There are several channels through which it is possible to transfer money in Portugal, and the Multibanco network is one of the most popular, not least because there is no associated charge. Making transfers through this channel has limitations, however, according to NM.
The limits can vary according to the financial institution with which you have an account, since this can, as revealed by the Bank of Portugal, establish its own limits for "commercial and risk management reasons", there is a maximum general ceiling, set at 100 thousand euros.
This is a way to prevent fraud and prevent the financing of illicit activities.
This ceiling, according to the Doutor Financeira portal, is applied for each operation, and not per day.
If you need to make a transfer greater than this amount, you can always carry out the operation at a branch of the banking institution where you have an account. It may, however, be necessary to provide clarification on the transfer if, due to its high amount, it may raise suspicions.
These anti-privacy policies are like burning a field to kill one weed. You do want investment and jobs right? Then let business flourish without trying to steer capital. Regulations are parasitic to economic vitality.
By Brian from Other on 07 Aug 2023, 13:27
i'll be so happy once the transition to modern money management takes over. a mobile phone complete with our id, health status and personal and bank details, use approvals and controls for use and usage will be available in seconds. what could go wrong, i guess the birth of identical twins may be an issue for example?
By richard from Beiras on 07 Aug 2023, 21:32
Portugal does what banks and financial institutions in most countries do - impose limits on transfers and cash withdrawals. NatWest bank in the UK have just announced theirs. The weeds tend to grow everywhere.
By Annie from Algarve on 08 Aug 2023, 07:54
This shouldn't be viewed negatively as an intrusion into your privacy, but positively, as a means of protecting your account from fraudsters. You'll be grateful if bank controls prevent someone illegally transferring money out of your account.
The article fails to mention that it is not necessary to visit a bank branch in person for transfers of high amounts. A phone call to the bank's call centre with appropriate identification, is usually all that is necessary.
By Billy Bissett from Porto on 08 Aug 2023, 11:47