Send Money To Portugal

Updated on September 13, 2020
Personal
Business
From
United States Flag
United States
USD
To
Portugal Flag
Portugal
EUR
1 USD equals
0.845 EUR
09/13/2020 5:19 PM UTC
 
How much to transfer?
$1-1k
$1k-10k
$10k +
Provider
Features
Fees
Score
Speed
Transfer Now
OFX Logo
  • Check Icon
    0.4% margin for new customers referred by iCompareFX
  • Check Icon
    Fee-free transfers
  • Check Icon
    Scheduled transfers
  • Check Icon
    Online and phone transfers
$
$
$

low

Fees
87
Speed Icon

medium

2-3 days

Less Information
+

Transfer Options

  • Bank transfer
  • Debit card (UK only)
  • BPAY (Australia only)
  • Direct debit (U.S. only)

Features

  • Check Icon
    0.4% margin for new customers referred by iCompareFX
  • Check Icon
    Fee-free transfers
  • Check Icon
    Scheduled transfers
  • Check Icon
    Online and phone transfers

Support

  • Phone
Support
Phone Icon
Phone
$
$
$

low

Fees
Speed Icon

medium

2-3 days

Best For

  • Circle Check Icon
    Pay no fees for personal transfers
  • Circle Check Icon
    Get competitive exchange rates
  • Circle Check Icon
    Lets you schedule transfers with ease
  • Circle Check Icon
    Trading in some currencies possible only over the phone
  • Circle Check Icon
    Website access only in English

TorFX Logo
  • Check Icon
    Fee-free transfers
  • Check Icon
    Scheduled transfers
  • Check Icon
    Forward contracts
  • Check Icon
    Limit and stop loss orders
  • Check Icon
    Travel money solutions for UK residents
$
$
$

low

Fees
72
Speed Icon

medium

2-3 days

Less Information
+

Transfer Options

  • Bank transfer
  • CHAPS (UK only)
  • BACS (UK only)
  • Visa debit card (UK only)

Features

  • Check Icon
    Fee-free transfers
  • Check Icon
    Scheduled transfers
  • Check Icon
    Forward contracts
  • Check Icon
    Limit and stop loss orders
  • Check Icon
    Travel money solutions for UK residents

Support

  • Phone
Support
Phone Icon
Phone
$
$
$

low

Fees
Speed Icon

medium

2-3 days

Best For

  • Circle Check Icon
    Pay no fees for one-off transfers
  • Circle Check Icon
    Schedule transfers between £500 and £10,000 per month
  • Circle Check Icon
    Use hedging tools to protect yourself against FX fluctuations
  • Circle Check Icon
    No multilingual website

XE Money Transfer Logo
  • Check Icon
    Fee-free transfers
  • Check Icon
    Competitive exchanges rates
  • Check Icon
    Limit orders
  • Check Icon
    Multilingual website and customer service
$
$
$

low

Fees
74
Speed Icon

medium

2-3 days

Less Information
+

Transfer Options

  • Bank Transfer
  • BPAY (Australia)

Features

  • Check Icon
    Fee-free transfers
  • Check Icon
    Competitive exchanges rates
  • Check Icon
    Limit orders
  • Check Icon
    Multilingual website and customer service

Support

  • Phone
Support
Phone Icon
Phone
$
$
$

low

Fees
Speed Icon

medium

2-3 days

Best For

  • Circle Check Icon
    No fees for personal transfers
  • Circle Check Icon
    Accepts payments in several currencies
  • Circle Check Icon
    Target specific rates using limit orders
  • Circle Check Icon
    No debit or credit card payments
  • Circle Check Icon
    No scheduled transfers

WorldRemit Logo
  • Check Icon
    Bank account transfers and cash transfers
  • Check Icon
    Mobile airtime and mobile wallets top up
  • Check Icon
    Home delivery of transferred funds
  • Check Icon
    Multicurrency WorldRemit Wallet
  • Check Icon
    Multilingual website
$
$
$

medium

Fees
63
Speed Icon

fast

1-2 days

Less Information
+

Transfer Options

  • Bank Transfer
  • Debit / Credit card
  • Google / Apply Pay
  • POLi (Australia)

Features

  • Check Icon
    Bank account transfers and cash transfers
  • Check Icon
    Mobile airtime and mobile wallets top up
  • Check Icon
    Home delivery of transferred funds
  • Check Icon
    Multicurrency WorldRemit Wallet
  • Check Icon
    Multilingual website

Support

  • Phone
Support
Phone Icon
Phone
$
$
$

medium

Fees
Speed Icon

fast

1-2 days

Best For

  • Circle Check Icon
    Transfers to cash pickup locations
  • Circle Check Icon
    Transparent rates and fees
  • Circle Check Icon
    Low minimum transfer amount
  • Circle Check Icon
    No hedging tools
  • Circle Check Icon
    No scheduled transfers

Payoneer Logo
    $
    $
    $

    high

    Fees
    71
    Speed Icon

    medium

    2-3 days

    Less Information
    +

    Transfer Options

    • Bank transfer
    • Debit card
    • Credit card
    • Bank debit

    Features

      Support

      • Phone
      Support
      Phone Icon
      Phone
      $
      $
      $

      high

      Fees
      Speed Icon

      medium

      2-3 days

      Best For


      Currencies Direct Logo
      • Check Icon
        Forward contracts and limit orders
      • Check Icon
        Scheduled transfers
      • Check Icon
        Travel money solutions for residents of the UK
      • Check Icon
        Multilingual website
      $
      $
      $

      low

      Fees
      84
      Speed Icon

      medium

      2-3 days

      Less Information
      +

      Transfer Options

      • Bank transfer
      • Debit card

      Features

      • Check Icon
        Forward contracts and limit orders
      • Check Icon
        Scheduled transfers
      • Check Icon
        Travel money solutions for residents of the UK
      • Check Icon
        Multilingual website

      Support

      • Phone
      Support
      Phone Icon
      Phone
      $
      $
      $

      low

      Fees
      Speed Icon

      medium

      2-3 days

      Best For

      • Circle Check Icon
        Schedule transfers easily
      • Circle Check Icon
        Make use of hedging tools
      • Circle Check Icon
        Accepts customers from most countries
      • Circle Check Icon
        Cannot sign up from all states in the U.S.

      TransferWise Logo
      • Check Icon
        Transparent fee structure
      • Check Icon
        Send money to email addresses
      • Check Icon
        Multicurrency account with debit card
      • Check Icon
        Multilingual website & app
      $
      $
      $

      low

      Fees
      75
      Speed Icon

      fast

      1-2 days

      Less Information
      +

      Transfer Options

      • Bank Transfer
      • Credit Card
      • Debit Card
      • Country specific alternatives

      Features

      • Check Icon
        Transparent fee structure
      • Check Icon
        Send money to email addresses
      • Check Icon
        Multicurrency account with debit card
      • Check Icon
        Multilingual website & app

      Support

      • Phone
      Support
      Phone Icon
      Phone
      $
      $
      $

      low

      Fees
      Speed Icon

      fast

      1-2 days

      Best For

      • Circle Check Icon
        User friendly mobile app
      • Circle Check Icon
        Multi-currency account
      • Circle Check Icon
        Travel debit card
      • Circle Check Icon
        No scheduled transfers
      • Circle Check Icon
        No dedicated account manager

      How to send money to Portugal

      How To Step Icon
      Step 1
      Carry out some research before registering
      Carry out some research before registering
      Carrying out research basically means comparing the top companies that let you send money to Portugal. Take your specific needs into account because you get several options from which to choose.
      Select the company that suits you best, and create an account as a personal or business customer.
      You typically need to verify your identity at this stage, as a legal requirement.
      How To Step Icon
      Step 2
      Go Through Exchange Rates Before Setting Up a Transfer
      Go Through Exchange Rates Before Setting Up a Transfer
      Check how the EUR exchange rate has performed in the recent past. Once you decide to send money to Portugal, inform your service provider of the amount you wish to transfer and request for a rate quote. While you may do this online, some companies provide quotes over the phone as well.
      Set up your transfer by accepting the quote and locking the rate on offer.
      Your service provider will then ask for the recipient's Portuguese bank account details.
      How To Step Icon
      Step 3
      Paying For the Transfer and Checking Updates
      Paying For the Transfer and Checking Updates
      Payment methods on offer might vary depending on the company you select. Your service provider will transfer money to Portugal only after it gets your payment.
      The turnaround time usually depends on where you live, how you pay for the transfer, and how long the receiving bank takes to process the transfer.
      You get to track your transfer's progress by using your service provider's website. Several companies also send notifications to their customers via text messages or emails.

      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.

      BANKBRANCHSWIFT CODE
      Caixa Geral de DepositosLisbonCGDIPTPLXXX
      Banco Santander TottaLisbonBNIFPTPLXXX
      Banco Comercial PortuguesLisbonBCOMPTPLB07
      Novo BancoLisbonBESCPTPLXXX

       

      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.

       BANKMONEY TRANSFER SERVICE
      Exchange rate$1 = EUR 0.8042$1 = EUR 0.8382
      Transfer fee$25$0
      Amount received for $6,000EUR 4,805.09EUR 5,029.20
      Transfer time2 to 5 days1 to 2 days
      Transfer optionsBank accountBank account
      Difference of EUR 224.11

      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.

      WESTERN UNION IN PORTUGAL 
      Lisbon Green Sylhet Travel and Money Transfer Rua De Sao Lazaro 229 LisboaUnicambio Av Almirante Reis No 52b Lisboa
      Porto Millennium BCP Rua Mouzinho Albuquerque 136 Julio Dinis PortoMillennium BCP Rua Goncalo Sampaio 159/203 Porto
      MONEYGRAM IN PORTUGAL 
      Lisbon Green Sylhet Travel and Money Transfer Rua De Sao Lazaro 229 LisboaRaj Kumar Pandey Rua Dos Anjos 20-A Lisboa
      Porto Lucdeia Rua Nossa Senhora De Fatima 429 PortoNovobanco Rua Julio Dinis Porto

       

      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.

      Convert USD to EUR

      Check out the historical exchange rates for the last thirty days. Learn how much you can save by using a global money transfer company instead of the big banks.
      USD
      EUR
      Sending money online through specialist money transfer companies.

      Expect to receive between €83.61 and €84.12 when sending money from USD to EUR at today's exchange rate.

      Compare that to sending money overseas through retail banks. Expect to receive approximately €80.23, not including additional banking fees. That is an average saving of €3.63.
      Currency exchange rate in the last 30 days

      Need more information?

      Read useful guides on international remittance and more detailed reviews on the best money transfer services.

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