What is Multibanco?
Multibanco is a widely used Portuguese payment system and ATM network that facilitates a range of financial services. Operated by SIBS, Multibanco offers customers the ability to conduct payments, transfers, bill settlements, mobile top-ups, and other banking operations via ATMs, online banking, and mobile apps. The system integrates with most major banks in Portugal and is accepted by thousands of merchants, both physical and online. Multibanco focuses primarily on the Portuguese market but is relevant for international users conducting transactions within Portugal, supporting transactions in EUR. Its versatility and integration with daily financial activities make it central to Portugal’s electronic payments landscape.
How to use Multibanco?
- Open your bank’s online platform, app, or visit an ATM.
- Select the Multibanco payment option at checkout (in-store or online).
- Receive a unique reference number and payment amount.
- Enter reference and amount on your bank’s Multibanco interface.
- Confirm payment.
- Receive confirmation from merchant or service provider.
The pro's of using Multibanco
- Highly secure; strong regulation and fraud controls.
- Instant settlements for bill payments and banking transfers.
- Widely accepted across Portugal for everyday purchases and services.
- Multiple access points: ATM, online banking, and mobile apps.
- No need to disclose card or personal data to merchants.
The con's of using Multibanco
- Primarily available only to residents or bank account holders in Portugal.
- Main currency supported is EUR, limiting international currency use.
- Not commonly accepted by foreign or global merchants.
- Requires access to Portuguese banking services or accounts.
- Limited support for recurring or subscription-based international payments.
