How do the SPIN transfers work?

SPIN is a service of Banco de Portugal that allows you to make transfers in a simple and secure way, using only the phone number, through the ActivoBank App and the other available channels. Instead of using the IBAN, you simply enter the recipient's phone number or search for them in your contact list to initiate a transfer.

Signing up for SPIN is free and available on Android and iOS devices with the ActivoBank App. In the "Transfers" menu of your ActivoBank App, simply select "Join" in the information about SPIN and confirm that the phone number registered with the Bank is the correct one. Then select the Account to which you want to link SPIN, accept the subscription conditions and you're done.

With this method, the funds are transferred to the recipient's Account in a normal or instant way, even if it is between different banks. It's also possible to send money to international numbers, as long as the recipient has registered with SPIN.