Best banks in Portugal

Some popular banks in Portugal are Millenium BCPCaixa Geral de Deposito (CGD), and Banco de Portugal.

The European Central Bank and the Central Bank of Portugal regulate the Portuguese financial system. Portuguese card fraud is among the lowest in Europe.

Portugal’s official currency is the Euro. Ten euros is 10.75 US Dollars. That is 886.84 Indian Rupees or almost 76.64 Chinese yuan.

Most websites or apps linked below are in Spanish or English. Use Google Translate, Tarjimly, or any other translation service if you need it.

How to choose a bank in Portugal

When choosing a bank in Portugal, there are several factors to consider.

Reputation and stability

Choosing a good bank in Portugal means finding one with a solid reputation and stability. This way, you can trust that your finances are in good hands.

Products and services

Choose a bank based on account needs. Basic accounts like savings and checking are standard, while full-service banks offer advanced options like credit cards, loans, and investments.

Size of the bank


Most of Portugal’s banks offer their services at reasonable fees. Fees vary a lot depending on the bank so that you can explore them accurately.

Financing costs

If you’re looking to make your money grow in a savings account or other savings vehicle, it’s essential to seek out higher interest rates to optimize your savings efforts. One strategy to accomplish this is to compare the rates multiple banks offer.

Customer Service

It’s essential to consider client support and your financial needs when choosing a bank. Look for a bank with helpful tools and features that fit your requirements and preferences.


Considering these factors, you can narrow your options and choose a bank that meets your financial needs.

List of best banks in Portugal

In Portugal, there are around 150 financial institutions. They provide banking and related services to consumers and companies. Portuguese banks are more accommodating to non-residents than their EU counterparts are. This is because most EU nations prohibit citizens of other countries from obtaining bank accounts.

Some of the banks in Portugal are the following:

National banks in Portugal

The following national banks are present in Portugal.

Banco de Portugal.

Banco Montepio

Caixa Geral de Deposito (CGD)

Millenium BCP

Banco Portugues de Investimento BPI

Novo Banco 

Banco Santander Totta

International Banks in Portugal

BNP Paribas 


Banco CTT






Which bank is the best in Portugal

Banco de Portugal, Caixa Geral de Deposito (CGD), Millenium BCP, and Novo Banco are only a few of the top banks in Portugal. Both of these banks are among the biggest in the nation.

Can foreigners create Portuguese bank accounts

Both residents and non-residents of other countries are welcome to establish bank accounts in Portugal. If you don’t yet have a permanent residence in Portugal but still want to open a bank account there, you have the option of opening a non-resident account, which requires additional paperwork and may be subject to more limitations.

How can I open a bank account in Portugal

The typical requirements of Portuguese banks are shown below:

  • Identity Document (Passport, Driver’s License, etc.)
  • Documentation to verify your residence
  • NIF Number in Portugal
  • Income/Employment (e.g., recent payslip or employment letter). If you are unemployed but registered with the Portuguese job center (Centro de Emprego) or have a work contract assurance, you may start an account.
  • Mobile Activation in Portuguese

How to find a cash machine in Portugal

Talk to anyone who may have traveled or worked in Portugal. You will find that some of your friends or family know the nearest bank branches. Ask around and find opportunities among your contacts. An easy tool for doing that is any map app. Below is, for example, a Google Maps search for ‘ATMs near Lisbon.’


Source: Immigrant Invest, Wise

The caption of the cover image above is in Carcavelos Beach, Portugal. Photo by Little John on Unsplash.


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