List of Banks in Portugal: A Comprehensive Guide

Portugal has a well-established banking system with a mix of local and international banks. The country is home to numerous banks, each with its own unique features and services.

The Caixa Geral de Depósitos is one of the largest banks in Portugal, with a long history dating back to 1876. It offers a wide range of financial services, including banking, insurance, and pension plans.

Banco BPI is another prominent bank in Portugal, with a strong presence in the country since 1914. It provides various banking services, including personal and corporate banking, as well as investment solutions.

The banking sector in Portugal is regulated by the Bank of Portugal, which ensures the stability and security of the financial system.

Banco Finantia is an independent financial institution with a strong presence in Portugal and Spain, as well as branches in Miami, New York, London, and Malta. It's the best private bank in Portugal according to International Banker.

The top 10 banks in Portugal by total assets are:

Crédito Agrícola Group is a co-operative financial organization with more than 2.1 million customers, 400,000 members, 617 branches and about 1,600 ATMs throughout Portugal.

The company's market share accounted for over 5.4% of loans and 7.5% of deposits in 2019.

With such a vast network, it's no surprise that the Group includes over 70 local banks (Caixas Agrícolas), Caixa Central de Crédito Agrícola Mútuo, specialized companies and Fenacam.

This extensive reach and variety of services make Crédito Agrícola Group a significant player in the Portuguese banking sector.

Novo Banco was founded on 4th August 2014 by the Bank of Portugal.

It was created to protect the assets and liabilities of another bank, Banco Espírito Santo (BES), which was one of the biggest and oldest banks in Portugal.

This move was a significant step in stabilizing the Portuguese banking system.

The Bank of Portugal took this action to ensure the continuity of BES's operations and protect its customers' interests.

As a result, Novo Banco was able to absorb the assets and liabilities of BES, minimizing the impact on the financial system.

This decision helped to maintain stability in the Portuguese banking sector.

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The top banks in Portugal are a force to be reckoned with. Caixa Geral de Depósitos, the largest bank in Portugal, is headquartered in Lisbon and offers a wide range of services.

Caixa Geral de Depósitos is not only the largest bank in Portugal but also the most asset-rich, with a total of $109.42 billion in assets. This is a significant amount of money, to say the least.

The bank provides retail, commercial, and investment banking services, including deposit products, personal and commercial loans, and mortgages. It also offers asset management, real estate services, and property/casualty insurance.

Here are the top 10 banks in Portugal, ranked by total assets:

These banks are a significant part of Portugal's financial landscape.

If you're looking to invest in Portugal, you have a few options to consider.

Banco Carregosa is one of the investment banks available in Portugal.

If you're interested in exploring other investment banks, you might also want to check out BiG (Banco de Investimento Global), Banco Finantia, and Banco Invest.

These four banks can provide you with a range of investment services and products to help you grow your wealth.

Here are the names of the investment banks mentioned:

Millennium BCP is the largest bank in Portugal, with 458 branches across the country and some located in Poland, Macau, Mozambique, and Angola. They offer a range of services, including loans, deposits, and online banking.

Caixa Geral de Depositos (CGD) is the second largest Portuguese bank, with branches operating in 23 countries, including the EU states, the UK, Brazil, Mexico, Canada, India, and China. They provide services to individuals and businesses, including deposits, corporate and consumer loans, mortgages, car loans, and life and property insurance.

Novobanco is a private bank and the second largest one of its kind in Portugal, with a "Welcome Account" created specifically for immigrants. They also offer an eco-friendly account that offsets carbon dioxide emissions.

Banco BPI is Portugal's fourth-largest bank, with five different account options available for kids to adults. They also offer 20 investment fund options for those interested in investing.

ActivoBank is a great option for expats, with low or no maintenance fees, information available in both English and Portuguese, and staff that speaks excellent English. They are a subsidiary of Millennium BCP, allowing customers to deposit cash in all of their ATMs.

Here are the 5 best Portuguese banks in a concise list:

Digital banking services have become increasingly popular in Portugal, offering customers a convenient and efficient way to manage their finances. Wise is a great option for Portuguese residents, allowing them to open a standard account for free using their smartphone in just a few minutes.

With Wise, you can enjoy low fees, fast transactions, and a user-friendly interface. This digital bank is perfect for those who want to avoid visiting a local branch to open a bank account.

Revolut is another online bank in Portugal that's worth considering. With over 8 million customers in Europe, Revolut offers a range of features, including low or non-existent fees for international withdrawals and transfers, as well as a 24/7 support team.

Here are some of the key advantages of digital banking in Portugal:

However, digital banking in Portugal also has some disadvantages to consider:

Opening a bank account in Portugal can be done online for some banks, such as Novo Banco, which allows you to open an account in just 4 steps.

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To open a current account in Portugal, you'll typically need to visit a branch in person, but some banks like Banco Best offer online services even to non-residents.

To use banking services in Portugal, a foreigner needs to register as a country's taxpayer, which will assign an NIF (individual taxpayer number).

You'll need to provide various documents to open a bank account, including a passport, proof of income, and a NIF. Some banks may also require a digital signature and certification of the application.

Here's a list of the documents typically required to open a bank account in Portugal:

Some banks may require additional documents, such as proof of professional situation or registration at the "Centro de Emprego" (Employment Centre).

You may need to schedule a video call with a bank employee to verify your identity, which can be done at a convenient time during business hours.

Each bank sets its own minimum account balance, which can range from €250 to €40, depending on the bank.

Banking fees in Portugal can be high, with some banks charging up to €20.8 per account per year.

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Some online banks in Portugal have lower management fees, but may require a larger deposit to open an account. For example, ActivoBank has a minimum account opening of 250€ or 500€, with a bank account management fee of 0€.

You can find physical addresses for online banks in shopping malls and other locations, and the agents will likely speak English, as they are mainly dedicated to young people. This can be a convenient option for those who prefer to bank online.

Here are some examples of fees associated with online banks in Portugal:

It's worth noting that traditional banks in Portugal may charge higher fees, such as Santander Bank's bank account management fee of 4.50€, 5€, or 5.20€.

Online management fees can be a significant concern for anyone considering online banking. In Portugal, online banks often have lower management fees compared to traditional banks.

ActivoBank offers a management fee of 0€, which is a significant advantage for those who want to save money. However, the minimum account opening requirement is 250€, which may not be feasible for everyone.

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Banque BIG – Banco de Investimento Global also charges 0€ for management fees, but the minimum account opening requirement is 500€. This is a higher requirement compared to ActivoBank.

The credit card fees associated with online banking can also add up. ActivoBank charges 18€/year for its credit card, while Banque BIG – Banco de Investimento Global charges 7.5€/year.

Here's a summary of the management fees associated with the online banks mentioned:

Traditional charges can add up quickly, so it's essential to know what to expect.

Santander Bank has varying charges depending on the type of account you open, with a minimum opening fee ranging from 50€ to 150€.

Some banks, like Banco CTT, offer a free management fee, which can be a significant cost savings.

Banco CTT also offers a free credit card, which is a nice perk.

The cost of a credit card can range from 0€ to 18€ per year, depending on the bank and account type.

Here's a breakdown of the credit card costs for some of the banks mentioned:

Keep in mind that these charges may change over time, so it's always a good idea to check with the bank directly for the most up-to-date information.

International banks play a significant role in Portugal, offering a range of financial services to both companies and residents.

Several large foreign banks operate in Portugal, including the German Deutsche Bank, the French Oney Bank and BNP Paribas, the US Citibank, and the Spanish Bankinter and Wizink banks.

Some of the major international banks operating in Portugal include Abanca, Barclays, Banco do Brasil, Banco Sabadell, BBVA, BNP Paribas, Citibank, Credit Agricole, Credit Suisse, Deutsche Bank, J.P. Morgan Chase, ING Bank, and Santander.

These international banks provide a range of services, making it easier for individuals and businesses to manage their finances.