If you plan on or are already living in Portugal, it’s very likely that you’ll need to transfer money from your home country.
Whether it’s for:
Relocating money to Portugal is doubtlessly something you’ll have to deal with more than once. Thanks to the Single Euro Payments Area (SEPA), moving funds to Portugal is now much safer and more efficient, yet the logistics can be a bother. Thus, it’s definitely in your best interest to find the finest deal.
Portugal is part of the European Union (EU) and its currency is the euro. This means that if you’re going to send money to Portugal from abroad (or from any country that doesn’t use the euro), foreign exchange fees will be charged.
To send a wire transfer, you need to share the recipient’s:
There are plenty of ways to send money: banks, specialist international money transfer services, and apps. Before you choose your method, there are some points to consider:
Money transfer providers will markup already existing exchange rates in order to make money, so it’s important you do your research. The main factor here would be the amount of foreign currency you’re sending – the higher it is, the lower the markup, in most cases.
Besides the exchange rate markup, the total cost of a money transfer service also includes an upfront fee. It’s in your best interest to find the provider with the lowest fees and prime exchange rate. Online suppliers are normally much cheaper than banks.
The issue with this is that your credit card company may charge you for advance fees and interest. If you want the transfer done as quickly and cheap as possible, use a debit card.
They may lure you in with extremely low fees, but it’s most likely a front. Choose a well-reviewed and settled company, always.
Paper or digital. Even after the transfer is done, it could still be needed.
If you’re turning to an online platform, make sure you’re using a private computer, connected to a private wi-fi. A public machine and/or network could put your bank information at risk.
When using Money Transfer and Western Union, be careful with your order number, as it is the only thing needed for accessing your transfer.
As demonstrated above, a money transfer provider is definitely your best option, especially when thinking of buying property. At Pearls of Portugal, our partners make investing abroad a more manoeuvrable experience by eliminating currency exchange risk, more favourable rates, expert market guidance, security and visibility, and borderline instantaneous transfers and settlements.
Whilst a property price has been agreed in Euros, exchange rate fluctuations will still affect the underlying cost of the property, a transfer specialist can help you to review review budgets and offer guidance to help manage the transaction, as they have extensive experience with the buying process.
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