Opening a bank account in Portugal as an expat family is one of the first practical tasks after getting your NIF — and it’s significantly easier than it used to be, particularly for EU nationals. You need a Portuguese bank account to receive salary payments, pay rent, set up direct debits for utilities, and generally function as a resident rather than a visitor.
This guide covers the main options for expat families in 2026, including both traditional Portuguese banks and the digital alternatives that many families use alongside them.
What You Need to Open a Portuguese Bank Account
Requirements vary by bank but typically include:
- Valid passport or national ID
- NIF (Portuguese tax number — see our NIF guide if you don’t have one yet)
- Proof of address (Portuguese address preferred, though some banks accept foreign addresses for initial opening)
- Proof of income or employment (for some accounts)
Non-EU nationals may face more documentation requirements. British nationals post-Brexit are generally treated as non-EU for banking purposes, though in practice most banks process applications straightforwardly with valid documentation.
Traditional Portuguese Banks
Millennium BCP
The most widely used bank among expat families in Porto. Good English-language service at branches in Foz do Douro and Boavista, online banking in English, and a broad ATM network. The account opening process can be done in-branch — book an appointment rather than walking in. millenniumbcp.pt
Banco Best
Online-first Portuguese bank with competitive savings rates and a clean digital interface. Popular with remote-working expat families. Account opening is done online — faster than a branch visit and no appointment required. bancobest.pt
Caixa Geral de Depósitos (CGD)
Portugal’s state bank. Widely used by Portuguese residents and good for long-term integration — property purchases and some government interactions run smoothly with a CGD account. Less internationally polished than Millennium but solid.
Digital and International Options
Wise (formerly TransferWise)
Not a traditional bank but an extremely useful tool for expat families. The Wise multi-currency account lets you hold and convert between GBP, EUR, USD and 40+ currencies at mid-market rates. Very useful for families receiving foreign-currency income while living in Portugal. wise.com
Wise is not a substitute for a Portuguese bank account — landlords, utilities, and many Portuguese services require a Portuguese IBAN — but it’s an excellent complement for managing the currency conversion aspect of expat finances.
N26
German digital bank operating across the EU. Good app, no foreign transaction fees, free basic account. Works as a Portuguese bank account (EU IBAN) without needing to visit a branch. Popular with digital nomad families as a lightweight primary account. n26.com
Revolut
Similar to N26 — digital bank with multi-currency features. Good for day-to-day spending and currency exchange. Some landlords and Portuguese institutions are now familiar with Revolut IBANs, though some still prefer traditional Portuguese bank IBANs for rent payments. Check with your landlord before relying on Revolut for rental transfers.
What Most Expat Families Actually Do
The practical setup most families end up with:
- A traditional Portuguese bank account (Millennium BCP most commonly) for rent, utilities, and official Portuguese dealings
- Wise or Revolut for converting foreign-currency income to euros efficiently
This combination covers all bases — you have a Portuguese IBAN for local requirements, and you’re not losing money on exchange rates every time you transfer from your home-country income.
Common Issues and How to Avoid Them
“The bank wants a Portuguese address but I haven’t rented yet.” Some banks will open an account with a foreign address. Millennium BCP is generally flexible on this if you’re clear that you’re in the process of relocating. Alternatively, get the NIF first using your foreign address, then open the bank account once you have a rental contract.
“The bank wants proof of income but I’m self-employed.” Self-employment income documentation in Portugal is the last six months of bank statements from your current account plus your Recibos Verdes (Portuguese self-employment invoices) if you have them. For new arrivals without Portuguese income records, your most recent home-country tax return often works.
This article reflects the experience of expat families in Porto as of 2026. Banking requirements and procedures change — verify directly with your chosen bank. Some links above are affiliate links; we may earn a commission if you open an account via these links, at no extra cost to you.
Planning your move to Portugal? Our free family relocation checklist covers visas, schools, healthcare registration, and everything you need for the first 30 days.
While waiting for your Portuguese bank account to open, Wise works as a multi-currency account — you can hold and spend EUR immediately without a Portuguese account, and transfer to your Portuguese account once it’s open.