Sending money to Portugal is an important consideration for many of the 700,000-plus British expats who, according to research published in 2022, choose to live in the country.
Portugal continues to be one of the most popular destinations in Europe for emigrating Britons, some 42,000 of whom made the move during 2021.
Those numbers include many who enjoy the country’s warm climate, welcoming culture and relatively low cost of living on a part-time basis.
But permanent or temporary, a challenge facing nearly all is finding the best way to send money to Portugal – which this article will attempt to answer.
What is the best way to send money to Portugal?
The most common ways to send money abroad are by using a bank or a specialist foreign exchange provider. But what are the key differences between the two?
High-street bank
This can seem like the easiest way to send money abroad but it is important to consider the costs of using your bank’s international transfer service.
Banks often charge transfer fees for sending money abroad and the fee structure usually means they add a fixed percentage on top of the interbank rate (the rate used by banks when trading large volumes of currency with one another). The net result is that their exchange rates are not always the most competitive.
Currency specialist
Services such as the Telegraph Media Group International Money Transfers provided by Moneycorp offer the advantages of competitive exchange rates and zero fees. For example, Moneycorp sources the most competitive rate from its panel of 16 liquidity providers.
Perhaps even more valuable are Moneycorp’s tools and expertise. The company’s decades of experience mean their dealers are well placed to offer guidance on market movement plus tools that help customers manage their risk against fluctuating exchange rates.
By using Moneycorp, you will also have the option to make your transfer online or, if you prefer, your dedicated account manager will be available on email and telephone to help you complete your transfer in a way that suits you.
Sending money to Portugal: how bank transfers can add up
Because of the nature of the currency market, small fluctuations in exchange rates make a significant difference when transferring large sums of money. So getting a competitive rate and expert advice on the timing of your transfer can be critical.
Exchange rates
For example, in 2022 the GBP-EUR exchange rate fluctuated between 1.2188 and 1.0843. For a British expat buying a property in Lisbon for €540,000 (the median price of an apartment in the city), that’s the difference between paying £443,058 and £498,017 – nearly £55,000.
Charges and fees
For smaller sums, while exchange rate differences might be less of a worry, you will have to think carefully about transaction fees. If you choose to send money to Portugal through your bank, you could be charged as much as £30 per transaction, and if you are transferring money to your own bank, you will also have to consider that there might also be a charge to receive the funds. Some UK banks charge up to £7 to receive funds from abroad.
What details do you need to send money to Portugal?
To send money from the UK to Portugal, you will need to provide your personal details and those of the account you want to send money to. This can be your own account, a business account or another personal account – whether it is a friend or family member.
The details you will need include:
- Your name and the name of the recipient
- Your recipient’s account number
- Recipient’s contact details and residential address
- An International Bank Account Number (IBAN) for verification of their Portuguese bank account
- You may also need to declare a reason for the transfer
How long will a money transfer to Portugal take?
Most transfers to Portugal will take between one and five business days. This doesn’t usually include weekends, so you will need to factor that in if your transfer is time-sensitive.
What are the limits for online money transfers to Portugal?
There is no official limit to how much money you can send to Portugal, although transfer providers might have their own limits depending on their company policy.
If you choose to transfer money to Portugal using the Telegraph Media Group’s International Money Transfer service, provided by Moneycorp, you can send up to £100,000 via its online platform and for any transfers over that amount, your account manager will be able to facilitate your request over the phone.
Send money to Portugal today.
Transferring via the Telegraph Media Group International Money Transfer Service powered by Moneycorp gives you the tools and support to make the most of your money with every overseas payment. With competitive pound-to-euro exchange rates and zero transfer fees, it means you can be confident that you are making the most of your money.
- Open an account today to send money to Portugal via the Telegraph Media Group International Money Transfer Service.
Read more:
Be aware of currency risk.
None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited, which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 01/08/2023
