National Private Retail Banks in Portugal
Portugal boasts numerous private high-street banks that provide a variety of current accounts. Some of these banks offer specialized accounts such as student accounts, non-resident accounts, and joint accounts. In larger cities with higher population density, you'll often find banks with English-speaking staff. Many banks also offer customer support in English via phone. The banks in Portugal are connected to the Multibanco ATM system, which allows you to withdraw money, pay bills, top up a Portuguese mobile phone, transfer funds to other accounts, and even pay Portuguese income tax and social security contributions. The Multibanco system even enables you to purchase cinema tickets.
Standard banking hours in Portugal typically run from 08:30 to 15:00, with some branches staying open until 16:00. Certain banks also operate for a few hours on Saturdays.
Considering Portugal's size and population, there's an impressive array of banks available:
• Banco Best • BancoBIC • Banco BPI • Millennium BCP • Activo Banco • BankInter • Novo Banco
Public Retail Banks in Portugal
Caixa Geral de Depósitos is a state-owned banking corporation and Portugal's second-largest bank. It's known for its high level of security, which makes it one of the more expensive banking options.
International Banks in Portugal
Larger urban areas in Portugal are home to several multinational banks that offer services comparable to their Portuguese counterparts. These international banks generally adhere to similar opening hours. They often provide a range of expat-friendly services.
Here's a list of international banks in Portugal:
• Abanca • Santander Totta • Barclays • BBVA • BNP Paribas • Citibank • Credit Agricole • Deutsche Bank • Bison Bank
Digital Banks in Portugal
A number of online and mobile banks have emerged in recent years, allowing customers to open accounts and conduct banking activities using their mobile phones or laptops. These online banks are also supported and accepted by Finanças. Here's a list of digital banks accepted in Portugal:
• N26 • Openbank • Revolut
Crypto-Friendly Banks
Several banks in Portugal are known to be crypto-friendly, although their policies and attitudes toward cryptocurrencies may vary. Some Portuguese banks have even established partnerships with cryptocurrency exchanges to offer services to their customers. However, it's important to recognize that cryptocurrency regulations are still evolving, and there might be future restrictions or uncertainties. Currently, the most crypto-friendly banks in Portugal are Santander Totta, Millennium BCP, Activo Banco, Novo Banco, and Bison Bank.
Opening a Bank Account
Unless you're opening a non-resident account from abroad, you'll need to open a Portuguese bank account in person at a local branch. Some banks now offer the option of opening an account online, though this is usually associated with digital and mobile banks.
For individuals from the European Union, the following documents are required to open a bank account:
• Passport or valid identification • Proof of address, such as a recent Portuguese utility bill • Portuguese NIF number • Your employment contract or documentation explaining the need for a Portuguese bank account • Proof of funds
For non-Europeans, the process is a bit more complex. At Crypto & Taxes Portugal, we can assist you with this process either as a standalone service or as part of visa applications. If you have VISA-related questions, you can reach us at visa@cryptotaxesportugal.com.