Send Money To Portugal

Currency Symbol and Swift Codes

What currency is used in Portugal? The euro (EUR) replaced the Portuguese escudo (PTE) as the official currency of Portugal in January 1999. The escudo remained in circulation until February 2002. One euro is divided into 100 cents.

When sending money to a Portuguese bank account you will need the bank’s SWIFT code. Here are SWIFT codes of some of the top banks in Portugal.

Case Study

Miguel, who lived in Portugal, turned 18 and got his unrestricted driving license soon after. Ricardo, his brother who had moved to the U.S. a few years earlier, had promised to buy him a car when he got a license, provided he kept doing well at studies. Miguel had lived up to his part of the bargain, so it was time for his brother to do his bit.

Ricardo decided to send U.S. $6,000 to Miguel, which was a little more than they have previously agreed upon, so he could buy a reliable used car. While using the bank Ricardo banked with was an option, he decided to compare it with a leading money transfer company. This is what he found.

Miguel ended up receiving a little extra money because Ricardo used the money transfer company instead of the bank. Since Miguel was in a hurry to close a deal on a car he had shortlisted, the money getting to him sooner was also helpful.

Cash Pickup Locations in Portugal

Leading overseas money transfer companies such as Western Union, WorldRemit, and Ria have extensive agent networks in Portugal. You may use the services of these companies if you wish to send money to Portugal quickly, or if the recipient does not have a bank account.

Safety Tips for Picking Up Cash in Portugal

Instances of violent crime in Portugal are rare. However, petty crimes such as bag snatching and pickpocketing take place around areas frequented by tourists, as well as at beaches, restaurants, hotel lobbies, and train and bus stations. Thieves tend to work in groups, so remain vigilant if someone tries to distract you. Do not carry large sums of money if possible. Refrain from wearing expensive jewelry or watches.

When in Lisbon, remain cautious at all train and underground stations. If you visit Porto, do not venture out alone after dark.

What Information Do I Need to Transfer Money to Portugal?

You will need to provide different kinds of information based on the transfer method you choose.

• Sending to a bank account. You will need the recipient’s complete name, an IBAN, the receiving bank’s name, and the receiving bank’s SWIFT code.
• Sending to a cash pickup location. You will need the location of a desired cash pickup center along with the recipient’s complete name. All the recipient needs to collect the transferred money is a valid form of photo ID and a reference or transaction number.

Regulations When Transferring Money To and From Portugal

As part of the European Union (EU), Portugal does not have its own currency controls or regulations. Banco de Portugal (the central bank of Portugal) administers the country’s payments systems, whereas the country follows the single monetary policy set by the European Central Bank (ECB).

While there are no limits on the maximum amount you may bring in or take out of Portugal, you need to declare any transfer of over €50,000 to Banco de Portugal. All transfers that exceed €10,000 are reported to relevant EU authorities.