Sending business payments from the US to Portugal
A US company pays a Portuguese supplier, contractor or subsidiary in euros to its IBAN as a SEPA transfer, or by SWIFT wire in euros or dollars. You need the legal name exactly as on the account and the 25-character Portuguese IBAN, which starts with a 4-digit bank code.
- A Portuguese IBAN has 25 characters: PT, two check digits and a 21-digit account identifier that starts with a 4-digit bank code.
- Portugal does not impose exchange controls, and residents and non-residents may hold deposits in any currency with Portuguese banks.
- Under Banco de Portugal Instruction 4/2024, entities report external economic and financial transactions when the annual total reaches €250,000 or more.
- The Eurosystem's verification of payee service builds on solutions developed by the Banco de Portugal and Latvijas Banka.
- Verification of payee has applied to euro transfers in euro area countries since 9 October 2025.
Details to collect from a supplier in Portugal
Portugal uses the IBAN for every account. Swift's IBAN Registry lists the Portuguese IBAN at 25 characters, with a 4-digit bank code after PT and the check digits; its example is PT50000201231234567890154. Portugal has a particular link to name checking: the European Central Bank states that the Eurosystem's verification of payee service builds on services developed by the Banco de Portugal and Latvijas Banka. Before a euro transfer is sent, verification of payee compares the name given with the IBAN holder and returns match, close match, no match or other.
| Detail | Format | Why it matters |
|---|---|---|
| IBAN | 25 characters starting PT; 4-digit bank code first | Identifies bank and account |
| Beneficiary name | Legal name exactly as registered with the bank | Checked by verification of payee on euro transfers |
| Bank SWIFT/BIC | 8 or 11 characters | Needed for SWIFT wires |
| Company form | For example Lda. or S.A., as part of the legal name | Part of the name the bank checks |
| Reference | Invoice number | Lets the supplier match the payment |
Sources: Swift IBAN Registry, Release 103 (September 2026); European Central Bank. As published on 29 October 2026.
Use our SWIFT code lookup to confirm the BIC before a first SWIFT payment.
Pay in euros or in US dollars?
The International Trade Administration states that Portugal does not impose exchange controls and that residents and non-residents are free to hold deposits in any currency with Portuguese banks. A Portuguese supplier can therefore receive and keep US dollars if it holds a dollar account.
A euro invoice paid by SEPA arrives with no conversion; dollars sent to a euro account are converted by the Portuguese bank at its rate.
| Point | Position in Portugal |
|---|---|
| Exchange controls | None |
| Deposits in foreign currency | Allowed for residents and non-residents |
| External transaction reporting | Banco de Portugal Instruction 4/2024, from €250,000 a year |
Sources: International Trade Administration, Portugal. As published on 29 October 2026.
For euro values, see the USD to EUR currency page.
Rails and arrival times
Citibank operates a representative office in Lisbon focused on corporate and institutional banking, and J.P. Morgan is also based in Lisbon, according to the International Trade Administration; neither offers local retail banking.
Euro payments to Portugal run as SEPA credit transfers to the Portuguese IBAN. Since 9 January 2025 euro area banks must be able to receive instant euro transfers, and since 9 October 2025 they must offer verification of payee, which the Eurosystem also provides as a service built on Banco de Portugal technology, according to the European Central Bank.
Dollars travel by SWIFT. Swift reports that almost 100% of gpi payments are credited within 24 hours.
| Route | Currency | What applies |
|---|---|---|
| SEPA credit transfer | EUR | Instant receipt since 9 January 2025; verification of payee since 9 October 2025 |
| SWIFT wire | USD or EUR | Almost 100% of gpi payments within 24 hours |
Sources: European Central Bank, Instant Payments Regulation; Swift gpi. As published on 29 October 2026.
Documents, reporting and checks
Reporting falls on the Portuguese side. The International Trade Administration notes that under Banco de Portugal Instruction 4/2024, entities must report external economic and financial transactions, such as cross-border investments, loans and derivatives, when the total annual value reaches €250,000 or more, with reports usually filed between March and April. A Portuguese subsidiary of a US group funded by intercompany loans or capital is the typical case, so state clearly in each payment reference whether it is a loan, capital or payment for services.
For ordinary supplier payments, quote the invoice number and pay from the company named as buyer.
On the US side, every payment to a Portuguese company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Portuguese banks publish their own charges for receiving payments from outside the EU; ask the supplier what its bank deducts. A SEPA payout carries no correspondent deduction, and PSD2 Article 62 makes each side pay its own provider on EU transfers. On SWIFT wires, compare OUR and SHA with our guide to OUR, SHA and BEN charges. Helm does not open accounts for businesses registered in the UK or the EEA; this page is for US companies paying them. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Portugal are delayed or returned
| Cause | Prevention |
|---|---|
| IBAN mistyped | Copy it from the invoice and check it has 25 characters |
| Name differs from the account (no match) | Use the full legal name with Lda. or S.A. |
| Loan or capital paid without a clear reference | State loan, capital or services in the reference |
| Dollars sent to a euro account | Pay euros, or ask for a USD account |
| SHA deductions on a SWIFT wire | Pay euros by SEPA, or send OUR |
Sources: European Central Bank; Swift IBAN Registry; Helm Editorial Team. As published on 29 October 2026.
Checklist before you send
- Collect the legal name with Lda. or S.A., the 25-character IBAN and the BIC.
- Agree EUR or USD on the purchase order.
- Pay euros by SEPA where your provider offers it.
- Label intercompany loans and capital clearly in the reference.
- Quote the invoice number for supplier payments.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What details do I need to pay a Portuguese company?
The legal name exactly as on the account, the 25-character IBAN and, for SWIFT wires, the bank's BIC.
Can a Portuguese company receive US dollars?
Yes. Portugal does not impose exchange controls, and residents may hold deposits in any currency with Portuguese banks.
Does a Portuguese company report payments from the US?
Under Banco de Portugal Instruction 4/2024, entities report external transactions such as investments, loans and derivatives when the annual total reaches €250,000 or more.
Should I pay a Portuguese supplier in euros?
Usually yes, if it invoices in euros. Dollars sent to a euro account are converted by the Portuguese bank.
How long does a payment to Portugal take?
Euro area banks must be able to receive instant euro payments since January 2025. On SWIFT, almost 100% of gpi payments are credited within 24 hours.
References
- International Trade Administration: Portugal Country Commercial Guide, Trade Financing
- Swift: IBAN Registry, Release 103 (September 2026)
- European Central Bank: Instant Payments Regulation
- Directive (EU) 2015/2366 (PSD2), Article 62: Charges applicable
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.