How to ship cash to Portugal | EUROtoday

Sending cash to Portugal is a crucial consideration for most of the 700,000-plus British expats who, based on analysis revealed in 2022, select to stay within the nation.

Portugal continues to be some of the widespread locations in Europe for emigrating Britons, some 42,000 of whom made the transfer throughout 2021.

Those numbers embody many who benefit from the nation’s heat local weather, welcoming tradition and comparatively low value of residing on a part-time foundation.

But everlasting or short-term, a problem dealing with practically all is discovering one of the simplest ways to ship cash to Portugal – which this text will try and reply.

What is one of the simplest ways to ship cash to Portugal?

The most typical methods to ship cash overseas are by utilizing a financial institution or a specialist overseas trade supplier. But what are the important thing variations between the 2?

High-street financial institution

This can appear to be the best solution to ship cash overseas however it is very important think about the prices of utilizing your financial institution’s worldwide switch service.

Banks usually cost switch charges for sending cash overseas and the payment construction often means they add a hard and fast share on high of the interbank price (the speed utilized by banks when buying and selling giant volumes of forex with each other). The internet result’s that their trade charges will not be all the time probably the most aggressive.

Currency specialist

Services such because the Telegraph Media Group International Money Transfers offered by Moneycorp provide the benefits of aggressive trade charges and 0 charges. For instance, Moneycorp sources probably the most aggressive price from its panel of 16 liquidity suppliers.

Perhaps much more worthwhile are Moneycorp’s instruments and experience. The firm’s a long time of expertise imply their sellers are effectively positioned to supply steerage on market motion plus instruments that assist prospects handle their threat towards fluctuating trade charges.

By utilizing Moneycorp, additionally, you will have the choice to make your switch on-line or, for those who favor, your devoted account supervisor can be obtainable on e mail and phone that will help you full your switch in a means that fits you.

Sending cash to Portugal: how financial institution transfers can add up

Because of the character of the forex market, small fluctuations in trade charges make a big distinction when transferring giant sums of cash. So getting a aggressive price and knowledgeable recommendation on the timing of your switch could be crucial.

Exchange charges

For instance, in 2022 the GBP-EUR trade price fluctuated between 1.2188 and 1.0843. For a British expat shopping for a property in Lisbon for €540,000 (the median value of an condo within the metropolis), that’s the distinction between paying £443,058 and £498,017 – practically £55,000.

Charges and costs

For smaller sums, whereas trade price variations is perhaps much less of a fear, you’ll have to consider carefully about transaction charges. If you select to ship cash to Portugal via your financial institution, you would be charged as a lot as £30 per transaction, and in case you are transferring cash to your personal financial institution, additionally, you will have to contemplate that there may also be a cost to obtain the funds. Some UK banks cost as much as £7 to obtain funds from overseas.

What particulars do it’s worthwhile to ship cash to Portugal?

To ship cash from the UK to Portugal, you have to to supply your private particulars and people of the account you need to ship cash to. This could be your personal account, a enterprise account or one other private account – whether or not it’s a good friend or member of the family.

The particulars you have to embody:

How lengthy will a cash switch to Portugal take?

Most transfers to Portugal will take between one and 5 enterprise days. This doesn’t often embody weekends, so you have to to issue that in in case your switch is time-sensitive.

What are the bounds for on-line cash transfers to Portugal?

There isn’t any official restrict to how a lot cash you’ll be able to ship to Portugal, though switch suppliers might need their very own limits relying on their firm coverage.

If you select to switch cash to Portugal utilizing the Telegraph Media Group’s International Money Transfer service, offered by Moneycorp, you’ll be able to ship as much as £100,000 through its on-line platform and for any transfers over that quantity, your account supervisor will have the ability to facilitate your request over the telephone.

Send cash to Portugal immediately

Transferring through the Telegraph Media Group International Money Transfer Service powered by Moneycorp offers you the instruments and help to take advantage of your cash with each abroad fee. With aggressive pound-to-euro trade charges and 0 switch charges, it means you could be assured that you’re benefiting from your cash.

Read extra:

Be conscious of forex threat.

None of the data contained on this article constitutes, nor ought to be construed as monetary recommendation. TTT Moneycorp Limited (firm quantity 738837) is registered in England. Its registered workplace is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a buying and selling identify of TTT Moneycorp Limited, which is authorised and controlled by the Financial Conduct Authority for the supply of fee providers (agency reference quantity 308919). Date of approval 03/10/2024

Information appropriate at date of publication.