Immediate money transfers (taking a maximum of 10 seconds to complete) have become accessible in the Portuguese banking system as of 18 September 2018 according to the Bank of Portugal. This new method can be used 24 hours a day, 365 days a year. The maximum amount to be transferred is currently capped at _15,000. This ceiling is defined at the European level and may change in the future.

Instant transfers are not limited to the Portuguese banking system. The new system allows for interbank and international transfers between all EU and EEU banks.

Current availability depends on each bank and the type of account held. At present, Santander Totta and Millennium BCP have already launched the service. The state-owned bank, Caixa Geral de Depósitos (CGD), has not. It is essential to consult your bank to determine pricing of any associated commissions as well as how to use the service. Also note that MB Way also allows for immediate transfers within the Multibanco network.