Best Bank Accounts for Newcomers in Portugal
The best bank accounts for newcomers in Portugal should offer reasonable fees, a debit card, SEPA transfers, MB WAY access, reliable mobile banking, and an application process that accepts foreign identification.
For many newcomers, ActivoBank is attractive because its standard account has no maintenance fee. Millennium bcp is a strong option for international students and foreigners who prefer branch support. Santander Welcome is designed specifically for foreign residents, while novobanco’s Conta Boas-Vindas includes additional services but charges a monthly package fee.
New residents who meet the eligibility conditions should also consider a basic bank account, known in Portugal as a conta de serviços mínimos bancários.
Best Bank Accounts for Newcomers in Portugal
1. ActivoBank Conta Simples — Best No-Fee Option
ActivoBank’s Conta Simples is one of the most attractive low-cost accounts for newcomers who satisfy its identification requirements.
The account currently includes:
- €0 account-maintenance commission
- Debit card without an availability fee
- Free MB WAY service
- Mobile and online banking
- Domestic and SEPA transfer access
The standard account can be opened digitally with a Portuguese Citizen Card and Digital Mobile Key. Foreign residents who cannot use that method may need to open the account at an ActivoBank service point.
For an in-person application, ActivoBank lists accepted documents that may include:
- Portuguese residence permit valid for more than 12 months
- Passport or national ID for citizens of the EU, Schengen Area, or United Kingdom
- Portuguese tax number, or NIF
- Proof of address dated within the previous 12 months
- Proof of employment, student status, or another professional situation when applicable
Applicants younger than 30 may be allowed to use their parents’ proof of address under the bank’s published conditions.
Best for: Newcomers seeking a low-fee account who have acceptable residence and identification documents.
Main drawback: The easiest fully online process is primarily designed around Portuguese identification and the Digital Mobile Key.
2. Millennium bcp — Best for International Students
Millennium bcp has a dedicated service section for foreigners moving to Portugal to live, study, work, or invest. It combines a large branch network with mobile banking and accounts aimed at younger customers and university students.
The Millennium GO! Universitário account is particularly relevant to students. Eligible university or polytechnic students can receive a €0 monthly package-maintenance commission when they submit the required proof of enrollment and continue satisfying the account conditions.
Students may need to provide:
- Passport or residence permit
- Portuguese NIF
- Proof of Portuguese address
- University enrollment certificate or student card
- Proof of professional status when requested
- Initial deposit required by the selected account
Best for: International students who want branch assistance and a Portuguese account for rent, scholarship payments, salary, and daily expenses.
Main drawback: The fee exemption depends on age, enrollment evidence, and the precise account conditions. Students must submit updated proof when required.
3. Santander Welcome — Best Foreign-Resident Package
Santander’s Solução Welcome is marketed specifically to foreign nationals living in Portugal.
The package includes:
- Portuguese current account
- Santander debit card
- Access to MB WAY
- Standard transfers to Portuguese and eligible European SEPA accounts
- Mobile and online banking
- Additional cards and financial services depending on the selected package
Santander states that ordinary SEPA transfers through the supported account channels are free and that its debit card can be used in Portugal and abroad.
Newcomers should request the current fee information before applying because Santander offers several account packages with different maintenance fees, cards, and fee-waiver conditions.
Best for: Foreign residents who prefer a major branch bank and want a package explicitly designed for newcomers.
Main drawback: It may cost more than a basic no-maintenance-fee digital account.
4. novobanco Conta Boas-Vindas — Best Newcomer Package With Extras
The Conta Boas-Vindas is designed for foreign nationals aged 18 or older who are resident in Portugal.
It currently includes:
- Debit card
- Selected everyday transactions
- MB WAY transactions through the novobanco app
- SEPA transfers through eligible digital channels
- Personal accident insurance with certain repatriation coverage
- Mobile and online banking
The account requires a minimum opening amount of €250. Its current package-maintenance commission is €7.90 per month plus 4% stamp duty, corresponding to approximately €8.22 per month or €98.64 per year.
Online opening is currently offered to Brazilian citizens with a valid Portuguese residence permit and Portuguese NIF. Other foreign applicants may arrange a meeting or apply at a novobanco branch.
Best for: New foreign residents who value included insurance, cards, and branch support.
Main drawback: The monthly fee is high compared with free or basic accounts.
5. Basic Banking Services Account — Best Low-Cost Regulated Option
Portugal’s basic banking services account provides essential services at a legally limited annual cost.
In 2026, participating institutions cannot charge more than €5.37 per year for the included minimum services. These generally include:
- Current account
- Debit card
- ATM access within the European Union
- Online banking
- Direct debits
- Deposits and withdrawals
- A defined number of domestic and EU transfers
Banco de Portugal states that these accounts include up to 48 interbank transfers per calendar year through online banking or the institution’s app.
The main limitation is that applicants generally cannot already hold another ordinary current account, except in specific situations allowed by law.
Best for: Eligible newcomers who need only essential banking services at the lowest regulated cost.
Main drawback: Eligibility rules are stricter, and premium services are not included.
Documents Needed to Open a Bank Account in Portugal
Although requirements differ, newcomers should prepare:
- Valid passport or national identity card
- Portuguese residence permit, when applicable
- Portuguese tax identification number, or NIF
- Proof of Portuguese or overseas address
- Employment contract, payslip, student card, or enrollment certificate
- Foreign tax identification number
- Portuguese mobile number
- Initial deposit when required
Banks may ask for additional documents concerning nationality, tax residence, source of funds, and the intended use of the account. novobanco, for example, lists a passport, residence permit, tax-identification evidence, and documents proving address among its accepted account-opening documents.
Are Deposits Protected in Portugal?
Eligible deposits at participating Portuguese credit institutions are normally protected up to €100,000 per depositor, per institution. This protection applies whether the depositor is resident or nonresident in Portugal.
Confirm the applicable deposit-guarantee system when using a foreign digital bank or payment institution, because it may operate under another EU country’s regulator.
Which Account Is Best for You?
Choose ActivoBank when avoiding monthly maintenance fees is the main priority and your documents satisfy its requirements.
Choose Millennium bcp when you are an international student or want extensive branch support.
Choose Santander Welcome when you prefer a foreign-resident package from a large traditional bank.
Choose novobanco Conta Boas-Vindas when you value included services and accept its monthly fee.
Ask for a basic banking services account when you meet its eligibility rules and need only essential services at a very low annual cost.
Final Takeaway
ActivoBank is generally the best low-fee option for eligible newcomers in Portugal, while Millennium bcp is especially attractive to international students. Santander and novobanco provide dedicated foreign-resident packages but may charge higher fees.
Before choosing, compare the maintenance commission, debit-card fee, ATM costs, SEPA transfers, international transfers, account-opening deposit, and online eligibility. Always request the bank’s current standardized fee document before signing.
Official Sources
- Banco de Portugal — Basic Banking Services Accounts
- Banco de Portugal — Deposit Guarantee
- ActivoBank — Conta Simples
- ActivoBank — Account-Opening Documents
- Millennium bcp — Banking Solutions for Foreigners
- Millennium bcp — University Student Account
- Santander — Welcome Solution for Foreigners
- novobanco — Conta Boas-Vindas
