SWIFT/BIC codes in Portugal

SWIFT/BIC codes in Portugal

This overview covers 178 banks and financial institutions in Portugal and 253 SWIFT/BIC codes between them. Each code points to an institution or one of its branches and tells other banks where an international payment should go.

Each bank has its own page showing the head office code and if there are any, codes for branches and departments. Further down we explain how codes from Portugal are built, how to send money to Portugal at a fair price and how to check a code before you pay.

Transfer times to Portugal

There is no single delivery time for payments to Portugal: some arrive the same day or the next. Payments made after the cut-off time or just before a weekend or public holiday often start a business day later.

Many banks are connected to SWIFT gpi for faster and traceable payments. Each gpi transfer carries a unique transaction reference, the UETR, which the sending bank can use to trace it. Specialist transfer services often show a status in their app so you can follow the payment.

SEPA transfers to Portugal

Within the SEPA zone, euro transfers to Portugal follow the same rules and in most cases need only the IBAN. A field for the BIC is usually optional for those payments.

The BIC does come into play for payments in other currencies and for transfers from outside SEPA. Instant payments in euros have become widely supported within SEPA – check whether your bank supports them. Costs stay low as long as no currency is converted; the conversion is where it gets expensive.

Paying in EUR: what conversion costs you

Bank accounts in Portugal are typically held in EUR – the Euro. When you pay another currency, the amount gets converted at some point.

Which bank converts the money matters. Check what EUR the recipient gets with several services; the difference between options can be larger than you expect. Exchange rates change all the time, so a quote is usually valid only briefly.

Most SWIFT codes in Portugal: Citibank International Limited Portugal Branch

In our data, Citibank International Limited Portugal Branch has the largest number of SWIFT/BIC codes in Portugal. The head office uses CITIPTP1XXX.

Practice differs in whether they register branch codes. Unless a branch code is given, the head office code CITIPTP1XXX works for a payment to Citibank International Limited Portugal Branch.

What the letters in a Portugal BIC mean

Bank identifier codes follow one international format: 8 characters. It starts with a four-letter bank code, then two letters for the country and a two-character location code.

In every code from Portugal, letters five and six show the two-letter ISO code of Portugal. When the country letters do not match Portugal, the code belongs to a bank somewhere else, so check again.

The last three characters, if present, identify a specific branch; XXX is used for the head office. Choose a branch code just when the recipient explicitly gives you one; otherwise the head office code is the safe choice.

What a transfer to Portugal really costs

The price of a payment to Portugal is made up of more than one component. You pay the transfer fee, possibly fees from correspondent banks and, above all, the margin on the exchange rate if the money is converted.

The markup on the rate tends to be the largest part of the cost, even though it is not listed as a fee. Check the bank’s rate against the mid-market rate, the midpoint you see on financial news sites.

For many routes, a transfer service turns out to be cheaper than a bank. Before you send money to Portugal, it is worth to compare the total cost via GoldexPay rather than accepting the first rate you see.

What a sender needs to pay you in Portugal

For a transfer from abroad in Portugal, the person paying you needs more than the BIC. In practice that means: your name exactly as it appears on the account, your IBAN or account number, the SWIFT/BIC code of your bank and, often, your postal address.

Find the bank in the list on this page and compare the code with your own bank details, but take the code from your own bank details when in doubt. It helps to add the name and city of your bank, since some payment forms ask for it.

What lands in your account is often less than what was sent. Fees for incoming transfers differ per bank – your bank’s price list tells you what applies. On invoices, agree who bears the costs.

Verifying a SWIFT code from Portugal

The most reliable place for the correct BIC remains paperwork issued by the bank. An incorrect BIC can cause delays, a returned payment or additional charges – compare it with the code in our list.

Our SWIFT/BIC directory is compiled from publicly available sources and is updated regularly. Banks merge, close branches and change codes. For any payment that matters, confirm the BIC with the recipient’s bank. GoldexPay is not a bank.

Fraudsters regularly send payment requests with changed bank details. Before paying, confirm a change of bank details through a separate channel, using a number you already had.