Best Portuguese Bank For English Speakers [2022 Guide]

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Portuguese banks are very advanced because Portugal is a eurozone country. You can send money from any eurozone country without extra charges. This is the reason behind the success of Portuguese banking, which is why it is a very advanced system. All the banks in Portugal are linked with the Multibanco system. If you want to open your bank account in Portugal, you will not face any problems because it is one of the easiest countries to open your account in less time. 

If you are not a European citizen, opening your bank account in Portugal will still be equally easy. They provide you with a lot of flexibility because it is your DC and whether you want overdraft protection for your bank account or don’t want to avail of this option. 

Currently, there are more than 150 different banks in Portugal, and they provide advanced financial services to the citizens of Portugal. Portugal is different from other countries where it is difficult for non-European citizens to open their bank accounts. You will not have to face any discrimination at all.

This article will discuss the best Portuguese bank for English speakers and which one you should go for as a foreigner in 2022.

5 Best Banks In Portugal

It is not difficult to open your bank account in Portugal, even if you are a foreigner. You can quickly transfer currency whenever you want without any additional charges or fees. It would help if you were very careful when choosing the right bank because there are some benefits you will get from certain banks. There are many advanced banks in Portugal, and you can benefit by opening your account.

Let’s look at the top banks in Portugal so you can choose for yourself.

Millennium BCP

Millennium BCP is the largest bank in Portugal. The best feature of this bank is that it gives you the option to open your bank account even if you are not 18 years old yet. If you are 17 years old, a start account is available for you that you can open immediately. It is the best option for teenagers, and you can quickly start using your bank account directly. Usually, teenagers face many problems in many parts of the world because it is difficult to open their bank accounts, but that is not the issue in Portugal. 

You can easily open your bank account as a Portuguese citizen or foreigner. However, it would help if you kept in mind that you must make a minimum deposit of €150 to make your Portuguese bank account functional in this Bank. However, you are not only restricted to depositing the currency in euros because you can transfer the money in any other currency that is easy for you.

Caixa Geral de Depositos 

This one is the second largest bank in Portugal and is a public bank. The best thing about this bank is that you don’t need to be available in the country if you want to use the account of this bank. As a Portuguese resident, you can also live in any other country and use this bank account. This bank offers many different types of bank accounts for students and foreigners. If you want to keep foreign currency in your bank account, this one will be the right option for you in this regard.

Novobanco

Novobanco is the second-largest private bank in Portugal. This bank is the perfect choice for every English speaker because this bank offers a welcome account specifically introduced for immigrants out of Portugal. If English is your first language, then the best account for you is to open a golden critical account in this Bank. 

The amount of options this bank is going to provide you with our limitless because there is even an option to open an eco-friendly bank account! If you prefer an eco-friendly lifestyle, this is an excellent thing you can try. After opening this bank account, you will not have to worry because there will be no more carbon dioxide emissions being made on the planet because of your bank account. How unique and impressive does that sound, right?

Banco BPI

Banco BPI is the fourth largest Portuguese Bank and is quite popular. They have five options for you, and you can choose the bank account you want to open. An option to open a bank account for kids is also available! The most impressive thing about this bank is that kids from 0 to 12 can extend their bank accounts. 

Such banks are rare, which is why this one stands out from others. If you are a parent looking forward to opening a bank account for your kids, this is the perfect choice for you as an immigrant. This Bank also offers you 20 different investment fund options if you are interested in investment funds.

ActivoBank

ActivoBank is the best bank you can open as a foreigner in Portugal. This bank will be the right choice for you because it has almost no maintenance fee and nearly all of their staff is fluent in English. However, that option is also available if you prefer to communicate in Portuguese. Mostly this bank is chosen by English speakers, and you can benefit from that. 

Another significant fact for you to note is that this bank is a subsidiary of the bank of Millennium BCP. As a result, you can also deposit cash in the ATMs of Millennium BCP. The best part about this bank is that it is paperless, and you will not be receiving lots of documents in your mailbox every month.

Note: If you do not want to go for the abovementioned banks, you can also search for digital banks in Portugal.

Document Requirements for ActivoBank

  • ID or passport
  • Income proof
  • Phone number
  • NIF
  • Address Proof

Top Digital Banks In Portugal

Nowadays, multiple mobile banks are available for you, and you can operate them using your laptop or smartphone. No need to visit a local bank branch anymore because you can always have a bank account in your pocket. It is free and takes only a few minutes to open your digital bank account in Portugal. Let’s take a look at the top digital for these banks below.

N26

In Portugal, you can open your bank account with N26 online, which is a straightforward process. Even if you are not a European citizen, then it is still possible for you to open this account. The first requirement for you to open his account is to have a mailing address in any European country so that you can receive your MasterCard at that address.

Bank Account Opening Process

 1. Register for N26.

 2. Download the N26 app.

 3. Connect your smartphone.

 4. Transfer money.

It is as simple as it looks to open your bank account in Portugal, and this process involves nothing complicated.

Information Required For Opening N26 Account

 1. Email address

 2. First name

 3. Last name

 4. Country 

 5. Date of birth

 6. Password

 7. Phone number

 8. Address for mail

Anti-Money Laundering Questions You Have To Answer

  1. Gender
  2. City of birth
  3. Nationality
  4. Tax residency
  5. TAX ID
  6. Job title

In the last step, you only have to agree with all the terms and conditions and then have your bank account. If you want to earn extra money, you can also refer your friends to sign up for this account. Opening your N26 bank account is easy, and you will not have to face any trouble setting this account up. The last step is to order your MasterCard at your mailing address, and then you are good to go!

Wise

You might already be familiar with this digital bank account because it was previously known as a transfer. You can quickly sign up for this account; there is not much you need to do because it is very user-friendly. Anyone can open this account no matter from which country they are. 

Receiving your card is also very easy on your mailing address once you digitally sign up for this bank account. 

After getting this bank account, you can keep your money in 50 different currencies and convert with a fee as low as possible. You can get your account details whenever you want without any restrictions. It is a very flexible digital bank account, and you don’t have to pay any extra charges.

Process Of Opening A Wise Digital Portuguese Bank Account

 1. Register online.

 2. Download the wise application on your smartphone.

 3. Enter your email address and create a password for your account.

 4. Select the country where you are staying and then answer all the personal questions you will ask.

 5. Now, you can start transferring funds to your account and operate this account like any other regular bank account in Portugal.

Note: Before opening your WISE digital account, you must verify yourself using a photo id or any proof of address. They might ask you for a photo of you while holding your ID in your hands. The verification process will not take more than 48 hours, and you can start using this digital bank account. 

If you refer any of your friends to start using this digital account, you can also make some extra cash on the side! On the other hand, it is straightforward to use this bank account, and you can easily set it up. Ordering your card is also very easy on your mailing address, and you can start using it in Portugal.

Revolut

 Revolut is a Portuguese digital bank account that you can easily open whenever you want. The interface is very user-friendly, and you need to provide them with the mailing address so you can receive your visa card or MasterCard. Currently, more than 15 Million users benefit from their digital banking app, and you can be one of them after installing it. 

They also provide you with a virtual card that, if possible and you can use to save online shopping whenever you want. Once you are done shopping, you can disable the card, and no one will be able to make a transaction from that card unless you activate it yourself from the mobile app.

Process Of Opening Revolut Digital Portuguese Bank Account

 1. Register online.

 2. Download the app.

 3. Connect your phone.

 4. Transfer money.

How To Open A Portuguese Bank Account

If you wish to open a bank account in the top 5 Portuguese banks we have mentioned, you must visit the local bank branch to open your account. The first step is to find the address of the bank you wish to visit, and you can easily do so on the bank’s website. If you are a non-European resident or someone who speaks English only, then we recommend you go with the English-speaking banks mentioned in the list above. 

If you don’t want to do that, then an option to bring a translator with you is always available.

Documents Required To Open A Portuguese Bank Account

The following documents are required to open a Portuguese bank account:

For European Residents

  • ID or Passport
  • TAX ID
  • Social Security Number
  • Proof of address
  • Employment Evidence

Non-European Residents

  • ID or Passport
  • Home Address Proof
  • Profession Proof
  • Social Security Number Proof

Key Factors About The Banking Sector In Portugal

Look at the critical points about the banking sector of Portugal below.

Currency

 Euro is the default currency used for the banking sector and making transactions in Portugal. Portugal has been a member of the European Union since 1999; till now, the national currency is the Euro.

Banking Sector Rules And Regulations

Currently, two regulators are controlling the operations of the banking system in Portugal. These regulators include the European Central Bank and the Bank of Portugal.

Security

Portugal follows strict protocols to ensure that the banking transactions and system are secure. A data protection system is also implemented to eliminate any failure by providing further confidentiality and security service to the individuals and the business sector making transactions in Portugal. 

The card fraud rate is also lower in the banking sector of Portugal, making it even clear that it is a safe transaction portal and banking sector.

Types Of Bank

 More than 150 different banks are currently operating in Portugal, including private and public banks. Some digital mobile banks are also available that we have mentioned, and you can check them out.

Business Hours

Portuguese banks operate from 8:30 a.m. to 3:00 p.m. it is Monday to Friday, and you can visit the local bank branches at this time. The banks are closed on Saturdays, but the ATMs allow you to withdraw cash and make other related transactions.

Conclusion

No complicated procedure is involved if you want to open your bank account in Portugal. The process you must follow is quite typical, and you will not have to face any issues. This is why Portugal stands out from other European countries because they give you the option to open your bank account without having to visit the physical Bank branch! 

Did you know that you can open your Portuguese bank account by just getting an account with N26 by using your smartphone? It is very convenient, and you will not have to go anywhere. Opening your bank account in Portugal is straightforward; you can easily qualify for this. If you are staying in Portugal for some time, you need to open your bank account in the country because it will benefit you in many cases. 

It doesn’t matter if you are a resident of the country or not; you should still go for this option because it is effortless and straightforward. Looking at all the information mentioned above on how you can choose the right Bank in Portugal will equip you with enough knowledge that you need to know. Good luck!