Workforce Payments Guide Azores
Last updated: Oct 17, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Supported Payment Types
Statutory and benefits payments are not currently supported.
Banking Requirements
- All Portuguese accounts (including Azores) use IBAN for payments.
- Format: PT50 + 21 digits (example: PT50 0002 0123 1234 5678 9015 4).
- SWIFT/BIC required for cross-border transfers.
- Accounts support SEPA (Eurozone) transfers.
- Proof of identity and address required to open an account.
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
Payroll is generally monthly (Portugal standard).
KYC
Individuals: valid ID (passport / national ID); proof of address.
Companies: incorporation documents; articles of association; beneficial owners; list of directors; signatories.
Enhanced due diligence for high-risk or non-resident clients.
Banking Regulation
Banks and payment institutions are regulated by Banco de Portugal under Portuguese & EU law.
Operates under credit institutions law, payment services regulations (PSD2), AML/CTF rules.
International Banks
| Bank Name | SWIFT Code |
| Deutsche Bank Portugal | DEUTPTPL |
| BNP Paribas Portugal | BNPAPTPL |
| Banco CTT (EU network) | CTTIPTPL |
| Revolut / N26 / bunq | (digital EU neobanks with Portuguese IBANs) |
| Crédit Agricole Portugal | AGRIPTPL |
Major Local Banks
| Bank Name | SWIFT Code |
| Caixa Geral de Depósitos | CGDIPTPL |
| Millennium BCP | BCOMPTPL |
| Banco Santander Portugal | TOTAPTPL |
| Novo Banco | BESCPTPL |
| Banco Montepio | MPIOPTPL |
Payment Methods
- Cash still common.
- SEPA & SWIFT transfers widely used.
- Debit/credit cards accepted everywhere.
- Mobile wallets (MB Way, Apple Pay, Google Pay) popular.
- E-invoicing and digital payments increasing.
Cryptocurrency
- Crypto not legal tender.
- Supervised by Banco de Portugal under AML/KYC laws.
- Crypto service providers must register.
- Gains from crypto held under 1 year taxed as capital gains.
- Usage for payments limited but permitted.
Questions & Answers