Looking to carry out an international money transfer to Portugal from UK? Getting professional advice from a currency transfer broker could mean the difference in you gaining a higher currency exchange rate when purchasing Euro's. Even sending regular payments to Portugal you now have the facility to book your exchange rate in advance which could secure you a better rate of exchange and reduce the risk of currency fluctuations.
Obtaining the best exchange rate when purchasing a property in Portugal or simply making an international money transfer to Portugal could mean the difference of you securing a 3% better foreign exchange rate than your bank.
Currency in Portugal:
Portugal currency is the Euro. The Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5.
Coins are in denominations of €2, 1 and 50, 20, 10, 5, 2 and 1 cents.
Transfer Money to Portugal
Avoiding high street banks will improve your exchange rate to Portugal and banks often charge additional service charges. One of the main issues with using a bank is that you need to have a bank account with them and in most cases bank counter staff are inexperienced when it comes to giving you advice when sending money to Portugal.
With the foreign exchange companies listed on our site you will get a dedicated account manager to best advice you when doing money transfer giving you crucial market information before you make a decision in timing. Using our website you can see alternatives to banks with a cheaper money transfer to Portugal from UK or sending money to Portugal from USA.
Plus all the money transfer companies listed on this site are regulated by the UK Financial Services Authority (FSA) and have been carefully vetted by Money Transfer to Portugal.
Making payments to Portugal
Typical time for transfer to arrive: Either same day (Swift Payment) or 2 days (SEPA Payment) when sent through a money transfer company.
Portuguese bank charges: Usually none, although use a SEPA payment to make sure
Payment details needed:
Name of Beneficiary (and address if you have it)
Name of Portuguese Bank (and address if you have it)
IBAN (International Bank Account Number)
BIC (Bank Identifier Code) or SWIFT code
The IBAN includes various codes, like your branch and account numbers, and is the standard system for sending Euro payments across Europe. Portuguese IBANs have 25 characters, starting with 'PT' followed by 25 characters, and can usually be found on your bank statement or other paperwork, along with your BIC or SWIFT code.
There are further details below, although when you are ready to make a payment the currency broker payments team will take care of ensuring payment details are in the correct format before initiating any payments on your behalf.
Portuguese IBAN Format: PTkk BBBB DDDD CCCC CCCC CCCK K
B = Bank Code
D = Branch Number
C = Account No.
K = Check Digit
Portuguese BIC or SWIFT code Format: BBBBCCLL or BBBBCCLLDDD
B = Bank Code (Only Letters)
C = Country Code 'PT' (Only Letters)
L = Location Code (Letters & Digits)
D = Branch Code Optional ('XXX' for Head Office - Letters & Digits)
Advantages of opening an account
Advantages of having an account is that whenever you have a question about making a money transfer you have personal experts just a telephone call away.
You can ask your personal experts to put you on a rate watch alert so that once a currency is approaching a certain rate they will book it for you which could enable you to plan ahead your property purchase
It is also possible to make a forward contract, this allows you to buy currency at today's rates with a 10% deposit.
When you need to make a payment to Portugal, it's good to know you are in expert hands. Whether you're purchasing a house in Portugal or settling an invoice to pay suppliers; A personal expert can talk you through the process every step of the way.
They have helped thousands of people with their spot transactions abroad, so they know which areas can seem daunting and need further clarification.
Once you've agreed a rate, either on the phone with your dealer to send money to Portugal it becomes an agreement which is binding and the price you pay remains fixed.
The next step is for you to transfer the sterling to the currency broker they will have a number of different settlement methods. Once they receive your payment the transfer is made to the beneficiary. The currency broker can email them to let them know the funds are on their way, there is no charge for this service.
When you make a spot transaction for £5000 and above, there is no transfer fee, and the currency brokers keep charges low, even on smaller transactions. They want to help save you money every step of the way.
