Looking to manage your finances smoothly while living in Portugal? Digital Banks in Portugal is the way to go—especially for expats who want fast setup, English-friendly support, and low fees. In this 2025 guide, we explore the best digital banks for expats in Portugal.
💳 Why Choose a Digital Bank?
Digital banks (also known as neobanks) offer flexible, low-cost banking services without requiring a physical visit to a branch. This is especially helpful if you’re new to Portugal or applying from abroad.
- ✅ Quick account setup
- ✅ Lower or no maintenance fees
- ✅ Multi-currency support
- ✅ User-friendly apps with English language options
🏆 Top Digital Banks for Expats in Portugal (2025)
1. Wise (formerly TransferWise)
- ✔ Multi-currency account with local IBANs (including Portugal)
- ✔ Great for international transfers with real exchange rates
- ✔ Debit card for global use
- ✔ No monthly fee
2. N26
- ✔ German-based bank available to Portuguese residents
- ✔ Free basic plan, or premium options with travel insurance
- ✔ Supports SEPA transfers and mobile payments
- ✔ Very easy setup from abroad for EU citizens
3. Revolut
- ✔ Popular with expats and digital nomads
- ✔ Great for budgeting, saving, and crypto access
- ✔ Portuguese IBAN now available
- ✔ Offers premium plans with global perks
4. ActivoBank
- ✔ Portuguese digital bank backed by Millennium BCP
- ✔ Free accounts with Portuguese IBAN
- ✔ Requires NIF and proof of address
- ✔ Great for locals and long-term residents
5. Banco CTT (semi-digital)
- ✔ Postal service-based bank with solid online tools
- ✔ Local Portuguese bank with some English support
- ✔ Good option for long-term expats needing a physical branch backup
📋 What You Need to Open an Account
To open an account with most digital banks, you’ll need:
- ✅ Valid passport or national ID
- ✅ Proof of address (Portugal or abroad)
- ✅ Portuguese NIF (for local banks like ActivoBank)
Many banks let you sign up online in just 10–20 minutes.
💶 Fees & Services Comparison
| Bank | Monthly Fee | IBAN | Currency Support |
|---|---|---|---|
| Wise | €0 | PT, EU, US, more | 50+ currencies |
| N26 | €0 (basic) | DE | EUR only |
| Revolut | €0–€13.99 | PT (2025) | 30+ currencies |
| ActivoBank | €0 | PT | EUR only |
⚠️ Things to Watch Out For
- ❗ Some banks may not support direct debit or local utility payments
- ❗ IBAN discrimination: Occasionally, some landlords/utilities only accept PT IBANs
- ❗ Customer support may vary—check reviews
✅ Final Thoughts
Digital banks make managing your money in Portugal easier and cheaper than ever. For expats and newcomers, starting with Wise or Revolut can simplify international payments and daily banking. Once you’re settled, opening a Portuguese IBAN account like ActivoBank may help with local integration.
Pick the bank that fits your needs—whether it’s global flexibility, cost savings, or compatibility with Portuguese services.
📺 Want to See a Comparison of These Banks in Action?
Here’s a helpful video breakdown showing how Wise, N26, Revolut, and ActivoBank compare—perfect for choosing the right one in 2025.
🎬 Click below to watch: