Moving to another country requires extensive planning, and it’s often a good idea to open a local bank account if you’re planning on staying for a while. Expats and students can often find tailored banking services in countries around the world, and Portugal’s, in particular, has proven popular.
The best Portuguese banks for foreigners often share similar characteristics, enabling expats and students to set up low-cost accounts with flexible terms, without reducing access to additional features such as investment services and lines of credit. This article will evaluate the 5 best banks in Portugal for students and expats.
List of the best banks in Portugal for expats and students:
Millennium BCP – One of the largest banks in Portugal with a wide branch network
Novo Banco – Dedicated products for foreign residents
Caixa Geral de Depósitos – State-owned bank with expat banking packages
BPI – Allows foreigners to open a bank remotely
ActivoBank – A modern digital-first bank
Key considerations
Expats and students looking to open a bank in Portugal are met with an endless list of features and a lot of financial jargon, which can be especially challenging when trying to do it through language barriers. Luckily, Portugal’s top banks often provide tailored services to foreigners, and they sometimes provide multilingual customer support.
Some of the key factors to consider before choosing the right bank as a foreigner are whether it provides dedicated support channels for foreign speakers and whether it has specific product offerings for customers like you. For expats and students in particular, here are some of the top things to think about before making a final decision:
Ability to open a bank account remotely
Foreign exchange rates and international transaction fees
Accessibility of the local branch network
The 5 best banks in Portugal for expats
This section will explore the key benefits of Portugal’s top banks for foreigners.
1. Millennium BCP – One of the largest banks in Portugal with a wide branch network
Millennium BCP (Banco Comercial Português) is one of the largest banks in Portugal, offering a variety of banking services tailored to expats and students. The Mundo 123 Account is aimed at expats, offering benefits like cashback on certain purchases, preferential terms for loans, and an integrated digital banking experience.
Millennium BCP also offers a Student Account that provides low-cost banking services. Along with zero monthly maintenance fees, students can access discount interest rates for an arranged overdraft and student loan options with favorable borrowing costs.
Key features
Multilingual customer support
Financial literacy programs for students
Convenient online banking solutions
2. Novo Banco – Dedicated products for foreign residents
Novo Banco is another prominent bank in Portugal, known for providing financial services tailored to expats. The NB Expats Account provides assistance for opening accounts abroad, enabling customers to register and apply for an account before they enter the country. On top of this, Novo Banco provides multilingual customer support for expats and can provide a dedicated relationship manager.
Some of Novo Banco’s branches are specially equipped to cater to the needs of expats, providing dedicated services and support and a loyalty points program that can provide various perks. The bank also offers a tailored student account which comes with no maintenance fees and in-app financial management tools.
Key features
Comprehensive suite of banking services
Tailored services for expats and students
Multilingual customer support
3. Caixa Geral de Depósitos (CGD) – State-owned bank with expat banking packages
CaixaBank offers specific banking solutions for expatriates, including assistance with opening accounts from abroad and managing finances while residing in Portugal. The bank offers investment services to expats, with a full range of products available to foreigners, including stocks, retirement plans, and other useful services.
Tailored loan products and investment services make it easier for expats and students to manage their finances effectively, and CaixaBank is able to offer a suite of financial services regardless of residency status. As with many other student offerings, CaixaBank provides favorable interest rates for students who are looking to open a line of credit.
Key features
Broad range of financial services
Extensive network of local branches
Dedicated services for expats
4. BPI – Allows foreigners to open a bank remotely
BPI (Banco Português de Investimento) is a major bank in Portugal that allows expats to open multi-currency accounts remotely. Dedicated expat advisory services help foreigners to find their footing after touching down in Portugal, with BPI’s tailored services designed to help people set up their accounts and get all the relevant documents in place.
Likewise, BPI offers a tailored student bank account with low fees that offers exclusive deals and discounts on entertainment and travel from within the mobile app. Like many other tailored student accounts, BPI provides reduced interest rates for students, an arranged overdraft, and various educational resources that can help students to manage their finances.
Key features
Full digital banking experience popular among expats
Open an account remotely both quickly and easily
Fee-free accounts for all customers
5. Activobank – A modern digital-first bank
Activobank is a digital bank in Portugal that is part of the Millennium BCP group. It offers a range of services tailored to modern customers, including digital nomad expats and students looking for a change of scenery. ActivoConta is a versatile account with no maintenance fees that offers free domestic and international transfers, in addition to a wide range of banking services available directly through the mobile app.
While Activobank does not offer a tailored bank account specifically for students, the standard account’s fee-free structure and digital-first approach still makes it a popular choice. The mobile app allows students to manage multiple accounts, make money transfers, pay bills, and access various financial planning products that can help them to manage their cash flows effectively.
Key features
Full digital banking experience popular among expats
Open an account remotely both quickly and easily
Fee-free accounts for all customers
The bottom line
Opening a bank in Portugal as a foreigner has never been easier, with the top options often providing dedicated support channels in addition to enabling expats to open an account remotely. While there are definitely some strong picks, choosing the right bank for you is ultimately a personal decision that could depend on a variety of factors.
If you’re a student or expat looking to travel abroad, you can also check out our article on the best banks in Germany.