In September, banks began offering the possibility of using SPIN in bank transfers, whether credit or immediate.
SPIN is a tool, mandatory for banks, created by Banco de Portugal and works in a similar way to MBway, as it is used to make transfers using a mobile phone number. But instead of installing a new application, just for this purpose, this functionality is made available directly in your bank’s application.
In addition to being possible to make direct transfers, from person to person, it is also possible to send money to companies using the corporate identification number (NIPC).
SPIN differentiates itself by not requiring a limit on transfers and amounts per month. Banco de Portugal also ensured that no additional costs are applied.
If you prefer not to link your mobile number to your IBAN, you can still make transfers, but you do not have the possibility to receive them. But if you do this, remember that you must use the same number that is registered with your bank, normally for customer authentication purposes.
You can always have your account linked to more than one contact, as there are joint accounts. But a mobile number can never be linked to more than one account.
To make transfers, make sure the recipient has the cell phone number associated with the account. After confirming, you enter the number or search your contacts. When you choose the recipient, their name will appear on the screen, so you can confirm you are sending the money to the right person.
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