Author, Andrew Gibson
Last Updated on August 4th, 2024
Our complete guide on sending money to Portugal.
Below you will find information on how long the transfer will take, the costs and fees that come with a money transfer to Portugal, and the details that you’ll need to provide.
Alternatively, if you’re looking to send money to the UK from Portugal then click through for more information on that transfer.
Simple steps to transfer money to Portugal
1) Register as a client
If this is the first time you are transferring money abroad then you will need to register before continuing with the transaction due to financial regulations.
Once registered, you will not need to do so again.
Registering to transfer money abroad, and to Portugal just requires an identification check. In most cases, this includes providing standard information such as the following:
- Name
- Address
- Passport Number
2) Secure an exchange rate
Once the registration to transfer money to Portugal is complete, you can look to secure an exchange rate.
Sending money to Portugal involves converting Pounds to Euros, also shown as GBP to Euro.
Most money transfer specialists and banks will quote you their latest rate. This needs to be confirmed before you commit to a transaction. Once you have approved the exchange rate with a money transfer service, it will then be locked in for you.
At this stage, a confirmation email of the money transfer to Portugal will be emailed to you.
3) Send in your Pounds
Before any money is exchanged and sent to Portugal, you will need to send your Pounds to the money transfer service of your choice.
This can be done by using a normal domestic bank transfer. The confirmation email you receive in the second step will include the money transfer companies’ bank details that are required.
4) Pounds are converted to Euros
Once your Pounds are received by the money transfer company or bank it will then be converted into Euros at the confirmed and agreed exchange rate.
The euros will then be sent to the Portuguese bank account of your choice. This can be your own or someone else’s account.
For transferring money to Portugal, an IBAN is required, more information on this can be found below.
What is the best way to transfer money to Portugal from the UK?
When considering money transfer options for sending your money to Portugal certain services are preferred depending on the amount or reason for the transfer.
Popular options include:
- Bank transfer
- Online payments (debit, credit card, Google Pay, Apple Pay)
- SWIFT payment
- Cash pick-up services
An international bank transfer is often the best way to transfer money to Portugal due to it usually being cheaper and more secure than the other alternative methods.
Another consideration is the type of money transfer services available to you.
Currency Brokers & Banks
For large currency transfers, it is best to use either your bank or a currency broker.
As we’ve already discussed, banks will charge higher rates and fees compared to Currency Brokers.
With transferring large amounts of money internationally, it is also comforting to have personal contact that customers can communicate with, something Key Currency pride in providing.
Online Money Transfer Apps
For smaller amounts of money being transferred to Portugal it may be better to use online money transfer service apps, like Wise, Revolut & PayPal, which are very common and available in the current market.
Transferring smaller amounts of currency means the exchange rate will not have as much of an effect and using these services may allow the transfer to be completed quicker, although the process is still ultimately the same.
Transferring Money to Portugal with Key Currency is simple!
How much does transferring money to Portugal cost?
When sending money to Portugal there is a combination of transfer fees and exchange rates that will amount to the total cost of the transfer.
It is common for people to concentrate on the fees that are charged by banks and money transfer companies.
However, for larger currency transfers, finding the best euro exchange rate is important to save you the most money when sending it to Portugal.
Transfer Fees
The high street banks in the UK will charge transfer fees that can range between £10-£25 when transferring money to Portugal.
It is also common that banks such as Barclays, Lloyds, Natwest, and HSBC will add a ‘recipient fee’. Effectively charging you twice for the same money transfer.
Money transfer companies may also charge a transfer fee but these are much lower than the above. Some fees are placed on all transfers or only transfers under a certain amount, usually £3,000-£5,000.
At Key Currency, we are one of the few money transfer companies to charge no fees for your money transfer to Portugal.
Exchange Rates
Exchange rates vary a lot more than transfer fees.
Banks usually offer around 2%-5% more for exchange rate charges compared to a money transfer company for sending money to Portugal.
The exact amount of this cost will depend on how much you are wanting to send.
It is worth noting that most of the exchange rates you see online will change when you get an actual quote from your bank or a money transfer company as these rates are not customer rates.
Getting a genuine quote will help you make the best decision and find the best rate for your money transfer to Portugal.
At Key Currency, we offer customers a free quote whenever they need one. We will also monitor the exchange rate for you and notify you of the best times to send the money.
How long does a money transfer to Portugal take?
The process of a bank transfer to Portugal usually takes 2-3 days.
It starts with you, as a client, sending in the funds, the exchange rate conversion taking place and finally the onward payment in Euros to the Portuguese bank account.
Once sent, the money should be in the Portuguese bank account within 24 hours.
What details will you need for transferring money to Portugal?
To complete a money transfer to Portugal, you will need the IBAN of the bank account you want to send the money.
An IBAN or International Bank Account Number is a code that makes sure your money will get to the right country, the right bank, and the right account.
An IBAN code in Portugal consists of 25 characters and can be broken down into:
- 2-letter country code
- 2-digit check number
- 4 characters for bank identifier
- 4 digits for branch identifier
- 11 digits for the bank account number
- 2 digits for national code
This can be found through logging into the bank account or from a bank statement. Most money transfer services can also help you with finding this information.
Making sure your money is safe when transferring to Portugal
A worry for customers with transferring money internationally is making sure that your money is safe and will be sent and eventually received.
When sending money to Portugal, it is important to use a money transfer company that is authorised and regulated by the Financial Conduct Authority (FCA) as they much comply with regulatory rules and protections.
It is easy to check to see if a company is Authorised and you can do this by searching for their name in the FCA register.
Quick Summary
- For sending money to Portugal you can use either your bank, currency broker, or online money transfer apps.
- It usually takes between 2-3 working days.
- To complete the transfer you will need to provide the Portuguese recipient’s IBAN.
- Make sure to use an FCA-regulated company.
- The costs are a combination of transfer fees and exchange rate charges.
Who is Key Currency?
We are an independent money transfer specialist.
We’re different from all the apps and online systems because we provide personal assistance alongside guidance on exchange rates.
Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989).
When you send money to Portugal through us, your transaction will be conducted directly through safeguarded client accounts.
We believe trust and transparency go hand-in-hand. It’s why we don’t hide behind a logo or slogan. All the names, faces, and backgrounds of our people are shown in our About Us section.
Looking after customers is what grows our business. We have attained a 5-star rating on Trustpilot based on over 2,000 customer reviews.
If you would like to transfer money to Portugal or to find out more about our service, simply request a free quote.