When it comes to raising money in an automatic box, it is important to know if you are using an ATM, ATM, or Euronet. Although the three terms are common in Portugal, they are not synonymous, and the confusion between them can result in extra commissions.
In general terms, the AUTOMATIC TELLER MACHINE (ATM) is the generic name given to equipment that provides access to banking services without the need for human intervention.
Therefore, when it goes to an automatic box to raise money, it is using an atm, be it the Multibanco or Euronet brand.
But where does the famous name “Multibanco” come from? This is the term used to describe the ATMs belonging to the network operated by the Portuguese SIBS – Interbancary Society of Services.
SIBS has been the only ATMS management entity in Portugal since 1985 (the year the first automatic boxes were installed) by 2015, when a new alternative to the multibancos entered the domestic market: Euronet.
Therefore, when raising money in an automatic box, it is using an ATM that can be a multibanco (SIBS network) or Euronet network equipment. Alternatively, it can access ATM Express, a brand also managed by SIBS.
But are there differences between ATM networks available? What is the best option? Let’s explore the details, with the help of information shared by.
ATM – SIBS
The SIBS ATM network is available exclusively in Portugal, in five different languages, and accepts several cards from national and international brands. It allows for more than 60 operations, from the most common, such as surveys and balance consultations, to functionalities such as transportation, tolls, mobile phone charging or solidarity donations.
The high number of operations is one of the distinctive advantages of the Multibanco network. In addition, commissions are not charged for surveys.
By raising money on a multibanco and using a mixed national card (which includes debit and credit), the operation is assumed by defect as a debit. Therefore, no commissions will be charged for the operation. In Portugal, institutions are prohibited from charging commissions for the debit survey.
Eurboard
In the Euronet ATMs network, the characteristics are slightly different. Available operations are much more limited than in a multibanco, and money lifting is the main functionality used.
Also, keep in mind that you may be subject to the payment of commissions for the survey, even when using a national card. Unlike the ATM, since Euronet does not have access to the SIBS national network, the Euretet ATMs assume the credit function in mixed (not debit) cards.
In this type of cards, the money survey at Euronet entails commissions charged by the issuing bank of the card. This is because the operation, assumed as credit, is seen as a cash advance, even if the balance is available in the account. It is similar to using the card abroad.
In the case of national debit cards (without credit features), fees will not be charged for raising money at ATMS Euronet.
How to know if your card is mixed or simple?
When you hire the card, your bank informs you of the available payment brands. If you have questions, you can contact your bank for detailed clarification.
Debt brands include, for example, ATM, Visa Electron and Maestro. Credit brands include, for example, Visa, Mastercard and American Express.
ATM EXPRESS – SIBS
This network, also managed by SIBS, is mainly directed to foreign customers and has ATMs located in tourist areas. It offers much more limited operations than a multibanco, focusing mainly on the money lifting (with or without presentation of the transmission of the operation).
Since ATMS Express have access to the SIBS network, there are no questions about national card lifting commissions. By raising money with a mixed national card, Automatic Caixa assumes the operation as a debit by defect, and no fees will be charged by the bank.
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