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Currency for Portugal - Portuguese BIC or SWIFT code Format

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The Euro (€) = 100 cents is the main currency used in Portugal and accepted throughout Europe. Although some countries operate their own currency they all accept the euro. Also, Notes are in denominations of €5, €10, €20, €50, €100, €200 and €500. Coins are in denominations of 1, 2, 5, 10, 20 and 50 cents, and €1 and €2.

Payment details needed:

  • Name of Beneficiary (and address if you have it)
  • Name of Portuguese Bank (and address if you have it)
  • IBAN (International Bank Account Number)
  • BIC (Bank Identifier Code) or SWIFT code

The IBAN includes various codes, like your branch and account numbers. And is the standard system for sending Euro payments across Europe. Portuguese IBAN have 25 characters. Starting with 'PT' followed by 25 characters. And can usually be found on your bank statement or other paperwork, along with your BIC or SWIFT code.

There are further technical payments details below which the Currency team will take care of ensuring payment details are in the correct format before initiating any payments on your behalf.

Portuguese IBAN Format: PTkk BBBB DDDD CCCC CCCC CCCK K

B = Bank Code
D = Branch Number
C = Account No.
K = Check Digit

Portuguese BIC or SWIFT code Format: BBBBCCLL or BBBBCCLLDDD

B = Bank Code (Only Letters)
C = Country Code 'PT' (Only Letters)
L = Location Code (Letters & Digits)
D = Branch Code Optional ('XXX' for Head Office - Letters & Digits)

Portuguese BIC or SWIFT code Format

So use our comparison website Send Money Home to see who can assist you in your currency exchange see which company ticks all the boxes when it comes to sending your money to Portugal. There are so many companies available but ensure you are getting the best currency exchange rate and are offering no money transfer fees over 5,000 to 10,000.

Also, Receiving and Sending money home to Portugal is easy. Just choose which company you want to use and complete the online application form. Once submitted you may need to provide confirmation of ID.

This is standard and is a requirement for the Inland Revenue and the FSA to confirm who you are and to protect your money. Once your account is opened you can then confirm a currency rate and transfer funds. It all sounds like it will take time but in fact, in an account can be opened in 10 minutes if you have your passport and proof of ID with you.

Ensure you get the best rate, remember you are not the expert they are so asking as many questions as you need getting expert advice all the way.

Especially relevant,  All currency providers are regulated by the Financial Services Authority (FSA). And operate segregated client accounts. When you need to send money to Portugal consider using one of these companies and save money compared to using your high street bank.

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