Opening a business bank account is one of the first practical tasks for any entrepreneur setting up in Lisbon. The Portuguese banking market includes traditional full-service institutions, a growing challenger bank segment, and EU-passported fintech options that serve international founders particularly well. Here is a comprehensive overview of the best banking options for business owners in Lisbon.
Millennium BCP
Millennium BCP is Portugal’s largest private bank and the most widely used by SMEs and startups across the country. The bank has a strong digital platform, a wide branch network, and extensive experience working with international clients. Business accounts can be opened within a few days for straightforward company structures, and the bank offers a range of SME products including working capital lines, trade finance, and investment financing. Millennium BCP is also one of the more internationalized Portuguese banks, with operations in several European markets, which is useful if your business has cross-border dimensions.
Caixa Geral de Depositos (CGD)
CGD is Portugal’s state-owned bank and one of the largest financial institutions in the country. For businesses that value the security and backing of a government-owned institution, CGD is a solid default. The bank administers several state-backed SME financing programs and has a dedicated business banking division. CGD tends to be somewhat more conservative in its approach to lending than private banks, but for businesses needing a stable, well-connected banking partner with access to government-backed credit lines, it is worth considering.
Santander Portugal
Santander Portugal benefits from being part of the global Santander Group, which is particularly valuable for businesses with operations or aspirations in Spain, Latin America, or the UK. If your business deals regularly with counterparts in these markets, a Santander Portugal account gives you seamless internal transfers within the Santander network and consistent banking interface across jurisdictions. The bank’s SME offering in Portugal has improved significantly in recent years and is competitive with Millennium BCP for most business purposes.
Novo Banco
Novo Banco emerged from the restructuring of Banco Espirito Santo following the 2014 banking crisis and has since rebuilt itself into a credible mid-market commercial bank. For SMEs and mid-sized corporates, Novo Banco offers a competitive range of business products and a commercial banking team that has become notably more responsive and client-focused in recent years. For companies operating in sectors like hospitality, retail, and professional services, Novo Banco has strong sector knowledge and a portfolio of relationships that can be useful beyond pure banking services.
Revolut Business
Revolut Business has become one of the most popular choices for international founders setting up companies in Portugal. Account opening is fully digital, can be completed in a matter of days, and the multi-currency capabilities make it ideal for companies dealing in multiple currencies regularly. Revolut Business holds an EU banking license (issued in Lithuania) and is fully regulated within the EU framework. For founders who need to move quickly and cannot wait weeks for a traditional bank account, Revolut is typically the fastest path to a functional business account while your traditional banking application processes.
Wise Business
Wise Business offers multi-currency business accounts at near-interbank exchange rates, making it the most cost-effective option for Lisbon-based businesses with regular international payment needs. Wise is not a bank in the traditional sense and does not offer lending or credit products, but for the payment side of international business operations, it is unmatched on price. Many Lisbon entrepreneurs maintain both a traditional Portuguese business bank account for local payments and taxes, and a Wise Business account for international transactions.
Opening a Business Bank Account as a Foreign Entrepreneur
To open a business bank account in Portugal, you need your company’s Conservatoria registration certificate, your NIF (Numero de Identificacao Fiscal, the Portuguese tax identification number), proof of identity for all beneficial owners, and in some cases proof of address. For non-EU nationals, the process can be more complex and may require additional documentation depending on the bank’s compliance requirements. Digital banks like Revolut typically have lighter documentation requirements than traditional banks. If you are opening an account before arriving in Lisbon, Revolut and Wise offer the most accessible remote onboarding options.
For more on financial planning in Lisbon, read our guide on tax and financial services in Lisbon and explore the full Lisbon business hub.
For official Portuguese banking regulation information, visit the Banco de Portugal.
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