work remotely and may move around, ActivoBank is the clear winner. Zero fees, an excellent app, and the ability to manage everything digitally mean you're not tied to a specific branch location. Pair it with Wise for receiving payments from international clients — Wise's multi-currency capabilities are essential for nomads earning in different currencies.

If you need MB WAY for everyday life in Portugal (and you do — it's used for everything from splitting a coffee bill to paying a street vendor), ActivoBank's full MB WAY support makes it the best traditional bank option.

Entrepreneurs and Freelancers

If you're starting a business or working as a freelancer in Portugal (recibos verdes), you'll need a bank that handles business accounts well and integrates with Portugal's tax and invoicing systems. Millennium BCP and Santander both offer solid business banking products, including business credit lines, POS terminals, and dedicated business account managers.

For the invoicing and tax side, check out our guide on Portugal's invoice and receipt system (recibos verdes) and Portuguese social security for freelancers.

Families

Families benefit most from banks with strong branch networks and comprehensive product offerings — savings accounts for children, education savings plans, and mortgage products. BCP and Santander both offer family banking packages that bundle multiple accounts at a discount. If you're buying property, their mortgage departments are well-established and experienced with foreign buyers.

Pro Tips for Opening Your Account

1. Get your NIF first — No Portuguese bank will open an account without a NIF. If you don't have one, see our NIF guide.
2. Bring everything — Even if the bank's website says you only need three documents, bring your passport, NIF, proof of address, proof of income, and any residency documentation. Portuguese bureaucracy rewards over-preparation.
3. Ask about fee waivers — Every bank offers ways to reduce or eliminate monthly fees. Ask explicitly: "How can I get the monthly fee waived?" Common answers: minimum balance, salary direct deposit, or bundling products.
4. Don't buy what you don't need — Bank staff will often try to sell you insurance, investment products, or credit cards during account opening. You are not obligated to buy anything. A polite but firm "no, thank you" is sufficient.
5. Consider a two-bank strategy — Many experienced expats use a traditional bank (for MB WAY, direct debits, and cash deposits) alongside Wise (for international transfers and multi-currency needs). This gives you the best of both worlds.
6. Opening from abroad is possible but harder — Some banks allow non-residents to open accounts remotely, but the process is slower and more document-heavy. If you can, wait until you arrive in Portugal and visit a branch in person.
7. Check your home country's reporting requirements — If you're a US citizen, a Portuguese bank account triggers FBAR and FATCA reporting obligations. Some banks are FATCA-compliant and will report your account to the IRS automatically; others may be hesitant to serve US citizens due to the compliance burden.

The Bottom Line

Portugal's banking landscape offers something for every type of expat. ActivoBank delivers the best value with zero fees and modern digital tools. Santander provides the smoothest international transition for existing customers. Banco Best offers the most English-friendly experience. BCP gives you branches everywhere. CGD covers the rural areas no one else does. And Novo Banco undercuts the big banks on price.

For most newly arrived expats, we recommend starting with ActivoBank as your primary Portuguese account (free, modern, full MB WAY support) paired with Wise for international transfers. As you settle in and your needs evolve — whether that's a mortgage, investment services, or business banking — you'll have a clearer picture of which additional bank relationships make sense.

The key is to not let the perfect bank search prevent you from opening any account at all. Having a Portuguese bank account is essential for daily life, and any of the banks on this list will serve you adequately. You can always open a second account later if your first choice doesn't work out.

Ready to take the next step? Check out our comprehensive guide on opening a bank account in Portugal as a foreigner for the exact documents, procedures, and tips to get your account set up as smoothly as possible.