The Best Banks in Portugal for Foreigners in 2025

Moving to Portugal as a foreigner comes with exciting opportunities, and a few practical challenges. One of the first financial steps you'll likely need to take is opening a local bank account.

Portugal’s banking landscape is diverse and well-regulated, with over 150 domestic and international banks offering everything from basic current accounts to sophisticated investment solutions.

Yet, navigating this system as a newcomer can be daunting, especially when services, fees, and account types vary so widely between banks.

This guide breaks down everything you need to know to confidently choose the best bank in Portugal for your unique situation as a foreigner. We'll explore:

• The types of banks and banking services in Portugal
• What documents and steps are required to open an account
• A deep dive into the top 10 Portuguese banks in 2025
• Fee comparisons, international transfer options, and digital solutions
• Insider tips for security, convenience, and choosing the right bank for your goals

Portugal’s banking sector is regulated by Banco de Portugal and the European Central Bank (ECB), ensuring security, compliance, and peace of mind.

The country also offers one of the most sophisticated interbank systems in Europe, the Multibanco network, which supports over 90 financial operations across a single ATM interface, something many expats find incredibly efficient.

Whether you're looking for a traditional in-branch experience or a digital-first platform with zero maintenance fees, this guide will help you compare, choose, and start banking smarter in Portugal.

Types of Banks in Portugal

Portugal’s banking ecosystem is both robust and varied, catering to individuals, businesses, investors, and expats.

Understanding the types of banks available can help you better align your needs, whether you're planning to open a savings account, apply for a mortgage, or manage international transfers.

1. Retail Banks (Traditional and Digital)

Retail banks are the most common and accessible form of banking for foreigners and residents alike.

These banks offer everyday services such as checking and savings accounts, debit and credit cards, personal loans, and mortgages.

Examples include:

• Caixa Geral de Depósitos – Portugal’s largest state-owned bank
• Millennium BCP – A prominent private retail bank
• ActivoBank – A digital-only bank offering zero-fee banking (owned by Millennium)

Retail banks are especially popular among expats because they have widespread branch networks, English-speaking staff (in most urban areas), and dedicated expat banking packages.

2. Private Banks

Private banks in Portugal serve high-net-worth individuals with personalized services such as wealth management, estate planning, and tax optimization.

They often require a higher minimum deposit and may offer premium features like multi-currency accounts and exclusive investment products.

Examples include:

• Bison Bank – Known for international private banking
• Banco Carregosa – Focused on asset protection and bespoke advisory

3. Commercial and Corporate Banks

These banks focus on serving businesses, offering services such as business current accounts, trade finance, corporate lending, payroll services, and tax guidance.

Examples include:

• Banco BPI – Provides support for entrepreneurs and agriculture sectors
• Banco Santander Totta – Offers business solutions and export support

Some commercial banks also provide services to freelancers and small businesses, making them a good option for digital nomads or startup founders with EU residence permits.

4. Investment Banks

Investment banks in Portugal help individuals and institutions manage capital, access specialized investment funds, or navigate IPOs, M&A, and international financial markets.

Examples include:

• Banco Finantia – Focused on savings and investment consultancy
• Banco Invest – Known for themed portfolios (e.g., sustainability, AI, 5G)

If you're an investor looking to diversify into European markets or real estate, partnering with a local investment bank can offer significant advantages.

5. International Banks

Portugal is home to several internationally renowned banking institutions. These are ideal for expats who want to maintain a banking relationship with a familiar global brand or need smooth cross-border banking services.

Notable names include:

1. Citibank (USA)
2. BNP Paribas (France)
3. Deutsche Bank (Germany)
4. Banco do Brasil (Brazil)
5. ABANCA (Spain)

If you already bank with any of these institutions in your home country, opening a Portugal-based account with them can simplify your financial transition and reduce international transfer fees.

6. Digital-Only & Neo-Banks

Digital banks are becoming increasingly popular for their speed, user-friendly apps, and lower fees. Most don’t have physical branches, but they compensate with sleek interfaces and quick onboarding, some even allow account opening entirely online.

Top picks for expats and digital nomads:

• N26 – A German mobile bank active in Portugal
• Revolut – Offers crypto, stocks, and international transfers
• ActivoBank – A fully online Portuguese bank with a zero-fee structure

Tip: Digital banks can be a great option to pair with your main Portuguese bank account, especially for multi-currency use, low FX fees, and budget tracking tools.

What You Need to Open a Bank Account in Portugal

Opening a bank account in Portugal as a foreigner is relatively straightforward, but it does require gathering a specific set of documents and understanding the local process.

The requirements may vary slightly between banks, especially between digital-only banks and traditional institutions, but the core essentials remain consistent.

Here’s a breakdown of what you’ll need:

1. NIF Number (Número de Identificação Fiscal)

Before anything else, you’ll need a NIF number, Portugal’s tax identification number. This is a mandatory requirement for all financial activities, including opening a bank account, signing rental contracts, or applying for a mortgage.

You can get a NIF at a local Finanças (Tax Office), or remotely through a legal representative or specialized agency. It’s often one of the first things expats obtain after arriving, or even before arriving if applying from abroad.

2. Proof of Identification

Bring a valid government-issued photo ID, such as:

• Passport (for non-EU residents)
• National ID card (for EU/EEA citizens)
• Residence permit or visa (if applicable)

Some banks may require your passport and visa/residence permit to be valid for a minimum period (usually 6 months).

3. Proof of Address

You’ll need to show a recent proof of address, such as:

• A utility bill (electricity, gas, or water, no older than 3 months)
• Rental contract or lease agreement
• Letter from a government agency or local municipality
• A declaration from a host if you're living in shared accommodation

Note: Digital banks like Revolut or N26 might accept foreign addresses if you're opening an account as an EU citizen.

4. Proof of Income or Employment (Optional but Common)

Not all banks require this, but some may ask for:

• A recent payslip or employment contract
• Bank statements showing regular deposits
• Registration with the Portuguese Employment Center (for jobseekers)
• Proof of pension or passive income (for retirees)

Especially when applying for a credit card, loan, or premium account, income proof can be mandatory.

5. Portuguese Phone Number (Sometimes Optional)

Many banks require a local mobile number for SMS verification and online banking access. However, some institutions, especially digital banks and those familiar with expat clients, accept international numbers.

If you're settling in Portugal, we recommend getting a local SIM card early, it's cheap, fast, and useful for everything from banking to food delivery.

6. Minimum Deposit

Most Portuguese banks ask for an initial deposit of €250 to €300 to activate your account. This is often placed into your checking account and remains available to use.

Some banks, like ActivoBank and N26, may offer no-minimum-deposit accounts.

Can You Open a Portuguese Bank Account Online?

Yes, but only with some banks. Traditional banks (like Caixa Geral or BPI) usually require you to visit a branch in person. However, several banks now offer remote account setup, especially:

• ActivoBank (online forms + video call)
• N26 (fully online)
• Revolut (fully online)
• Banco Atlantico Europa (for non-residents)

This flexibility is especially useful for digital nomads, property buyers, and D7/D8 visa applicants who want to set things up before arriving in Portugal.

Pro Tip: Always double-check the exact requirements with your chosen bank ahead of time, especially if you’re opening an account as a non-resident or through power of attorney.

Top 10 Banks in Portugal for Foreigners in 2025

With over 150 banks operating across Portugal, choosing the right one isn’t just about fees and services, it’s about accessibility, reliability, expat support, and digital ease.

If you're considering residency in Portugal, explore the full list of visa-free countries available to Portuguese residents to understand the travel benefits that come with local banking and residency.

Here’s a curated breakdown of the best banks for foreigners in 2025:

1. Caixa Geral de Depósitos (CGD)

• Headquarters: Lisbon
• Branches: 543 nationwide
• Type: State-owned
• Online Banking: Caixadirecta platform
• Ideal For: Expats who want a solid, established bank with full-service coverage

Caixa Geral de Depósitos is Portugal’s largest and oldest bank and offers unmatched reach, stability, and a wide array of services from basic checking accounts to mortgages, insurance, and even stock trading.

Pros:

• Strong reputation and government backing
• Advanced online banking (Caixadirecta)
• Full suite of services (mortgages, investments, loans)
• Excellent coverage in smaller cities and rural areas

Cons:

• Traditional customer service experience
• App interface isn’t as modern as digital-first competitors

Tip: Ideal for retirees, property buyers, and anyone staying long-term in Portugal.

2. Millennium BCP

• Headquarters: Porto
• Branches: 458
• Type: Private retail bank
• Online Banking: Comprehensive app and web services
• Ideal For: Expats needing English-speaking support and flexible product bundles

Millennium is Portugal’s largest private-sector bank. It has a strong international presence in Mozambique, Angola, and Poland, plus a great reputation for customer service and digital onboarding.

Pros:

• Account options tailored to foreigners
• Support in English at major branches
• Easy integration with digital wallets like Apple Pay
• Partnerships with ActivoBank and mobile-first services

Cons:

• Slightly higher maintenance fees than digital banks
• Queue times can be long at popular branches

Extra: Expats with prior Millennium accounts abroad (especially in Poland or Mozambique) may benefit from simplified onboarding.

3. ActivoBank

• Parent Bank: Millennium BCP
• Branches: Digital-first with minimal physical locations
• Type: Digital bank
• Online Banking: App & web
• Ideal For: Budget-conscious foreigners, students, digital nomads

ActivoBank offers zero account maintenance fees, free debit and credit cards, and fully online onboarding. As a subsidiary of Millennium, it benefits from backend infrastructure and security while being user-focused and app-driven.

Pros:

• No maintenance or card fees
• Easy app setup and customer onboarding
• Multilingual app support
• Integrated with Apple Pay, Google Pay, and MB Way

Cons:

• Limited in-person assistance (mostly remote support)
• Complex services (e.g., loans, mortgages) are channeled through Millennium

Explore ActivoBank accounts here

For remote workers banking in Portugal, our guide to Digital Nomad Visa programs outlines how to stay legally and financially secure while living abroad.

4. Banco Santander Totta

• Headquarters: Lisbon
• Branches: 368
• Type: Private (Spanish-owned)
• Online Banking: Highly rated app
• Ideal For: Expats who bank with Santander abroad

Part of the Banco Santander Group, this bank is a top choice for foreigners who already use Santander in their home countries. It was named the safest bank in Portugal by Global Finance and offers a broad suite of insurance, lending, and business tools.

Pros:

• Exceptional reputation and cross-border support
• Great for corporate and business accounts
• Advanced mobile banking with biometric security
• Extensive branch and ATM coverage

Cons:

• Slightly higher fees for international transfers
• Interface mainly in Portuguese (though staff often speak English)

Bonus: Ideal for investors or professionals relocating under the D2 Entrepreneur Visa or Golden Visa.

5. Novobanco

• Headquarters: Lisbon
• Branches: 348
• Type: Private retail bank
• Online Banking: Full-featured
• Ideal For: Home buyers, real estate investors

Formed from the collapse of Banco Espírito Santo in 2014, Novobanco is now a respected institution with a focus on property finance, asset management, and expat accounts.

Pros:

• Excellent mortgage products and real estate guidance
• English-speaking teams in expat-heavy regions
• Strong digital banking support
• 24/7 customer hotline

Cons:

• Still recovering public image from its predecessor
• Not the best choice for small business accounts

Recommended for property buyers seeking mortgages with competitive interest rates in Portugal.

Looking to finance a home in Portugal? Don’t miss our complete property buying guide covering legal steps, taxes, and expat-friendly mortgage options.

6. Banco Atlântico Europa

• Headquarters: Lisbon
• Branches: 1 (main branch only)
• Type: Private bank
• Online Banking: Remote onboarding available
• Ideal For: Non-residents, international investors, clients managing offshore assets

Banco Atlântico Europa is a niche bank focused on personalizing banking for foreigners. Despite having only one branch, it has built a solid reputation for handling non-resident accounts, especially for those relocating to Portugal or managing cross-border transactions.

Pros:

• Multilingual support
• Customized products for non-residents and expats
• Focus on savings and real estate investment accounts
• Efficient international transfers and offshore options

Cons:

• Only one physical location
• Requires higher minimum deposits for certain accounts

Best used in tandem with local retail accounts for expats who maintain offshore interests.

7. Banco Português de Investimento (BPI)

• Headquarters: Porto
• Branches: 386
• Type: Private commercial and investment bank
• Online Banking: Full suite via app and browser
• Ideal For: HNWIs, investors, agricultural entrepreneurs

BPI, part of the CaixaBank Group, offers a strong mix of retail and investment services. It’s a favorite among investors, high-net-worth individuals, and foreigners involved in agro-industrial ventures in Portugal.

Pros:

• Strong real estate and agricultural loan packages
• Recognized for trust and brand value (Cinco Estrelas Award winner)
• Smart portfolio tools for passive investors
• Highly responsive expat desk in Porto

Cons:

• Some products have a steep entry threshold
• Best suited for residents or long-term investors

Great for those purchasing land, farming ventures, or applying for residency through the D7 or D3 visa paths.

8. Banco Montepio (Caixa Económica Montepio Geral)

• Headquarters: Lisbon
• Branches: 329
• Type: Mutual bank (member-owned)
• Online Banking: App available
• Ideal For: Socially conscious expats, families, and students

Montepio is one of the oldest banking institutions in Portugal, with roots in mutualism. That means its members (account holders) are also partial owners. It stands out for its community-centric approach, personalized assistance, and focus on social sectors, students, and elderly clients.

Pros:

• Great for low-income residents or retirees
• Ethical focus on cooperative growth
• Child, youth, and student account programs
• Option to become a member of the Montepio mutual association

Cons:

• Technology isn’t as sleek as competitors
• Less focused on international or non-resident services

Best for expats with families or retirees looking for simple, ethical banking.

9. EuroBic

• Headquarters: Lisbon
• Branches: Nationwide
• Type: Commercial bank (Angolan-owned)
• Online Banking: Strong digital platform
• Ideal For: Dual residents (Portugal/Angola), private clients

EuroBic is the Portuguese arm of Banco BIC and is known for its discretion, personalized service, and hybrid solutions for both private individuals and SMEs. It's especially popular among residents with ties to Angola or Lusophone Africa.

Pros:

• Business-friendly services
• Private client advisors
• Competitive FX and investment solutions
• Ideal for African expats or dual residents

Cons:

• Less recognizable for Europeans or North Americans
• Slower app updates and fewer English-language tools

Good choice for individuals involved in Lusophone African markets or who need tailored personal finance strategies.

10. Bison Bank

• Headquarters: Lisbon
• Branches: 1
• Type: Private bank (owned by Hong Kong-based Bison Capital Holding)
• Online Banking: Digital-first focus
• Ideal For: Wealthy individuals, dual nationals, Asia-Europe financial bridges

Bison Bank specializes in private banking, investment advisory, and wealth management for global clients. It has carved out a reputation among high-net-worth Asian and international clients relocating or investing in Portugal.

Pros:

• Cross-border portfolio management
• Personalized investment strategies
• Tailored solutions for Golden Visa clients
• Expertise in Asian-European financial flows

Cons:

• High entry requirements
• Not suited for day-to-day banking

Perfect for Golden Visa holders, private investors, or those seeking citizenship-by-investment.

Money Transfers & International Banking Tools in Portugal

One of the most important banking needs for foreigners living in Portugal, whether temporarily or permanently, is the ability to send and receive international money transfers efficiently and affordably.

Whether you're wiring funds from your home country, supporting family abroad, or managing rental income, understanding the tools and services available in Portugal can help you avoid high fees, delays, and poor exchange rates.

International Money Transfers via Portuguese Banks

Most traditional banks in Portugal offer international money transfer services. These can be done either:

• In person at a local branch
• Online via desktop or mobile banking apps
• Using Multibanco ATMs

Key things to know:

• Transfer Time: Typically takes 3–5 business days
• Fees: Range from €10–€30, depending on the amount and destination
• Exchange rates: Often less favorable than specialized platforms
• Notification requirement: Transfers over €50,000 must be reported to the Portuguese Central Bank (Banco de Portugal)

Note: For faster or more affordable cross-border transactions, pairing your bank account with a money transfer service is often the smarter choice.

Best Money Transfer Services in Portugal

Here are the top international money transfer companies available to Portugal residents, and how they integrate with local bank accounts:

1. Wise

Previously known as TransferWise, Wise offers transparent fees and real mid-market exchange rates. It’s particularly popular among freelancers, retirees, and digital nomads.

• Best for: Large one-time or recurring transfers
• Integration: Works with all major Portuguese banks
• Extras: Multi-currency account and debit card

2. Revolut

A digital bank and money app that offers instant low-cost transfers, currency exchange, and crypto trading. Revolut accounts can be linked to your Portuguese IBAN or used independently.

• Best for: Everyday spending + international travel
• Exchange rates: Interbank rate with no markups (within free tier)
• Extras: Premium tiers include travel insurance and virtual cards

3. PayPal

Widely used for online payments and international transfers. It’s not the cheapest option due to higher exchange margins and fees but remains convenient.

• Best for: eCommerce, freelancers, and small purchases
• Integration: Connects to all major Portuguese bank cards
• Cons: Higher fees than Wise or Revolut

4. MoneyGram & Western Union

These traditional transfer services are available in Portugal and offer cash pickup locations but are generally used for emergency cash or unbanked recipients.

• Best for: Sending to recipients without bank accounts
• Availability: Widespread agent locations in Portugal
• Cons: High fees and poor exchange rates

Tip: Use comparison platforms like Monito to evaluate the cheapest provider based on destination and transfer size.

MB Way – The App That Changed Portuguese Banking

MB Way is the mobile extension of Multibanco. It lets you:

• Send or request money via mobile number
• Pay in-store using QR codes or NFC
• Withdraw cash from an ATM without a physical card
• Make secure online payments

Requirements:

• Portuguese IBAN (any major bank)
• Portuguese phone number
• MB Way activation (via ATM or app)

It’s one of the most convenient options for peer-to-peer payments, especially when splitting bills or managing shared expenses.

SWIFT & SEPA Transfers

SEPA Transfers

• Transfers within the EU/EEA in euros
• Usually free or low-fee
• Take 1–2 business days

SWIFT Transfers

• For non-EU/EEA transfers, including to the US or UK
• Higher fees and less favorable FX rates
• May involve intermediary banks, adding delays

Always ask your bank if the transfer you're initiating will go through SEPA or SWIFT and verify if there are hidden FX markups.

Banking Fees, Account Costs, and Card Charges in Portugal

While Portugal’s banking sector is generally affordable, banking fees can quickly add up, especially if you're not familiar with the local pricing structure.

From account maintenance to ATM withdrawals and international transfers, knowing what to expect will help you choose the right provider and avoid unnecessary charges.

Monthly Account Maintenance Fees

Most traditional banks in Portugal charge a monthly maintenance fee, typically ranging from €5 to €7 per month (or around €60 to €84 annually). This fee covers basic services such as:

• Online and in-branch banking access
• A debit card
• Use of the Multibanco network
• Basic customer support

However, several banks offer zero-fee accounts for certain user groups:

• ActivoBank – Free banking for all customers (zero account and card fees)
• Millennium BCP – Discounted or waived fees for young adults or students
• N26 & Revolut – Free plans with optional premium tiers

Debit & Credit Card Fees

Portuguese banks typically issue Maestro, Visa Debit, or Multibanco cards with current accounts. Some key points:

ATM Withdrawal Fees

Portugal has a shared ATM network (Multibanco), which means you can use most ATMs without paying a fee, even if it’s not from your own bank.

However:

• Using ATMs outside the Multibanco network (e.g., Euronet) may incur a €1–€2 fee per withdrawal
• Foreign cards may be charged a flat fee or percentage (check with your home bank)
• Daily withdrawal limits are typically around €400–€600
• Cash transactions above €3,000 are not permitted by law

Foreign Currency Exchange Fees

If you're exchanging currency (e.g., USD to EUR) or making international payments, be aware of:

• Bank commission fees: Usually €10–€30 depending on the amount
• Exchange rate markups: Banks often apply less favorable rates than mid-market
• Wise and Revolut offer real-time rates and lower fees for FX transactions

Example:

• Under €50,000: Expect around €10–€15 in bank fees
• Over €50,000: Fees typically start at €30 and must be declared to Banco de Portugal

Pro Tip: For transfers over €10,000, compare bank rates with Wise, CurrencyFair, or XE Money Transfer.

Loan, Mortgage & Financing Fees

Most banks charge:

• Loan origination/processing fees: 0.5% to 1% of loan value
• Early repayment penalty: Often 0.5%–2% of the prepaid amount
• Valuation or legal costs: Especially common with mortgages

Banks like Novobanco and BPI offer competitive financing packages for expat property buyers, but terms and upfront fees vary.

Safety Deposit Box & Insurance Fees

Many banks offer safety deposit boxes, particularly in Lisbon and Porto branches. Annual rental can cost:

• Small box: €40–€60
• Medium to large box: €80–€150

Banks also offer bundled home, car, and health insurance, and often provide discounts if you open a checking or mortgage account with them.

Transaction Fees & Transfers Between Banks

• Domestic transfers within the same bank: Usually free
• Transfers between different banks (within Portugal or EU): Free under SEPA rules
• Urgent or real-time SEPA transfers: Can incur a €1–€5 fee depending on the bank
• International (SWIFT) transfers: €10–€30+

If you need frequent SWIFT transfers, banks like Santander and Bison Bank may offer corporate FX plans or premium personal accounts with reduced fees.

Security & Fraud Protection in Portuguese Banks

One of the biggest concerns for expats opening a bank account abroad is security. Fortunately, Portugal ranks among the safest countries in Europe when it comes to financial fraud, and its banks are governed by strict EU regulations. That said, understanding how banking safety works, and how to protect yourself, is critical when you're managing money in a new country.

Who Regulates Portuguese Banks?

All banks operating in Portugal are regulated by:

• Banco de Portugal – The national central bank, which monitors compliance with financial legislation, licensing, and consumer protection
• European Central Bank (ECB) – Oversees monetary policy and systemic financial stability across the Eurozone
• CMVM (Comissão do Mercado de Valores Mobiliários) – Regulates investment firms and markets

These institutions ensure that deposit guarantees, cybersecurity standards, and consumer rights are upheld across all licensed banks.

Deposit Guarantee Note:

All Portuguese banks are covered by the Fundo de Garantia de Depósitos (Deposit Guarantee Fund). This guarantees up to €100,000 per person, per institution, in the event of bank insolvency.

Common Types of Banking Fraud in Portugal (and How Rare They Are)

Banking fraud is relatively uncommon in Portugal and is lower than the EU average, especially in-person ATM skimming and identity theft. However, like everywhere, online fraud and phishing have become more sophisticated in recent years.

Here are the main types of fraud you should watch out for:

• Phishing Emails & Texts pretending to be from your bank (especially MB Way or CGD)
• Social Engineering Scams where fraudsters impersonate banking officials
• Fake Bank Sites or cloned apps to steal your credentials
• Lost or stolen card fraud, especially involving contactless cards

Good to know: Most Portuguese banks now offer two-factor authentication (2FA) for online banking, SMS confirmation for mobile transfers, and instant card freezing via their apps.

How to File a Complaint About Fraud or Service Issues

If you're not satisfied with how your bank handled an issue, or suspect mismanagement, you have the right to escalate the situation.

Step 1: Contact the Bank’s Complaints Department

Every Portuguese bank is required to have a dedicated customer complaint team. You can usually reach them via:

• Online form
• Physical branch complaint book (Livro de Reclamações)
• Email or phone

Step 2: Escalate to Banco de Portugal

If your complaint isn’t resolved, file it through Banco de Portugal’s official complaint portal.

You’ll need:

• Copy of your bank statement or affected transaction
• Complaint ID from the bank
• Your identification (passport or residence card)
• A written explanation of the issue

Complaints are usually resolved within 30–60 days, depending on complexity.

FAQs on Banking in Portugal for Foreigners

1. Can I open a Portuguese bank account from abroad as an expat?

Yes. Under EU rules (Directive 2014/92/EU), if you're legally residing in another EU country, Portuguese banks cannot refuse your application for a basic payment account solely based on your residence elsewhere. They must provide clear fee information and terms before approving your account.

2. What is a "Basic Bank Account" in Portugal?

A basic bank account includes essential services such as deposits, withdrawals (via ATM or branch), euro transfers within the EU, and a debit card. It must be offered at low or no cost, and banks must process requests within 10 days.

3. How are my deposits protected in Portugal?

Deposits of up to €100,000 per person, per institution are guaranteed under both the EU’s Deposit Guarantee Scheme Directive and Portugal’s national fund. Portugal also participates in the evolving European Deposit Insurance Scheme (EDIS) aiming for full protection by 2024–2025.

4. Can I easily switch bank accounts in Portugal?

Yes. EU regulations require banks to support a streamlined account switching process, including transfers of direct debits, standing orders, and notification of incoming payments. They must provide a transparent fee schedule before you switch.

5. Can my inactive account funds be taken by the government?

Yes. Under Portuguese law, if your account is completely inactive, meaning no deposits, withdrawals, fees, or client contact, for 15 years, the funds may be forfeited to the State.

References

European Commission. (2024). Access to bank accounts: EU rules allow consumers to open and change bank accounts anywhere in the EU [web page]. Retrieved from https://finance.ec.europa.eu/consumer-finance-and-payments/retail-financial-services/access-bank-accounts_en

Banco de Portugal. (2025). What is a basic bank account? [web page]. Retrieved from https://www.bportugal.pt/en/page/what-basic-bank-account

European Central Bank. (2024). What is a deposit guarantee scheme? [web page]. Retrieved from https://www.ecb.europa.eu/ecb-and-you/explainers/tell-me-more/html/deposit_guarantee.en.html