If you are considering moving permanently to Portugal, having a Portuguese bank account is a must. To help you with your move, we have compiled a list of the 5 best banks in Portugal.
Banks in Portugal are linked together by a banking network better known as Multibanco. This system is responsible for providing one of the country's most common payment methods, which can only be accessed with a Portuguese bank account.
What are the best banks in Portugal?
It is worth noting that it is very easy to open a bank account in Portugal, even if you are a foreigner. Since Portugal is part of the Eurozone, you can transfer currency to any other Eurozone country at transaction rates.
When it comes to choosing the right bank, the decision is not that difficult. In fact, there are many good banks in Portugal and choosing one or the other depends solely on your preferences.
However, to steer you in the right direction, we have compiled a list of the best reputable banks in Portugal.
Millennium BCP
Millennium BCP is the country's largest bank and has been around for over three decades.
Fortunately, it is one of the many banks where both immigrants and locals can open an account. You should also know that Millennium BCP offers the option of opening an account to those under the age of 17.
This bank also accepts currencies other than the euro, such as the US dollar or the South African rand. The minimum deposit allowed is 150 euros or an equivalent amount in another currency.
Caixa Geral de Depósitos
This is one of the oldest banks in Portugal. It has been in operation for over a hundred years. Apart from being a state cooperative, Caixa Geral de Depósitos is also the second largest bank after BCP in Millennium.
The bank provides many banking services, including special options for foreign currency accounts and students. This bank also has a special option for Portuguese living abroad.
Novo Banco
Novo Banco is the second largest private bank in Portugal. It differs from the others in that it has special offers for immigrants, dubbed "Welcome Account".
And it doesn't stop there. The bank also offers the possibility to open a so-called "Golden Key" account if you are a native English speaker or prefer to communicate in English.
An interesting and surprising feature of this bank is the environmental option to reduce your carbon footprint.
BPI Bank
This is another great choice with many banking options for adults and children. There are up to 5 account opening options to choose from, including one for children under the age of 12.
Banco BPI is the fourth largest Portuguese bank and can be considered one of the best banks in Portugal when it comes to investment funds. This bank offers up to 20 investment options that you can take advantage of.
ActivoBank
ActivoBank is a Portuguese digital bank with a modern concept that attracts a new audience looking for simpler banking services. It has been in existence since 1994 and was the first telephone bank in Portugal. Belonging to Millennium BCP Bank, it is known for its strong digital presence.
The process of opening an account is very simple and can be done in two ways. The first is through the app itself. The second is directly at one of the bank's branches located in the main cities of Portugal.
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