USD accounts in Portugal: Best Options for Expats

For many expats, life in Portugal means handling dollars alongside euros, you might receive a salary or pension in USD, still have bills to pay back in the US, or want to send money home regularly. A USD account lets you keep dollars in Portugal without converting everything into euros straight away, giving you flexibility and control over when to exchange.

Online providers like multi-currency accounts also make it easy to hold USD next to other currencies and move money internationally at the mid-market exchange rate. This guide covers:

• What is a USD currency account?
• What can you do with a USD account in Portugal?
• Types of USD accounts
• Best USD currency accounts in Portugal
• Fees for USD accounts in Portugal
• How to open a USD account in Portugal
• How to use your USD account in Portugal
• Conclusion
• Useful resources

What is a USD currency account?

A USD currency account lets you hold, send and receive US dollars. Instead of only keeping your money in euros, you can manage dollars, which can save on conversion costs and make it simpler to handle cross-border income, payments, or savings.

You can open a single-currency account, often provided by banks, or a multi-currency account that also supports euros and other major currencies.

What can you do with a USD account in Portugal?

A USD account can ease the strain of juggling expenses and income in more than one currency by letting you keep dollars on hand when you need them and move between currencies on your own terms. Here are some of the ways it can come in handy:

• Receive payments in dollars - Get paid in USD, whether from an employer, pension provider, or freelance work, without having to convert into euros immediately.
• Pay US-based bills or services - Cover subscriptions and invoices directly in dollars and avoid conversion fees.
• Send money abroad in USD - Transfer dollars to the US or other international accounts with fewer costs using transparent services.
• Hold USD until the time is right - Keep your balance in dollars and convert to euros only when exchange rates are more favorable.
• Spend or withdraw easily - Use a linked debit card to spend in Portugal, in the US, or when shopping online with American retailers.
• Save in dollars - Some Portuguese banks provide USD term deposits if you want to save rather than spend.

Types of USD accounts

Not every USD account works in the same way. Some are designed to give you flexibility with different currencies side by side, while others are more focused on holding and saving in dollars alone.

Multi-currency accounts: With a multi-currency account, you can keep USD alongside euros and other currencies all in one place. These accounts are usually managed online or by app and often come with a debit card, making them a practical choice if you move between currencies regularly or spend in different countries.

• Multi-currency services - Hold USD and 40+ other currencies, receive money with local USD account details and spend in 150+ countries with the multi-currency debit card.
• Revolut - Manage up to 36 currencies, including USD, from one app. The account also comes with a debit card for everyday spending and international transfers.
• HSBC Global Money Account - Hold 19 major currencies, including USD, with no holding fees. Transfers and payments can be managed directly through the HSBC app.

Foreign currency accounts: Foreign currency accounts focus on a single currency, in this case USD. They're often used for saving or for making payments in dollars without converting everything into euros first. Some Portuguese banks also provide USD term deposits, which let you set money aside for a fixed period with interest.

• BPI Foreign Currency Current Account (USD) - Hold USD with no minimum opening amount and manage it online through BPI Net or in branch.
• Caixa Geral de Depósitos (CGD) Foreign-Currency Account - Open a day-to-day current account in USD alongside your euro account with a 100 euro minimum opening fee.

Best USD currency accounts in Portugal

Managing dollars from Portugal is easier when the account matches the way you live. Some people prefer a Portuguese bank for the reassurance of in-branch service, deposit protection and the option to save in USD for a fixed term. Others want a flexible, app-based account that holds several currencies side by side and includes a card for everyday spending.

Multi-currency account

Keep USD next to EUR and 40+ other currencies in one place. Receive dollars with local US account details and convert when needed using the mid-market exchange rate with a clear, upfront fee. The multi-currency debit card also links to your balances, so you can spend or withdraw in 150+ countries using smart auto-conversion.

• Hold and convert USD with 40+ other currencies in one account
• Receive local USD account details for receiving payments like a domestic transfer
• Order a linked debit card for global spending and ATM withdrawals

Key features: No opening fee, no monthly fees, mid-market rate with 0.68% conversion fee, available globally.

Revolut account

Combine USD, EUR and other major currencies together in a single app. You can top up, exchange and hold separate balances, then pay with a physical or virtual debit card that draws from the right currency or converts at the point of purchase. Plan tiers add higher exchange and ATM allowances plus travel extras.

• Keep and exchange up to 36 currencies, including USD and EUR
• Use a debit card for everyday spending and cash withdrawals
• Make international transfers directly from the app

Key features: Free Standard plan, paid tiers from €3.99/month, spend in 150+ currencies, flexible exchange options.

HSBC Global Money Account

The HSBC Global Money Account is designed for people who want bank-grade multi-currency tools in one app. You can hold up to 19 currencies, including USD and EUR, make instant global transfers between HSBC accounts and spend with a Global Money debit card.

• 19 supported currencies with in-app conversions
• Fee-free international payments made via Global Money
• No fee to hold balances, plus a card that spends from the right currency

Key features: No opening fee, no monthly maintenance, competitive live FX rates, requires HSBC Expat account.

BPI Foreign Currency Current Account

BPI's USD current account gives you a local banking option for holding and moving dollars in Portugal. Managed through BPI NET and the mobile app, the account can sit alongside your euro account, which is convenient if you're already a BPI customer. A quarterly maintenance fee applies.

• A USD current account with online and branch servicing
• No minimum opening amount
• Works alongside your BPI euro current account

Key features: No opening fee, €16.90 quarterly fee (€67.60 annual), 13 supported currencies, BPI FX rates apply.

CGD Foreign Currency Current Account

Caixa Geral de Depósitos (CGD) is Portugal's largest bank and offers foreign currency current accounts in USD. The account is easily managed online, in-branch, or through CGD's mobile app and can be a perfect companion to a standard CGD Euro account.

• A current account in USD managed via CGD's online and mobile banking
• Sits alongside your euro account for easier transfers and management
• Deposits are covered by Portuguese deposit guarantee scheme (up to €100,000 equivalent)

Key features: No opening fee, minimum €100 (waived if receiving salary/pension), €4.95/month fee, 4% stamp duty applies.

Fees for USD accounts in Portugal

Banks and providers in Portugal can have different fees in place for USD accounts. Traditional banks often apply maintenance fees or use their own exchange rates, while digital providers like multi-currency services usually keep costs simpler with no monthly charges and transparent conversion fees.

• Account opening fee: Most Portuguese banks don't charge to open a USD account, though you may need to place an initial deposit. Online providers let you open accounts free of charge.
• Monthly maintenance or service fee: Foreign currency accounts at banks often come with maintenance fees (BPI: €16.90 quarterly; CGD: €4.95 monthly). Digital accounts have no monthly costs.
• ATM withdrawal fees: Using a debit card can add extra costs for international withdrawals. Multi-currency services include up to two no-fee withdrawals (€200 each/month). Revolut offers €200 or five withdrawals free depending on plan.
• Foreign transaction fees: Many bank debit cards add surcharges (2-3%) if you pay in a currency you don't hold. Digital providers avoid this by letting you spend from your USD balance directly.
• Currency conversion fees / exchange rate markups: Portuguese banks apply their own exchange rates with margins above the mid-market rate. Multi-currency services convert at mid-market with transparent small fees.
• Wire or bank transfer fees: Sending USD from Portuguese banks can attract fixed fees plus exchange rate margins. Digital providers keep international transfers lower in cost.

How to open a USD account in Portugal

The process depends on the type of provider you choose. Whether you go through a bank or an online service, you'll be asked to confirm your identity and share basic documents before the account can be used.

With banks: If you open a USD account with a Portuguese bank, expect to go through standard customer checks in person. Most banks ask for a passport or EU identity card, your Portuguese NIF (tax number), and proof of address. Non-residents are often welcome, though you might need extra paperwork.

With online providers: Fintech providers make sign-up much quicker. You can apply entirely through their apps or websites by uploading your ID and completing verification. A Portuguese address isn't always required, which means these accounts are often accessible to expats before arrival.

How to use your USD account in Portugal

A USD account takes the pressure off when you're balancing income or expenses across two countries. Here's how you might use a USD account in Portugal:

• Receive income from abroad: If you earn in US dollars, you can have salary or freelance payments sent directly without losing money to automatic conversion.
• Send money to the US: Transferring funds to a US bank account or sending support to family is more straightforward if you hold dollars already.
• Pay international bills: A USD account can be useful if you keep commitments abroad like mortgage payments or subscriptions. Paying directly in dollars saves conversion fees.
• Spend and withdraw while traveling: Linked debit cards let you spend directly from your USD balance when in the US, or withdraw dollars from ATMs.
• Save and exchange when favorable: You can hold dollars securely and exchange them for euros only when rates are more favorable.

Conclusion

Handling USD while living in Portugal can feel much easier once you've got the right account in place. Instead of juggling conversions or worrying about unexpected fees, you'll have a practical way to keep your dollars safe, transfer them when needed and manage payments on both sides of the Atlantic.

For some expats, the reassurance of a bank-based account or term deposit is worth the paperwork. Others may prefer the flexibility of digital providers that make everyday money management easier. For more expat resources, visit our comprehensive guide library or