Best Bank Accounts in Portugal for Expats (2026)

Compare the best Portuguese bank accounts for expats. Free digital banks, local options, fees, and everything you need to know about banking in Portugal. Updated March 2026.

Tax note for Portugal: Portugal applies a 28% flat withholding tax on savings interest and investment income. The Non-Habitual Resident (NHR) regime has been replaced by a new incentive for scientific research and innovation professionals, offering a 20% flat tax on qualifying employment income for up to 10 years. Banks automatically withhold tax on interest.

Our pick for Portugal

Wise — Real exchange rate, no hidden fees

Trusted by 16M+ people worldwide. Send, spend, and receive in 40+ currencies at the real mid-market rate. Multi-currency account with local bank details in 10+ countries. No monthly fees.

Open free Wise account

Free to create an account. Fees apply to transfers and card usage.

Bank comparison for Portugal

Bank	Monthly fee	Card fee	ATM withdrawals	FX fee	Best for
Wise	0 EUR	7 EUR (one-time)	2 free/mo, then 0.50 EUR	0.33-0.6%	International transfers	Open account
Revolut	0 EUR (free plan)	0 EUR	200 EUR free/mo	0% (weekdays)	All-in-one app
N26	0 EUR (Standard)	0 EUR	3 free/mo, then 2 EUR	1.7%	Free digital bank
ActivoBank	0 EUR	0 EUR	Unlimited free (Millennium ATMs)	Variable	Best free local bank
Moey	0 EUR	0 EUR	Unlimited free (Multibanco)	Variable	Mobile-first banking
bunq	0 EUR (Easy Money)	9.99 EUR (one-time)	Limited	Real-time rate	Green banking

How we chose these banks

We reviewed over 10 banks available to expats in Portugal, assessing monthly fees, card costs, ATM access via the Multibanco network, FX rates, ease of opening, and mobile app quality. Portuguese deposit protection covers up to 100,000 EUR per person per institution under the Fundo de Garantia de Depositos.

ActivoBank (part of Millennium BCP) is widely regarded as the best free bank in Portugal, offering a full-featured account with no monthly fees and access to the Millennium BCP ATM network. Moey is a mobile-only bank by Credito Agricola, also completely free.

What to look for as an expat in Portugal

NIF (Numero de Identificacao Fiscal) -- You need a Portuguese NIF (tax number) to open any bank account in Portugal. EU citizens can get one at a local tax office (Financas). Non-EU citizens may need a fiscal representative.
Portuguese IBAN (PT) -- Employers and landlords require a Portuguese IBAN. ActivoBank and Moey provide PT IBANs. N26 provides a DE/ES IBAN, Wise a BE IBAN.
Multibanco network -- Portugal's excellent Multibanco ATM network is used for far more than cash withdrawals. You can pay utility bills, taxes, and fines at any Multibanco terminal. Local bank cards integrate fully with this system.
MB WAY -- MB WAY is Portugal's dominant mobile payment system, similar to Apple Pay but used for person-to-person transfers and online payments. You need a Portuguese bank account to use it. ActivoBank and Moey both support MB WAY.
Cash limits -- Portugal limits cash payments to 3,000 EUR (or 1,000 EUR for transactions with non-resident entities). Larger payments must go through a bank.

Calculate your Portugal salary first

Know exactly how much you take home after IRS, social security, and surcharges before deciding how to manage your money.

Portugal salary calculator