Best Business Accounts for Freelancers in Portugal

Getting paid by Portuguese clients can be a great growth opportunity for UK freelancers, but choosing how to manage EUR payments, local account details, fees and tax admin can quickly get complicated.

In this guide, we've compared business account options for freelancers in Portugal, including local banks, digital providers, online banking packages, fees, eligibility points and when a local Portuguese account may or may not be needed.

We've also explained how Wise Business can help UK freelancers manage international payments, hold multiple currencies and convert money when working with clients in Portugal.

Register for Wise Business ✍️

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⚠️ Note: Provider features, fees, eligibility checks, protections, and timelines mentioned in this article may vary by customer, business type, application outcome, and country. Check the provider’s website and terms and conditions for the most accurate and up-to-date information.

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Key takeaways

Discover Wise Business 🔍

1. Wise Business

Features available in Portugal:

• Send money to 140+ countries at the mid-market exchange rate with low, transparent fees
• Receive payments in 24 currencies and counting
• Get local account details for currencies, including USD and GBP (only with Wise Business Advanced)
• Hold money in 40+ currencies
• Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• Get business debit cards for you and your team to keep track of team expenses and spend all over the world
• Connect and sync every business transaction to your favourite accounting software
• Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of the API)
• Earn returns with Wise Interest (capital at risk, growth not guaranteed)

Investments can fluctuate, and your capital is at risk. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

Fees:

According to current Wise Business pricing in the UK:

• One-time setup fee: £50
• Sending money: from 0.33%
• Holding money: free
• Receiving domestic payments (non-SWIFT / non-wire): free
• EUR SWIFT payments: €2.39
• ATM withdrawals: free up to £250/month, then 2.69%

⚠️ The fees mentioned above are for UK residents opening a Wise Business account in the UK. If you are opening a Wise Business account for the first time in Portugal, then refer to the Wise Business pricing for Portugal.

Register for Wise Business ✍️

2. Revolut Business

Revolut Business offers a flexible multi-currency account for freelancers in Portugal who manage payments across borders. It may suit UK-based freelancers who already use Revolut personally and want a scalable business account that grows with their workload.

For anyone comparing business account options for freelancers in Portugal, Revolut's tiered plan structure gives room to start with a lower-cost plan and scale up as income grows.

Features available in Portugal:

• Multi-currency account supporting 25+ currencies ¹
• Portuguese IBANs with MB WAY and Multibanco integration ¹
• Physical and virtual corporate cards ¹
• Local and international transfers across plans ²
• Bulk payment tools on eligible paid plans ²
• Expense management, analytics and API integrations ¹
• 24/7 in-app customer support ¹
• Currency exchange within plan allowance, with fees beyond allowance ²

Fees:

According to the current Revolut Business pricing in Portugal:²

• Transfers beyond plan allowance: €0.20 per local transfer and €5 per international transfer ²
• FX exchange allowance: up to €15,000/month at interbank rate on Grow and €60,000/month on Scale ²

3. Payoneer

Payoneer may suit UK freelancers in Portugal who earn through international platforms and marketplaces rather than invoicing clients directly.

If you receive payments through platforms such as Upwork, Fiverr, Airbnb or Amazon, Payoneer’s marketplace integrations may make it a practical option for self-employed people in Portugal who rely on marketplace income.³

Features available in Portugal:

• Multi-currency account with local receiving details in USD, EUR, GBP, JPY, CAD and more ³
• Payments to over 190 countries in 70+ currencies ⁴
• Free instant transfers between Payoneer accounts ³
• Payoneer Mastercard debit card for spending or ATM withdrawals ³
• Bulk payments of up to 200 payments in a single batch ⁴
• QuickBooks and Xero integrations ³
• Mobile app and web platform for account management ³
• Availability in 190+ countries, including Portugal ³

Fees:

According to current Payoneer pricing:⁵

4. Airwallex

Airwallex may suit UK freelancers in Portugal who handle higher volumes of cross-border payments and want competitive FX pricing. It can be relevant when international payment volume is high and local receiving details are useful.

Features available in Portugal:

• Multi-currency accounts with local receiving details in 20+ currencies, including EUR and GBP ⁶
• Payments in 60+ currencies to 150+ countries ⁷
• Free local transfers to 120+ countries via local networks ⁹
• SWIFT transfers to 200+ countries where local rails are unavailable ⁹
• Physical and virtual corporate cards ⁸
• Expense management and bill pay tools on eligible plans ⁸
• Batch payments for up to 1,000 recipients ⁸
• Xero, QuickBooks and NetSuite integrations ⁸
• API access for payment workflow automation ⁸

Fees:

According to current Airwallex EU pricing:⁹

• FX conversion: 0.5% above interbank rate for major currencies and 1.0% for all other currencies ⁹
• Incoming payments are free for most supported currencies ⁹
• Corporate cards have no international transaction fees; additional card users may be charged beyond plan allowance ⁹

5. Millennium BCP

Millennium BCP is one of Portugal's largest private banks and a traditional banking option for freelancers settling in Portugal. It may suit freelancers who want a Portuguese IBAN, branch access and local payment infrastructure.¹⁰

For those weighing up business account options for freelancers in Portugal from a traditional banking perspective, Millennium BCP is worth reviewing alongside digital providers.

Features available in Portugal:

• M Empresa and M Empresa Premium business account solutions ¹¹
• Standard and instant SEPA transfers in EUR ¹²
• Batch SEPA transfers via XML file compliant with ISO 20022 ¹²
• Debit and credit cards as part of business solutions ¹⁰
• MB WAY integration for local transfers ¹²
• Tax payments, Social Security contributions and MB service payments via app ¹²
• M Empresas mobile app account management ¹²
• Digital corporate account opening with specialist support ¹¹
• Portuguese Deposit Guarantee Fund protection ¹⁰
• Minimum opening deposit of €250 ¹³

Fees:

The current Millennium BCP business pricing is as follows:^11,13

6. Santander Totta

Santander Totta is one of Portugal's leading international banks and part of the Santander Group. It may suit freelancers who want a Portuguese bank with digital services, branches and cross-border banking capabilities.¹⁴

Features available in Portugal:

• Conta Negócios business account tiers: Ready, Start, Grow and Advance ^15,16
• Online opening for ENIs and sole traders ¹⁷
• Debit and business credit cards across account plans ¹⁵
• SEPA transfers through NetBanco Empresas and Santander Empresas app ¹⁶
• International payments and foreign currency transfers ¹⁶
• MB WAY integration for instant local payments ¹⁶
• Tax payments, Social Security contributions and supplier payments through digital banking ¹⁶
• Business financing, invoice advances and credit facilities ¹⁶
• English-speaking staff in some major city branches ¹⁴
• Cross-border support for non-residents ¹⁴

Fees:

According to current Santander Portugal business pricing:¹⁶

• Standard SEPA transfers are free via digital channels ¹⁶
• International transfers outside SEPA vary by destination and currency ¹⁶
• Business debit card is included across plans ¹⁵
• Business credit card is available, with the first year's monthly fee waived on the Advance plan ¹⁵

Manage your freelance earnings like a pro with Wise Business

Managing multiple currencies and international payments can become complex as your freelance business grows.

Wise Business offers a multi-currency account designed to help freelancers send, receive, and manage money across borders with transparent fees.

With Wise Business, you can:

• 🌍 Send money to 70+ countries at the mid-market exchange rate with low, transparent fees and no hidden exchange rate markups (product availability varies by region)
• 📥 Receive payments in 24 currencies and counting
• 💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
• 💰 Hold money in 40+ currencies
• 🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• 👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation
• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
• 🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
• 📑 Create custom professional invoices and schedule invoice payments for future dates
• 📈 Earn variable returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Rates vary by country and currency. Rates are variable. Visit Wise Interest to find out more)
• 🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for your domestic and global needs.

Be Smart, Get Wise.

Register for Wise Business ✍️

Disclaimer: The UK Wise Business pricing structure is changed on 26/11/2025. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

FAQs

How do I compare business account options as a freelancer in Portugal?

Match the account to how your money moves. If you receive payments from UK or international clients in GBP, USD or other currencies, multi-currency providers like Wise Business, Revolut Business or Airwallex may help reduce FX costs and international transfer admin.

If your work is Portugal-based and in euros, a local account like Santander Totta or Millennium BCP can provide a Portuguese IBAN and access to local payment tools. For marketplace freelancers on Upwork or Fiverr, Payoneer may be practical because of its platform integrations.

Compare monthly fees, transfer allowances, FX rates, local payment features and how easily non-residents can open the account before deciding.

What paperwork is required to open a business account in Portugal?

Most providers may ask for a valid passport or national ID, proof of address, a Portuguese NIF and proof of freelance registration or business activity, such as an Início de Atividade declaration from the Portuguese tax portal.¹⁸

Digital providers may accept document uploads online. Traditional banks may require an in-person visit for non-residents, and some accounts may require an initial deposit, depending on the provider and account tier.¹⁸

What regulations should UK freelancers know?

UK freelancers in Portugal should check whether they need to register as a trabalhador independente, issue invoices through the recibos verdes system, obtain a NIF and register for VAT where relevant.¹⁹

Some sources state that annual turnover below €15,000 may qualify for VAT exemption under Article 53 of the Portuguese VAT Code, but freelancers should confirm the current threshold and eligibility with the Portuguese tax authority or a qualified adviser.¹⁹

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited, its subsidiaries or affiliates. It should not be treated as advice from, or a communication with, HMRC, and it is not intended as a substitute for obtaining business advice from a tax advisor or any other professional.

Can HMRC see my account in Portugal?

Potentially, yes. Portugal participates in international tax information-sharing arrangements, and financial institutions may share account information with tax authorities, including HMRC, where relevant.²⁰

HMRC does not have live access to your account, but overseas account data may be reported under applicable rules. Any taxable income earned through a Portuguese account may need to be declared on your UK Self Assessment return if you remain UK tax resident.²⁰

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited, its subsidiaries or affiliates. It should not be treated as advice from, or a communication with, HMRC, and it is not intended as a substitute for obtaining business advice from a tax advisor or any other professional.

Do I need a Portugal address to open a business account?

Not always. Some providers may accept non-residents using a foreign address if they hold a valid NIF. Digital providers may offer online onboarding without a Portuguese address, while traditional banks may ask for an in-person visit and proof of address.

Requirements vary by provider, customer profile and business type.

Can I use my UK business account for clients in Portugal?

Yes, but with limitations. Euro transfers between UK and Portuguese accounts may be possible through SEPA, but many UK business accounts are GBP-based, which can trigger currency conversion costs.

Multi-currency providers such as Wise Business or Airwallex may be useful if you need to hold EUR balances, receive payments and convert between GBP and EUR with fees shown upfront.

How does a business account in Portugal affect my UK taxes?

A Portuguese business account does not change your UK tax obligations by itself. Your tax position depends on your residency status, where your work is performed, where your business is managed, and whether the income is taxable in Portugal or the UK.

If HMRC’s Statutory Residence Test determines that you are still UK tax resident, you may need to declare worldwide income to HMRC. Some tax guidance notes that changes to the UK’s foreign income and gains regime from April 2025 may affect how foreign income is taxed for UK residents.²¹

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited, its subsidiaries or affiliates. It should not be treated as advice from, or a communication with, HMRC, and it is not intended as a substitute for obtaining business advice from a tax advisor or any other professional.

What is the best business account for freelancers in Portugal who work with UK clients?

The best option depends on how you get paid. If you bill UK clients in GBP and spend or pay tax in EUR, compare whether your provider can hold GBP and EUR, show conversion fees upfront and support low-cost transfers.

Wise Business, Revolut Business and Airwallex are all examples of multi-currency providers that may be relevant for freelancers with UK and Portugal payment flows.

Sources:

1. Revolut Business Portugal
2. Revolut Business pricing — Portugal
3. Airwallex — Payoneer Business Account Review, February 2025
4. Statrys — Payoneer Review, April 2026
5. Payoneer Official Pricing Page
6. Expatica Portugal — Best Business Bank Account in Portugal
7. WorldFirst — Wallex vs Airwallex Comparison, March 2026
8. Wearefounders — Airwallex Pricing 2026, March 2026
9. Airwallex EU Pricing Page
10. Migaku — Best Banks in Portugal for Foreigners, May 2026
11. Melhores bancos para abrir conta empresa em Portugal
12. Millennium BCP — M Empresas App & SEPA Transfers
13. OneMoneyWay — How to Open a Business Account in Portugal, March 2025
14. Touchdown — Best International Banks in Portugal for Expats
15. Crédito Português — Contas Empresariais Santander Ready, Start, Grow e Advance
16. Santander Portugal — Contas e Tesouraria Empresas
17. Santander Portugal — Abrir Conta Empresas Online
18. How to open a business bank account in Portugal as a foreigner | Commenda
19. Self-employed tax for freelancers in Portugal in 2026 | Expatica
20. Is your foreign income on HMRC’s radar? Here is how to take control before they do - Grunberg
21. How HMRC taxes foreign income

Sources last checked on 27/05/2026