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How much does it cost to send money to Portugal?
Sending money to Portugal can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Portugal.
After analyzing the 20+ providers in our database, we have found that your best option would be to use TorFX to make a bank transfer. They charge no fees and give you a dedicated account manager to help with your transfer.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to Portugal
When choosing a method to send money to Portugal, you'll want to consider factors like convenience, cost, and transfer times.
TorFX focuses on providing great customer service, no fees, and fast transfer times to and from Portugal.
Wise offers the fastest transfer times, so you can send money to Portugal quickly. They also offer the mid-market exchange rate.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers.com by individuals who, like you, wanted to send money internationally to Portugal.
Our analysis shows that TorFX stands out as the premier service for sending money to Portugal. What sets TorFX apart is its commitment to zero transfer fees, ensuring that more of your money makes it to its destination. While they apply a markup on the mid-market rate, the transparency and savings on fees often make it a more cost-effective choice overall.
TorFX elevates the customer experience by providing each client with a dedicated account manager. This personal touch means you have someone knowledgeable about your specific needs and financial goals, making the process smoother and more tailored to you. It's a level of service that goes beyond the norm, ensuring that your transactions are not just transactions, but part of a well-thought-out financial strategy.
Moreover, the convenience of 24/7 transfers cannot be overstated. Whether you're an early bird or a night owl, the ability to manage your international money transfers at any hour is incredibly valuable. This feature is especially beneficial for those living in different time zones or for anyone who needs to make urgent transfers outside of traditional banking hours. TorFX's around-the-clock service ensures that you're never left waiting.
Our analysis shows that Wise is the fastest service to send money to Portugal, making it a standout choice for those looking to transfer funds efficiently and affordably. One of the key advantages of using Wise is its commitment to using the mid-market exchange rate for currency conversions. This ensures you get the best possible deal without any hidden fees, making your money go further.
Wise also offers a highly useful multi-currency account, which is a game-changer for anyone dealing with multiple currencies. Whether you're a traveler, an expat, or running an international business, this feature simplifies managing your money across borders. It's like having a local bank account in multiple countries, but better.
Moreover, the ease of use of the Wise app cannot be overstated. It's designed with simplicity and user experience in mind, allowing you to make transfers, manage your multi-currency account, and track your transactions with just a few taps on your smartphone. This level of convenience, combined with 24/7 customer support, ensures a smooth and stress-free experience when sending money to Portugal.
Watch our video review of Wise
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What is the cheapest way to send money to Portugal?
Money transfer services are the cheapest way to send money to Portugal
Whether you need to send money to your loved ones in Portugal, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to EUR can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to EUR Live Exchange Rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Portugal's EUR.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to EUR. It's pre-set to USD but, if you're dealing with different currencies such as Euros or Canadian dollars, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Portugal when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Portugal, watching how the rates change can be smart. When the USD to Euro rate is good, your money will get you more in Portugal. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to Portugal?
Quick and efficient - that's what you need when sending money to Portugal. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Portugal. Services like XE excel in this regard, offering near-instantaneous transfers. Even other providers like Wise and Global66, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in Portugal
Sending money to Portugal, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Important information
Transfer limits in Portugal. There are no legal limits on how much money you can send to Portugal.
What do you need to complete an international transfer to Portugal?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Portugal money transfer guides
Financial regulators in Portugal
The Banco de Portugal is responsible for the accounting standards of banks and other financial institutions.
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Portugal.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
