Best Business Bank Accounts in Portugal 2026
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Best Business Bank Accounts in Portugal 2026

Maria Santos
Maria Santos July 30, 2026 2 min read 14

The best business bank accounts in Portugal are Millennium BCP (€6/month, largest network), Santander Totta (€8/month, international support), and ActivoBank (€5/month, digital-first). Opening requires Portuguese tax number (NIF), proof of business registration, and identification. Non-residents can open accounts but face additional documentation requirements and potentially higher fees.

Top Business Banks Comparison

BankMonthly FeeBest ForFeatures
Millennium BCP€6SMEs, established businessesLargest ATM network, branch support
Santander Totta€8International businessesGlobal network, multi-currency
ActivoBank€5Digital businesses, freelancersLow fees, online banking
Novo Banco€7Traditional businessesBusiness advisory services
CGD (Caixa Geral)€9Government contractorsState-owned, established presence

Opening Requirements

  • NIF (tax number): Mandatory for all account holders
  • Business registration: Company articles or freelance registration
  • ID: Passport or residence permit
  • Proof of address: Utility bill or rental contract
  • Business plan: Some banks require for new businesses

For non-residents: Additional apostilled documents, potentially lawyer/fiscal representative

Key Considerations

Transaction fees: €0.10-0.50 per transfer depending on bank
International transfers: €15-25 via SWIFT; cheaper via SEPA
ATM access: Millennium BCP has largest network (1,400+ ATMs)
Online banking: All major banks offer mobile apps
English support: Santander and ActivoBank best for English speakers

banking Portugal

Frequently Asked Questions

Can I open a Portuguese business bank account as a non-resident?
Yes, non-residents can open Portuguese business accounts, but you must have a Portuguese NIF (tax number) first. The process requires additional documentation including apostilled certificates, potentially a Portuguese fiscal representative, and business registration. Santander and Millennium BCP are most accommodating for non-residents. Expect 2-4 weeks for account approval versus 1-2 weeks for residents.
What is the cheapest business bank in Portugal?
ActivoBank offers the lowest monthly fee at €5/month for business accounts. It's a digital bank (part of Millennium BCP group) with excellent online banking but limited branch access. Millennium BCP itself charges €6/month and provides more extensive branch network and face-to-face support.
Do I need a NIF to open a business account in Portugal?
Yes, a Portuguese NIF (Número de Identificação Fiscal / tax number) is mandatory for opening any bank account in Portugal, including business accounts. Non-residents can obtain a NIF by visiting a Portuguese tax office with passport and proof of address, or through a fiscal representative. The process takes 1-2 weeks.
Which Portuguese bank is best for international transfers?
Santander Totta offers the best international banking services with competitive SWIFT rates and multi-currency account options. However, for frequent international transfers, consider using a Portuguese account for local transactions and Wise Business or similar for cross-border payments to save 40-60% on transfer fees.
Escrito por:
Maria Santos
Maria Santos
Brazil From Rio de Janeiro, Brazil | Portugal Living in Lisbon, Portugal

Rio girl living the Lisbon dream. Four years of pastéis de nata, fado nights, and explaining to Brazilians why Portugal isn't as expensive as everyone thinks (okay, it kind of is now). D7 visa survivor. Here to help you make the move.

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