Regardless of the balance existing in the account, all banking customers are subject to a limit on transfers made through the ATM. This rule aims to ensure greater security in all operations. However, each bank can define a maximum amount lower than that stipulated by SIBS. “The final amount that may transfer depends on the limit imposed by its banking entity,” says Banco de Portugal.
Maximum limit for transfers by multibanco in Portugal
The maximum amount allowed by operation in automatic boxes is 100 thousand euros. This ceiling is established by SIBS, an entity that manages the Multibanco network in Portugal, being aligned with the European rules in force.
Many banks choose to set lower limits as an additional safety measure, the ekonomist states. In card theft or coercion situations to make transfers, losses may be reduced. The same is true in cases of fraud or human error.
Customer and Institution Protection
The main function of this limitation is to protect both the account holder and the bank itself. Therefore, it is essential to know the limit applied by the banking institution where it has an open account.
Find out how to know your bank’s limit
The simplest way to confirm this limit is to consult the account opening contract. If you do not have this document, you can get the information next to the counter or through customer support. It is important to remember that these limits may change over time.
In practice, values range from banks. Caixa Geral de Depósitos, for example, establishes a limit of 2,500 euros per transfer in ATM. Millennium BCP allows operations up to 50 thousand euros, while Novo Banco, BPI and Santander authorize up to 100,000 euros, according to the same source.
Alternatives to transfer higher values
If you need to transfer an amount above your bank limit, there are ways to circumvent this restriction. One possibility is to divide the value into various transfers, respecting the maximum allowed in each operation.
Another solution involves the use of homebanking, where the limits can be higher than those applied to automatic boxes, indicates the same source. It is also possible to make the transfer in person to the counter, where the authorized amount is usually higher.
Additional costs to consider
However, these options may imply additional commissions. Both online and those performed on the counter are subject to fees, which may vary depending on the amount to be transferred. Updated cars are available for consultation on the bank client portal.
Despite the limits imposed, the ATM is still one of the most practical ways to make transfers between bank accounts. “These are simple and free operations, unlike some digital platforms,” says SIBS. The commission exemption is provided for in Decree-Law No. 3/2010 of 5 January.
Easy access channel
Portugal has one of the largest chains of ATM boxes per inhabitant in Europe, making this service quite accessible. Even without internet or mobile applications, you can perform these operations quickly and safely.
Finance Communication Obligation
Finally, it remembers what banks have to communicate to finances all high value transfers. The tax authority is aware of the sender, the recipient and the amount transferred.
As a result of curiosity, he learned that the ATM in Portugal was the first in Europe to allow surveys in foreign accounts since 1986, even before many European countries adopted this technology. The Portuguese Multibanco Network is so advanced that it allows you to pay taxes directly on the boxes, something that in many countries is only possible through homebanking or counter.
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