Banking in Portugal for Expats 2026 — CGD, Millennium BCP and Opening Your Account

Source: Caixa Geral de Depósitos (cgd.pt) · Millennium BCP (millenniumbcp.pt) · Novo Banco (novobanco.pt)

NIF first — this is mandatory

You cannot open a Portuguese bank account without a NIF (Número de Identificação Fiscal — Portuguese tax number). Get your NIF from a local Finanças office (tax authority) or through a legal representative before you arrive. EU/EEA citizens can get a NIF at Finanças directly. Non-EU citizens may need a Portuguese fiscal representative. NIF registration is straightforward but must be done first.

Main banks for expats

CGD (Caixa Geral de Depósitos) — state-owned, widest branch network in Portugal, most expat-experienced. Good for those in rural areas and smaller towns. Millennium BCP — private bank, strong digital banking, competitive. Novo Banco — private bank with international focus. All three operate in English in tourist and expat-heavy areas.

Non-resident accounts

If you have not yet established Portuguese residency (D7 visa approval pending, or in the process), some banks offer non-resident accounts. These typically have more restrictions but allow you to establish banking before residency is finalised.

N26 and Wise as interim options

N26 is a German digital bank with EU regulation — opens quickly online with passport only, no NIF required. Useful as a bridge while sorting your NIF and local bank account. Wise also provides EUR account details instantly. Neither replaces a full Portuguese bank account for local Direct Debits and Portuguese-specific transactions, but both are practical for the initial period.

Transfers from the UK

Wise for most GBP to EUR transfers. OFX for larger amounts. See the UK to Europe transfers guide →