EUR accounts in Portugal for foreigners

EUR accounts are useful for a wide range of situations, from receiving a salary or paying rent to managing savings or spending while travelling within the eurozone. Foreigners in Portugal can choose between banks and specialist online providers, depending on their needs. While banks typically offer in-branch support and additional services such as savings accounts, online providers like Wise let you hold and manage EUR alongside other currencies, with competitive transfer fees, and a debit card for easy spending in Portugal and abroad.

What is a EUR currency account?

A EUR currency account is an account which lets you hold euros. 

Euro accounts are available as single-currency accounts from all Portuguese banks. You can also get multi-currency accounts which let you hold EUR as well as foreign currencies, either from banks or specialist providers. 

EUR accounts will let you receive EUR payments with local account details, send money in EUR, and get a linked debit card to spend and withdraw euros conveniently. Multi-currency accounts may offer this for EUR – and other currencies, like GBP, USD and AUD, too.

What can you do with a EUR account in Portugal?

You might benefit from a EUR account in Portugal if you’re an expat, international student, frequent traveller, digital nomad, freelancer or business owner. It simplifies everyday life locally and generally allows you to make transactions across the EEA (in EUR, SEK, and RON) without extra fees.

For expats, having easy ways to manage EUR alongside their home currency can also be a huge benefit. Here are some common uses for a euro account with international features:

• Hold and convert between EUR and other currencies: If you manage your money across euros, dollars, pounds or other currencies, a multi-currency EUR account makes this simple and allows you to view all your funds in one place. 
• Receive payments in EUR: Business owners and freelancers – and anyone who receives payments in euros – could use a EUR account to receive money with local account information, for quick and cheap transfers.
• Send payments in EUR: Whether you’re sending money to a family member or paying a bill, using a EUR account can make the transfer hassle free, and may also cut the costs associated with cross border payments.
• Spend and withdraw EUR: With local banks, and also specialist providers like Wise you can spend with a linked card, online and in person, and get cash whenever you need it.

Types of EUR accounts

EUR accounts in Portugal usually fall into one of two categories. Portuguese banks and international banking groups operating in the country typically offer their core services in EUR as single-currency accounts. Or, you could choose a multi-currency account from a bank or specialist – here’s what you’ll find, alongside a quick introduction to the providers featured in this guide:

Multi-currency accounts: Hold, manage and spend money in multiple currencies (including EUR) from a single account, rather than having separate accounts for each currency. They’re especially useful if you earn, send or spend money in different currencies, helping to reduce conversion fees and simplify international transactions.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including EUR, and SWIFT details for receiving 20+ currencies easily. 
• Revolut Account: Hold 30+ currencies and get local details to receive EUR and GBP, with SWIFT details to receive other supported currencies. 

Single-currency EUR accounts: EUR accounts are offered by all banks operating in Portugal. These accounts support only 1 currency, and may be a convenient way to spend, hold and send payments in euros, but they may not have multi-currency features for managing your funds across different currencies.

• ActivoBank Simple Account: Hold EUR and receive one debit card and one credit card for in-person spending, with no opening or maintenance fees.
• Caixa Geral de Depósitos M Account: Hold EUR and benefit from up to two debit and two credit cards. The account is free for under-30s studying or who have studied in higher education.
• Millennium Account + Prestige: Hold EUR and receive up to two debit and two credit cards, along with home medical emergency cover and insurance for IT equipment.

Most accounts come with a linked card, allowing you to spend directly in the supported currencies. Maintenance fees, minimum opening balances, and transaction charges vary between banks and providers, so it’s worth comparing options to find the account that best suits your needs.

Best EUR currency accounts in Portugal

Whether you’re living in Portugal or planning to move, you can open a EUR single account or multi-currency account for personal or business use. Banks typically offer security, local branch access, and additional services like savings accounts, but may have higher fees and less flexibility for international transactions. Online providers like Wise often support multiple currencies and lower conversion fees, making them ideal for expats, freelancers, digital nomads, or frequent travellers. 

The right account for you will depend on your needs – some are best for those seeking a fee-free account, others include premium perks, and some make currency exchange simple.

Below are some providers and banks where you can open a EUR account in Portugal, selected for this guide based on the currencies they support, convenience, pricing, and suitability for different customer needs:

💡 At a glance
Wise Account	Hold and exchange EUR and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in EUR, GBP, USD and more.
Revolut Account	Choose from 5 different account plans which all offer a debit card, and support 30+ currencies for holding and withdrawal. Travel perks available on some account tiers.
ActivoBank Simple Account	Hold and manage EUR with both a debit and a credit card. One of the few personal EUR accounts at a Portuguese bank with no opening or maintenance fees.
Caixa Geral de Depósitos M Account	Manage and transact in EUR across multiple channels, with access to two debit cards and two credit cards. Maintenance fees can be waived or reduced under certain conditions.
Millennium Account + Prestige	Hold and manage EUR with two debit cards, two credit cards, insurance programmes, and access to selected brand discounts, offers, and benefits.

*Details correct at time of research – 5th January 2026

Wise Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold EUR alongside GBP, USD, AUD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in EUR and other currencies. 

Accounts offer local and SWIFT details to receive payments, with no fee to receive EUR to your Wise account with local details. There’s a small Wise fee to receive EUR SWIFT payments.

• Hold and exchange EUR and 40+ other currencies
• Mid-market currency exchange with low, transparent fees
• Use your Wise card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 50 EUR to register and get full feature access. No minimum balance.

Eligibility criteria: Available to residents of Portugal and many other countries and regions globally.

Supported currencies: 40+ currencies, including EUR

Monthly fees: None

Exchange rates: Mid-market exchange rates, plus a transparent fee starting from 0.68%.

Revolut Account 

You can open 5 different types of Revolut Account as a personal customer in Portugal, with additional plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with maintenance fees up to 50 EUR/month. 

Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 30+ currencies including EUR.

• Hold and exchange 30+ currencies in the same account
• Select your account plan based on your transaction needs
• Personal and business services offered

Account opening fee: No opening fee, no minimum balance.

Eligibility criteria: Available to residents of Portugal and many other countries and regions globally.

Supported currencies: EUR and 30+ other currencies 

Monthly fees: Personal customers pay 0 EUR- 50 EUR/month, business customers 10 EUR- 90 EUR/month

Exchange rates: For personal customers, weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to 1% may apply depending on plan. Weekend exchange may attract an extra fee up to 1%. Business customers receive the mid-market rate, plus a 0.6% fee above fair usage on weekdays, and a 1% markup on all exchanges made during weekends.

ActivoBank Simple Account

ActivoBank offers several EUR accounts for personal customers, but the Simple Account is its most popular. It has no opening or maintenance fees and no minimum deposit, while giving you access to both a debit and a credit card.

For travel, you can subscribe to Activo Viagem (3.99 EUR/month) to waive international fees and receive reimbursements for unexpected events such as flight delays or lost luggage.

• One of the few personal EUR accounts at a Portuguese bank with no fees
• Option to subscribe Activo Viagem for travel benefits
• Integration with Wise for international money transfers

Account opening fee: No opening fee, no minimum balance.

Eligibility criteria: Residents of Portugal and citizens of an EU, Schengen Area, or UK country. Eligible passport holders from France, Germany, Italy, Poland, Spain, the Netherlands, or the UK can open an account remotely via video call.

Supported currencies: EUR

Monthly fees: None

Exchange rates: Mid-market rates via the Wise integration in the ActivoBank app, plus Wise’s transparent fee.

Caixa Geral de Depósitos M Account

Caixa Geral de Depósitos is Portugal’s largest bank and is publicly owned, offering a wide range of accounts for both personal and business customers. The M Account is a packaged EUR account for personal customers who want more than basic banking. It allows you to hold and manage EUR and includes two debit cards and two credit cards.

• Two debit and two credit cards included
• Unlimited SEPA transfers with no markup via online and mobile channels
• Monthly fees waived for under-30s currently or previously in higher education

Account opening fee: No opening fee, 150 EUR minimum balance.

Eligibility criteria: Residents of Portugal. Non-residents may open an account if certain conditions are met – contact the bank for more information.

Supported currencies: EUR

Monthly fees: 6.55 EUR (discounts may apply, for example if you spend at least 50 EUR/month and receive your salary in the account; free for under-30s studying or who have studied in higher education)

Exchange rates: The CGD daily reference rate applies, with additional fees depending on the type of transfer and how it is made. Non-urgent and instant SEPA transfers made via online or mobile channels are unlimited and free of charge. Non-SEPA transfers are charged at 0.26% of the transfer amount, but minimum fees apply: fees can range from 15.60 EUR to 26 EUR online and from 20.80 EUR to 83.20 EUR when made at a branch.

Millennium Account + Prestige

Millennium bcp offers several accounts for both personal and business customers. The Millennium Account + Prestige is a EUR packaged account for personal customers who value exclusivity and premium services. This account lets you hold and manage EUR, access two debit and two credit cards, benefit from issuance programmes, and enjoy discounts at partner brands. Family members included in the subscription can also take advantage of certain perks.

• Two debit and two credit cards for flexible spending
• Home medical and IT equipment insurance included
• Premium account with exclusive features and benefits

Account opening fee: No opening fee, 250 EUR minimum balance.

Eligibility criteria: Residents of Portugal. Non-residents may open an account if certain conditions are met – contact the bank for more information.

Supported currencies: EUR

Monthly fees: 15.60 EUR (discounts may apply, for example if you opt for digital statements or receive your salary in the account)

Exchange rates: The daily reference rate published by the Banco de Portugal applies. With the Millennium Account + Prestige, you can make up to 25 transfers in EUR per month with no markup when using the app or website. Beyond this allowance, additional fees apply depending on the type of transfer and how it is carried out. For example, SEPA transfers of up to 100 000 EUR incur a fee of 1.25 EUR when made online and 6.76 EUR when made at a branch. Non-SEPA transfers are charged 0.25–0.30% of the transfer amount, but minimum fees apply: fees range from 5.19 EUR to 110 EUR online and from 25 EUR to 125 EUR at a branch. 

Fees for EUR accounts in Portugal

While getting a EUR account in Portugal can bring down your overall money management costs, there are likely still to be some fees to pay. As these costs can vary a lot, and may not look like the fees you’re used to in your home country, you’ll need to read your account fee schedule carefully before you transact. 

Here are some fees to look out for:

• Account opening fee: A one-time fee charged for setting up a new account. None of the accounts covered in this guide charge an opening fee, but Caixa Geral de Depósitos and Millennium bcp require a minimum opening amount of 150 EUR and 250 EUR, respectively.
• Monthly maintenance fee: Maintenance or service fees may apply to keep your EUR account open. While this fee cannot always be avoided, the Wise Account, Revolut Standard Account, and ActivoBank Simple Account covered in this guide don’t charge a maintenance fee.
• ATM withdrawal fees: Debit cards from all Portuguese banks can be used across the entire Portuguese interbank network (Multibanco) for free for all transaction types, including cash withdrawals. The only exception is cash advances using a credit card. When travelling abroad, fees may apply. Online providers like Wise or Revolut allow cash withdrawals for free within certain limits for supported currencies, making them a convenient option for frequent travellers.
• Outgoing transfer fees: Sending payments from EUR to other currencies may incur fees, including costs added to the exchange rate used for currency conversion. Compare both the rate and the fee applied before you transact. Providers like Wise can often offer lower overall costs compared to your bank.
• Overdraft fee: A fee applied if you spend more than the available balance. Overdrafts are uncommon for personal EUR accounts in Portugal, but it is always worth confirming with your bank or provider.
• Foreign transaction fee: Fee that may apply when you spend with your card overseas. Providers like Wise and Revolut do not charge this fee.

How to open a EUR account in Portugal as a foreigner

Opening a EUR account in Portugal as a foreigner is usually straightforward, although the exact process and requirements can vary depending on the bank or provider you choose. Below is an overview of what to expect with local banks and online providers.

With banks: To open a EUR account with a Portuguese bank, you may need to visit a branch in person, although many banks now allow the process to be completed via video call instead. Typically, you will be asked for a valid ID or passport, a Portuguese tax identification number (NIF), proof of address, and recent payslips if you are employed. Once approved and the contract is signed, you can deposit funds and start managing your money. Some banks and account types allow non-residents or customers without a NIF to open an account, so it is worth checking with customer support in advance.

With online providers: Specialist providers offer a fully digital application, verification and onboarding experience. All you’ll need is your phone or laptop, and images of the documents required to support your application – usually a passport or national ID, and proof of address. Enter your personal and contact details, set a secure password and follow the onscreen instructions.

How to open a EUR account before you move to Portugal

If you are planning a move to Portugal, you may be wondering whether you can open an account before getting there. Doing so can make managing your finances easier from day one, allowing you to receive payments, pay for accommodation, and handle essential expenses immediately upon arrival. 

With banks: Some Portuguese banks may allow you to open an account via video call even if you do not yet have a residency permit, particularly if you hold an EU passport. For example, at ActivoBank, you can open an account remotely if you have a passport from France, Germany, Italy, Poland, Spain, the Netherlands, or the UK. As with the in-person process, you will usually need to provide additional documents besides your ID, including a tax identification number, proof of address, and proof of your employment situation.

With online providers: Online providers offer a fully digital process, making them a practical option for non-residents. With Wise, the transition is often seamless. You can use Wise in more than 150 countries, including Portugal and likely your current country, so you can open a multi-currency account before you move. Once your account is set up, you can get local EUR account details and start receiving money like a local straight away.

How to use your EUR account in Portugal

For people living in Portugal or preparing to relocate, a EUR account can make managing money easier and more efficient. Multi-currency accounts are particularly useful, as they let you hold, exchange, and move money between currencies in one place. This can help reduce conversion costs and provide greater flexibility when earning, spending, or sending money internationally. Providers like Wise are designed for this kind of international lifestyle, combining local EUR account details with easy currency exchange and transfers. 

Here are some of the most common uses for EUR and multi-currency accounts among expats in Portugal:

• Send international money transfers: Expats might need to send money overseas from Portugal, or vice versa, to cover bills, mortgage payments or rent for example. A EUR account which has low cost international transfers is a good choice here.
• Hold and exchange EUR and other foreign currencies: Check your EUR and foreign currency balance side by side, convert between currencies when you see a great exchange rate, and build your savings in whichever currency you prefer.
• Receive EUR payments: Get paid by an employer or client in Europe, or if you’re an international student you may want to receive EUR payments from your family or student loan provider. Use the EUR details that come with your account to get your money and then hold it in EUR until you need it.
• Pay rent and local bills: Use your EUR balance to set up direct debits or make local transfers for rent, utilities, and other everyday expenses.
• Use your debit card for spending and withdrawals: Spend in euros with no additional costs if you hold sufficient EUR balance to cover a payment. Or use your foreign currency account balance when you travel if you have a multi-currency account with a provider like Wise or Revolut, to avoid conversion costs.

Conclusion

EUR accounts in Portugal offer flexibility, convenience, and an easy way to manage your money. They are useful whether you are paying bills, receiving a salary, saving, spending locally or abroad, or running a business. The right account for you depends on your priorities, needs, and practical factors such as residency status. If you prefer in-person banking, want to earn interest, or only need a single currency, a local bank may be the best choice, especially if you can meet requirements to waive fees. If you want to manage multiple currencies, make international payments, or handle everything from your phone, an online provider can be more convenient.

Providers like Wise offer a practical option for holding, exchanging, and spending EUR alongside other currencies. Wise supports 40+ currencies, allows you to receive payments in EUR and 20+ other currencies, and provides a linked debit card for spending. This makes it a flexible solution for expats, international students, digital nomads, freelancers, and anyone who travels frequently.

Useful resources

• Wise – Landing page for Wise Portugal (last checked 5th January 2026)
• Wise personal pricing – Pricing details for Wise personal accounts (last checked 5th January 2026)
• Wise business pricing – Pricing details for Wise business accounts (last checked 5th January 2026)
• Revolut personal plans – Comparison of Revolut personal plans available in Portugal (last checked 5th January 2026)
• Revolut business plans – Comparison of Revolut business plans available in Portugal (last checked 5th January 2026)
• ActivoBank Simple Account – ActivoBank free EUR account for personal customers (last checked 5th January 2026)
• Caixa Geral de Depósitos M Account – EUR account from Caixa Geral de Depósitos including two debit and credit cards (last checked 5th January 2026)
• Millennium Account + Prestige – Millennium bcp EUR account including two debit and credit cards and several insurance plans (last checked 5th January 2026)