Portugal — SWIFT/BIC Codes & Payment Info

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.