Do you intend to relocate to Portugal? If so, then one of the things you need to do before you can make your dream a reality is transfer money to Portugal. This is necessary both to buy a house in Portugal, and also because, once you arrive, you’ll need funds available to go about your day to day. Given that, how do you go about transferring money? And how do you get the best exchange rate doing it? In this article, I aim to share some guidance *.
1. Consider using a foreign exchange broker instead of a bank.
One way in which you can save a lot of money sending money to your Portuguese bank account is by using a foreign exchange broker such as ourselves instead of a high street bank. This is because, in general, currency brokers offer exchange rates up to 4.0% better than high street banks, meaning that, for each pound or US dollar you sell, you obtain a lot more euros.
2. Plan the transfer in advance. 
If you need to have money in Portugal to complete the down payment on a house, look at the foreign exchange rates as far in advance as possible. This is because, if you leave it to the last minute, you’ll have no choice but to accept the foreign exchange rate that’s available there and then. Instead, if you plan ahead, that gives you a window in which to find out in which direction the rate is heading, and whether the time is right for you.
3. Look out for fees and commission.
Regardless of who you use to transfer money, look out for fees and commission. For instance, high street banks such as Natwest and Lloyds can charge up to £25 each time you send money to Portugal. Depending on how much you send, that can add up to a substantial proportion of the transfer total. By contrast , foreign exchange brokers like Pure FX only make money in the buying and selling of the currency.
4. Manage your expectations.
Of course, if you transfer money to Portugal, you’ll want the highest euro total you can get. That doesn’t mean though that you should hold unrealistic expectations about the rate. For instance, it is questionable whether the pound will ever return to its pre-crash rates against the euro of 1.50+. Instead, it’s better to look at how the pound to euro has performed in recent months, and use that to gauge your expectations.
5. Seek out specialist guidance.
Last but not least, it’s important to seek out specialist guidance before you transfer money to Portugal. Our dealers at Pure FX, for instance, can guide you about the best time to make your transfer, the different contracts that may be suitable to you, as well as recent changes in the foreign exchange rate. By taking guidance, you’re putting yourself in the best possible position to receive a high euro total.
Get in touch
To find out more about transferring money to Portugal, please go to the PureFX – Foreign Exchange Specialists page and fill in the form to get a free no-obligation quote.
* Article written by Peter Lavelle / PureFX Foreign Exchange Specialists
Disclaimer: BestInPortugal receives a commission on every transaction made through the aforementioned link, but this does not affect the value of the best available exchange rate agreed with you.