Best Bank Accounts for International Students Without Local Credit History in Portugal
Best Bank Accounts for International Students Without Local Credit History in Portugal
International students can usually open a current account in Portugal without having a Portuguese credit history. A standard deposit account is not the same as a loan or credit card, so banks mainly focus on verifying your identity, tax number, address, student status, and source of funds.
Banco de Portugal’s account-opening requirements list information such as a valid passport or residence permit, tax identification number, permanent address, occupation, and employer where applicable. A Portuguese credit score is not listed as a standard identification requirement for opening a basic deposit account.
However, approval remains subject to each bank’s customer-acceptance and anti-money-laundering checks.
Do International Students Need Portuguese Credit History?
You generally do not need local credit history to open:
- A current account
- A basic bank account
- A debit-card account
- A student banking package
- A standard savings account
Credit history becomes more relevant when applying for:
- Credit cards
- Arranged overdrafts
- Personal loans
- Education loans
- Car finance
- Mortgages
A bank may approve your current account and debit card while declining an overdraft or credit card. Students should therefore separate the basic banking application from optional borrowing products.
Best Bank Accounts for International Students Without Local Credit History in Portugal
1. Millennium GO! Universitário — Best Overall Student Account
Millennium bcp’s GO! Universitário account is designed for university and polytechnic students between 18 and 25 years old.
Eligible students can open or manage the application through the Millennium app, website, video call, or Digital Mobile Key. Foreign applicants using the student solution may need a Portuguese residence authorisation card and proof of enrollment at a university or polytechnic institution.
The bank currently lists a minimum opening amount of €150 for new customers using this specific university account. Account approval remains subject to the bank’s customer-acceptance policy.
Why it may suit students without credit history
- Designed specifically for university students
- Proof of enrollment is more important than previous borrowing history
- Branch and digital support are available
- Debit-card and everyday payment services are included under the applicable package
- Useful for receiving scholarships, salary, and tuition refunds
Possible disadvantages
- The main student offer is age-restricted.
- You must continue meeting the student-status conditions for applicable benefits.
- Foreign students without a Portuguese residence card may need additional branch verification.
- Credit cards and overdrafts remain separate products with separate approval.
Best for: Students aged 18 to 25 who want a major Portuguese bank with university-focused services.
2. ActivoBank Conta Simples — Best No-Maintenance-Fee Option
ActivoBank’s Conta Simples is a strong option for students seeking a basic account without a standard maintenance commission.
Foreign applicants may need a Portuguese residence card issued with a validity of more than 12 months. Passport applications are more limited and are mainly accepted from citizens of specified European, Schengen, and UK countries. The bank also requests a valid tax identification number, proof of address, and evidence of professional or student status.
Accepted evidence of student status can include:
- Student identification card
- Enrollment certificate
- Proof of tuition payment
Why it may suit students without credit history
- No established Portuguese credit history is listed among the account documents.
- The account is marketed without standard maintenance commissions.
- Students can use a debit card and digital banking.
- Proof of enrollment can satisfy the professional-status requirement.
- It can be cheaper than packaged accounts with monthly fees.
Possible disadvantages
- The identification rules are restrictive for some non-EU nationalities.
- A residence permit with sufficient original validity may be necessary.
- Students who cannot complete digital verification may need to visit an ActivoBank service point.
- International transfer and foreign-currency fees still require comparison.
Best for: Students with accepted residence documents who prioritize avoiding monthly account fees.
3. Santander Conta Jovem — Best for Students Aged 18 to 26
Santander’s Conta Jovem is a current account for customers aged 18 to 26, although eligible customers may remain in the package until age 30.
The account currently has no package-maintenance commission for holders up to age 26. From age 27 through 30, the listed maintenance charge is €2.08 per month. The minimum opening amount is €5, or €0 when opened using the Portuguese Digital Mobile Key.
Santander also markets university solutions that include a student account and debit card without costs up to age 26 under the relevant conditions.
Why it may suit students without credit history
- Low opening-deposit requirement
- No account-maintenance commission for eligible younger customers
- Debit-card access
- Branch network and mobile banking
- University-focused services and partnerships
Possible disadvantages
- Admission remains subject to Santander’s approval.
- Online opening may require a Digital Mobile Key or supported identity-verification procedure.
- Fees increase after the age-based exemption ends.
- Optional loans, credit cards, or overdrafts require separate assessment.
Best for: International students aged 18 to 26 who want a traditional bank with youth and university services.
4. novobanco Conta 18.25 — Best for Fee-Free Everyday Transactions
The novobanco Conta 18.25 is available to customers aged 18 to 25 and currently has no package-maintenance commission.
The account includes a debit card, selected everyday transactions, MB WAY services through the bank’s channels, and digital account management. A minimum first deposit of €50 is required. The account information states that it may be available to residents and nonresidents, although foreign applicants outside the supported online categories may need to arrange a meeting or visit a branch.
Why it may suit students without credit history
- No monthly maintenance commission
- Debit card provided without a standard availability fee
- Selected SEPA and MB WAY transactions included
- No local credit record listed as an account-opening condition
- Suitable for students regardless of whether they study or work
Possible disadvantages
- Available only between ages 18 and 25.
- The easiest online procedure is primarily structured for Portuguese applicants and certain Brazilian residents.
- Other international students may need branch-based verification.
- Salary advances, overdrafts, and other credit features are separate borrowing products.
Best for: Students aged 18 to 25 who can complete novobanco’s identity-verification procedure.
5. Basic Bank Account — Best Regulated Low-Cost Alternative
Students who do not already hold another qualifying Portuguese current account may be eligible for a basic bank account, known as a conta de serviços mínimos bancários.
This regulated account includes:
- A current account
- Debit card
- Online banking
- ATM access in the European Union
- Deposits and withdrawals
- Direct debits
- Intra-bank transfers
- Up to 48 eligible online interbank transfers annually
The maximum total annual charge for the included basic services is €5.37 in 2026. A bank cannot require a minimum opening deposit or force the customer to buy extra products as a condition of opening this account.
The account cannot normally include an overdraft, meaning the balance generally cannot be intentionally taken below zero.
Best for: Students who need essential Portuguese banking services at the lowest regulated cost.
Documents International Students Should Prepare
Bring:
- Valid passport or national identity card
- Portuguese residence permit or visa documentation
- Portuguese NIF or accepted foreign tax number
- Proof of Portuguese address
- University enrollment certificate
- Student identification card
- Foreign permanent address and tax-residency information
- Portuguese mobile number
- Evidence showing the source of your funds
- Opening deposit when required
Banco de Portugal allows banks to request identification, address, occupation, tax, and beneficial-ownership information before opening an account. Unemployment alone should not be a reason to refuse an account, although the bank may request details of the applicant’s previous occupation.
Are Student Deposits Protected?
Eligible deposits at banks headquartered in Portugal are generally protected by the Portuguese Deposit Guarantee Fund. Deposits held through Portuguese branches of banks headquartered elsewhere in the EU are generally covered by the guarantee system of the institution’s home country.
The standard protection limit is generally €100,000 per depositor, per institution.
Final Recommendation
Millennium GO! Universitário is the best overall choice for eligible university students who want a dedicated student package and branch support.
ActivoBank is the strongest no-maintenance-fee option for students whose nationality and residence documents meet its requirements. Santander Conta Jovem and novobanco Conta 18.25 are competitive for younger students, while the regulated basic bank account is the most affordable fallback for eligible applicants needing only essential services.
A lack of Portuguese credit history should not stop you from comparing ordinary deposit accounts. Focus instead on preparing your NIF, residence document, proof of address, and university enrollment certificate.
Official Sources
- Banco de Portugal — Opening a Bank Account
- Banco de Portugal — Basic Bank Accounts
- Millennium bcp — GO! Universitário
- ActivoBank — Simple Account
- Santander Portugal — Youth Accounts
- novobanco — Conta 18.25
- Banco de Portugal — Deposit Guarantee
