Multibanco was founded in 1985 in Portugal, by the Sociedade Interbancária de Serviços, commonly known as SIBS. Nowadays, the company has over 13.000 ATMs and cooperates with more than 25 banks. The online presence of the payment began in 2000. Speedy transactions and wide acceptance by bookmakers in Portugal make it a considerable option for bettors.
As a payment method designed for Portuguese players, it allows transactions with the euro (€) as a currency, while at the same time, fees remain close to zero. Its plastic card, its great mobile app and the fact that, most of the time, Multibanco betting sites allow players to claim a welcome bonus or any other promotion; are some other significant advantages. In the following Multibanco review, you can take a closer look into every aspect of betting with this method, such as:
- An up-to-date (2023) list of Multibanco bookmakers
- How to use Multibanco when betting online
- All its pros and cons
Best Multibanco Betting Sites (2023)
Many Portuguese sportsbooks choose to partner with Multibanco. In the upcoming list, we have selected the ones that stand out. They tick all the key boxes, like fast transactions and low fees.
Why should you bet on a Multibanco bookmaker
Players have many reasons to bet with Multibanco. Speedy transactions, low fees and player-to-player transfers are among them.
✔ Widely accepted by Portuguese bookies: As a payment connected with Portugal’s bank system, most bookmakers accept deposits through it. Bettors who deposit with Multibanco can choose from multiple sportsbooks.
✔ Safe and secure: Two-step authentication and a unique payment reference number must be used before a transaction to ensure the transactions’ safety.
✔ Eligibility for a welcome bonus: Bettors that choose to deposit on Multibanco bookmakers are always eligible for a welcome offer. At the same time, players can also claim any new offer or participate in any promotion.
✔ P2P transfers: Through MB WAY, Multibanco’s app, players can transfer an amount to a friend. The only requirement is that the other player also holds a Multibanco account.
✔ Virtual card: When you open an account, simultaneously, you create a virtual card that can be used to deposit to Multibanco bookmakers. At the same time, you can use your card to make payments to any other online merchant that accepts virtual cards.
✔ Multibanco’s ATM: With an extensive network of 13.000 ATMs, the payment allows users to deposit an amount to their account or proceed with a withdrawal quickly.
✔ Mobile app: The possibility of betting when on the road with a user-friendly mobile app is always an advantage. Available for iOS and Android devices and even working offline, the Multibanco app (MB WAY) allows players to proceed with fast deposits and betting on live events easily.
Drawbacks of betting with Multibanco
Like any other online payment method, Multibanco comes with disadvantages. More specifically, monthly fees to keep your account active and to use the payment exclusively through Portuguese banks are among them.
❌ Exclusively for the Portuguese market: When discussing Multibanco, we mean a payment that exclusively addresses the Portuguese market. It can not be used if a player doesn’t hold an account in a local bank.
❌ Can only be funded through a bank account: Quite a lot online payment methods can be funded in multiple ways; so, it could be considered a drawback that you can fund Multibanco only through your online banking account.
❌ Withdrawal restrictions: Bettors may face a significant issue when using Multibanco betting sites, since some of them don’t allow withdrawals. In this case, players need to find an alternative to withdraw their funds.
❌ Withdrawal limit by ATMs: The maximum amount that an account holder can withdraw from an ATM is €400 per day. There is the possibility to make multiple withdrawals, but the maximum amount remains the same.
❌ Virtual card expires: Even though you can create a virtual card when you open your account, the card will expire after 12 months. You can create a new one, but you may need to pay an amount depending on the policies of Multibanco.
❌ Not accepting cryptocurrencies: In the modern era of online betting, it’s a drawback that players can not use funds from a crypto wallet to deposit to Multibanco gambling sites.
Is betting with Multibanco legal and safe?
Multibanco has been operating in Portugal for over 30 years and is regulated by the Portuguese Banking Association. It allows you to transfer money to any Portuguese bank and to many international banks & merchants. So, betting with Multibanco is 100% legal and secure. Regarding safety, every online transaction is processed through the Portuguese banking system. Moreover, when you proceed with a deposit on Multibanco bookmakers, you need to provide your virtual card details. Before finalizing the procedure, you will receive a unique payment reference number through SMS. You need to use it to proceed with your deposit.
How to Create a Multibanco Account
You may be wondering about how to use Multibanco. The procedure to make a Multibanco account is pretty simple if you follow the next steps:
- You need to own an account on a Portuguese bank or to create one
- With your bank account credentials, you need to log in to Multibanco’s platform
- As soon as you login, you can request a virtual card
- Connect your virtual card to your account
- Create your PIN
Since you have created your PIN, you need to download Multibanco’s app and connect your new virtual card there. When you enter your details and your 6-digit PIN code, you will receive two verification codes. The first one will come to your registered email, the email you use on your online banking account, and the second will come via SMS to your registered phone. Enter them and your account is ready.
How to deposit on Multibanco bookmakers
Depositing funds on Multibanco betting sites is quick and easy. The procedure is effortless provided that you follow the upcoming steps:
- Log in to your desirable Multibanco gambling site
- Click the ‘Deposit’ option
- Choose Multibanco as your payment method
- Enter the amount you would like to deposit
- You will receive an SMS with a unique entity number
- Fill in the number to proceed with the payment
Can I withdraw from Multibanco betting sites
Withdrawals are an issue that Multibanco needs to find a solution to, in order to take the next step in the online gambling industry. Multibanco bookmakers allow withdrawals, provided that you have made a deposit first the same way. Bettors need to enter their bookie’s account and choose Multibanco as their withdrawal method. As soon as a player fills in the withdrawable amount, he should press ‘Confirm’ to proceed with the transaction. To complete the procedure, the player will receive a unique payment reference number through SMS. However, some Multibanco betting sites don’t provide a withdrawal option. So, bettors have to find an alternative and the best option could be a wallet like Neteller or Skrill.
Fees and limits
There are no fees when you fund your account or when you deposit or withdraw from Multibanco sportsbooks. Holding an account is free, but you need to deposit at least €100 to activate it. At the same time, your virtual card expires after 12 months and to create another one, may come with some fees, according to the company’s policy in that period.
Limits depend on the Multibanco bettings site you will opt for. More specifically, the minimum deposit could be €1 and the maximum deposit could be up to €1000. For bookies that allow withdrawals, most of the time, withdrawal limits are the same as the deposit limits. To withdraw an amount from the company’s ATM, the maximum amount is €400 per day.
Multibanco compared to other payment methods
Even if Multibanco is an excellent option for bettors, it is helpful to have alternative payment methods. Hence, you can look at other choices that make up for some of Multibanco’s disadvantages.
Multibanco vs Skrill
Skrill has been a member of the Paysafe Group since 2015 and is one of the most famous wallets among bettors. It was founded in 2001 in London and from May 2020 it has a partnership with AC Milan. Skrill’s advantages are that it is widely accepted by bookies, it offers instant transactions, low fees, top security levels, as well as a free mobile app. However, most Skrill bookies don’t offer eligibility for a welcome bonus; when Multibanco betting sites do.
Multibanco vs Paysafe
Paysafe is probably the most popular method to bet online. Founded in 2000 and with almost universal acceptance, Paysafe betting sites are a top choice for any player. Offering welcome bonus eligibility, the possibility to deposit in multiple currencies and an easy-to-use free mobile app are its most notable advantages. However, daily transaction limits and fees on your balance after the 7th month to keep your account active are noteworthy downsides.
Multibanco vs Neteller
Neteller is also a member of the Paysafe Group and a popular wallet. It is hard to find a sportsbook that doesn’t accept it. We talk about a payment method that provides quick transactions, multiple ways to fund your account and acceptance of many currencies. However, a significant drawback is that it comes with high fees from 1.90% up to 7% when depositing your account, depending on your payment method.
Final word on Multibanco by Book Spy
Multibanco has been around for 30 years and it is prevalent among Portuguese bettors who have an online betting activity. Multibanco bookmakers allow quick & easy transactions, player-to-player transfers and eligibility to claim a welcome bonus. Still, the payment provides services only in Portugal. Moreover, withdrawal restrictions and limits in conjunction with the fact that you can not fund your account with cryptocurrencies; may make some players reconsider using it when gambling online.
To sum up, Multibanco betting sites are a distinguished option for Portuguese players. Holding a virtual card, the possibility of withdrawing money from the company’s ATMs with your bank card and its low fees; are hard to pass. However, some noteworthy downsides are that a bank account in a local Portuguese bank is needed and some Multibanco sportsbooks don’t allow withdrawals. Therefore, I would rather recommend other online payments, such as Paysafe or Neteller, to make the most of your gambling activity.
Complete list of Multibanco bookmakers
Speedy transactions, an easy-to-use mobile app and low fees when betting with Multibanco are some excellent advantages. Go ahead and pick your prefered bookie to make the most of your betting activity.
Multibanco deserves to be considered as one of the safest payment methods for betting online in Portugal. The two-factor authentication when you enter your account and the unique payment reference number required to proceed with a deposit; ensure the safety of your transactions.
Multibanco is connected with your online banking account and can be funded from there. It is not an option to use your cryptocurrency through Multibanco to deposit on any bookie.
Yes, Multibanco provides users a 24/7 customer support service. You can contact the support team by phone or by sending an email.
Depending on your Multibanco bookmaker, you may be able to proceed with a withdrawal. It is necessary to have deposited in the same way before asking for a withdrawal. Players though need to find an alternative to deposit funds on the Multibanco bookies that don’t accept withdrawals.
To use Multibanco services, the player needs to hold an account with a Portuguese bank. However, an account holder can make international payments since some banks accept transactions through Multibanco.