Revolut online bank in Portugal
Online banks in Portugal or elsewhere offer many advantages and those who live here know how complicated and time-consuming it can be to open a bank account in traditional banks like CTT, BPI or Novobanco. Revolut is an officially recognised bank since 2021 and has conquered Europe and the world with more than 8 million customers.
This article is therefore dedicated to those who would like to choose this banking option in Portugal and who will find here everything they need to know about the formalities, opening a Revolut bank account in Portugal, bank fees, possibilities and other interesting information.
Open a Revolut account
Click on the button below and let us guide you to open a Revolut bank account in Portugal and elsewhere in the world. Budget management via app, travel service, crypto currency, savings plan and security.
The advantages of Revolut online banking
Online banks like Revolut offer many advantages for opening a bank account in Portugal or elsewhere. You will find below a non-exhaustive list of these advantages which can be interesting depending on your situation, your projects and your desires:
- Savings: spend free of charge wherever you are
- Free international transfers
- Easy management of your expenses via the intuitive and instantaneous application
- The possibility of making reimbursements to your friends and family easily and free of charge
- Instant reloading of your account (by board)
- Efficient customer service (available online on the application)
- Guaranteed real exchange rate at all times
- The security of your money and your data.
I would also add for Portugal the saving of time. Some people prefer to go physically to a bank and to the counter to carry out their operations or modifications on their account. They should not choose an online bank but turn to a more traditional bank. For the others then online banking can be a very good option and doing all the operations online is a real pleasure in terms of simplicity, speed and comfort. If of course the service and interaction with the bank is fast, which is the case with Revolut.
Open a Revolut Portugal bank account
First of all you need to know that to open a Revolut bank account in Portugal you will need to provide the following. If you have just arrived in Portugal, then you can open the account with your French documents and have the board sent to a Portuguese address:
- Be at least 18 years old
- Have a smartphone and a phone number
- Reside in one of the countries covered by Revolut
- Have an identity document
Revolut offers different packages with different benefits. The most affordable Revolut Standard will not cost you more than 5€ and the most prestigious “Metal” with its 100% metal board and its numerous advantages will cost you 13,99€/month. Here we’ll look at what’s included in each of the offers so you can get an idea of which one would suit you best for everyday use.
It is advisable to pay the annual fees for the different accounts outside of “Standard” on an annual basis, which will save you 20%, which is not negligible!
Please note: Revolut opened a branch in Portugal at the end of 2022, but does not yet offer IBANs in PTXXX format.
Revolut standard bank account
The Revolut standard bank account is a 100% free bank account. However, you will have to pay about €5 when you open the account to create and send your bank board. The options of this free Revolut bank account are the following:
- Free European bank account
- IBAN
- Free ATM withdrawals up to €200 per month or 5x
- 2.5% crypto currency exchange fee
- Withdrawal of crypto-currencies
- Commodity exchange fee of 1.5
- International spending
- Free foreign exchange in over 30 currencies from Monday to Friday
- 3% cashback on Stays bookings
- Secure online shopping
- 1 additional Revolut under 18 account for a child
Revolut Plus bank account
The Revolut Plus bank account offers more benefits and will cost you €2.99/month. In this offer, fees may apply for a personalised bank board but otherwise the delivery of the CB is free. This CB personalisation can be interesting for you or for your children as this offer gives you access to 2 accounts under 18 years old which have specificities and restrictions. Find below the advantages of your Revolut Plus bank account. I will put here in green the options that are not in the previous offer:
- Free European bank account
- IBAN
- Free ATM withdrawals up to €200 per month
- 2 Bank accounts -18 years with full access to all features
- Personalized credit card (fees apply)
- Free card delivery
- 24/7 priority customer support
- 2.5% crypto exchange fee
- Withdrawal of crypto-currencies
- Commodity exchange fee of 1.5%.
- International spending
- Free foreign exchange in over 30 currencies from Monday to Friday
- 3% cashback on Stays bookings
- Secure online shopping
- Coverage against theft and accidents
- Coverage for tickets and events in case of cancellation
- Refund protection
Revolut Premium bank account
The Revolut Premium bank account is more expensive but offers many additional benefits. You don’t realise the overall costs that a more traditional bank can have and it’s important to ask around or go through your accounts to realise that the benefits offered by Revolut online banking compared to the costs are attractive.
Here are the advantages offered by the Revolut Premium bank account at €7.99/month:
- Free European bank account
- IBAN
- Free ATM withdrawals up to €400 per month
- Personalised bank card (fees apply)
- 20% discount on international transfers
- 2 bank accounts under 18 with full access to all features
- Free Express Card Delivery
- 24/7 priority customer support
- 1.5% crypto exchange fee
- Withdrawal of crypto-currencies
- 0.5% commodity exchange fee
- International spending
- Free foreign exchange in over 30 currencies from Monday to Friday
- Cashback of up to 5% on Stays bookings
- Medical insurance abroad
- Insurance for delayed flights and luggage
- Winter sports cover
- Free lounge access with SmartDelay for you and 1 friend
- Discounted airport lounge access
- Secure online shopping
- Theft and accident cover
- Cancellation cover for tickets and events
- Refund protection
Revolut Metal bank account
The Revolut Metal bank account is the most expensive bank account but also the one that offers all the possible options of the bank: bigger cashbacks, higher withdrawal limits, almost 50% discount on international transfers, insurances, covers for your travels, events, 100% metal bank card or even lower fees for those who want to trade crypto-currencies or commodities.
Check out all the benefits of the Revolut Metal bank account for €13.99/month below:
- Free European bank account
- IBAN
- Free ATM withdrawals up to €800 per month
- Exclusive Revolut Metal card
- Cashback on card payments
- Personalised bank card (fees apply)
- 40% discount on international transfers
- 5 bank accounts under 18 with full access to all features
- Free Express Card Delivery
- 24/7 priority customer support
- 1.5% crypto exchange fee
- Withdrawal of crypto-currencies
- 0.5% commodity exchange fee
- International spending
- Free foreign exchange in over 30 currencies from Monday to Friday
- Cashback of up to 10% on Stays bookings
- Medical insurance abroad
- Car rental deductible
- Insurance for delayed flights and luggage
- Winter sports cover
- Free lounge access with SmartDelay for you and 3 friends
- Discounted airport lounge access
- Secure online shopping
- Theft and accident cover
- Log and event cover in the event of cancellation
- Refund protection
Revolut bank account in Portugal
Whatever type of Revolut bank account you choose, they all have common features that characterise the benefits that an online e-bank can have in Portugal and elsewhere in Europe. Revolut has won over millions of customers in Europe and around the world, and these commonalities may help you understand why.
A bank account that is easy to open
You have different choices of bank accounts with Revolut in Portugal or in other countries but the process of opening an account will remain the same. You won’t have to provide the same documents as with traditional banks: it’s quick and easy, taking about ten minutes.
All you need is a phone number, to be over 18 years old and to reside in one of the countries covered by Revolut, including Portugal. It is important to note that you can have your bank card delivered wherever you are, even abroad.
This simplicity of opening an account is a real marker of the neo banks, including Revolut. This is a very appreciable point to which others can be added, such as the fact that you don’t have to prove any income, that you don’t have to use your bank card regularly or that you can open a Revolut Standard, Plus, Premium or Metal bank account even if you’re banned from banking.
A bank account managed simply by smartphone
Regardless of the bank account you open at Revolut Portugal or elsewhere, no overdraft will be allowed on your current account. It cannot be funded by cash or cheque. It can be funded via various types of transfers or via credit card transactions.
A big advantage of Revolut is that you can track and operate directly via your smartphone. You can do absolutely everything from your mobile phone. The mobile application will be the same no matter which bank account you want to open in Portugal or elsewhere.
- Tracking of your purchase history in the long term and immediately after your transaction
- Tracking of the merchant’s address to find your way through your purchases
- Automatic categorisation of expenses by category
- Real-time management of your Revolut card: activation, deactivation, code modification, contactless blocking
- Service connected to Lydia to make payments to your friends, to create a joint fund and much more
Important point for travellers
An important point for Revolut customers in Portugal or elsewhere who travel a lot, is withdrawals abroad. As you will have understood above, Revolut bank accounts are the same regardless of the package chosen, but there is a big difference in terms of
- Services
- Coverage, insurance and reimbursement
- Withdrawal limits
- Benefits offered in general, which is normal
We will focus on the point of withdrawals abroad via Revolut for a few seconds here, which is important for travellers. It should be noted that the limit for free foreign withdrawals varies depending on the Revolut bank account you have signed up for:
- Revolut Standard Revolut and Plus bank accounts: €200/month withdrawal free of charge then 0.5% per withdrawal
- Revolut Premium bank accounts: withdrawal of €400/month free of charge then 0.5% per withdrawal
- Revolut Metal bank accounts: withdrawal of €800/month free of charge then 0.5% per withdrawal
Revolut Europe customer support
I would finish this page of presentation of the Revolut option for opening a bank account in Portugal by the customer support which will be available for everyone 7 days a week and 24 hours a day by chat. This allows you to contact them at any time and wherever you are, depending on time differences. This is a great feature as you don’t have to wait for your bank to open to chat with them.
However, it should be noted that holders of a Revolut Portugal bank account with paying plans will have access to a priority telephone number for even greater responsiveness and convenience.
Open a Revolut account
Click on the button below and let us guide you to open a Revolut bank account in Portugal and elsewhere in the world. Budget management via app, travel service, crypto currency, savings plan and security.
