Banking operations will have new rules this month, find out which ones

Banks will be required to disclose the recipient’s name when making a bank transfer via the app or home banking. Bank transfers will also be made via mobile phone number, instead of the traditional IBAN.

Next year, banks will be required to offer immediate transfers at lower costs than currently practiced.

The new Banco de Portugal rules will come into force in a phased manner.

From May 20th, banks will be obliged to disclose the name of the recipient of a bank transfer.

The recipient confirmation service will help you Don’t make a mistake when making the transfer and that the money ends up in the account to which you are transferring the funds. It will also be used for combat fraud and fraud.

It will be available on all channels, including the bank app you use on your cell phone and home banking.

But this is not the only change that Banco de Portugal will implement.

On June 24th, another change comes into force. Currently when you make a transfer to a bank account You must enter the IBAN.
In June, it will no longer be necessary. All you need is the cell phone number associated with the bank account. And the recipient’s name will also be available.

The new platform created by Banco de Portugal does not yet have a name as it is awaiting trademark registration.

Banks have until mid-September to adapt to this service. Then it becomes mandatory.

In reality, it is a similar service to the existing MB Way, owned by the private company SIBS. But in this case no need to install applicationsin addition to the one you already use from your bank, nor will there be usage limitsas is the case with MB Way.

A source from Banco de Portugal tells SIC that the objective of this new system is not to compete with MB Way, but rather to simplify bank transfers in Portugal.

Your bank will also need to ask you whether you agree to associate your mobile phone number with your bank account. It will be possible to associate a foreign number, but it will only be available for national accounts.

Another change is the instant transfers. Currently they cost between €0.50 and €2.50. To this is added stamp duty. From January 9th next year, these transfers will become the norm at European level and will give way to normal transfers that currently take a day or more to process.

Banks will not be able to charge more for this and They can only charge the same amount for these transfers as they charge for normal ones. In some cases, they may be free because there are banks that do not charge for normal transfers, but it will depend from bank to bank.