Best bank to open an account with in Lisbon?

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Antonio Evans Staff asked 6 years ago

My new landlord tells me I need to pay him via a wire transfer from a Portuguese Bank. I have Bank of America in the US but since I now live here in Lisboa I want to open a bank account. The account has to have a debit card which I can use in shops and restaurants. Any suggestions and also what paperwork should I bring? All the websites are very confusing.

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Antonio Evans Staff answered 6 years ago

We actually wrote a longer piece on Banking in Portugal here:

https://blancavalbuena.com/portuguese-bank-account/

The banks we laid out in the article are ActivoBank, CTT, and BBVA. I personally would suggest ActivoBank since it's Millenium's (a bank) new younger demographic banking experience. You don't have to go to the same branch every time to talk to your banker. Most stuff is done online via chat. So a lot easier to deal with. They also have ActivoBanks in most malls.

Every bank will give you a debit card which can be used at all Multibancos, restaurants, and shops. Just know this is a debit card and not a credit card. So you have to have a balance in your account.
Paperwork wise you will need a NIF, Proof of Address, initial deposit and an ID card (Passport is fine).
For ActivoBank it was 200 euros.

Just note you cannot go below 0 with your account. If you do that is a criminal offense. So always keep a balance in your account.