Compare Banks in Portugal

For an account with no maintenance fee: Moey! (100% mobile). For a branch bank: CGD, Millennium, Santander or novobanco, whose accounts cost about €5 to €10 a month (plus 4% stamp duty); Santander offers 6 months free online. For travel: Revolut. Compare fees including tax and the waiver conditions (salary paid in, age).

MB WAY is the Portuguese mobile payment system, developed by SIBS. It allows paying in stores (QR code, NFC), sending money by phone number, ATM withdrawal without a card, and online payments. Free, available in all Portuguese banks. It works from a phone number, settles instantly and is free between individuals, which is why it has become the standard way to split a bill or pay a small trader in Portugal.

Multibanco is the Portuguese interbank ATM and payment terminal network, managed by SIBS. With over 12,000 ATMs, it allows withdrawals, bill payments (water, electricity, taxes), ticket purchases and transfers. All Portuguese banks are connected. The same network handles utility bills, taxes, tolls and even public service payments through reference codes, which makes it central to everyday life in Portugal.

The NHR regime offered a reduced 20% tax rate on qualified employment income and exemption on certain foreign income for 10 years. The classic program ended in 2023, replaced by a new regime for researchers and startups. Consult a tax advisor.

The Portuguese Golden Visa grants residency through investment. Since 2023, residential real estate is excluded. Remaining options include investment funds (≥ €500k), job creation, and scientific research. The permit allows Schengen travel and leads to citizenship after 5 years. Applicants must maintain the qualifying investment and spend a minimum number of days in Portugal each year, and the scheme has been repeatedly narrowed, so check the current rules before committing.

Yes, the Portuguese Fundo de Garantia de Depósitos protects up to €100,000 per depositor per bank, in line with the EU directive. This covers all licensed banks in Portugal, including CGD, Millennium, Santander, Novo Banco, BPI and Crédito Agrícola. Cover applies per depositor and per institution, so a joint account is protected for twice the amount and large savings are best spread across two or three banks.

Yes, non-residents can open a bank account in Portugal with a passport and NIF (tax number). The NIF can be obtained through a fiscal representative. ActivoBank, Millennium BCP and CGD accept non-residents. Revolut and Moey! only require an EU passport.

Under the EU PAD directive, Portuguese banks must offer an account switching service within 10 business days. Banco de Portugal oversees this process. Open your new account, request automatic transfer of direct debits and standing orders, then close the old one.