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Payment Instructions

General instructions for international payments to banks in PORTUGAL:

Information provided by the Beneficiary: The remitter should obtain all required bank information from the Beneficiary, such as the SWIFT BIC, IBAN, and the beneficiary bank address.

Central Bank: For additional information, refer to www.bportugal.pt.

Country Requirements/Restrictions:

• Payment Restrictions: There are no restrictions on the payment amount. All transactions between residents and non-residents above EUR 12,500 must be reported to the Banco de Portugal. Payments made to and from accounts held by residents abroad must also be reported.
• Account Restrictions: Both residents and non-residents can open and maintain domestic or foreign currency accounts locally or abroad.

SEPA: SEPA guidelines apply for euro payments, and IBAN and SWIFT BIC are required for all euro payments. Strict formatting standards must be followed.

Payment Formatting Rules for EUR:

• Ordering Customer (SWIFT MT103 F50): Include the account number, full name (no initials), and address of the ordering customer. Avoid using initials to prevent delays.
• Beneficiary Customer (SWIFT MT103 F59): The account number (IBAN), full name (no initials), and address of the beneficiary must be included to avoid delays in fund receipt. IBAN numbers for beneficiaries with accounts in Portugal must be part of the payment instructions.
• Beneficiary Bank (SWIFT MT103 F57): SWIFT BIC with branch identifier (if needed), full name, and address of the beneficiary bank should be provided. SWIFT BIC is 8 or 11 alphanumeric characters, formatted as xxxxPTxx or xxxxPTxxxxx.

IBAN: In Portugal, the IBAN consists of 25 characters. The structure is defined as four numerical characters indicating the bank code, followed by another four for the branch code, 11 for the account number, and finally ending with two check digits. Example of electronic format: PT98123456789123456789123 and in print format: PT98 1234 5678 9123 4567 8912 3.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of BANCO DE PORTUGAL for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from BANCO DE PORTUGAL, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Other Branches

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.