Top 10 Banks in Portugal
Mesan Ali
Whether you are starting a business in Portugal, getting your first job, or looking to save for the future, opening a bank account can be a vital step. The banking sector in Portugal is robust, featuring a mix of local and international banks that cater to various needs. Each bank excels in different areas, making it important to choose the one that aligns with your requirements.
To simplify your decision-making process, we have compiled a list of the top 10 banks in Portugal. This overview highlights each bank's standout features, allowing you to make an informed choice.
Overview of Banking in Portugal
Portugal’s banking sector is characterized by a blend of national and international financial institutions. It plays a crucial role in the country's economic development, providing services ranging from personal accounts and loans to corporate financing. The sector includes both traditional banks and modern digital counterparts, ensuring that customers have diverse options.
When looking to open a bank account in Portugal, you typically need the following documents:
Valid identification (passport or national ID)
Proof of residence (utility bill or rental agreement)
Tax identification number (NIF)
Fees can vary significantly; while some banks offer free account options, others may charge monthly or annual maintenance fees. The process of obtaining a debit card and checkbook can take a few days, and transactions at ATMs of other banks often incur additional charges. However, the local banking system is generally affordable, except when dealing with international currencies or transfers.
Before we dive into the top banks in Portugal, it’s worth noting Elevate Pay, which offers solutions for freelancers and remote workers dealing with international transactions.
Top 10 Banks in Portugal
The Portuguese banking sector is rich with opportunity. Let's explore the top 10 banks to discover the diverse services they offer.
Caixa Geral de Depósitos (CGD)
Caixa Geral de Depósitos, commonly known as “Caixa,” is Portugal's largest bank, boasting total assets of 88.6 billion euros as of 2023. Established in 1876, this state-owned bank is a cornerstone of the Portuguese banking system, operating not only within Portugal but also in 23 other countries, including the UK, Brazil, and China. CGD offers a comprehensive suite of financial services, from mortgages and investment funds to life insurance and online banking through its platform, Caixadirecta. This service enables clients to manage a range of banking transactions, providing a user-friendly experience.
Millennium BCP
Millennium BCP, officially known as Banco Comercial Português, is one of Portugal's largest private banks. Founded in 1985, it has a wide-reaching network of branches and ATMs across the country, serving both retail and corporate clients. Millennium BCP is also international, with a presence in countries like Mozambique, Angola, and Poland. The bank's offerings include personal loans, investment services, and various insurance products. Their online and mobile banking platforms allow customers to manage their finances easily, providing a modern banking experience.
Novobanco
Novobanco is a private institution with a significant presence in Portugal, operating 358 branches from Lisbon to the Azores. The bank has earned accolades for its brokerage services and trust securities management, as recognized by Global Finance magazine. Novobanco provides a range of services including retail and investment banking, insurance, asset management, and venture capital. Its commitment to customer satisfaction and diverse service offerings have solidified its position in the Portuguese banking landscape.
Banco Atlantico Europa
Banco Atlantico Europa is recognized as one of the top banks in Portugal, though specific details about its operations and services are somewhat limited. Its reputation in the financial sector is well-established, but further information about its international presence and product offerings remains sparse. Nonetheless, it is included in discussions regarding the leading banks in the country due to its essential role in the banking ecosystem.
Banco Santander Totta
Banco Santander Totta is one of Portugal's five largest banks and has garnered recognition for its financial stability and quality of service. The bank's headquarters is located in Lisbon, with 368 branches throughout the country. Santander Totta has received the Euromoney Awards for Excellence, highlighting its status as a reliable credit organization. Services provided include retail banking, corporate financing, and a variety of investment products, making it a versatile choice for customers.
Banco Português de Investimento (BPI)
Banco Português de Investimento (BPI) is an investment bank based in Porto that offers a wide array of financial services. Winning the Cinco Estrelas Award for brand trust, BPI caters to both individual and corporate clients. The bank provides loans, deposits, insurance, and brokerage services, with a focus on supporting Portuguese farmers and agro-industrial companies through dedicated financing lines. Its commitment to customer service and comprehensive financial solutions has made it a trusted name in the industry.
Banco Montepio
Banco Montepio is another significant player in the Portuguese banking sector, though specific operational details are less widely available. It is regarded as one of the top banks in the country, contributing to the diverse banking landscape. While information on its services and international reach is limited, its inclusion in the top banks list indicates its importance in serving the Portuguese population.
EuroBic
EuroBic is recognized among the leading banks in Portugal, yet detailed information on its specific services and operational framework is not readily available. Despite the lack of comprehensive data, EuroBic's standing as a top bank signifies its relevance and the trust it has garnered within the financial community.
Bison Bank
Bison Bank is included in the top banks of Portugal, but like EuroBic and Banco Montepio, there is limited information available about its services and operations. It is considered an important part of the banking sector, and its placement among the top banks reflects its contributions to financial services in Portugal.
ActivoBank Portugal
ActivoBank is a subsidiary of Millennium BCP, designed to offer simple and innovative banking solutions. While specific details about its operations are less documented, it aims to attract a tech-savvy clientele through digital platforms. ActivoBank represents a modern approach to banking in Portugal, focusing on user-friendly online services and straightforward financial products.
Safety and Regulations
In Portugal, all deposits in banks are insured up to €100,000, providing a safety net for depositors in case of financial difficulties faced by banks. The country also boasts a low card fraud rate, standing at just 0.009% of all banking card transactions, enhancing consumer confidence in the banking system.
Why is Elevate Pay the best Choice for USD Bank Accounts?
Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.
Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.
Conclusion
The top 10 banks in Portugal provide a diverse array of financial services, catering to the needs of individuals and businesses alike. Caixa Geral de Depósitos leads as the largest bank, while Millennium BCP and Novobanco also offer robust and comprehensive services. With both traditional and modern banking options available, customers can find a suitable bank to meet their specific requirements.
As you consider your banking options in Portugal, take the time to evaluate each institution's unique offerings and services. Whether you are a local resident or an expatriate, this guide should assist you in making the right decision for your financial needs.