Portugal
Profile
The European Business Desk Portugal works through ING Belgium SA, a member of ING Group. ING Portugal was set up in 1998.
The branch is principally involved in Corporate Banking, servicing clients of ING Group and local companies. The branch also specializes in project finance, syndicated loans and securitization.
ING Portugal can provide you with a large range of local payments & cash management services.
ING Portugal provides the following financial services: account opening, reporting, documentary trade, treasury-, payments & cash management- and corporate finance products.
General information
| Currency | Euro € EUR |
| Time zone | Greenwich Mean Time + 1 hour, Eastern Standard Time + 5 hours |
| Language | Portuguese. English and French is widely spoken. |
Means of payment
The most important means of payment are cheques and credit & debit cards. Cheques are widely used in the business segment. In the event of non-payment they offer effective guarantees for creditors. The two main forms of credit transfers are standing orders. Direct debits are a commonly used payment instrument for low-value recurrent payments (utility bills).
The Portuguese banks have mutually agreed to use a standardized set of account numbers. This has resulted in standard account numbers called ‘Número de Identificação Bancária’ (NIB). For a payment the full NIB’s of the client and the concerned party are essential, otherwise the execution of the order will incur extra costs. Payments and Cash Management Services
Payments and Cash Management Services
| ACCOUNT OPENING | |
|---|---|
| Non-resident account | • |
| Resident account | • |
| ACCOUNT OPENING | |
| Cheque Book | • |
| Cheque Processing Services | • |
| Credit Card facilities | |
| Cross-border transfers | • |
| Domestic transfers | • |
| Direct Debits | |
| Electronic Banking | • |
| Local Cash Pooling | • |
| Repatriation of funds | • |
| Standing orders | • |
| REPORTING | |
| Electronic end of day reporting | • |
| Electronic intra day reporting | • |
| Paper account statements | • |