Banking in Lisbon | International & Private Banks

Banking Options for Expat in Lisbon

Portugal is a member of the Eurozone, and as such, its currency is the Euro.

If you are relocating to Lisbon, you will need to open a local bank account.

Opening a bank account in Portugal

To open a bank account in Lisbon, you will require the following documents.

A Passport or valid identification
Proof of address such as a flat contract or a utility bill
Portuguese NIF number

What is a NIF?

The NIF is the Numero de Identificacao Fiscal which you will need for all legal or business activity. In other words, it is your Tax Identification Number and is a nine-digit number that will show up on everything that you do.

Banks in Portugal

There is a large selection of banks to choose from in Portugal. In Lisbon, you are more than likely to find a bank that has English-speaking staff.

Portuguese banks are linked to the Multibanco ATM system that is widespread throughout the country. At these ATMs, you can withdraw money, pay bills, transfer money, top up your Portuguese mobile phone and make payments to Social Security and Tax department.

Banks are open from 8:30 till 15:00 Monday to Friday. Some banks may stay open till 16:00. You might find that your bank is also available on Saturday mornings.

ATM fees are free if you are using a Portuguese card. If you are using a foreign card, the fee can be high. Also, Multibanco ATMs usually only allow withdrawals of 200 euros.

The International Banks in Portugal

Private banks in Portugal

Bank Services

Portuguese banks offer the same services that you are used to from your home bank.

Standard savings accounts, student accounts, credit card options, Expat services
Personal loans
Mortgages
Investment accounts
Insurance
Digital and online banking.
Mobile banking by downloading the app
Business bank accounts

International Money Transfers

These days international money transfers are simple and cheaper if you use one of the following:

Wise (formerly Transferwise)
World Remit
Remitly
CurrencyFair

Are Portuguese bank accounts safe?

Yes. Portuguese banks are as safe as any bank. Every European Union country provides a bank deposit guarantee of 100,000 euro. In Portugal this is the Fundo de Garantia de Depósitos. It guarantees that should your bank crash, your savings will be refunded up to that limit.

Top Tips

01	When renting a flat, be sure to ask about heating. Portuguese homes are notoriously cold in winter as usually there is no heating. Houses aren’t insulated, and electricity costs are expensive. Therefore, people forgo heating. But be aware, winters are freezing as well as humid. Many ex-pats are surprised at just how severe a Portuguese winter can be.
02	Why not start your day like a local with a café and pastel de nata (traditional custard tart) sitting on an outdoor terrace. What better plaza than Lisbon’s main square Praça do Comércio.
03	Take the Ascensor da Gloria to the top arriving in Bairro Alto. Turn to your right, to find the famous viewpoint of San Pedro de Alcantara. This scenic lookout offers sensational views over the city.
04	Be very vigilant while traveling on the funiculars. Pickpockets are rife, especially in the high season. They will sit close to you, engage in conversation while a partner will take your wallet.

Useful links

https://www.visitlisboa.com/en

The official tourist information site for Lisbon. Find out everything you need to know to make the most of your trip.

https://www.lisbon.net/

Here is another site with information about activities and day trips from Lisbon.

https://imigrante.sef.pt/en/

The official website for Portuguese immigration matters. Find out about visa requirements and how you can gain Portuguese citizenship.

https://www.meetup.com/cities/pt/lisbon/
For information about residence and all immigration-related questions.

https://www.hurriyetdailynews.com/

Lisbon has a large expatriate community. This a great resource to find like-minded people in Lisbon. Whatever your interest, there is probably a group that meets up.

https://www.metrolisboa.pt/en/

This is the Lisbon Metro website in English. You can plan your journey here.

Interesting Facts

1. Portugal produces 50% of the world’s cork. Portuguese cork from the Algarve region is superior and used by Moet Chandon for bottling its famous champagne. Other famous companies like NASA, Rolls Royce, and Airbus prefer to use Portuguese cork.

2. The book shop, Bertrand, is the oldest in the world and you can visit it in Lisbon. It has been doing business since 1732.

3. Nazaré, a coastal town north of Lisbon is famous for its epic waves. It is well-known among surfers to have some of the best and biggest waves in the world. The waves are known to get as high as 30 meters or 100 feet.