Sending Money to Portugal

If you are looking at sending money to Portugal from the UK, Then using your bank may not be a reliable method for foreign currency exchange for getting the best exchange rates.

Any bank can help you transfer money to Portugal but you will have to pay a considerable amount of money to your bank in a variety of forms. For example, your bank will charge heavy commission rates on the money transfer. They will also levy a certain  fee for the transactions with the foreign account.

If you are looking to send money to Portugal and you are considering using your bank then here is some information on how long it will take and what charges you will be looking at paying using your bank.

Banks have a wide range of transfer methods to choose from, including:

• Relay – up to £2,000 in local currency single or regular payments, arrival usually takes up to 5 working days- Subject to local variations you will need Recipient’s bank name, account number, sort code and will cost you on average £10 a transfer.

• Standard transfer – any amount any currency to any country. arrival usually takes up to 4 working days- Subject to local variations you will need Recipient’s bank name, account number, sort code and You pay £20 a transfer. The overseas bank will also make a charge. You can choose to pay only their charges, to pay all the charges or to have the recipient to pay all the charges.

• Urgent transfer – any amount any currency to any country to arrive 1-2 working days (in countries with electronic banking systems) you will need Recipient’s bank name, account number, sort code and arrival usually takes up to 4 working days- Subject to local variations you will need Recipient’s bank name, account number, sort code and you pay £20 a transfer.

• Foreign draft – single payment, but post so less secure. Ordering can be done a few days in advance from branches – you must then post your draft to the recipient. You should allow 5 days to order your draft – you must then deliver your draft to the recipient. Recipient’s name The country you are sending the money to The currency of the payment (more details on form) where you will pay £8 a draft up to £100 or £18 a draft over £100.

• You can also make payments using your travellers cheques or your credit card.

So how do Foreign Exchange companies stack up to Banks

• 3% better exchange rate (improved depending on amount)
• No minimum amount to be transferred
• No transfer fees when you transfer over 5k
• Currency transfer can be done in 24 hours.