Have you heard of SPIN? This service, created by the Banco de Portugal, allows bank transfers through the mobile phone number associated with the beneficiary’s account instead of the IBAN, explains DECO PROteste.
“The solution is available for individuals and companies and does not require app installation. All banking institutions must provide this solution to their clients,” clarifies the consumer protection organization.
In practice, the SPIN “is a feature provided by Banco de Portugal that allows bank transfers using only the contact or tax identification number (NIF) of the beneficiary or the corporate identification number (NIPC) for a company. Similar to MB Way, users are not required to install an app on their phones to use this service.”
How does SPIN work?
According to DECO PROteste, “when you open your bank’s home banking application to make a bank transfer, besides the IBAN, you will see the option to use a mobile number, NIF, or NIPC.”
“To transfer money using only the recipient’s mobile number, you must enter the mobile number of the person to whom you want to transfer money or consult your contact list,” reads the consumer protection organization’s website.
Transfer money with SPIN, step by step:
- Enter your home banking application using your mobile or a computer and select the “Transfer” option or equivalent, depending on the banking entity.
- Select the option “Mobile number or SPIN” or equivalent, depending on the banking entity.
- Enter the mobile number, NIF, or NIPC of the transfer recipient. You can also choose the mobile number from your contact list if it is saved on your phone.
- Enter the amount you wish to transfer.
- For security reasons, verify if the name of the primary account holder to whom you are transferring money is correct. If everything is in order, confirm the transaction.
- If the recipient is not registered with SPIN, you will not be able to complete the transfer.
“To receive bank transfers through the mobile number, clients must express their desire to use it by requesting to associate the mobile number, NIF, or NIPC with the respective IBAN through their bank’s channels. However, to make a bank transfer to another person using SPIN, no request is necessary,” notes the consumer protection organization.
Bank transfers to any euro area country have, as of Thursday, been equipped with a beneficiary verification service, allowing for immediate transfers with the implementation of a European Union regulation.
Notícias ao Minuto with Lusa | 08:07 – 12/10/2025
