Banks & Banking in Portugal
Banking Hours
Normal banking hours in Portugal are Monday to Friday 8.30 am - 3 pm, though some banks stay open later and may even open for a few hours on a Saturday.
There are numerous ATMs (Multibancos) in nearly all towns and cities. All major credit cards are accepted. They can be found in airports, shopping malls, stations, and supermarkets.
As well as checking your account balance and cash withdrawal, multibancos now offer a variety of services including bank transfers, deposits, direct debit, mobile phone top up, tax payments, ticket sales and utility bill payments.
You can withdraw up to 400 Euros per day from a multibanco with a maximum of 200 Euros per transaction. One useful tip to avoid foreign exchange fees is to complete the transaction in the local currency (Euro) if prompted on the screen to choose between home currency or local currency.
The Sociedade Interbancária de Serviços S.A. (SIBS) that manages the multibanco system also provides Internet and mobile phone banking: MB Net and MB Phone.
They also operate the automated toll payment on Portugal's motorways: Via Verde.
Major Banks in Portugal
The central bank in Portugal is the Banco de Portugal.
Other major banks in Portugal are:
Banco Comercial Português, the largest private bank in the country which now owns Sotto Mayor and runs its high street branches under the brand name Millennium.
Banco Santander Totta S.A, the second-largest private bank in Portugal.
Banco Português de Investimento / Banco BPI (BPI), the third largest private bank in Portugal, owned by Spain's Caixabank.
Caixa Geral de Depósitos, a state-owned bank, established in Lisbon in 1876.
Caixa Central de Crédito Agrícola Mútuo C.R.L., a cooperative bank with a long history and responsible for financing mainly agricultural projects in the country.
Banco Popular Portugal, formerly BNC-Banco Nacional de Crédito, S.A until 2005.
Banco CTT, the banking arm of the Portuguese post office.
Banco Bilbao Vizcaya Argentaria (Portugal), Spanish multinational bank with branches in Portugal.
Novo Banco, created to rescue Banco Espiritu Santo in 2014.
International Banks & Neobanks
In addition to major banks above, there are several international banks active in Portugal. These include Abanca, Barclays, BNP Paribas, Citibank and Deutsche Bank.
Neobank, which operate by apps on mobile phones, active in Portugal include the Berlin-based N26, the Netherlands-based bunq and the UK-based Revolut.
Opening A Bank Account in Portugal
Residents of Portugal can open a bank account in the country at a local branch of your choice. You will need proof of identity (usually passport), a recent utility bill, proof of employment such as a pay slip or letter from your employers and a Número de Identificação Fiscal (NIF).
Most high street banks in Portugal charge a monthly service fee.
Banco CTT
Even the smallest towns and villages in Portugal will have a post office and usually an ATM operated by Banco CTT.
Currency
The currency of Portugal is the euro (€).
1 euro consists of 100 cents. Coins are in denominations of 1, 2, 5, 10, 20 and 50 cents plus 1 and 2 euro coins.
Banknotes are in denominations of 5, 10, 20, 50, 100, 200 and 500 euro notes.
Check currency conversion rates here.
Useful Banking Language in Portuguese
Account number - número da conta bancária
ATM - multibanco / caixa eletrônico
ATM card - cartão de saque
Balance inquiry - consulta de saldo
Bank - banco
Bank account - conta bancária
Cash/money - dinheiro
Deposit - depositar (verb); depósito (noun)
Out of service - fora de serviço
Other services - outras operações
Overdraft - cheque especial
Please take your money - Retirar o seu dinheiro
Receipt - recibo
Withdraw - levantamento / saque
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