American banks in Portugal: branches and more

If you're planning to move to Portugal or spend an extended period there, you may naturally wonder about American banks in Portugal and whether you can use your existing US bank account.

Unfortunately, while a few major US banks do have a presence in Portugal, they won't help you with your typical everyday banking needs. These financial institutions focus on corporate banking services, investment banking, and wealth management for institutional clients. Here’s what to know.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Which US banks have branches in Portugal?

There are only a handful of US banks in Portugal, and their services are limited to business clients. These branches handle things like corporate loans, investment management for large companies, and financial advisory services.

What does this mean for you as a regular consumer? Well, you won't be able to walk into these locations and open a personal checking account or ask a question about your credit card. In fact, you likely won't be able to walk in at all.

If you need to contact one of these institutions for corporate purposes, here's where to find them:

Bank of America's nearest location is actually in Spain, though their corporate and investment banking services appear to cover Portugal as well.

Since these banks don't serve consumers, you'll need to open a local Portuguese bank account. This can be challenging without Portuguese residency and an NIF (tax identification number), so it's best to do this when you're already settled in Portugal for the long term.

Another option is opening a multi-currency account with Wise, which lets you hold and manage EUR alongside USD without needing Portuguese residency.

Wise: a low-cost, flexible international bank alternative

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

Can Americans open a bank account in Portugal?

Yes, Americans can open bank accounts in Portugal, but it's not the easiest process. If you're visiting as a tourist, most banks will turn you down. Portuguese banks typically require proof that you're living in the country, so you'll need residency or a long-term visa.

Getting an NIF is often your first step. If you're already in Portugal, you can apply for one yourself by visiting your local Serviço de Finanças office (the Portuguese tax authority).

Alternatively, a fiscal representative or lawyer can apply for your tax identification number on your behalf, which can be easier if you're still in the US or don't speak Portuguese.

Which bank in Portugal is best for Americans?

No single bank is "best" for all Americans in Portugal, but some Portuguese banks are more willing to work with non-residents or new residents than others.

Banks that are generally more accessible for Americans and foreigners include:

• Millennium BCP
• Caixa Geral de Depósitos
• Novo Banco
• Banco Atlantico Europa
• Banco Santander Totta

There are also some international banks in Portugal, such as Deutsche Bank, but their consumer services may be limited, similar to those of US banks.

Tips on banking in Portugal

Banking in Portugal can resemble banking in the US in some ways, but there are also important differences to consider that may come as a surprise:

• Watch the exchange rates: If you're transferring money between your US and Portuguese accounts, banks typically add a markup to the exchange rate, even if they claim that there's no commission

• Understand your US tax obligations: As an American citizen, you're required to report your foreign bank accounts to the IRS if the total balance exceeds 10,000 USD at any point during the year⁴

• Expect fees: Portuguese banks often charge monthly maintenance fees, ATM withdrawal fees, and transaction fees, which can add up

• Banking hours are limited: Many Portuguese bank branches are only open weekday mornings and early afternoons, so plan ahead if you need to visit in person

Many bank employees speak English, but they likely won't be fluent. If you have a complicated matter or question, it's a good idea to bring a Portuguese-speaking friend with you or be prepared to use translation apps.

Overall, American banks in Portugal don't serve regular people with personal accounts or standard business accounts. You'll need to either open a local Portuguese bank account or find an alternative solution.

Opening a local account makes your everyday life in Portugal much easier, but it can come with challenges, especially if you don't have Portuguese residency or a long-term visa yet.

Many banks reject non-residents, and you'll need to show Portugal-specific documents like your NIF, which is a Portuguese tax identification number.

But there's an easier option that'll also come with fewer fees.

*Eligibility is subject to verification of customers' identity.

🚀 Get started with Wise

Sources

1. Citibank - Portugal
2. J.P. Morgan - J.P. Morgan in Portugal
3. Bank of America - Bank of America in Spain and Portugal
4. IRS - Report of Foreign Bank and Financial Accounts (FBAR)