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Column 3 - Payment systems
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Column 1 - Payment systems
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Banknotes and coins
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Column 2 - Banknotes and coins
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The Bank - Column 1
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Related Pages
Reporting of external transactions and positions
Related Documents
COPE are external transactions conducted by the entity itself. Transactions intermediated by the resident banking system, transactions directly with non-resident entities through external accounts or clearing accounts, and transactions in current accounts should be communicated. Within the scope of such reporting, end-of-period positions on loans, trade credits or external deposits/deposits abroad are also considered.
UPDATE: The exemption threshold for reporting external transactions and positions has increased from €100,000 to €250,000. The amendment results from the publication of Instruction of the Banco de Portugal No 4/2024, which amended Instruction of the Banco de Portugal No 27/2012.
Who must report?
All legal persons residing or pursuing their business in Portugal who conduct external economic or financial transactions or foreign exchange operations equal to or exceeding a total annual amount of €250,000.
What information must be reported?
- External economic and financial transactions intermediated by the resident banking system;
- External economic and financial transactions conducted directly with non-resident entities through external accounts, clearing accounts and current accounts;
- End-of-month positions on deposits, loans or trade credits with external entities.
Relevant dates:
8th working day of the month
In the Corporate Area of its website, the Banco de Portugal publishes the settlements made abroad in the previous month with non-resident entities through bank accounts in Portugal for each reporting entity.
15th working day of the month
Last day to report the external transactions conducted in the previous month to the Banco de Portugal.
What for?
In order for the Banco de Portugal to compile statistics on the balance of payments, the international investment position and external debt.
These statistics are key to analysing and assessing the situation of the Portuguese economy.
For enterprises, these statistics are useful for investment decisions as they enable them to:
- assess their external competitiveness;
- frame their business internationally.
Log in to the corporate area
Step 1 – For COPE reporting by a user other than the Master user, the latter must set up a sub-user on the Tax and Customs Authority website (Portal das Finanças) (Início> Os seus serviços > Autenticação de contribuintes> Gestão de Utilizadores)
Step 2 – Back on the Banco de Portugal’s website, under “Subscrições", the enterprise’s Master user must associate the new user to the COPE service:
(Área de empresa> Opções/Configurações> Subscrições)
Step 3 – Nova subscrição (new subscription)
Step 4 – Selecionar Serviços (select Services)
Step 5 – Selecionar Utilizadores (select Users)
Step 6 – The new user can sign in using their credentials and fill in their user data. They can now access the collection application.
What type of users are there?
There are two types of users:
- The Master user, also known as the enterprise’s main user, who has the same user number as the enterprise’s tax identification number and the ability to set up users on the Tax and Customs Authority website. All enterprises must have a Master user, representing them before the Tax and Customs Authority in matters relating to electronic declarations.
- Users – all other users.
What are the responsibilities of the Master user?
- To manage access to the services available for their enterprise in the Corporate Area [Menu option: “Informação do utilizador> Gestão de subscrições”].
- To update enterprise data [Menu option: “Informação do utilizador> Dados da empresa”].
- To set up enterprise users on the Tax and Customs Authority website.
How to set up a user
A Master user already exists for all enterprises.
- The enterprise’s other users are set up on the Tax and Customs Authority website by the Master user.
- To set up users on the Tax and Customs Authority website, the Master user must select the option “Início -> Os Seus Serviços -> Outros Serviços -> Gestão de Utilizadores” and fill in the requested information. The new user is assigned an ID number in the following format: “Legal Person Identification Number/sequential number”, e.g. 500792771/1.
How to register
If the Master user:
- Update the user information (Informação do utilizador> Dados do utilizador).
- Confirm/update the enterprise information (Informação do utilizador> Dados da empresa).
If not the Master user:
- Locate the Master user.
- Ask the Master user to subscribe you to the COPE service (Informação do utilizador> Gestão de subscrições).
- Await receipt of an email indicating that you have been granted access.
- Access the Corporate Area and update the user information (Informação do utilizador> Dados do utilizador).
For any issues related to the reporting of external transactions and positions, contact us at [email protected] or call 213 130 000.
Log in to report external transactions and positions to the Banco de Portugal (in Portuguese only).
Note: The session expires after 90 minutes of inactivity. The COPE collection application does not support Internet Explorer 8.0. If you are currently using it, please update to a more recent version or use a different browser.
Entities covered: All legal persons residing or pursuing their business in Portugal who conduct external economic or financial transactions or foreign exchange operations equal to or exceeding a total annual amount of €250,000, considering total inflows and outflows, are required to report their external transactions and positions to the Banco de Portugal.
Frequency: The information must be reported on a monthly basis by the 15th working day following the month to which the data refer.
Changes in user/enterprise data: To update user or enterprise data, access the Corporate Area and select “Opções/Configurações”.
Auxiliary tool to create the XML file: This file is intended to help reporting statistical information as requested in Instruction No 27/2012 and may be used to create the XML file referred to in the Instruction. This is a working tool developed by the Banco de Portugal for internal use that can be made available to reporting entities as an auxiliary tool for creating an XML file according to the schema provided. This file should not be understood as an application developed by the Banco de Portugal and does not oblige the latter to provide any type of support in its installation/use or evolutionary maintenance resulting from changes in statistical requirements or support tables (e.g. amendments to a financial institution code).
The Banco de Portugal is not responsible for the incorrect use of this file.