Relocating from Brazil to Portugal is an adventure filled with excitement and new experiences, but navigating the financial landscape can be daunting. Fear not, for we're here to guide you through it! In this article, we'll unveil the best banks for expats in Portugal, explicitly tailored for Brazilian expats like yourself. These banks understand your unique needs and offer services designed to simplify your experience in banking in Portugal. Whether you seek assistance with remittances to Brazil, bilingual support in Portuguese and English, or simply opening your first bank account abroad, rest assured that these banks have you covered. So, let's embark on a journey to explore your finest options in banking in Portugal, ensuring a smooth transition into your new life abroad.
The banking system in Portugal
Bank accounts in Portugal
Top banks for expats in Portugal
International banks in Portugal
How to open a bank account in Portugal as a non-resident?
How to send money from Portugal with Profee
The banking system in Portugal
Portugal boasts a cutting-edge banking infrastructure featuring one of the world's most sophisticated interbank networks, Multibanco. With a robust presence of over 150 banks, the sector encompasses private national retail banks, public entities, cooperative institutions, international players, and innovative mobile banking platforms, offering a diverse array of banks for expats.
Despite a gradual decline in physical branches over the past decade, Portugal maintains a significant presence with approximately 30.7 branches per 100,000 residents, nearly tripling the global average.
The Portuguese Banking Association serves as the cornerstone of the nation's banking sector, fostering collaboration and setting standards across diverse financial institutions. Meanwhile, Banco de Portugal stands as the regulatory authority, ensuring stability and integrity in the realm of Portuguese banks.
For expatriates settling into life in Portugal, understanding the country's banking system is crucial for achieving financial stability and convenience. Exploring the best bank accounts for expats from Brazil can streamline the process, offering tailored solutions to meet their unique needs within the Portuguese banking landscape.
Working hours and accessibility
Portuguese banks typically operate from 8:30 to 15:00 on weekdays, with some branches extending their hours to include Saturday mornings. For added accessibility, bank branches within malls often offer extended hours to cater to diverse schedules.
Navigating bank fees
Opening a bank account in Portugal typically incurs a monthly fee ranging between €5-7, totalling approximately €60 annually. Additional charges may apply for credit cards, overdrafts, and loans, varying based on factors like card type and bank policies. International money transfers typically entail fees below €15 for amounts under €50,000, with higher charges for more significant transactions.
Addressing account refusals in Portuguese banks
Should your bank account application be rejected due to failure to meet criteria or incomplete documentation, you have recourse options. You can either address concerns with the bank's complaints department or escalate the issue to Banco de Portugal, the central regulatory authority.
Managing account changes and closures
To modify or terminate your bank account, simply submit a written request to your bank or visit the nearest branch in person. After completing the necessary paperwork, your account can be efficiently altered or closed according to your preferences. This can help you manage your finances efficiently in Portuguese banks.
Dealing with lost or stolen cards
In the unfortunate event of a lost or stolen card, swift action is crucial. Contact your Portuguese bank or card provider immediately to report the incident. Additionally, if you possess a Multibanco card, utilise the dedicated helpline at +351 21416 9314. For stolen cards, prompt notification to local law enforcement is essential.
Securing a NIF number
Obtaining a Número de Identificação Fiscal (NIF) is a prerequisite for opening a bank account in Portugal. This identification number, essential for various administrative processes, can be acquired from Finanças, the tax agency.
Understanding the tax system
Portugal's tax framework encompasses various levies, including income tax, corporate tax, value-added tax (VAT), and social security contributions. To be classified as a tax resident, individuals must reside in Portugal for at least 183 days annually.
SEPA membership and currency
Portugal's adoption of the Euro streamlines financial transactions within the Eurozone, facilitated by membership in the Single Euro Payments Area (SEPA). SEPA initiatives promote seamless, cost-effective Euro-denominated transfers and direct debits across participating countries, enhancing banking convenience for residents and expatriates alike.
For more information about SEPA and its features, read our comprehensive article.
Low maintenance and transaction costs
Many Portuguese banks offer competitive fee structures, with some institutions waiving maintenance and debit card fees. Options like Activobank and Banco CTT provide cost-effective solutions for Brazilian expats seeking affordable banking services. Within the Eurozone, standard transactions such as ATM withdrawals and Euro transfers typically incur minimal fees or are entirely free of charge, ensuring efficient financial management.
Armed with this knowledge, you can confidently navigate the intricacies of Portugal's banking landscape as you embark on your journey in Portugal, fostering financial stability and convenience in your expatriate experience.
Bank accounts in Portugal
Finding the best bank accounts for expats in Portugal involves considering several key factors. Expats from Brazil prioritise accounts offering convenience, flexibility, and tailored services to suit their needs. This includes multilingual customer support, low fees, seamless international transactions, and easy-to-use online banking platforms. Moreover, expats may seek specialised account options for students, digital nomads, or individuals with different residency statuses. By comparing account offerings from various banks and assessing their specific requirements, expats can identify the best bank accounts for expats in Portugal that align with their lifestyle and financial objectives.
Here are the typical bank account types in Portugal:
| Account Type | Description |
|---|---|
| Current Account | This standard current account is designed for everyday banking needs. It allows deposits, withdrawals, payments, and access to various banking services. |
| Savings Account | A savings account allows you to save money and earn interest on deposits. While interest rates may be lower than those of other investments, it provides easy access to funds. |
| Youth Account | Tailored for individuals under 18, this account offers benefits like reduced fees, customised advantages, and educational tools to help young account holders manage finances wisely. |
| Joint Account | Ideal for couples or business partners, a joint account allows two or more individuals to open and manage the account together, granting access to all account holders. |
| Foreign Currency Account | These accounts enable users to hold and use money in foreign currencies, which is beneficial for international transactions or income received in different currencies. |
By comparing account offerings from different banks and assessing their specific requirements, expats can identify the best bank accounts for expats in Portugal that align with their lifestyle and financial objectives. With the diverse array of account types available, expats can find the perfect banking solution to meet their needs while living in Portugal's dynamic and vibrant environment.
Top banks for expats in Portugal
Embarking on a journey to Portugal as an expatriate brings a wave of excitement and opportunity, but it also requires establishing a solid financial foothold in your new home. Choosing the right bank can make all the difference in managing your finances seamlessly. However, when it comes to the best bank in Portugal for foreigners, several institutions stand out for their expat-friendly services, convenient account options, and reliable customer support. These banks prioritise catering to the needs of expatriates, offering multilingual assistance, seamless international transactions, and tailored solutions to facilitate their transition to life in Portugal. By comparing the features and benefits offered by different banks, expats can select the best bank in Portugal that aligns with their specific requirements and preferences. Whether you're relocating for work, retirement, or adventure, finding the perfect banking partner can enhance your expat experience and pave the way for financial success in Portugal.
| Bank Name | Description |
|---|---|
| Millennium BCP |
|
| Caixa Geral de Depósitos |
|
| Novobanco |
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| Banco BPI |
|
| ActivoBank |
|
International banks in Portugal
In Portugal's urban hubs, you'll find several multinational banks boasting comparable opening hours to local institutions. These international banks in Portugal not only cater to the needs of Portuguese residents but also provide a suite of expat-friendly services, making them some of the best banks for expats. Among the prominent international banks operating in Portugal are:
- Abanca
- Barclays
- BBVA
- BNP Paribas
- Citibank
- Credit Agricole
- Deutsche Bank Their presence offers expatriates and locals alike access to diverse financial solutions, ensuring seamless banking experiences in Portugal's cosmopolitan landscape.
How to open a bank account in Portugal as a non-resident?
Opening a bank account in Portugal as an expat from Brazil is a crucial step towards managing your finances efficiently in your new home. While most Portuguese banks require a visit to a local branch for account opening, some offer the convenience of online applications. Here's a general guide on how to open a bank account with the top Portuguese banks:
- Find a branch. Use the branch finder tool on your chosen bank's website to locate the nearest branch. Check if English-speaking staff are available if needed.
- Prepare documents. Gather the required documents, including:
- Proof of ID (e.g., passport)
- Proof of address (e.g., utility bill)
- Proof of employment or payslip
- Portuguese tax identification number (NIF)
- Additional documentation. If opening a non-resident account, provide details of your overseas address for tax purposes. Specific accounts may require additional documentation, such as proof of enrollment for student accounts.
- Minimum deposit. Be prepared to make a minimum deposit, if required by the bank, along with any other account-specific details.
- Application process. Complete the account opening application and submit the necessary documents at the branch. The process typically takes around 20–30 minutes.
- Card issuance. After completing the application, you'll receive any associated credit, debit, or cash cards within a few days.
By following these steps and providing the required documentation, you can successfully open a bank account with the top Portuguese banks as an expat, ensuring seamless financial management in Portugal.
How to send money from Portugal with Profee
Sending money to Brazil is made simple and efficient with Pix, offering seamless transactions for expats in Portugal. Profee, with its user-friendly interface and favourable exchange rates, emerges as the top choice for instant transfers.
- Input information. Begin by entering your essential details, including name, date of birth, residential address, and nationality, ensuring both security and prompt processing.
- Specify transfer amount. Specify the transfer amount in Euros and select Brazil as the destination country, ensuring accuracy for seamless conversion.
- Recipient details. Enter recipient information, including name, CPF (Cadastro de Pessoas Físicas), and Brazil's tax identification number, to avoid processing delays.
- Choose Pix. Select Pix as your payment method for instant and secure transactions, ensuring swift delivery to your recipient.
- Double-check and confirm. Review all transfer details, including exchange rates, for accuracy before confirming the transaction.
- Completion. Congratulations! Your money will now be instantly delivered through Pix, strengthening your connection across borders.
Sending money with Profee extends beyond Pix, offering a versatile range of options to transfer funds from Portugal to over 60 countries worldwide. In addition to Pix, you can also utilise card-to-card transfers, bank account transfers, and other convenient methods, ensuring flexibility and convenience in your international transactions. With Profee, managing your finances globally has never been easier.
When it comes to finding the best banks in Portugal for foreigners, it's essential to consider the top Portuguese banks that cater specifically to the needs of foreigners. With convenient services, tailored solutions, and a reputation for excellence, these banks stand out as the ideal banking partners for expats in Portugal. Whether you're looking for seamless international transactions, multilingual customer support, or user-friendly online banking platforms, the top Portuguese banks have you covered. Trustworthy and reliable, these banks offer the perfect blend of convenience and efficiency for Brazilian expats navigating the financial landscape in Portugal. Explore your options and find the best bank for expats in Portugal to meet your unique financial needs today.
