Banking & Currency in the Algarve

💶 The Currency in Portugal

Portugal is part of the Eurozone, so the euro (€) is the official currency. Notes come in denominations of 5, 10, 20, 50, 100, 200, and 500 — though it’s worth noting that many small businesses or cafés won’t accept €100 notes or higher. Coins range from 1 cent to €2.

🏧 ATMs & Multibanco

Portugal’s Multibanco network is one of the most advanced in Europe. With over 12,000 machines nationwide, ATMs are easy to find across the Algarve — even in small towns and villages.

Multibanco machines support:

•Cash withdrawals

•Mobile top-ups

•Bill payments

•Bank transfers

•Tax and social security payments

💡 ATM Withdrawal Tips:

•Most machines limit withdrawals to €200 per transaction / €400 per day

•Foreign bank cards may incur 2–3% fees, unless your bank is part of the Global ATM Alliance

📱 Digital Banking for Expats: Wise & Revolut

One of the biggest shifts in recent years is the rise of digital banks and multi-currency apps, and in the Algarve, they’ve become a go-to solution for expats and second-home buyers.

✅ Wise (formerly TransferWise) and Revolut are particularly popular because:

•You get real exchange rates (not inflated by banks)

•Transfers are fast and low-cost

•Setup is simple — all done via app

•Hold and spend in multiple currencies

They’re ideal for transferring funds from the UK or abroad, paying local bills, or using your card while you’re here — with far fewer fees than traditional banks.

Also worth exploring: N26 and Monese, both with growing user bases in Portugal.

•Wise – https://wise.com

•Revolut – https://www.revolut.com

•N26 – https://n26.com

•Multibanco info (general) – https://www.multibanco.pt/

🏦 Opening a Bank Account in Portugal

You can open a bank account in the Algarve as either a resident or non-resident. Many ex-pats choose to set up a local account to:

•Pay utility bills

•Receive rental or work income

•Apply for a Portuguese mortgage

•Establish a credit history with a Portuguese bank

📄 What you’ll need:

•Valid passport or EU ID

•Portuguese NIF number (tax number)

•Proof of address (local or overseas, depending on the account type)

Most major banks offer English-speaking staff and online banking.

🏛️ Major Banks in Portugal

• Millennium BCP

• Novo Banco

• Santander Totta

• Caixa Geral de Depósitos (state-owned)

•Credit Agricole (international with expat-friendly services)

Banking hours are usually 08:30 – 15:00 on weekdays, though some branches may open on Saturday mornings.

🌍 Offshore & Investment Banking

For those with more complex financial needs, offshore accounts or investment banking services may offer tax advantages, multi-currency flexibility, and tailored wealth management. Most high-street banks can refer you, or you can speak with a licensed advisor.

💡 Final Thoughts

If you’re planning to spend time in the Algarve, it’s worth combining a local Portuguese account with a digital multi-currency solution like Wise or Revolut. This gives you the best of both worlds — easy local payments and efficient international transfers.

🧾 Need help with opening an account or finding the best way to transfer funds to Portugal?

We work with trusted financial partners and can point you in the right direction.

💬 Thinking of buying property in the Algarve?

Don’t miss our Ultimate Guide to Portuguese Mortgages – everything you need to know, step-by-step.