Multibanco

Multibanco is a household name in Portugal. The go-to option for Portuguese payments has been the number one local payment platform for over thirty-five years. Naturally, it leads the way regarding casino deposit options in Portugal.

Like most countries with similar payment methods, Multibanco is an interbank network and one which is run by the Sociedade Interbancária de Serviços and aimed at Portuguese users. Almost all casinos run by the Comissão de Jogos or Portuguese gaming commission accept it. You’ll also find it at a few so-called offshore casinos.

If you’re wondering what Multibanco is and how it works, let us walk you through everything you need to know right here.

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About Multibanco

Multibanco first appeared in 1985. Headquartered in Lisbon, it is Portugal’s premier interbank network and service. Multibanco provides maximum security by only processing payments between regulated Portuguese banks signed up to its service – all of them.

The one downside to Multibanco we’ve seen is that you can only sometimes rely on the payment provider for withdrawals at casinos. However, when it comes to secure and safe deposits, Multibanco is second to none in Portugal.

Operated by SIBS, Multibanco first appeared online in 2000 and is affiliated with over twenty-five Portuguese banks. The best way to use Multibanco is to request a virtual card, which operates as an e-wallet, enabling you to deposit at casinos without handing over your bank account details. We’ll explain that in a moment.

MultiBanco can be used for online gambling

Target Markets

Given that it is tied to Portuguese banks and regulated by the Portuguese financial authority, Multibanco is, of course, only accessible to residents of Portugal and accepts euro. SIBS operates similar services in other countries, including Angola, Malta, Mozambique, Nigeria, Poland, Romania, and others, but Multibanco dedicates itself to Portuguese banks alone.

Limiting itself to one country should only give Multibanco a small market to work with. However, given that virtually everyone in Portugal has access to Multibanco, even if they don’t use it, a potential market of 10.3 million is hardly petite.

Multibanco Account

You don’t have access to a Multibanco account, per se. Or rather, you don’t need to open one. If you have a bank account at any of the twenty-seven Portuguese banks tied to the network, you can use Multibanco.
You can use your real bank account credentials to log into Multibanco. Once logged in, you can request a “virtual card”. After doing so, you’ll receive a virtual debit card, essentially an e-wallet. With this, you can deposit using Multibanco without handing over your card or bank account details to the merchant, in this case, an online casino.

You can also download the MB Way app, making things even easier to deposit. With this, you can top up your balance at the casino with just a few taps. After downloading the MB Way app, connect your virtual card to the account, and choose a six-digit PIN. After that, you can confirm that you want to use the app to process payments by confirming via the SMS and e-mail you receive.

Now that you’re up to speed, it is time to deposit using Multibanco. Find out how in the next section.

How to Deposit with Multibanco

First, you’ll need to sign up at a top online casino. We’ve got plenty of reputable, trusted casinos for Portuguese players to choose from here. After registering at a casino, you can head to the banking section at your chosen Portuguese casino and select “Deposit”.

Scroll through the payment methods to select Multibanco. After doing so, enter the “card details” associated with your virtual card. Be sure to enter the amount you wish to deposit, too. After that, you’ll be sent a payment reference number via SMS. Use that in the MB Way App if you have it or online if you don’t use the app to verify the transaction. Your Multibanco deposit should be dedicated from your actual bank immediately and arrive in your casino account within seconds.

How to Withdraw with Multibanco

Multibanco withdrawals work the same way, although you’ll need to enter your virtual card details to receive a payment this time. You won’t need to use the two-factor authentication process (2FA) this time. You’ll receive an e-mail saying that it is on its way.

Bear in mind that not all online casinos support withdrawals made using Multibanco. If yours doesn’t, you will likely need to process casino cashouts using a conventional option, such as your Mastercard, VISA card, or bank transfer. All three of these options may be processed more slowly than if you were using Multibanco, although no fees should apply to any of these withdrawal options at Portuguese-licensed casino sites.

Transfer Times, Fees, and Security

For the most part, Multibanco is an instant payment option. It is entirely trustworthy because the Portuguese financial authorities and banks regulate it. Moreover, virtual cards, which work as e-wallets, provide an added protective layer between your casino and your bank details.

Deposit and withdrawal limits will always vary between Portuguese casinos, so you must check out each casino to discover those. However, we didn’t see instances where Multibanco charged you for depositing or withdrawing at an online casino.