The verdict: which Portuguese bank wins for expats?
ExpatMoneyEU verdict
Millennium BCP wins for most expats — Portugal's largest private-bank branch network, better English support in city branches, and it accepts non-resident applications, which matters for visa applicants opening an account before arrival. Novo Banco is a strong second choice, typically a little cheaper on standard-account tariffs and with a dedicated welcome-account for newcomers — but English support outside major cities is thinner. If neither appeals, skip both and open ActivoBank's €0 Conta Simples (BCP's digital brand): full Portuguese banking with no monthly fee. Either way, keep Wise beside your Portuguese account for international transfers.
Millennium BCP and Novo Banco are the two names every expat hears when opening a Portuguese account — the big private bank with branches everywhere, and the other big traditional bank that's often slightly cheaper. This guide compares them on the criteria expats actually care about: monthly fees on 2026 tariffs, English-language service, branch access, newcomer onboarding, MB WAY and mobile banking, and deposit protection. All fee figures are illustrative and should be verified against each bank's current tariff before you apply.
→ How to open a bank account in Portugal — the 2026 step-by-step guide
Head-to-head comparison table
| Criterion | Millennium BCP | Novo Banco |
|---|---|---|
| Monthly fee (standard account, 2026) | €5.41/month account maintenance (Conta Millennium, Aug 2026 fee information document) | €6.90–9.90/month on bundled accounts (Jul 2026 sheets, before 4% stamp duty) |
| Premium tiers | Cliente Frequente €8.32/mo; Prestige €15.60/mo | Conta 360º €9.90/mo (€10.30 incl. stamp duty); Boas-Vindas welcome account €7.90/mo (€8.22 incl. stamp duty) |
| IBAN | Portuguese (PT) | Portuguese (PT) |
| Branch network | Largest private-bank network in Portugal | Nationwide, slightly smaller |
| English support | Yes — reliable in city branches | Limited — better in Lisbon/Porto |
| Non-resident opening | Yes (typically 2–4 weeks) | Case-by-case; welcome account for newcomers |
| Digital brand (€0 option) | ActivoBank (Conta Simples, €0) | None |
| MB WAY / Multibanco | Full support | Full support |
| Deposit protection | €100,000 (Fundo de Garantia de Depósitos) | €100,000 (Fundo de Garantia de Depósitos) |
Fee figures from each bank's official documents — Millennium BCP Fees Information Document (Conta Millennium, 1 Aug 2026) and Novo Banco Standardised Information Sheets (Jul 2026). Tariffs change regularly; always verify the current price list with each bank before applying.
Neither bank wins on fees alone — the differentiators are branch access, English service and onboarding routes for non-residents.
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Compare them against the digital alternatives
Traditional banks charge monthly fees — the free digital options below cost €0 and open without Portuguese paperwork:
Open Wise Account → Open N26 Account → Open Revolut Account →
→ Best bank account for Pakistanis in Portugal — October 2026 guide
Millennium BCP: the expat workhorse
Millennium BCP
Millennium BCP's biggest asset is scale: the largest private branch network in Portugal, which means English-speaking staff in every city and a branch within reach almost everywhere. It accepts non-resident applications — a NIF is required but a Portuguese address is not — making it the go-to bank for visa applicants (D7 and others) who need a Portuguese account before arrival. The process typically takes two to four weeks.
The trade-off is cost: the basic Conta Millennium carries a €5.41/month maintenance fee (€64.92/year) on the bank's August 2026 fee information document, and premium tiers (Cliente Frequente €8.32/mo, Prestige €15.60/mo) climb from there. You pay for the branches. Note that BCP owns ActivoBank — many expats hold both: BCP for the branch relationship and any lending, ActivoBank for free daily banking.
→ How to open a bank account in Portugal — the 2026 step-by-step guide
Novo Banco: the traditional alternative
Novo Banco
Novo Banco offers the full traditional-banking package — nationwide branches, Multibanco and MB WAY support, SEPA transfers — with bundled accounts listed at €6.90–€9.90/month before the 4% stamp duty on its July 2026 standardised information sheets (the Conta Boas-Vindas welcome account is €7.90/month, €8.22 including stamp duty). Its Conta Boas-Vindas (welcome account) is aimed at newcomers and bundles services for an easier start.
The trade-offs for expats: English support is thinner than BCP's outside the big cities, and non-resident opening is more case-by-case. If you're comfortable in Portuguese (or live in Lisbon/Porto), Novo Banco's lower tariff makes it a genuinely competitive pick. It has no digital €0 brand to fall back on, unlike BCP's ActivoBank.
→ Best bank account for Indians in Portugal — October 2026 guide
Fees: what a year actually costs
On paper the standard-account fees look similar, but the first-year total depends on the tier you land on and the extras (debit-card availability fees, transfer charges). From the banks' own 2026 documents: a basic BCP current account costs €64.92/year in maintenance (Conta Millennium, €5.41/month), rising to €99.84/year on Cliente Frequente; Novo Banco's bundled accounts run €82.80–€118.80/year before the 4% stamp duty (€86.16–€123.60 including it). Non-resident openings arranged through relocation services can carry premium monthly fees (€8–15+/month) on top of service charges — always ask for the full tariff sheet before committing.
Both banks also offer the law-capped serviços mínimos bancários basic account (max €5.37/year in 2026) for anyone without another current account — a useful fallback for students and pensioners.
→ Portugal IFICI (NHR 2.0) tax guide 2026 — the 20% flat rate explained
English support and newcomer onboarding
This is where the gap opens. Millennium BCP's city branches routinely serve expats in English — appointment booking, mortgage advice and business accounts all work in English in Lisbon, Porto, Braga and the Algarve. Novo Banco's English support is more limited; outside the big cities you may need Portuguese. For non-resident opening (common for D7 visa applicants and property buyers), BCP's process is the more established route, typically two to four weeks with a NIF. Neither bank opens accounts without a NIF — get that at Finanças first. If Lisbon is your base, our halal guide to Lisbon lists verified halal restaurants in the city for when you arrive.
→ Best bank account for Filipinos in Portugal — October 2026 guide
Non-resident accounts: Mais Portugal vs Conta +351
Both banks sell a dedicated account for people who live abroad. The details matter — especially where you have to be to open it:
Millennium BCP — Mais Portugal
Mais Portugal is BCP's non-resident solution: a full current account for people living outside Portugal, with the same branch network behind it. Because BCP also accepts non-resident applications on its standard account, compare the two before you commit — the standard Conta Millennium maintenance fee (€5.41/month) can be cheaper than Mais Portugal's headline rate.
Novo Banco — Conta +351
Conta +351 is Novo Banco's account built specifically for non-residents, with premium perks and assistance services bundled in. The catch for expats still abroad: it must be opened in person at a branch in Portugal, so it suits people who can visit to open it — unlike BCP's route, which can start from abroad. Italy has the same non-resident-account question — see our best bank accounts in Italy for expats guide for how Intesa Sanpaolo handles it there.
How we compared: the methodology
How we compared
Fees and features checked: each bank's published price lists and standardised information sheets (Millennium BCP Fees Information Document, 1 Aug 2026; Novo Banco Standardised Information Sheets, Jul 2026). Criteria: monthly cost on standard tiers, branch network, English-language service, non-resident onboarding, newcomer products, MB WAY/Multibanco support and deposit protection. Fee figures are from the banks' own documents named; tariffs change regularly — always verify the current price list with each bank before applying. This guide is educational and not financial advice.
We re-check fees against provider price lists each time a provider changes its pricing — comparisons are updated, never backdated.
→ Best bank account for Nigerians in Portugal — October 2026 guide
The smart play: combine traditional + digital
- Need branches and a PT IBAN? Open Millennium BCP for the branch relationship — or Novo Banco if its tariff is better for your tier.
- Want €0 monthly fees? Open ActivoBank (BCP's digital brand) once your NIF and residence documents are in place.
- Moving money across borders? Neither traditional bank is cheap for international transfers — pair your Portuguese account with Wise for FX at the mid-market rate.
- Landing with no paperwork? Open N26 on day one, then add the Portuguese account once the NIF arrives.
→ How to open a bank account in Portugal — the 2026 step-by-step guide
What to watch in 2027
Both banks publish revised tariffs each January — re-check your account's fee schedule at the new year rather than assuming nothing changed. Novo Banco's welcome-account package and BCP's non-resident route are both reviewed periodically; confirm the current product before relying on either for a visa deadline. None of this is a reason to wait: open your setup now and switch tiers later.
Ownership change at Novo Banco: France's Groupe BPCE completed its acquisition of 100% of Novo Banco on 30 April 2026 (about €6.7 billion), making Novo Banco a wholly owned subsidiary of BPCE. Day-to-day banking is unchanged — same brand, same accounts, same €100,000 deposit protection — but the bank now sits inside one of Europe's largest banking groups. Comparing countries before you commit? Our expat money guide for Germany covers banking, tax IDs and account opening there.
→ Best bank accounts in Portugal for expats — the scored comparison
Sources
- Millennium BCP (English) — account tariffs, Fees Information Document (Conta Millennium, 1 Aug 2026) and non-resident opening
- Novo Banco — Standardised Information Sheets for Conta 100%, Conta 360º and Conta Boas-Vindas (Jul 2026)
- Groupe BPCE press release, 29 October 2025 — agreement to become 100% shareholder of Novo Banco; acquisition completed 30 April 2026
Get the full Portugal banking setup
A Portuguese-IBAN account for daily life plus the free digital tools that make expat money work:
Open Wise Account → Open N26 Account → Open Revolut Account →