There are some ways to send or receive money in Portugal. The cost of such transfers varies depending on the transfer method or banks. You can use online services and mobile banking to make money transfers in Portugal.
If you wonder about the details of money transfers Portugal, keep reading this guide. You’ll know about certain methods and ways for the exchange of money in Portugal.
Things To Consider When You Send Money in Portugal
While doing international money transfers, it’s important to consider the costs and speed of the transaction. For instance, fees depend on various factors such as foreign exchange rates or bank fees.
Speed is another important factor if you have limited time. While you can do transfers on the same day, sometimes it may take a few days.
If you care about safety, for instance, you need to choose a service that allows you to track your transaction.
International Money Transfers
You can transfer money internationally in Portugal via using an ATM or a bank. It’s also possible to use mobile banks and online money transfer services as well. The duration for the money to reach the recipient varies depending on the transfer method. You can also transfer money to a Portugal bank account via some platforms and banks.
In Europe, there’s the Single European Payment Area (SEPA) agreement that allows the process to work well. Yet, for transactions that exceed the Eurozone, conversion of the currency is necessary. So, you’re charged foreign exchange rates when you send money to Portugal from abroad.
Ways To Make International Money Transfers
You can use your bank, online or mobile banking, or some applications to send money to or from Portugal.
Let’s start with banks.
Via Traditional Banks
You can send money abroad through the bank account you have in Portugal. You can go to the bank’s branch or use the mobile application or online banking for this. Usually, you need to wait for a few days for the currency conversion. When you make a transfer to a Eurozone country, SEPA enables you to be charged the same cost as a local transfer.
You can also send money to a Portugal bank account from abroad as well. For this, you need to have a local bank account. You may be charged a fee by your bank to receive the money. The amount of the fee depends on the place where the money comes from.
Although it’s safe to make international transfers by using traditional banks, there are high transfer fees. For this reason, banks’ transfer fees are higher when compared to alternative online services.
Via Online and Mobile Banking
Many Portugal banks provide online banking as well, and some of them even have mobile apps. So, you don’t need to go to the physical building of your bank. What’s more, it’s usually cheaper to use such digital methods compared to going to the physical branches. Yet, the number of exchange rates doesn’t differ much between the two.
Other Online Money Transfer Platforms in Portugal
Besides mobile applications of banks, there are some platforms like Wise Portugal or Paypal to use for money transfers. Usually, such services provide users with fast transactions. What’s more, these platforms charge you less money compared to Portuguese banks.
Also, they’re safe to use in terms of following related regulations and laws. They also provide extra measures such as verification of IDs and company audits. In this way, they take measures against money laundering. Most of them offer 24-hour customer support as well. They provide mobile applications and online services too.
Let’s discover some of these platforms below.
Wise
For many users, Wise is considered the best way to send money to Portugal. It offers really cheap services for international money transfers. You can also hold money in more than one currency. Wise is used in more than 70 countries worldwide.
Western Union
Western Union is a popular platform for money transfers, covering more than 200 countries. The exchange rate markups are also small.
PayPal
PayPal is another platform that provides services to more than 200 countries. It’s very fast to send money through PayPal: from seconds up to 30 minutes. The person you’re sending the money must also have a PayPal account. Freelancers and digital nomads prefer to use PayPal thanks to its speed.
Moneygram
Moneygram has a wide reach of customers in over 200 countries. In Portugal, Moneygram Lisboa is also favored. Instant transfers through Moneygram take around 15 minutes.
OFX
OFX operates in over 80 countries globally. What’s attractive about OFX is that it doesn’t entail transfer fees regardless of the amount of money transferred. Also, the exchange rate markup is usually less than one percent.
Ria
It’s possible to send money to around 160 countries through Ria money transfer Portugal. It provides low fees for transfers. You can also check how much you’ll pay as fees before sending money.
FAQ
How to send money to Portugal from United States?
There are a few different ways to send money to Portugal from the United States. One option is to transfer money through a bank. Banks typically charge a fee for this service, and the exchange rate may not be as favorable as other options. Another option is to use a money transfer service like Western Union or MoneyGram. These services typically have lower fees and better exchange rates than banks. Finally, you can also use a peer-to-peer payments app like PayPal or Venmo. These apps are typically free to use, but you may need to pay a currency conversion fee if you’re sending money in a different currency. Whichever method you choose, be sure to compare fees and exchange rates before making a transfer.
What you’ll need for your online money transfer to Portugal?
When you transfer money to Portugal, there are a few things you’ll need to take into account. First, you’ll need to make sure you have the recipient’s bank account number and routing number. You’ll also need to know the currency exchange rate so that you can ensure your transfer is accurate. Finally, be sure to factor in any transfer fees that may apply. By taking these factors into account, you can be sure that your transfer will go smoothly and that the recipient will receive the funds they expect.
Is it safe to send money to Portugal online?
If you’re looking to transfer money to Portugal, there are a few things you’ll need to take into account. First, you’ll need to make sure you’re using a reputable and reliable transfer service. There are a lot of scams out there, so it’s important to do your research and choose a company that you can trust. Second, you’ll need to take into account the fees associated with the transfer. These can vary depending on the company you use, so it’s important to compare rates before making a decision. Finally, you’ll need to consider the exchange rate. This can fluctuate, so it’s important to check the rate before making your transfer. If you keep these things in mind, sending money to Portugal online can be a safe and easy process.
Best way to send money to Portugal?
When you transfer money to Portugal, you want to make sure that your money arrives quickly and securely. There are a few different ways to do this, and the best option for you will depend on your specific needs. For example, if you need to transfer a large sum of money, you may want to use a wire transfer service. Wire transfer services are typically very fast and secure, but they can also be quite expensive. If you’re looking for a more affordable option, you might consider using a money transfer service like Western Union or MoneyGram. These services are often slower than wire transfers, but they’re usually much less expensive. Whichever option you choose, make sure to do your research to ensure that your money will arrive safely and on time.
How much can I send to Portugal online?
When it comes to transferring money to Portugal, there are a few things to consider. How much you want to transfer, what method you want to use, and the transfer fee. For small amounts, you can typically use a service like PayPal. However, for larger amounts, you’ll need to use a bank transfer. The problem with bank transfers is that they often have high fees. For this reason, it’s always best to check with your bank before making a transfer. In terms of how much you can send, there is no limit. However, keep in mind that the recipient will be responsible for any taxes or fees associated with the transfer. So, be sure to include that in your calculation.
How long do international bank transfers in Portugal take?
Bank transfers in Portugal usually take between one and three business days to go through. However, there can be delays depending on the sending and receiving banks, as well as any intermediary banks involved. In some cases, international bank transfers can take up to five business days. If you need to send money urgently, it’s best to use a service that offers faster payments. There are a few different options available, but they may come with higher fees. Ultimately, it’s important to plan ahead when making international bank transfers in Portugal to avoid any unnecessary delays or complications.
How to receive an international money transfer in Portugal from the bank?
If you’re looking to receive an international money transfer in Portugal, there are a few things you’ll need to do. First, you’ll need to have a Portuguese bank account. Once you have an account set up, you’ll need to provide the sender with your bank’s SWIFT code. This is a code that identifies your bank and allows the sender to send the money to your account. Once the money has been sent, it will usually take 1-2 days for it to arrive in your account. To receive the money, you’ll need to go to your bank and show them your passport or ID. They may also require you to receive the money in person, so be sure to check with your bank beforehand. Once you have the money, you’ll be able to use it just like any other currency.
What is the currency in Portugal?
The currency in Portugal is the Euro (EUR). If you receive an international money transfer in a different currency, your bank will typically convert the funds into Euros at the current exchange rate. You may also be charged a fee for the currency conversion. When traveling to Portugal, it is always a good idea to have some Euros on hand for incidentals. However, most major hotels and restaurants will accept credit cards, so you may not need to carry a lot of cash. ATM machines are also widely available, so you can withdraw Euros as needed.
Is PayPal used in Portugal?
Yes, PayPal is used in Portugal. You can receive an international money transfer in Portugal through PayPal. To receive money in Portugal, you will need to have a PayPal account and provide the sender with your account information. Once the sender has sent the money, you will receive an email notification from PayPal. You can then log in to your account to view the transaction and withdraw the funds to your bank account.
What international banks are in Portugal?
There are a number of international banks in Portugal, giving customers the ability to receive international money transfers. Some of the most notable banks include Barclays, HSBC, and Citibank. Each of these banks has a network of branches and ATMs throughout Portugal, making it easy for customers to access their accounts. In addition, each of these banks offers a wide range of products and services, including foreign currency exchange, loans, and credit cards. As a result, anyone looking for an international bank in Portugal will have a number of options to choose from.
Is Venmo used in Portugal?
Venmo is not available in Portugal or anyplace else in Europe, and also most people haven’t heard of it.
