Are you a user of MB Way? The application by SIBS is increasingly utilized by banking clients for immediate transfers to others. But are you aware of its limits?
Based on the frequently asked questions available on MB Way’s website, we have compiled three insights about the app’s functionality, including costs, limits, and benefits.
1 – Does sending money via MB Way incur any costs?
“Transfers may have fees charged by the banking entities. To determine which rates apply, users should check with the banks where they adopted the service. There are 28 banks involved, covering over 95% of Portuguese banks.
Additionally, the MB Way app clearly displays any applicable charges before completing an ‘Immediate Transfer,’ allowing the user to cancel the operation at that moment.”
2 – What are the limits for sending and receiving money?
“You can send up to €2,000 per transfer. The maximum monthly limit for receiving is €5,000 and 50 operations.”
3 – What is the advantage of sending money with MB Way?
“Sending money with MB Way is available immediately in the recipient’s account, regardless of the bank. Moreover, to send money using MB Way, simply select the contact to whom you wish to send the money. You will no longer need to ask your friends for their IBAN.”
Transfers via MB WAY are immediate, “thus there is no mechanism to cancel these transfers after confirmation in the app” – so, what should you do?
“MB Way is a safe payment method,” but exercise “caution”
MB Way is a secure payment method, although some precautions should be taken, according to DECO PROTeste.
“The risks of using MB Way for payments are similar to those of using a debit card. In practice, you are not sharing your bank details with the merchant, and any operation is only authorized upon entering a PIN code,” explains DECO PROTeste.
Do not share your PIN: “Considerations must be taken into account. The PIN set for the application is personal and non-transferable, and should not be shared with anyone: it serves the app as the secret code serves a bank card,” recommends the consumer protection organization. If this point is heeded, “MB Way is a secure payment method.”
“Transactions are processed by SIBS – the entity responsible for managing the multibanco network – and all communications utilize the secure HTTPS communication system,” the organization notes.
Stay informed.
