Multibanco is a Portugal-based interbank network operated by SIBS. It allows users to perform a variety of different services, from ATM cash withdrawals to online payments. Multibanco is only open to those who currently hold a Portuguese bank account.
Top Multibanco Casinos
Almost all Portuguese banks can be linked with Multibanco, and this flexibility makes it incredibly popular within the country. Many European casinos already accept Multibanco as a means of making deposits and withdrawing winnings.
Multibanco is fully regulated and licensed for use throughout the European Union. It now processes millions of online payments every year.
Creating an Account
Multibanco is only open to those who currently hold a Portuguese bank account. Most banks in Portugal require customers to visit a local branch in order to open a new bank account, although a handful of establishments allow users to open accounts online.
Anybody who holds a bank account in Portugal is eligible to use the Multibanco payment system to make purchases or online money transfers. Users who hold a Portuguese bank account can easily take advantage of the Multibanco payment method to fund their online casino account. To make a payment using the method, you simply need to log into the Multibanco portal with your existing bank account details.
Deposits and Withdrawals
Multibanco cannot be used to make deposits or withdrawals unless you have a Portuguese bank account which is currently open with enough funds available.
Many online casinos throughout Europe accept Multibanco as a funding and withdrawal option. Simply choose Multibanco as your payment method when funding your casino account and use your Portuguese banking credentials to log in and make a deposit. Users can spend or withdraw a maximum of €400 per day.
To fund your account via Multibanco, follow these steps:
- Choose Multibanco as your deposit method.
- Log in to your Multibanco account.
- Click on the ‘cashier’ tab and select ‘deposit’.
- Enter your deposit amount (and bonus/promo code if applicable).
- Click ‘deposit’. You will be provided with a unique entity number and payment reference which may be required to complete your Multibanco deposit.
At present, it’s only possible to transact with euros using Multibanco. While you may be able to fund your Portuguese bank account with other currencies, euros are the only option for depositing and withdrawing via Multibanco.
Users of the Multibanco platform can instruct their bank to set a fixed maximum amount to be spent using their virtual card. This helps to reduce the possibility of fraud and theft and is also useful for players who are committed to enjoying responsible gambling. Setting a daily or weekly limit helps to reduce problem gambling or compulsive gambling.
Overall, Multibanco is a good cashier option for depositing and withdrawing money from an online casino. Transfers are instant, which means users won’t spend days on end waiting to access their winnings.
Perhaps the biggest drawback to Multibanco is that it can only be used if you hold a Portuguese bank account. Opening a bank account in Portugal can mean making a large initial deposit of hundreds of euros. You might also be expected to pay monthly fees simply to keep your account open.
As an online payment method, Multibanco features the latest encryption techniques to ensure data is transferred securely from end-to-end, thereby preventing malicious hackers from gaining access to your personal data or banking information. The platform does not require you to share any data with the casino you decide to play on.
Many European online casinos accept the Multibanco payment method, including some of the biggest names in the industry. In fact, many international gambling platforms accept Multibanco as a means of funding an account or withdrawing winnings, so it can be beneficial to hold a Portuguese bank account purely for the speed and security features on offer.
Multibanco offers extensive customer service. Those who have queries with their account or require technical help can contact the Multibanco customer service team using an online form, although it’s worth pointing out that staff will only respond during office hours.
Users who think their details may have been compromised or need to report their Multibanco debit card as lost or stolen should call SIBS immediately on +217 813 080 or +808 201 251. This service is accessible 24 hours a day.
Multibanco has been operating in Portugal for over 30 years. The project was first started in 1985, with the installation of a handful of multi-bank ATM terminals in the major Portuguese cities of Porto and Lisbon. By 1995, the company had cornered the market share on ATMs, and by the turn of the century, it was making plans to develop a fully integrated internet payment service.
The Multibanco network is operated by SIBS (Sociedade Interbancária de Serviços) and currently offers over 60 different financial services to its customers.
What banks can I make Multibanco deposits with?
Almost all banks in Portugal are linked to the Multibanco interbank network. If you are unsure whether your account can be used with Multibanco, contact your banking provider.
Do I have to pay fees for using Multibanco?
At present, Multibanco does not charge fees. However, it’s worth noting that many Portuguese banks levy a small monthly administrative charge, or otherwise require your account to have a minimum amount of money in for the account to remain open.
Can I use the same Multibanco payment reference for multiple deposits?
Most online casinos will allow you to use the same payment reference with each deposit you make, although it’s worth noting that each payment reference is connected to the amount you initially deposit. If you wish to make a deposit using a different amount of money, you will need to complete the deposit process again to obtain a brand new payment reference which can be connected to your new deposit amount.