Moving to a new country is exciting, but understanding local banking in Portugal or Spain can seem challenging. If you’re searching for clear, reliable advice on everything from picking a bank and decoding fees, to getting expert tips tailored for your expat journey, this guide is your roadmap. Whether you’re planning a new phase of work, enjoying retirement, or simply embracing European living, you can manage your money easily with these helpful steps.
Why Open a Bank Account as an Expat?
Setting up a bank account in Portugal or Spain gives you more than just access to cash. It’s the foundation for convenient living. You’ll be able to get paid effortlessly, settle bills with local entities, avoid foreign transaction charges, and tap into services like loans, mortgages, and modern online shopping. Expat-friendly banking means fewer hurdles and better options for settling in, no matter your reasons for moving.
Both countries have well-established banks with services tailored to international residents, so you won’t miss out on anything you’re used to at home.
Portugal Banking Basics
Best Banks for Non-Locals
Expats will find both major Portuguese banks and international digital banks welcoming. Top choices with expat-friendly tools include:
- Millennium BCP: Extensive network and options for English-language banking.
- Caixa Geral de Depósitos (CGD): Portugal’s biggest bank, widespread ATMs.
- Novo Banco: Strong digital services and flexible accounts.
- Banco Santander Totta: Global experience and great for cross-border needs.
- ActivoBank: Focus on digital-first service with notable free account possibilities.
International clients sometimes appreciate online banks like N26 and Wise, known for cheap international money movement and simple account management.
What You Need to Open an Account
In most Portuguese branches, you’ll be asked for:
- A valid passport or EU-issued identification.
- Your Portuguese tax ID number, also called a NIF.
- A document confirming your address, such as a rental agreement or utility bill.
- Sometimes proof of earnings or employment.
Sorting your NIF is the starting point and can be done through local authorities or professionals specializing in helping foreigners relocate.
Account Options and Charges
Most banks present several choices:
- Checking Accounts: Perfect for everyday transactions, with debit cards included.
- Savings Accounts: Offer higher interest, but some carry withdrawal limits.
- Currency Accounts: Manage funds in different global currencies.
Charges are typically reasonable, and some providers, especially those earning digital trust among expats—such as ActivoBank—promise zero-fee deals on daily accounts.
Digital and Online Banking in Portugal
Portuguese banks make banking easy online, especially in English or Portuguese. You’ll have access to:
- Quick money transfers and bill payments.
- User-friendly apps compatible with most devices.
- Modern features such as contactless payments and integration with e-wallets.
Opening an account with digital-only banks is simpler than ever, requiring little more than your phone and a few documents.
Spain Banking Basics
Recommended Banks for Expats
Foreigners in Spain will discover both classic institutions and modern digital banks. Outstanding choices include:
- Banco Santander: Recognized worldwide; good multi-currency support.
- BBVA: Impressive online banking with few fees for basic accounts.
- CaixaBank: Known for wide coverage and strong service for newcomers.
- N26: 100% online, with a reputation for speedy setup and ease of use.
- Revolut: Well-suited to regular travelers, offering real-time foreign exchange rates.
Traditional banks like ING and Sabadell are also excellent and provide expat-dedicated services in large cities.
Resident vs Non-Resident Banking
When opening an account, Spain distinguishes between:
- Resident Accounts: For people with official Spanish addresses and the local ID number (NIE). These accounts give full access to extra products such as credit cards and lower overall costs.
- Non-Resident Accounts: Appropriate for short-term stays or foreign property owners without local residency. Setup can be faster, but fees may be higher and services more basic.
What You Need to Open an Account
Most Spanish banks request:
- Passport or a European identity card.
- Local identification number (NIE for residents) or a non-resident certificate.
- Proof of address—often a lease or an official utility statement.
- Occasionally, proof of how you earn your income.
Many banks now offer sign-up through their websites, particularly for those with residency.
Online Options for Expats
Spanish banks have pushed digital services extensively. Features you can expect:
- Apps for tablets and smartphones, often available in English.
- Simple web-based tools for checking balances and managing payments.
- Fully online banking experiences via firms like N26 and Revolut, which can be activated from abroad.
Portugal vs Spain: Main Differences
Here’s how the banking experience compares:
| Portugal | Spain | |
|---|---|---|
| Opening Account | NIF registration; offline or online | NIE/non-resident certificate; offline or web-based |
| Most Popular Banks | Millennium BCP, CGD, ActivoBank | Santander, BBVA, CaixaBank, N26 |
| Digital Advancements | Growing weekly | Highly modern, digital options prevail |
| Fee Ranges | Mostly low, free choices exist | Varies a lot, best options often digital only |
| English Service | Regular in bigger branches | Commonplace in international branches |
| Currency | Euro (EUR) | Euro (EUR) |
Both states participate in SEPA, so cross-border euro transactions are quick and low-cost.
Expat Money Management Tips
Smart handling of your money can prevent costly errors:
- Always check and compare account fees—choose free or inexpensive options when you can.
- Focus on finding reliable English-speaking services if learning a new language is tough.
- Digital providers shine for worldwide use, perfect for flexible or travel-focused expat lifestyles.
- Stick to your own bank’s cashpoints; using others may trigger additional fees.
- Look at transfer services such as Wise when sending money internationally for better rates.
- Keep documents, addresses, and identification up to date as requirements change frequently.
When Should You Ask an Expert?
Bank rules and local tax conditions change, which can affect retirees, workers, and property buyers. That’s when asking an Expat financial advisor is smart—they know about cross-border money issues, tax laws, buying property and local investments. Trusted specialists familiar with the expat lifestyle can help select the most suitable bank, boost savings or investments, keep you on the right side of regulations, and provide all-around peace of mind.
Common Questions
Is it possible to open a bank account as a non-resident in Spain or Portugal?
Yes, there are legally accepted non-resident account types in both countries, but services may be limited compared to resident offerings.
Which bank is most recommended for expats in Portugal?
Millennium BCP and ActivoBank are solid favorites, thanks to efficient services and supportive, English-speaking staff.
What’s a popular choice in Spain for expats?
N26 often stands out due to its digital simplicity, while Santander and CaixaBank get great feedback for modern tools and large support networks.
Is going into the bank personally required for account opening?
Some Portuguese banks allow full online setup, but in-person authentication is still common, especially if you’re new to the country. With digital banks in Spain, it’s increasingly possible to join fully online, although certain traditional options may still want to double-check your identity at a branch too.
Will I find staff who speak English at the bank?
Absolutely. Most major branches in expat-heavy cities and tourist regions offer English-speaking support.
Final Thoughts
Navigating your banking as a new resident of Portugal or Spain gets much easier if you do your research in advance. Take time to think about your banking needs, prepare the right documents, and use the growing digital tools now on offer. When in doubt about your financial situation, reach out to an expat finances specialist familiar with the latest regulations and local best practices. With everything in order, you’ll find organizing your money is one of the easiest jobs on your path to making a new home in Europe.
