The Revolut branch in Portugal launched in July, now offering Portuguese IBANs to clients. What changes does this bring for customers in the country?
DECO PROTeste stated, “The new Revolut accounts have Portuguese IBANs and already allow salary domiciliation, integration with MB Way, unlimited and free cash withdrawals, among other operations.”
“Customers with accounts opened before the branch in Portugal will receive the Portuguese IBAN in the coming weeks,” explained the consumer protection organization.
The organization notes that “in practice, the new accounts created in the payments app now have a national IBAN (starting with PT50), making it easier to domicile salaries, activate direct debits, integrate with MB Way, among other operations.”
“Additionally, there are no longer limits on ATM withdrawals. For those who already had a Revolut account, the migration to the Portuguese IBAN will occur over the next few weeks, according to the bank, and will be communicated to clients as it happens,” it is further stated.
Changes in Three Points
- Revolut with Portuguese IBAN allows salary domiciliation and MB Way integration – “Since July 24, the new accounts opened in the application now have a national IBAN, facilitating operations such as salary domiciliation, direct debits, service payments or integration into the multibanco network and MB Way.
Cash withdrawals have also become unlimited and free of charge in Portugal and other European Economic Area countries. Until now, free withdrawals were limited to 200 euros or five operations per month.” - Account with daily interest – “Among the novelties in its products and services offer, Revolut Bank will launch a deposit account with daily interest, though it is not yet clear if it is a current account or a fixed-term deposit. These products remain protected by the Lithuanian Deposit Guarantee Fund, as the branch in Portugal is still dependent on the parent company based in that country. For now, there are no plans to launch other products in Portugal, such as mortgage loans already available in Ireland and Lithuania, although the institution considers creating its own ATMs from 2026, as it is already doing in Spain.”
- Declaring Revolut accounts for IRS: Finances should clarify – “With this fintech entering the Portuguese banking system, from 2026 on, Revolut accounts will presumably no longer need to be included in the IRS declaration.
However, as the adoption of the national IBAN will be gradual, DECO PROTeste believes the Tax Authority should clarify how clients who had accounts before July 24, 2025, should proceed when submitting next year’s IRS declaration.”
The Revolut branch in Portugal begins operations today, now offering Portuguese IBANs to clients, according to the head of the Portuguese operation. Revolut aims to become the third-largest bank by customers within three years.
Lusa | 08:13 – 24/07/2025
