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Algarve

Free Multibanco services to go

• 07 Jun 2007 •

THE use of the multibanco – the Portuguese ATM cash machines system – may incur a charge in the near future. As of 2008 Portugal will have to comply with the single European Payment System (SEPA) which will force banks to adapt to new requisites within the Euro Zone.

In the case of Portugal, this may mean introducing a charge. Vitor Bento, President of the inter bank services (SIBS) which operates the multibanco system said: “Portuguese citizens have nothing to gain from the single European payment system.” Portugal is currently one of the few European countries where services including cash withdrawals, checking statements and paying for services, amongst others, are free. Portugal has the most varied cash machine services in Europe – about 60 different operations can be carried out.

SEPA imposes a European system of processing and transacting money which is exactly the same across European borders, including the price of domestic operations.

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