This Portugal Money Transfer Guide will teach you how to avoid big fees when sending money abroad, as well as getting more benefits that you are used to by the High Street banks.
It doesn’t matter for the Foreign Exchange companies if you want to send money to or from Portugal because they are specialized on one thing only – dealing international currencies.
The Guide’s Topics:
- Best Way to Send Money to Portugal
- Best Company to Transfer Money from Portugal
- Today’s Euro Rates
- Reasons to Move Funds into Portugal
- Regulation and Limitations
Best Company To Transfer Money To Portugal
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
MoneyCorp can help you with any kind of money transfer to any of the big countries like USA, UK, Canada, Germany, China, Israel or even Australia and New Zealand. If you have a more exotic destination for your money, be sure to check their website and see if they can work with that region.
Important: MoneyCorp has a Portuguese version of the website so you can browse through it with ease.
WorldFirst is a similar company that will provide easy, quick and cheap money transfers. Easy because it has even an App for it. Quick because your transfers are usually completed in 1-2 days. Cheap because you have a zero fee if you transfer over €1,000.
Best Company to Transfer Money from Portugal
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Regions & Currencies
Any country that is part of EU, like Portugal is, it’s under the Anti Money Laundering laws. So any money operator that is allowed to operate in Portugal, he can offer the services in every region of the country.
Currencies: Both companies work daily with a big list of international currencies. So it doesn’t matter if you want to send money to the United Arab Emirates, South Africa, Thailand, Nigeria, Estonia or India. Having access to over 100 currencies at any given time is hard to negative reply from them.
Tips: If you want to make small but regular transfers (under €300), our recommendation will be to use TransferWise. They have fixed and small fees, while still providing a great currency exchange rate.
Today’s Foreign Exchange Rates for EUR
Send Money To A Portugal Bank Account
The Euro is the Portuguese currency as the country has been a part of the Eurozone since its inception in 1999 and the Banco de Portugal (The Portuguese Central Bank) is part of the European System of Central Banks.
Outsourcing Hub: Some are saying that Portugal is the new “India of Europe” because of the highly qualified workforce and the low income that the middle class is used to.
The main advantage for Portuguese people is the fact that many will grow with two languages – Portuguese and Spanish. The latter is widely used and known because of the close relations and borders. These two languages are spoken in more than 25 countries in the world.
Real Estate: Tourism in Portugal has been on the rise over the past few years and this has impacted the real estate market, which recorded a full 12 months of growth in 2014, with a 2015 seemingly on the same path.
Relocating To Portugal?
If you consider moving to Portugal to live as an expat, you may find the following information helpful:
Advantages Of Moving To Portugal:
- Affordable Housing: Average one-bedroom apartment rent is 450 EUR per month.
- Authorities Are Helpful with Visas: Authorities take more time than average to help facilitate the visa process.
- Produce is Affordable: Produce costs less than 20% of other EU countries.
Disadvantages Of Moving To Portugal:
- High Unemployment: 13% Unemployment Rate.
- Low Level of English: Overall in Iberia, the youth are just beginning to learn English, which is a struggle for many expats.
- High Cost of Consumer Goods: Consumer Goods are between 20 – 50% more expensive.
How The Transfer To Portugal Works
The Foreign Exchange companies will open an account to a bank in your country and set it up in the local currency. They will serve as an intermediary between you and the bank by removing the sending bank from the equation. This way you can forget about the big international transfer fees practised by the banks and receive a great currency exchange rate.
These FX companies make their money from the margins gained on the currency exchanges as they will always buy large amounts of currencies for cheap and then sell them for a small profit. But you can be assured that they will always provide better rates than any High Street banks. And this is the most important factor for when searching the best way to transfer money to Portugal.
What you need to send money to Portugal
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
Our Company Recommendation:
- Send Money to Portugal: Companies that provide international money transfers to Portugal.
- Send Money from Portugal: Companies that take on Portuguese Customers.
Regulations on money transferred to and from Portugal
Portugal has no regulations or currency controls, as a member of the single currency Eurozone. Transferring money in and out of Portugal is not restricted for non-residents and residents alike, despite being particularly hard hit by the 2008 Eurozone crisis.
The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.
Banco de Portugal
Banco de Portugal (the central bank of Portugal) oversees payment systems to ensure the stability of their financial sector.
The European Central Bank (ECB) sets the single monetary policy.
There are no limits to the amount of currency that can be brought in and out of Portugal, but any sum exceeding EUR50,000 must be declared to the Banco de Portugal. This includes money transfers between residents, and transfers into any foreign accounts held by residents.
Transfers over EUR10,000 must be declared to European Union authorities.
Taxation on foreign income
In May 2011, Portugal introduced higher taxation measures, in order to stabilise the economy.
Portuguese residents are taxed on any foreign income. Non-residents are taxed on any income originating in Portugal. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Portugal
- Millennium bcp
- Novo Banco
- Banco Internacional do Funchal
- Barclays Bank
- Banco Português de Investimento