Transferring money to Portuguese bank account
#16
Forum Regular
Joined: Jul 2017
Posts: 89
Re: Transferring money to Portuguese bank account
My mistake but the other limitation on free ATM withdrawals makes it useless to me, even for holiday travel. Likewise with Monzo which I tried last year. That is why I now use Starling Bank for free ATM withdrawals and overseas payments alongside Premier FX for large monthly transfers to my Portuguese bank account. There are no fees with Premier FX, just a competitive exchange rate and fast service.
#17
Living the Dream
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Joined: Apr 2018
Location: Western Algarve
Posts: 75
Re: Transferring money to Portuguese bank account
Thanks for all the feedback, keep it coming please. I haven't got enough time at the moment to respond but I will do early next week.
#18
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Joined: May 2014
Location: Burgau Portugal
Posts: 462
Re: Transferring money to Portuguese bank account
Millennium also do this.
You can ring the branch to find out the rate that they are using that day.
#19
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Joined: Apr 2009
Location: Tavira
Posts: 496
Re: Transferring money to Portuguese bank account
No and that’s a possible downside but historically they’ve used the average interbank rate for the day without taking a slice off so I’m OK with that. Maybe you’d get a slightly better rate elsewhere if you got a quote every hour or so I don’t know, but the ease of doing it sells it for me. In response to Bill, I’ve used the Caxton fx card a few times for lesser amounts. You can check the rate through the app prior to loading the card and there’s no ATM fee for withdrawals and I believe the daily withdrawal limit is €500.
#20
Re: Transferring money to Portuguese bank account
Late to this, but I have always used transfer to the HSBC account of Caixa Geral for larger amounts. Last time I used it, the rate used (and the net amount to be received in my CXG account) was shown before you commit and there were no other charges. Otherwise, I have a Metro Bank account and can transfer between that and my primary UK accounts and use the ATM network to take out cash. Both have been straightforward, easy to use, reliable and seem to offer good rates. That's what I want
Other than that, I have a Saga VISA and a Post Office MC, both of which apply no charges for use in Euros.
If I could get my Portuguese bank to be as transparent and fee-free! Every time I cough, I seem to get a charge applied to my account......
Other than that, I have a Saga VISA and a Post Office MC, both of which apply no charges for use in Euros.
If I could get my Portuguese bank to be as transparent and fee-free! Every time I cough, I seem to get a charge applied to my account......
#21
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Joined: Mar 2014
Location: East Algarve
Posts: 1,000
Re: Transferring money to Portuguese bank account
So there you have it Westernliving. There are many good methods of transferring money in large amounts and in small amounts using ATMs. You just have to decide for yourself which one is best for you and gives you the best deal. You could also look at something like www.moneysavingexpert.com for more advice.
#22
Living the Dream
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Joined: Apr 2018
Location: Western Algarve
Posts: 75
Re: Transferring money to Portuguese bank account
Just a follow up. I've started to use Transferwise and it seems to be very good. Thanks for all your help and suggestions.
#24
Just Joined
Joined: May 2018
Posts: 27
Re: Transferring money to Portuguese bank account
This makes me a bit nervous. I am still a cheque-book user, no ATM card. Only keep a few hundred pounds in my dedicated debit card account for internet purchases. Now about to purchase a Portuguese property for a significant sum. I don't think I could bring myself to transfer a large sum to some virtual entity out there on the net, all at the press of a button. What if something goes wrong? No branch and no person to complain to in person. If you do it via your UK bank, by going into a branch and doing it in writing, surely you have a better come-back if anything goes wrong. Perhaps your rate would be worse, but your security would be better. Does anyone have recent experience of tranferring a large sum to PT, and if so please recount details and rate obtained. Many thanks.
#25
Forum Regular
Joined: Feb 2018
Location: Portugal
Posts: 61
Re: Transferring money to Portuguese bank account
i have been using www.currencyfair.com for several years. No complaints.
#26
Re: Transferring money to Portuguese bank account
I have a Caixa Geral account. I can transfer money from my UK account to a UK-based account and it is then converted and transferred straight into my Portuguese account. I haven't used it for a while (so DYOR) but the rates always seemed good, you knew the amount that would be deposited into your foreign account before committing - and all the accounts used are hIgh street banks.
#27
Living the Dream
Thread Starter
Joined: Apr 2018
Location: Western Algarve
Posts: 75
Re: Transferring money to Portuguese bank account
I have a Caixa Geral account. I can transfer money from my UK account to a UK-based account and it is then converted and transferred straight into my Portuguese account. I haven't used it for a while (so DYOR) but the rates always seemed good, you knew the amount that would be deposited into your foreign account before committing - and all the accounts used are hIgh street banks.
#28
BE Enthusiast
Joined: Mar 2007
Location: Currently in Somerset
Posts: 545
Re: Transferring money to Portuguese bank account
This makes me a bit nervous. I am still a cheque-book user, no ATM card. Only keep a few hundred pounds in my dedicated debit card account for internet purchases. Now about to purchase a Portuguese property for a significant sum. I don't think I could bring myself to transfer a large sum to some virtual entity out there on the net, all at the press of a button. What if something goes wrong? No branch and no person to complain to in person. If you do it via your UK bank, by going into a branch and doing it in writing, surely you have a better come-back if anything goes wrong. Perhaps your rate would be worse, but your security would be better. Does anyone have recent experience of tranferring a large sum to PT, and if so please recount details and rate obtained. Many thanks.
We've used World First for a number of years Sterling to Euros and recently the reverse after we sold our property in PT.
We found them reliable, competitive and helpful. No commission and the rates have to be competitive because the competition is fierce. Rates tend to be a middle rate on the day of
All transfers were electronic, from Lloyds to World First (they use Barclays) and from World First to our CGD PT account the next working day.
I don't see any risk with a reliable well established company.
If you want a comfort factor, the link to their web site and a phone contact is - www.worldfirst.com/uk/
Hope you find what you're looking for.
Bejaboz
#29
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Transferring money to Portuguese bank account
This makes me a bit nervous. I am still a cheque-book user, no ATM card. Only keep a few hundred pounds in my dedicated debit card account for internet purchases. Now about to purchase a Portuguese property for a significant sum. I don't think I could bring myself to transfer a large sum to some virtual entity out there on the net, all at the press of a button. What if something goes wrong? No branch and no person to complain to in person. If you do it via your UK bank, by going into a branch and doing it in writing, surely you have a better come-back if anything goes wrong. Perhaps your rate would be worse, but your security would be better. Does anyone have recent experience of tranferring a large sum to PT, and if so please recount details and rate obtained. Many thanks.
#30
Re: Transferring money to Portuguese bank account
Concern is warranted.
These firms have a reputation for building up a solid customer base over a few years, then collapsing with total loss to whatever funds they're transferring at that moment. Poof, all gone, no one knows who they were or where they are.
Is it bankruptcy, or a business model? Who knows.
Be VERY careful about sending large amounts [property purchase] through these internet only exchange services. Find out if there's a person or bank backing them, where they're based and regulated.
An extra 0.1% is a price you may have to pay to be safe.
Another strategy is to send your capital 10% at a time, waiting to see it arrive in the target account before each next transfer.
These firms have a reputation for building up a solid customer base over a few years, then collapsing with total loss to whatever funds they're transferring at that moment. Poof, all gone, no one knows who they were or where they are.
Is it bankruptcy, or a business model? Who knows.
Be VERY careful about sending large amounts [property purchase] through these internet only exchange services. Find out if there's a person or bank backing them, where they're based and regulated.
An extra 0.1% is a price you may have to pay to be safe.
Another strategy is to send your capital 10% at a time, waiting to see it arrive in the target account before each next transfer.