Expat Banking in Portugal

26 May 2020

In September 2009 Portugal introduced non-habitual tax regime (NHR) to attract 'high value' residents and to make Portugal an attractive expat destination. Under NHR, most income from a foreign source is exempt from Portuguese taxation for ten consecutive years, as is income that is taxable in another country. Non-habitual residents can benefit from a flat 20% income tax rate instead of the usual progressive scale reaching up to 48%. In addition, Portugal introduced residency by investment scheme, often called 'golden visa'. All these factors contributed significantly to the growing of expat community in Portugal.

Portuguese banks are adapting to these changes in their clientele by offering accounts in foreign currencies, employing English-speaking staff, creating multi-lingual versions of their websites and remote banking interfaces, and widely using online account opening procedures: out of 19 banks providing retail banking products and services, 8 banks offer online account opening, while the rest 11 banks require a branch visit. Online account opening is usually completed within a few minutes and includes a video authentication. When opening an account, banks will require to provide documents proving client's identity, address and income.

Retail banking services in Portugal are available not only to residents of Portugal, but also to non-residents, provided that they have obtained NIF (Número de Identificação Fiscal, en: Tax Identification Number). NIF is required not only when opening a bank account in Portugal, but also when byuing a property or renting a property long term, applying for a 'golden visa', getting a phone subscription, signing up for utilities. NIF can be obtained by visiting any office of Autoridade Tributária e Aduaneira (Portuguese Tax and Customs Authority).

Online Account Opening

NameArea ServedCurrenciesCard ProvidersWebsite Languages#Branches
Banco ActivoBank, SAPTPortugalEUEURVisaVisaPTPortuguese
GBEnglish
15
Banco Atlântico Europa, S.A.PTPortugal
internationally
DEGermany
ESSpain
ATAustria
EUEUR
USUSD
GBGBP
CHCHF
MasterCardMasterCardPTPortuguese
n/a
BANCO BPI, SAPTPortugal
internationally
EUEUR
USUSD
CHCHF
GBGBP
+ 10 more
VisaVisaPTPortuguese
GBEnglish
ESSpanish
421
Banco de Investimento Global, SAPTPortugal
DEGermany
EUEURMasterCardMasterCardPTPortuguese
18
BEST - Banco Electrónico de Serviço Total, SAPTPortugal
internationally
EUEUR
USUSD
CHCHF
GBGBP
VisaVisaPTPortuguese
0
Caixa Geral de Depósitos, SAPTPortugalEUEUR
AUAUD
CACAD
CHCHF
+ 15 more
VisaVisaPTPortuguese
GBEnglish
573
Montepio Investimento, SAPTPortugalEUEURn/aPTPortuguese
0
Novo Banco, SAPTPortugal
internationally
DEGermany
EUEURVisaVisaPTPortuguese
FRFrench
GBEnglish
362
 

Branch Account Opening

NameArea ServedCurrenciesCard ProvidersWebsite Languages#Branches
Abanca Corporación Bancaria, SA, Sucursal em...PTPortugalEUEUR
foreign currencies
VisaVisaPTPortuguese
0
Banco BAI Europa, SAPTPortugal
AOAngola
internationally
DEGermany
EUEUR
USUSD
n/aPTPortuguese
n/a
Banco BIC Português, SAPTPortugalEUEURVisaVisaPTPortuguese
n/a
BANCO BILBAO VIZCAYA ARGENTARIA, SA, SUCURSAL...PTPortugalEUEURVisaVisaPTPortuguese
ESSpanish
GBEnglish
15
BANCO COMERCIAL PORTUGUÊS, SAPTPortugalEUEURVisaVisa
MasterCardMasterCard
UnionPayUnionPay
GBEnglish
PTPortuguese
545
BANCO CTT, SAPTPortugalEUEURVisaVisaPTPortuguese
212
Banco Santander Totta, SAPTPortugal
internationally
EUEUR
USUSD
GBGBP
CACAD
MasterCardMasterCardPTPortuguese
527
Bankinter, SA - Sucursal em PortugalPTPortugalEUEURVisaVisaPTPortuguese
0
BNI - Banco de Negócios Internacional (Europ...PTPortugal
AOAngola
internationally
DEGermany
EUEUR
USUSD
VisaVisaPTPortuguese
GBEnglish
n/a
Caixa Central - Caixa Central de Crédito Agr...PTPortugalEUEURVisaVisa
MasterCardMasterCard
0
Caixa Económica da Misericórdia de Angra do...PTPortugal
internationally
EUEURVisaVisaPTPortuguese
0
 

Banco ActivoBank, SA

Customer Rating
 (4.3; 24 ratings)
Country of Origin
PT Portugal

Banco ActivoBank is a direct bank, specialized in providing retail banking and online trading products and services via Internet.

Banco ActivoBank, SA provides services in the area of retail banking. Banco ActivoBank, SA offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, car loans, mortgage loans (2.31 - 2.31 %).

How to Open Account in Banco ActivoBank, SA

Opening an account in Banco ActivoBank, SA can be done in a few steps:
1.
Completely online
2.
Account is ready within 15 minutes

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Banco ActivoBank, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Banco ActivoBank, SA will ask to provide corporate documentation as well as information about controlling persons. Banco ActivoBank, SA may request additional documentation or information depending on the case. Banco ActivoBank, SA performs client's identity verification via video call.

Account opening procedure is usually completed within 15 minutes.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
GBEnglish

Account Currencies

EUEUR

Card Providers

VisaVisa

Banco Atlântico Europa, S.A.

Customer Rating
 (4.8; 34 ratings)
Country of Origin
AO Angola

Group ATLANTICO started its operations in 2006 in Luanda (Angola) with the strategic goal to become a innovative financial institution. Now ATLANTICO presents in all provinces of Angola providing financial services to individuals, companies and public sector organizations. In 2009 ATLANTICO started its international expansion and Banco Privado Atlântico - Europa was founded in Portugal. Banco Privado Atlântico - Europa offers a broad range of retail and corporate banking products and services.

Banco Atlântico Europa, S.A. provides products and services in the areas of retail banking, private banking, corporate banking. Banco Atlântico Europa, S.A. offers a range of products including current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts (0.10 - 1.05 %), investment funds, consumer loans, mortgage loans (8.37 - 8.37 %), business loans, trade finance.

How to Open Account in Banco Atlântico Europa, S.A.

Opening an account in Banco Atlântico Europa, S.A. can be done in a few steps:
1.
Submit online application
2.
Account is ready within 20 minutes

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Banco Atlântico Europa, S.A. will ask him/her to provide the following documents: passport; proof of address. For corporate clients Banco Atlântico Europa, S.A. will ask to provide corporate documentation as well as information about controlling persons. Banco Atlântico Europa, S.A. may request additional documentation or information depending on the case. Banco Atlântico Europa, S.A. performs client's identity verification via video call.

Account opening procedure is usually completed within 20 minutes.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
Mobile App (MY ATLANTICO) Supported Languages
GBEnglish
PTPortuguese

Account Currencies

EUEUR
USUSD
GBGBP
CHCHF

Card Providers

MasterCardMasterCard

BANCO BPI, SA

Customer Rating
 (5.0; 1 ratings)
Country of Origin
PT Portugal

Banco Português de Investimento (Banco BPI, eng: Portuguese Investment Bank) is a head company of BPI Group, focused on corporate and retail banking activities and provision of investment banking services, asset management and insurance.

BANCO BPI, SA provides products and services in the areas of retail banking, private banking, business banking, corporate banking, insurance. BANCO BPI, SA offers a range of products including current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts, indexed deposit accounts, structured products, consumer loans, car loans, mortgage loans (2.83 - 2.83 %).

How to Open Account in BANCO BPI, SA

Opening an account in BANCO BPI, SA can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual BANCO BPI, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients BANCO BPI, SA will ask to provide corporate documentation as well as information about controlling persons. BANCO BPI, SA may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
GBEnglish
ESSpanish
Mobile App (BPI App) Supported Languages
GBEnglish

Account Currencies

EUEUR
USUSD
CHCHF
GBGBP
CACAD
ZAZAR
NZNZD
SGSGD
JPJPY
AUAUD
NONOK
DKDKK
SESEK
PLPLN

Card Providers

VisaVisa

Banco de Investimento Global, SA

Customer Rating
 (3.0; 1 ratings)
Country of Origin
PT Portugal

Established in 1998, Banco de Investimento Global (BIG) is a privately-held, specialized financial institution. Banco de Investimento Global operates as a universal bank, providing a wide range of retail banking, asset management, corporate and investment banking products and services via various distribution channles.

Banco de Investimento Global, SA provides products and services in the areas of retail banking, wealth management, wholesale banking, online brokerage. Banco de Investimento Global, SA offers a range of products including current accounts, credit cards, debit cards, savings accounts, time deposit accounts (0.20 - 0.20 %).

How to Open Account in Banco de Investimento Global, SA

Opening an account in Banco de Investimento Global, SA can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Banco de Investimento Global, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Banco de Investimento Global, SA will ask to provide corporate documentation as well as information about controlling persons. Banco de Investimento Global, SA may request additional documentation or information depending on the case. Banco de Investimento Global, SA performs client's identity verification via video call.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
Mobile App (BiGMobile) Supported Languages
GBEnglish

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard

BEST - Banco Electrónico de Serviço Total, SA

Customer Rating
 (4.4; 8 ratings)
Country of Origin
PT Portugal

BEST - Banco Electrónico de Serviço Total, SA was established in 2001 and is specialized in providing retail banking, asset management and securities trading solutions. BEST - Banco Electrónico de Serviço Total operates as a subsidiary of Novo Banco.

BEST - Banco Electrónico de Serviço Total, SA provides services in the area of retail banking. BEST - Banco Electrónico de Serviço Total, SA offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, investment funds, structured products, retirement solutions, consumer loans, mortgage loans (2.14 - 2.14 %), trading accounts.

How to Open Account in BEST - Banco Electrónico de Serviço Total, SA

Opening an account in BEST - Banco Electrónico de Serviço Total, SA can be done in a few steps:
1.
Submit online application

Required Documents

passport
proof of address

Identity Verification

n/a

While onboarding a private individual BEST - Banco Electrónico de Serviço Total, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients BEST - Banco Electrónico de Serviço Total, SA will ask to provide corporate documentation as well as information about controlling persons. BEST - Banco Electrónico de Serviço Total, SA may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
Mobile App (Best Mobile) Supported Languages
GBEnglish
PTPortuguese

Account Currencies

EUEUR
USUSD
CHCHF
GBGBP

Card Providers

VisaVisa

Caixa Geral de Depósitos, SA

Customer Rating
 (3.5; 41 ratings)
Country of Origin
PT Portugal

Caixa Geral de Depósitos (CGD) is the largest bank in Portugal, 100%-owned by the Portuguese government. CGS is a universal bank, having a substantial market share in retail and corporate banking in Portugal. CGS also provides specialized financial services, investment banking and insurance.

Caixa Geral de Depósitos, SA provides products and services in the areas of retail banking, private banking, corporate banking, investment banking, asset management, insurance. Caixa Geral de Depósitos, SA offers a range of products including current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts, consumer loans, mortgage loans (2.43 - 2.43 %).

How to Open Account in Caixa Geral de Depósitos, SA

Opening an account in Caixa Geral de Depósitos, SA can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Caixa Geral de Depósitos, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Caixa Geral de Depósitos, SA will ask to provide corporate documentation as well as information about controlling persons. Caixa Geral de Depósitos, SA may request additional documentation or information depending on the case. Caixa Geral de Depósitos, SA performs client's identity verification via video call.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
GBEnglish

Account Currencies

EUEUR
AUAUD
CACAD
CHCHF
CNCNY
CZCZK
DKDKK
GBGBP
HKHKD
HUHUF
JPJPY
MOMOP
NONOK
NZNZD
PLPLN
SESEK
SGSGD
USUSD
ZAZAR

Card Providers

VisaVisa

Montepio Investimento, SA

Customer Rating
 (4.5; 2 ratings)
Country of Origin
PT Portugal

Established in 1840 in Lisboa, Montepio is a Portuguese mutual savings group. Caixa Económica Montepio Geral is a member of Montepio Group providing retail and corporate banking products and services to individuals, self-employed professionals, entrepreneurs, SMEs and business entities.

Montepio Investimento, SA provides products and services in the areas of retail banking, corporate banking. Montepio Investimento, SA offers a range of products including current accounts, credit cards, savings accounts, time deposit accounts, consumer loans, car loans, mortgage loans (1.93 - 1.93 %).

How to Open Account in Montepio Investimento, SA

Opening an account in Montepio Investimento, SA can be done in a few steps:
1.
Completely online
2.
Account is ready within 20 minutes

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Montepio Investimento, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Montepio Investimento, SA will ask to provide corporate documentation as well as information about controlling persons. Montepio Investimento, SA may request additional documentation or information depending on the case. Montepio Investimento, SA performs client's identity verification via video call.

Account opening procedure is usually completed within 20 minutes.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
Mobile App (M24) Supported Languages
GBEnglish

Account Currencies

EUEUR

Novo Banco, SA

Customer Rating
 (3.7; 12 ratings)
Country of Origin
PT Portugal

Novo Banco is a successor of Banco Espírito Santo (BES) establised in August 2014 by the Bank of Portugal as a bridge bank (or a "good bank") to rescue assets and liabilities of BES. The only owner of Novo Banco is a special bank Resolution Fund, the fund will continue to own the bank until the bank is sold to new owners. Novo Banco provides products and services in retail and investment banking, asset management and insurance.

Novo Banco, SA provides products and services in the areas of retail banking, business banking, corporate banking, institutional banking, insurance. Novo Banco, SA offers a range of products including current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts (0.00 - 0.00 %), investment funds, consumer loans, car loans, mortgage loans (2.28 - 2.28 %).

How to Open Account in Novo Banco, SA

Opening an account in Novo Banco, SA can be done in a few steps:
1.
Completely online

Required Documents

passport
proof of address

Identity Verification

video call

While onboarding a private individual Novo Banco, SA will ask him/her to provide the following documents: passport; proof of address. For corporate clients Novo Banco, SA will ask to provide corporate documentation as well as information about controlling persons. Novo Banco, SA may request additional documentation or information depending on the case. Novo Banco, SA performs client's identity verification via video call.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Website Languages
PTPortuguese
FRFrench
GBEnglish
Mobile App (NB smart app) Supported Languages
GBEnglish
FRFrench
PTPortuguese
ESSpanish

Account Currencies

EUEUR

Card Providers

VisaVisa

See Also