Banking in Portugal for International Students: A Quick Guide

For international students in Porto, setting up a local bank account is essential. Portugal offers various options, from traditional banks to digital solutions, each with distinct features and fees.

Your First Step: The NIF

Before anything else, you must obtain a Número de Identificação Fiscal (NIF), your Portuguese tax identification number. Get this at a local tax office (Finanças) or with a fiscal representative.

Top Bank Options

Traditional Portuguese Banks offer in-person support and extensive branch networks. Many have specific student accounts.

• Millennium BCP: A large private bank. Their Millennium Account + GO! Universitário for university students often has no monthly fees and free cards. Their app is well-regarded.
• Caixa Geral de Depósitos (CGD): Portugal’s largest state-owned bank. The Account CaixaJovem Extract for young people can also have reduced or no maintenance fees.
• Novobanco: Offers the Conta 18.25, typically with no maintenance fees until a certain age.

On the other hand, Digital and Online Banks are ideal for tech-savvy students seeking low fees and app-based management.

• ActivoBank: Known for being “expat-friendly” with a “Simple Account” often having no maintenance fees. Account opening can be online.
• N26 & Revolut: Popular European digital banks that work well in Portugal. Offer easy app-based setup, multi-currency accounts, and usually no monthly fees for basic plans, with competitive international transfers.
• Wise (formerly TransferWise): Excellent for low-cost international transfers and multi-currency accounts, serving as a strong alternative.

Fee Comparisons & Key Considerations

• Account Maintenance Fees: Traditional banks typically charge €5-€7/month, but student accounts often waive these fees. Digital banks frequently have no maintenance fees for basic accounts.
• Card Fees: Student accounts usually include fee-free debit cards.
• International Transfers: Traditional banks might charge fees (e.g., under €15 for transfers below €50,000). Digital platforms like Wise and Revolut are generally cheaper for international money transfers.
• Multibanco ATMs: Withdrawals from Portuguese Multibanco ATMs with a local debit card are usually fee-free.

Required Documents

To open an account, you’ll generally need:

• NIF
• Valid Passport/ID
• Proof of Address (utility bill, rental contract, or consulate document)
• Proof of Student Status (student ID, enrollment letter)
• A small minimum deposit (e.g., €150-€300) might be required

Choose the bank that best fits your financial habits and needs, prioritizing accounts designed for students to minimize costs.