Whether you’re planning to buy a house in the picturesque Algarve, retire in Lisbon, or embark on a new professional adventure in Porto, it’s almost certain that at some point, you’ll need to send money to a Portuguese bank account. 

This can be a crucial step in securing your new life in Portugal, but it’s important to navigate the financial aspects of your relocation or investment with caution and awareness.

In this guide, we will explore the various methods and precautions you can take to transfer money to Portugal in a secure and efficient way.

Currency in Portugal (Euro)

The currency used in Portugal is the Euro, written as “€” and coded as “EUR.” Portugal adopted the Euro in 1999, replacing the Escudo and fully aligning the country with the rest of the Eurozone. It’s the standard currency for all daily transactions, from groceries to transport fares.

Euro banknotes come in values from €5 to €500, while coins range from 1 cent to €2. Prices are usually written with the Euro symbol before the amount, and Portugal uses commas for decimals—so €10,00 means ten euros. Whether you’re paying with cash or card, the Euro keeps everything straightforward across the country.

How to Send Money to Portugal?

Sending money to Portugal is straightforward, and you can choose from several reliable methods depending on how fast you need the funds to arrive and how much support you want during the process. Whether you’re buying a property in Portugal, covering living expenses, or supporting family, the right transfer option can help you save on fees and exchange rates.

Sending Money to Portugal via Bank Transfer

Traditional bank transfers remain a common way to move money internationally. Most major banks in the US, UK, Canada, and other countries can send funds directly to Portuguese accounts using the recipient’s IBAN and SWIFT/BIC code. 

This method is secure and familiar, though it often comes with higher fees and less competitive exchange rates. Banks like Chase, Bank of America, Lloyds, and Santander can send money to Portuguese banks such as Millennium BCP, Caixa Geral de Depósitos, or Novo Banco.

Wire Money to Portugal

International wire transfer services are popular for larger transactions and offer better rates than many traditional banks. Companies such as Currencies4You, Spartan FX, and Wise specialise in sending money overseas with transparent fees and strong exchange rates. 

Services like Currencies4You and Spartan FX also provide a dedicated account manager, which is especially helpful if you’re transferring large sums for a property purchase or investment.

Online Transfers

Online money transfer platforms are ideal for everyday payments or smaller amounts, offering speed and convenience through apps or websites. Providers like Wise, Revolut, XE, and PayPal allow you to send money to Portugal quickly, often at lower costs than banks. 

Wise is known for using the real mid-market exchange rate, while Revolut is convenient for regular international payments if you already have an account.

Financing

How Long Does it Take to Transfer Money to Portugal?

The time it takes to send money to Portugal can vary depending on the method of transfer and the service provider you choose. Bank transfers, which are a common method, typically take 1 to 3 business days for domestic transfers within Portugal and a few business days for international transfers. 

If you opt for online money transfer services or fintech platforms like Wise or PayPal, the transfer can be faster, often within minutes to a few hours for international transfers, depending on the specific service and destination. 

Another quick option is using cash transfer services like Western Union or MoneyGram, which allow the recipient to collect funds within minutes to a few hours, making it a convenient choice for urgent transfers. 

How Much Does it Cost to Send Money to Portugal?

The cost of sending money to Portugal depends on the method you choose and the amount you’re transferring. Banks are usually the most expensive option, with international transfer fees often ranging from about €10 to €50 or more. 

On top of that, banks usually add a margin to the exchange rate, which means you lose a bit more on the conversion than you might expect. For example, if you send €1,000 from a U.S. bank, you’ll likely pay the transfer fee plus a weaker exchange rate, making the total cost noticeably higher.

Online money transfer services are generally more affordable. Providers like Wise offer clear pricing and use an exchange rate close to the market rate, so there are fewer surprises. Sending €1,000 from the U.S. to Portugal through Wise might cost around €5–€10 in fees, and you usually get a much better exchange rate compared to most banks. 

Tips for Sending Money to Portugal

1. Choose the Right Service

Evaluate various transfer methods, such as bank transfers, online money transfer services (e.g., TransferWise, Revolut, Wise), or traditional remittance providers. Each has its advantages and fees, so compare and choose the one that suits your needs and budget.

2. Consider Transfer Fees

Be aware of transfer fees, which can vary among providers. Look for services that offer transparent fee structures or waive fees for certain transaction amounts. Online money transfer services often provide better exchange rates and lower fees compared to traditional banks. They are also faster and more convenient.

3. Verify Banking Details

Double-check the recipient’s banking information, including the IBAN (International Bank Account Number) and SWIFT/BIC code. Accurate details are crucial to ensure the money reaches the correct account.

4. Secure and Reliable Providers

Choose reputable and regulated money transfer providers to minimize the risk of fraud or mishandling of your funds. Check for user reviews and ratings to gauge the reliability of the service.

5. Watch Out for Scams

Be cautious of unsolicited offers and requests for personal or financial information. Scammers may pose as legitimate transfer services. Only use trusted and well-established providers.

Opening a Portuguese Bank Account

Opening a Portuguese bank account is an essential step for individuals planning to move to or buy a house in Portugal due to tax obligations.  

It allows you to easily pay property taxes, and fulfill other fiscal responsibilities with ease. This not only ensures legal compliance but also helps avoid potential penalties and legal complications associated with non-compliance.

Furthermore, a Portuguese bank account simplifies currency conversion and financial transactions related to property purchases. When buying a house in Portugal, you’ll likely deal with significant sums of money, and using a local bank account minimizes currency exchange fees. 

Additionally, it facilitates the seamless payment of utility bills, property-related expenses, and mortgage payments, making your financial management more efficient.

How We Can Assist You

Local Expertise

We know Portugal. Due to our extensive local knowledge, we believe that concentrating our services in a single country destination is the best way to give you the most thorough and useful information.

Honest Guidance

We recommend what’s best for you based on an extensive process experience that saves time and money to clients. Our pricing is clear and competitive, and we don’t sell services that make us more money.

All-in-One Solution

One single channel of communication for the entire process. We provide you with a comprehensive service that covers all aspects of your move, from identifying the ideal residency visa to finding your new home or helping you to settle.

Seamless Process

Technology plays a very important role in our company. We minimize our clients’ involvement in paperwork. We are customers ourselves and we know how to serve you.

Frequently Asked Questions

The most popular methods for sending money to Portugal typically include bank transfers, online money transfer services like Wise or PayPal, money transfer apps such as Western Union, and traditional cash transfer services like MoneyGram.

Transfer times can vary depending on the service provider and the method chosen. Some transfers can be completed within minutes, while others may take a few business days.

You typically need the recipient’s full name, IBAN (International Bank Account Number), and the SWIFT/BIC code of their bank. Make sure to double-check these details to avoid errors.

Yes, you can use credit cards or PayPal for international transfers, but it’s essential to be aware of potential fees and exchange rate differences.

Risks can include currency exchange rate fluctuations, transfer fees, and potential delays. Using reputable and regulated transfer services can help mitigate these risks.

Yes, you can typically track your money transfer to Portugal. Most reputable money transfer services offer online platforms or mobile apps where you can monitor the status of your transfer in real-time. You’ll typically receive a tracking or reference number upon initiating the transfer, which you can use to check its progress.

Are there any restrictions on sending money to Portugal?
Generally, there are no restrictions for sending money to Portugal for personal or business purposes. However, large transfers may require documentation to comply with anti-money laundering regulations.

Online platforms like Wise (formerly TransferWise), Revolut, and XE Money Transfer often provide competitive exchange rates and lower fees compared to traditional banks. Comparing fees and rates before choosing a provider can help you save.

Portugal uses the euro (€). If the recipient’s account is in euros, sending the money in euros can help avoid conversion fees. However, some services allow transfers in other currencies if needed.

Generally, there are no taxes on personal money transfers to Portugal. However, large amounts may be flagged by tax authorities, and it’s essential to ensure compliance with both the sending and receiving countries’ tax regulations.

Yes, you can send money using cryptocurrencies like Bitcoin or Ethereum. The recipient can then convert the cryptocurrency into euros using an exchange platform. However, this method may involve higher risks due to exchange rate volatility and platform fees.

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