Best Banking Options for Expats in Portugal (2026)

Unlike Spain's NIE, which takes weeks and requires appointments, a Portuguese NIF can often be obtained in days. EU citizens can get one at any Finanças office. Non-EU citizens need a fiscal representative (a Portuguese resident who vouches for you) unless they're already resident.

Many services now help foreigners get NIFs remotely before arrival. This is worth doing—having your NIF when you land accelerates everything else.

Digital banks don't require a NIF to open an account. Portuguese banks do. This shapes the practical sequence: open digital accounts immediately, pursue Portuguese banking after NIF.

If you're receiving income in USD, GBP, or other currencies and spending in EUR, Wise typically offers the best exchange rates and lowest fees. The multi-currency account lets you hold and convert money at the real exchange rate.

Wise provides a Belgian IBAN, which works for SEPA transfers throughout Europe. Most Portuguese businesses and landlords accept any EU IBAN for payments.

The limitation: some D7 visa applicants report that consulates prefer seeing Portuguese bank statements showing local financial ties. For visa applications, a Portuguese account may strengthen your case.

N26 offers a free account with a debit card, free ATM withdrawals (with limits), and a clean mobile app. For day-to-day banking in Portugal—paying rent, receiving salary, buying groceries—N26 works well.

The German IBAN is accepted throughout the EU for SEPA transfers. Most Portuguese landlords and employers accept it without issue.

Like other digital banks, N26 doesn't require a NIF. You can open an account before arriving in Portugal and have functional banking from day one.

Portuguese banks are more expat-friendly than many European counterparts. With a NIF and passport, opening an account is usually straightforward. Some banks even have English-speaking staff in Lisbon and Porto branches.

You'll want a Portuguese account for: landlords who require Portuguese IBANs, demonstrating financial ties for D7 visa, setting up Portuguese direct debits (utilities, etc.), and building local credit history.

Activobank (owned by Millennium BCP) is a popular digital-first option that provides a Portuguese IBAN with a more modern experience than traditional banks. It's often recommended for expats who want Portuguese banking without the full traditional bank experience.

D7 applicants must demonstrate sufficient passive income and often need to show bank statements. While digital bank statements technically work, some consulates prefer seeing Portuguese banking activity as evidence of genuine relocation intent.

The practical approach: use digital banks for transfers and daily spending, but consider opening a Portuguese account before your D7 application to show local financial ties.

For demonstrating the income requirement, statements from your home country banks showing pension, investments, or rental income are the primary evidence. Portuguese accounts supplement rather than replace this.

Before arrival: Open Wise and/or N26. These work immediately and handle your initial spending and transfers. Consider getting your NIF remotely if possible.

First weeks: If you don't have a NIF, get one. This unlocks Portuguese banking and many other services.

Once settled: Open a Portuguese bank account (Activobank for convenience, traditional bank for full services). Use it for rent, utilities, and local direct debits.

Long-term: Most expats maintain both: digital banks for international transfers and travel, Portuguese bank for local integration.