What is Multibanco?
Multibanco is a widely used Portuguese interbank network offering electronic payment services and ATM access. Launched in 1985, Multibanco connects major banks in Portugal, enabling users to withdraw cash, pay utility bills, make bank transfers, and conduct online purchases. The network supports over 60 financial operations via more than 12,000 ATMs and associated online platforms. Multibanco is accepted by numerous merchants in Portugal for both in-store and e-commerce transactions. Although primarily serving Portuguese residents and businesses, users with accounts at participating banks can benefit from secure, fast, and convenient payment solutions using EUR across various channels.
How to use Multibanco?
- Choose Multibanco at checkout online or at a physical terminal.
- Receive a reference number and payment entity code.
- Go to a Multibanco ATM or use your banking app.
- Select “Payments” > “Payment of services/purchases.”
- Enter the entity, reference, and payment amount.
- Confirm the transaction for immediate processing.
The pro's of using Multibanco
- Wide acceptance across Portuguese merchants, both online and offline.
- Highly secure PIN-based transactions with no need to share card details online.
- Immediate processing of most payments and transfers.
- Supports various financial services beyond simple payments.
The con's of using Multibanco
- Primarily limited to Portugal; not suitable for cross-border payments.
- Only operates with EUR, restricting use to that currency.
- Requires a Portuguese bank account for full access.
- Limited global merchant acceptance outside Portugal.