Instant Transfers

The main difference is how quickly funds become available in the beneficiary's account. With Instant Transfers, the transferred amount is available within a maximum of 10 seconds, regardless of the time the transfer is made, as the service operates continuously, 24 hours a day, 7 days a week, 365 days a year. 

With standard credit transfers, funds may be made available on the same day when both the payer's and beneficiary's accounts are held with the same bank, or by the end of the next business day when the accounts are held with different banks. 

When a user makes a credit transfer (traditional transfer), the funds become available on the day the payment order is received in the case of transfers between accounts held with the same bank, or by the end of the following business day where the accounts are held with different banks. 

When a user makes an Instant Transfer, the funds are made available in the beneficiary's account, whether for an individual or a business, within a maximum of 10 seconds, regardless of the day or time the transaction is carried out. 

The participating banks are: NOVO BANCO, NOVO BANCO dos Açores, Banco Comercial Português, S.A., Banco ActivoBank, S.A., Banco BPI, S.A., Banco Bilbao Vizcaya Argentaria (Portugal), S.A., Bankinter S.A. – Sucursal em Portugal, Caixa Central – Caixa Central de Crédito Agrícola Mútuo, Caixa Económica Montepio Geral, Caixa Económica Bancária, S.A., Banco Santander Totta, S.A. and Caixa Geral de Depósitos.  

The execution time of an Instant Transfer cannot exceed 10 seconds. However, this is the maximum processing limit and, in practice, the average completion time is expected to be noticeably shorter. 

No. This solution only allows payments to be made in euros. 

Yes. Instant Transfers are subject to a service fee. Please see here the Bank's general price list. 

Additional information is available on the Banco de Portugal website.