Revolut Launches Portuguese Bank: What Customers Need to Know

Revolut has officially opened its Portuguese branch, rolling out local IBANs (PT50) for new accounts since July 24. This means customers can now have salaries paid directly into Revolut, set up direct debits, integrate with MB Way, and enjoy unlimited free ATM withdrawals across Portugal and the European Economic Area. Existing users will be migrated to the Portuguese IBAN over the coming weeks.

The bank is also introducing a daily interest deposit account, though details on whether it’s a current or term account remain pending. Deposit protection will still come from Lithuania’s guarantee scheme, as the Portuguese branch operates under the parent company.

From 2026, Revolut accounts with a Portuguese IBAN won’t need to be declared on IRS tax returns — but DECO PROTeste urges tax authorities to clarify the rules for accounts opened before July 2025. Revolut’s goal: become Portugal’s third-largest bank by customers within three years.