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. All three banks ask for things in a different order, and the order is what costs newcomers time. Every fee and requirement below comes from the banks' own public pages, read on 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 on their own published terms.

Sources: ActivoBank Conta Simples page and tariff (Folheto de Comissões e Despesas, in force 1 December 2025 for deposit accounts), Millennium BCP online account opening page, Revolut Portugal plan comparison, MB WAY FAQ, all read on 26 September 2026.

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, has no minimum opening deposit, and includes a debit card with no issuance fee and MB Way at no cost, according to the bank's product page read on 26 September 2026. The tariff sheet adds that an account opened digitally must receive its first movement by bank transfer.

The papers are the catch. At a branch, ActivoBank lists 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. Remote opening by video call is offered 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.

In practice, a non-EU newcomer on a visa usually reaches ActivoBank after the AIMA residence permit is issued. Deposits are covered by the Fundo de Garantia de Depósitos up to 100,000 EUR per depositor, as the ActivoBank tariff sheet states.

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

Yes, but not online. Millennium's own opening page says that someone living abroad without a Portuguese Citizen Card must go to one of its branches, while 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, on the page read on 26 September 2026. Portuguese banks add 4 percent stamp duty (Imposto do Selo) to account fees, which is why statements rarely match 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 the account and card are active.

This is the route most often used by people applying 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, with the branch supervised by the Banco de Portugal, according to Grande Consumo's report of 24 July 2025. The same report notes that deposits stay covered by the Lithuanian deposit guarantee scheme, because the branch still belongs to the Lithuanian bank.

On the Revolut Portugal plan page read on 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 a newcomer should know about:

1. It is not on the MB WAY list of 28 participating banks (MB WAY FAQ, read on 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.

For moving money into euros before you land, the currency check tool shows 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. Non-EU passports 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 the options.

Which combination makes sense for a remote worker?

Most newcomers end up with two accounts: Revolut for travel and currency, and a Portuguese bank for rent, direct debits and MB Way. The order depends on your passport. An EU citizen can usually go straight to ActivoBank once they have a NIF and a Portuguese address. A non-EU citizen on a D7 or D8 usually needs Millennium or another branch bank first, for the visa file, and can switch to a 0 EUR account after the residence permit arrives. Anyone without another current account can also ask any bank for a serviços mínimos bancários account, a legally regulated basic account under Decree-Law 27-C/2000, as ActivoBank's own tariff sheet explains.

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.