Rights and duties in the use of transfers

Rights of payers and beneficiaries

Right to information before entering into the contract

Before entering into the contract for credit transfer services, customers are entitled to receive information on this service. If customers so request, this information must be provided on paper or on any other durable medium.

The information must be presented in an easily understandable form and must indicate, in particular:

The data necessary for the proper execution of a transfer, namely the IBAN or mobile phone number/NIF/LPIN;
The maximum period of execution of the transfer;
All charges related to the transfer, such as commissions, expenses and any fees payable by the customer to the respective provider;
The effective exchange rate or benchmark exchange rate to be applied, if applicable.

Right to have the transfer carried out under the agreed conditions

Customers have the right to have the transfer carried out under the conditions and time limits agreed in advance with their payment service provider.

They are also entitled to not be charged for the amount transferred.

Right to information after a transfer is carried out

After the transfer order has been carried out, the payer customer is entitled to receive, on paper or other durable medium, as requested, information that includes at least:

A reference identifying the transfer, including, where appropriate, information concerning the beneficiary;
The amount of the transfer in the currency indicated by the customer;
The amount of any charges to be borne by the customer and respective breakdown;
The exchange rate applied, if applicable;
The date of reception and, in the case of instant transfers, the exact time of the transfer order;
In the case of instant transfers, information on the execution of the transaction.

Immediately after the transfer has been carried out, the beneficiary is entitled to access the following information:

A reference allowing the beneficiary to identify the transfer and, where appropriate, the payer and any information conveyed in connection with the transaction;
The amount transferred in the currency in which the funds are made available to the beneficiary;
The amount of any transfer charges that the beneficiary must bear and, where applicable, the respective breakdown;
If applicable, the exchange rate applied to the transfer by the payment service provider of the beneficiary, as well as the amount of the transfer prior to such conversion;
The value date of the credit.

Rights in the case of transfers not carried out or incorrectly carried out

Customers are entitled to reimbursement, without unwarranted delays, of the amount of the transfer they ordered or of which they are the beneficiary, where the transfer was not carried out or incorrectly carried out due to the payment service provider. In the case of instant transfers, reimbursement is immediate and the payer is informed that the transaction has not been carried out.

Customers have the right to be reimbursed by the payment service provider for any charges for which they are liable and for any interest they may incur as a result of a transfer that was not carried out or incorrectly carried out due to the payment service provider.

Regardless of the liability, in the case of a transfer not carried out or incorrectly carried out, the payer has the right to demand that his or her payment service provider immediately ascertain what happened and report the findings obtained.

Right to complain and right of access to alternative dispute resolution bodies

Customers have the right to submit complaints based on non-compliance with the legal rules applicable to credit transfers through the complaints book (physical or online) or directly to the Banco de Portugal (by post or via the Bank’s agencies).

Customers also have the right of access to effective and adequate alternative dispute resolution bodies, without prejudice to the access to legal means.

The payment service provider is obliged to inform the customer about the complaint procedures and the means available for the alternative dispute resolution.

Right of the payer to verify the beneficiary’s identity

When ordering a transfer, bank customers are entitled to confirm the information on the beneficiary of a (standard or instant) credit transfer before that order is carried out. To this end, the name of the first holder of the account associated with that IBAN is provided (this is most often the case for domestic transfers). Where the payer does not receive the name of the first account holder (which is the case for some domestic transfers and in transfers to accounts domiciled in other euro area countries) or where the first account holder is not the intended recipient, the payer may use the new verification of payee service: in addition to the payee’s IBAN the payer enters the name of the person or business to whom they wish to send the money and is informed if the verification found a match between the name entered and the name of any of the holders of the destination account.

Payment service providers must provide this in the various channels they use to carry out transfers (in branches and through digital channels), 24 hours a day, seven days a week, 365 days a year.

Duties of payers and beneficiaries

Duty to provide the data necessary

Customers ordering a transfer must provide the payment service provider with the information necessary for its execution, in particular the amount to be transferred and the beneficiary’s data (IBAN or mobile phone number/NIF/LPIN).

Customers must also provide information on their identification details, which must be collected to respond to a possible request for clarification on the provenance of the operation.

Duty to make use of transfers responsibly

Customers must check all the data necessary to carry out the transfer.

They must confirm the information made available by the payment service provider after the transfer has been carried out.

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Rights and duties in the use of transfers

Rights of payers and beneficiaries

Duties of payers and beneficiaries