Millennium BCP
Pros & Cons
Pros
- Deposit protection: DGS €100k (PT — Fundo de Garantia de Depósitos)
- Largest private Portuguese bank
- local PT IBAN
- branch network
Cons
- —
Rating breakdown
Why this score
Good fit for
- you receive international wires (SWIFT)
- you receive SEPA transfers
May not fit if
- you need to hold USD
- you need crypto in or out
This is a licensed bank, so eligible deposits are protected by the deposit guarantee scheme (DGS) up to €100,000 per customer. That's a key safety factor when choosing.
- Licence
- Bank · Banco de Portugal
- IBAN
- PT
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
Editorial review
Data reviewed by Ilya ChernetskiyFounder and editor, nomonedaUpdated: 2026-08-15
Millennium BCP is a licensed bank (Banco de Portugal), so eligible deposits carry DGS €100k (PT — Fundo de Garantia de Depósitos).
It is a local bank licensed in PT supporting EUR. FX model: Card-network rate + bank markup.
It tends to suit portuguese residents, full-service banking, branch network.
Fees & terms
- Exchange rate
- Card-network rate + bank markup
- Card cost
- Paid; waived with conditions
- Local-currency withdrawal
- Not disclosed
- USD withdrawal
- Not disclosed
- Withdrawal fees
- Not disclosed
- Limits
- Not disclosed
- USD yield
- Not disclosed
- Cashback
- Not disclosed
- Currencies
- EUR
- Cards
- Global Physical, Global Virtual
- Transfers
- SEPA in/out, SEPA Instant in/out, SWIFT in/out
- Payments
- Apple Pay, Google Pay
- Licence
- Bank — Banco de Portugal
- IBAN
- PT
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
- FX model
- Card-network rate + bank markup
- Opening requirements
- Needs NIF/residency; online flow accepts Residency Authorization Card or Passport
- English support
- Yes
- Remote opening
- Yes
- Headquarters
- Portugal
Transfer routes
One row per direction, rail and currency — with what we hold on fees, speed and limits. A blank fee is not a free transfer; it is a fee we have not collected.
| Route | Fee | Speed | Limits |
|---|---|---|---|
| SWIFTincoming | 19.23 EURFreeConditional: free for emigrant remittances | Not published | — |
| SWIFToutgoing | 0.25%Conditional: 0.25%4.99 EURConditional: min 4.99 EUR, max 105.77 EUR, online105.77 EURConditional: min 4.99 EUR, max 105.77 EUR, online12.5 EURConditional: 12.50 EUR | Not published | — |
| SEPAincomingEUR | Free | Not published | — |
| SEPAoutgoingEUR | 1.2 EURConditional: Outgoing SEPA EUR up to 100000 — 1.20 EUR (online or mobile) | Not published | — |
| SEPA InstantincomingEUR | Not published | Instant | — |
| SEPA InstantoutgoingEUR | Not published | Instant | — |
Who holds your money
The name on the app is not always the company holding the balance, and deposit protection follows the licence rather than the brand.
| Role | Organization | Answerable for | Applies to |
|---|---|---|---|
| Licence holder | Millennium BCPBanco de Portugal | Operating under regulatory permission | All currenciesDGS €100k (PT — Fundo de Garantia de Depósitos) |
| Deposit guarantee | DGS €100k (PT — Fundo de Garantia de Depósitos)Banco de Portugal | Paying out if the deposit holder fails | EURDGS €100k (PT — Fundo de Garantia de Depósitos) |
What to know before you move money
Nothing flagged — Nothing we track is flagged on this service.
- Medium3 route(s) state a fee we could not turn into a number.
Read from: transfer_routes.fee_components
Recent updates
- 2026-08-15checked15 facts about Millennium BCP re-checked against their sources
3 similar services
Chosen by overlap in what people use them for, not by category — the services that would land in the same shortlist as this one.
User reviews
User score
No reviews yet.
…
FAQ
- Is my money protected?
- Yes. Millennium BCP holds a full bank licence (Banco de Portugal), so eligible deposits are protected by DGS €100k (PT — Fundo de Garantia de Depósitos).
- What IBAN and transfers?
- Millennium BCP issues a PT IBAN. SEPA Instant: send + receive.
- Can I open remotely, in English?
- Opening is remote. English support is available. Requirements: Needs NIF/residency; online flow accepts Residency Authorization Card or Passport.
Data provenance & verification
Every fact is checked against an official source and stamped with a date. We re-check fees quarterly and document requirements twice a year. Fields not yet independently verified are labelled honestly.
Independently corroborated, rated on the full model and checked within the year. This service can appear in our ranked picks.