Top 5 Best Banks for Expats in Portugal
Choosing a bank in a new country is never simple — and Portugal is no exception. While the Portuguese banking sector offers a wide variety of institutions, many expats report that the experience can range from seamless to deeply frustrating, depending on the bank, location, and even the individual manager.
Whether you’re relocating under a D7 or Digital Nomad visa, buying property, or simply need an everyday account, the right bank can save you time, money, and unnecessary stress. At RushRadar, we’ve gathered insight from dozens of expats, cross-referenced community experiences, and analyzed services to identify the top 5 banks in Portugal for expats — based on usability, fees, access, and flexibility.
1. ActivoBank – The Expats’ Favorite for Everyday Banking
Best for: Daily use, fee-free banking, digital services
Cost: €0/month; free debit and credit cards available
ActivoBank is repeatedly cited as one of the most convenient and expat-friendly banks in Portugal. Technically a subsidiary of Millennium BCP, it operates as a fully digital bank with excellent mobile and online services — and virtually no fees.
Why expats love it:
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No maintenance fees, no hidden charges
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Free debit card; credit card also available for eligible clients
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English-language support and user-friendly mobile app
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Seamless integration with Multibanco, MB Way, and Millennium ATMs
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Account opening possible online or in-person (with NIF, ID, and Portuguese address)
One downside? Some users find the onboarding process slightly confusing if not done in person, and full residency may be required in certain cases. Still, for fee-free banking with good digital support, ActivoBank is hard to beat.
2. Millennium BCP – Reliable and Widely Available
Best for: Mortgages, property purchases, widespread access
Cost: €5–€15/month depending on account type
As Portugal’s largest private bank, Millennium BCP offers full-service banking, mortgage products, and one of the most expansive branch networks in the country. For expats planning to buy a home or apply for credit in Portugal, Millennium is often the bank of choice.
Highlights:
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English-language mobile app and website
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Support for mortgage applications and home financing
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Access to prestige services and dedicated account managers (at a cost)
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Compatibility with services like Revolut and Wise for international transfers
However, fees vary depending on account type — and some expats report bureaucracy and slow support, especially with larger transactions. For those needing stability and real estate financing, it’s a solid but sometimes costly choice.
3. Caixa Geral de Depósitos (CGD) – Best for Government-Backed Stability
Best for: Pensions, salaries, long-term savings
Cost: Around €5–€7/month (basic accounts)
Portugal’s state-owned bank, CGD, is one of the most stable institutions in the country. Many locals still consider it a safe choice for long-term savings and mortgage products.
Expats use CGD for:
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Salary accounts and savings products (including CDs)
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Mortgage options with competitive rates
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Broad network of branches, even in smaller towns
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Longstanding presence and government backing
However, CGD is often described as bureaucratic and outdated, especially in terms of digital experience. The mobile app is functional but not modern. Online transfers can take longer than expected, and customer service quality seems to vary dramatically between branches.
Still, if you want institutional stability and access to traditional banking tools, CGD is a worthwhile inclusion.
4. Revolut – The Perfect Complement to a Portuguese Bank
Best for: Currency exchange, spending abroad, budgeting
Cost: Free basic plan; Metal plan from €13.99/month
While not a Portuguese bank, Revolut has become an essential tool in many expats’ financial setups. It excels at what traditional banks don’t: speed, currency exchange, budgeting tools, and ease of use.
Why expats use it:
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Multi-currency accounts (including USD, GBP, and EUR)
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Instant transfers to/from local banks like CGD and Activo
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Virtual cards and in-app budgeting features
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Competitive exchange rates and low-cost global transfers
Revolut is best used alongside a Portuguese bank. For example, many expats receive income in foreign currencies via Revolut, then transfer to ActivoBank or Millennium for local expenses or mortgage payments.
Note: Revolut does not yet offer full savings/deposit services licensed under Portuguese regulation, but that may change as its European banking license expands.
5. Moey! – A Local Fintech Alternative
Best for: Digital-first expats who speak Portuguese
Cost: €0/month
Moey! is a Portuguese digital bank backed by Crédito Agrícola. It offers a modern mobile-first experience with full support for MB Way, fee-free transfers, and a clean interface. Think of it as Portugal’s response to Revolut — but fully domestic.
Pros:
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Free account and card (no maintenance fees)
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Full support for local banking features like SEPA, MB Way, and direct debit
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Clean mobile app (only in Portuguese)
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Backed by a traditional bank
Cons:
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App is Portuguese-only (some expats may struggle)
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Customer service isn’t always responsive
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Not suitable for mortgages or credit-building
Still, for everyday spending and local digital payments, Moey! is a sleek and underrated option — especially if you’re comfortable navigating services in Portuguese.
Honorable Mentions
- Wise – Excellent for converting and transferring money between Portugal and abroad, but not a substitute for a local account.
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Banco CTT – Offers a low-cost account option with physical locations in postal branches. Good for basic needs.
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Atlantico Europa – Sometimes recommended for non-residents or Golden Visa applicants due to remote onboarding.
Final Thoughts
The reality in Portugal is that no single bank does everything perfectly. Many expats end up using a combination of banks:
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ActivoBank for free daily use
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Millennium or CGD for mortgage or credit needs
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Revolut or Wise for international transfers and foreign income
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Moey! or Openbank as digital complements
When choosing a bank, consider:
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Whether you’ll be applying for residency, a mortgage, or just need a spending account
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Your comfort with Portuguese language apps and services
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How often you’ll need customer support or branch access
And remember: in Portugal, good service often comes down to your relationship with a specific branch or manager— not just the bank brand itself.
At RushRadar, we recommend expats choose flexibility over loyalty and build a banking setup that works for how you live, earn, and spend.
Nuno
As a filmmaker with extensive experience across multiple areas of content creation, my work has been featured internationally, and I’ve had the honor of serving as both a speaker and jury member at numerous prestigious events. However, in recent years, I’ve grown increasingly disillusioned with the direction of the art world, prompting a shift in my focus toward disciplines I believe will be pivotal for the future: cybersecurity, self-education, web design, and investing. These interests have culminated in the launch of RushRadar, a platform dedicated to exploring these vital topics and empowering others to navigate the evolving digital landscape.