Multibanco

Not that long ago, the banking situation in Portugal was rather restrictive. People could only use their banks’ ATMs, which was inconvenient. To fix the problem, Portugal put its Interbank Service Society (Sociedade Interbancária de Serviços) to work. They were able to find a model that would allow Portugal’s banks to work together and improve conditions for everyone.

Their answer was Multibanco, a service providing multi-bank ATMs across the country. This transformed Portugal’s economy and is single-handedly responsible for the widespread adoption of bank cards there. Over the years, the service also expanded into online banking, offering users an easy way to send and receive money over the Internet. Join the OG24 team as we discuss the pros and cons of Multibanco.

What is Multibanco?

Multibanco is a virtual bank card aiming to make online transactions safe and simple. The payment method is run by Portugal’s Interbank Service Society, meaning it’s restricted to that country. Multibanco steadily gained popularity as a casino banking option after online gambling became legal in 2015. Today, you can use it to send and receive money in almost every Portugal-facing online casino.

The system works in tandem with local banks, requiring you to have an account in one. Then, you need to visit Multibanco’s website and log in using your banking credentials. From there, you file a request for a virtual debit card, choosing between Visa, MasterCard, or American Express. You then link the card to the MB Way app, which you use to deposit and withdraw.

As the service is only available in Portugal, it’s no surprise that Multibanco only accepts Euros for transactions. On top of regular payments, you can also transfer funds between friends and family using the MB Way app. Doing so is simple, too: you just need to know their phone number to transfer the cash. You can use the app to pay in physical stores by scanning QR codes.