DiDAN

I agree the limits for ATM are low, but their business model can’t afford to cover this cost. Anyway Revolut aslo has option for bank transfers and AFIK is free and may be used by topic starter.

westernliving

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.

AliceCaroline

Millennium also do this.
You can ring the branch to find out the rate that they are using that day.

Jonny22

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.

macliam

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......

BillBullock

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.

westernliving

Just a follow up. I've started to use Transferwise and it seems to be very good. Thanks for all your help and suggestions.

Loafing Along

Good to get the feedback
Must admit I am very happy with the service, now down to about 4 hours .

Furfanus Postumus

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.

Mitzi2012

macliam

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.

westernliving

That's how Transferwise works. It transfers the funds from my UK account to a Barclays UK holding account and they transfer it to my prescribed destination. The rates seem to be good.

bejaboz

If you use one of the established exchange companies, you can't go far wrong.
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

MidAtlantic

No experience of PT, but if you prefer a more human approach try TorFx. I used them to transfer my house sale proceeds to the USA, and a few times since for much smaller amounts, and their service was excellent. Call them and ask about your concerns and questions.

liveaboard

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.