Banks in Portugal

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Portugal has a modern banking system that includes one of the most advanced inter-bank networks in the world called Multibanco, with currently over 150 banks in Portugal, including private national retail banks, public and cooperative banks, international banks, and the newer digital banks.

With the Multibanco ATM system, you can withdraw money, pay bills, top-up a Portuguese mobile phone, transfer money to other accounts, as well as pay taxes.

Standard banking hours in Portugal are from 08:30 to 15:00, and some banks also open for a few hours on Saturdays.


Cash machines and ATMs in Portugal

Portugal’s sophisticated Multibanco network operates a nationwide system of around 11,000 ATMs. You won’t have a problem locating one in any of the larger cities; however, they might be scarce in villages and rural areas. So, bring money with you when visiting these areas.

Multibanco takes all of the major bank cards such as Visa and Mastercard and most machines have a limit of €200 per transaction or €400 per day.

National private retail banks

Portugal has many private banks that offer a range of current accounts. Some offer student accounts, non-resident accounts, and joint accounts. And some of them even have English-speaking staff. Here are some of them:

  • Banco Best
  • BancoBIC
  • Banco BPI
  • Millennium BCP
  • Novobanco

Public retail bank

Caixa Geral de Depósitos is the state-owned banking corporation and the second largest in the country. 

International banks

You can also find multinational banks in the country, and usually, they offer a range of expat-friendly services:

  • Barclays
  • BBVA
  • BNP Paribas
  • Citibank
  • Credit Agricole
  • Deutsche Bank

Digital banks

A number of online/mobile banks are available in Portugal and the most famous are:

  • ActivoBank
  • N26
  • Revolut

Investment banks

And you also have investments banks in Portugal such as:

  • Banco Carregosa
  • BiG (Banco de Investimento Global)
  • Banco Finantia
  • Banco Invest

Banking services in Portugal

Most banks in Portugal offer a variety of services to individuals and businesses, including:

  • Current accounts
  • Loans and overdrafts
  • Mortgages
  • Savings and investments
  • Insurance
  • Digital and online banking
  • Mobile banking
  • Business banking
  • Expat services

One of Live Abroad – Portugal services is opening an account for you at one of the branches we work with. All you’ll need to do is send us your documents and show up to sign the papers, and voilà! Are you interested? Get in touch with us 🙂

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