Portuguese Bank Account for Foreigners: ActivoBank, Millennium or Revolut

A Portuguese bank account for foreigners usually means one of three routes: Revolut if you need an IBAN this week, Millennium BCP if you hold a non-EU passport and can visit a branch, and ActivoBank if you want a 0 EUR account once you have a NIF and a Portuguese address. The three banks ask for things in a different order, and the order is what costs newcomers time. Every fee and requirement below is the bank's own published term as of 26 September 2026.

Which bank should a newcomer in Portugal open first?

Get your NIF first, then open the bank that matches the papers you already hold. Millennium and ActivoBank both ask for a tax number, and ActivoBank also wants a Portuguese proof of address. Revolut opens in its app with no branch visit, which is why it is often the first account people open. Here is how the three compare.

These are each bank's terms on 26 September 2026. The ActivoBank tariff (Folheto de Comissões e Despesas) has been in force since 1 December 2025 for deposit accounts.

Can a foreigner open an ActivoBank account?

Yes, but ActivoBank is built for people who already live in Portugal. Its Conta Simples charges 0 EUR a month in account maintenance and has no minimum opening deposit. It includes a debit card with no issuance fee and MB Way at no cost, as of 26 September 2026. One detail from the tariff sheet: an account opened digitally must receive its first movement by bank transfer.

The papers are the catch. At a branch, ActivoBank accepts a Portuguese Citizen Card, a residence title valid for at least 12 more months, or a passport from an EU or Schengen country. It then asks for your NIF, a proof of address in Portugal dated within the last 12 months, and proof of professional status (a payslip, a contract or similar) dated within the last 6 months. It offers remote opening by video call only to passports from Germany, Spain, France, Italy, the Netherlands, Poland and the United Kingdom. Opening with Chave Móvel Digital is the fastest route, and that also presumes Portuguese documents.

So if you are a non-EU newcomer on a visa, you usually reach ActivoBank after your AIMA residence permit is issued. We would not plan a visa file around it. The Fundo de Garantia de Depósitos covers deposits up to 100,000 EUR per depositor.

Can you open a Millennium BCP account as a non-resident?

Yes, but not online. If you live abroad without a Portuguese Citizen Card, Millennium sends you to one of its branches, and its digital opening accepts only the Citizen Card. At the branch you can identify yourself with a passport or a residence permit.

Millennium asks for:

1. A valid identity document: Citizen Card, residence permit or passport.
2. A valid Portuguese tax number, the NIF.
3. A proof of address, such as a water or electricity bill, to confirm your fiscal address.
4. An opening deposit of at least 250 EUR, subject to the bank's customer acceptance policy.

The standard Conta Millennium costs 5.20 EUR a month from age 23, and 0 EUR below it, as of 26 September 2026. Portuguese banks add 4 percent stamp duty (Imposto do Selo) to account fees, which is why your statement rarely matches the headline number. Millennium also sells account packages such as Cliente Frequente from 5 EUR a month. Millennium is on the MB WAY participant list, so MB Way works once your account and card are active.

This is the route most people take when they apply for a D7 or D8 from abroad, because consulates commonly expect a NIF and a Portuguese account holding savings in the file. The Portugal rules behind our Visa Check tool put that expectation at about 11,040 EUR for a single applicant in 2026.

Does Revolut give you a Portuguese IBAN?

Yes. Revolut Bank UAB opened a Portuguese branch in July 2025 and began moving customers in Portugal to PT50 IBANs, a move reported on 24 July 2025. The Banco de Portugal supervises the branch. Your deposits stay covered by the Lithuanian deposit guarantee scheme, because the branch still belongs to the Lithuanian bank.

On Revolut's Portugal plans as of 26 September 2026, Standard is free, Plus costs 3.99 EUR a month, Premium 9.99 EUR, Metal 17.99 EUR and Ultra 55 EUR. Standard includes 1,000 EUR a month of currency exchange without extra fees on weekdays. Beyond that, fair usage fees apply, and weekend exchanges carry an extra markup.

Revolut has two gaps you should know about before you rely on it alone:

1. It is not on the MB WAY list of 28 participating banks, as of 26 September 2026. MB Way needs a Portuguese card from one of those banks.
2. Some landlords, employers and consulates still ask for a statement or a signed letter from a traditional Portuguese bank. A PT50 IBAN helps, but it does not change what a counterparty is willing to accept.

To move money into euros before you land, our currency check tool shows you the cost of each route.

What documents do you need to open a bank account in Portugal?

You need an identity document, a NIF, and usually a proof of address. That is the common core of the ActivoBank and Millennium lists above. Bring these to any branch:

1. Passport or EU identity card, and your residence permit if you have one. A non-EU passport without a residence title will not open ActivoBank.
2. Your NIF. Neither traditional bank lists a way around it.
3. Proof of address: a utility bill, a lease or a tax document. ActivoBank wants a Portuguese address dated within 12 months.
4. Proof of income or professional status: a payslip, a contract or recent statements. ActivoBank asks for one dated within 6 months.
5. For a visa file, ask the branch for a signed account opening declaration in the same visit.

If you have no NIF yet, start there. Our posts on getting a NIF, NISS and SNS number in one visit and on the free and paid routes to a NIF cover your options.

Which combination makes sense for a remote worker?

We would run two accounts, as most newcomers end up doing: Revolut for travel and currency, and a Portuguese bank for rent, direct debits and MB Way. The order depends on your passport. As an EU citizen, you can usually go straight to ActivoBank once you have a NIF and a Portuguese address. As a non-EU citizen on a D7 or D8, you usually need Millennium or another branch bank first, for the visa file, and you can switch to a 0 EUR account after your residence permit arrives. If you have no other current account, you can also ask any bank for a serviços mínimos bancários account, a legally regulated basic account under Decree-Law 27-C/2000.

If Portugal is still one option among several, the destination comparison tool sets it next to Thailand and Vietnam.

Updated on 25 September 2026. Rules and prices change: confirm with the official source linked above before you act.