Find the best ways to transfer money to Portugal

Because Portugal is part of the European Union and the SEPA (Single Euro Payments Area) network, it benefits from faster and more affordable bank transfers, especially for senders within Europe.

SEPA transfers typically settle within one business day, often with no additional fees.

If you're sending from outside the EU, make sure the provider supports SEPA-compatible transfers.

Avoid the SWIFT network if possible, as it tends to introduce delays and hidden costs via intermediary banks.

The exchange rate plays a major role in how much your recipient will receive.

Even small fluctuations can make a difference.

The current average USD to EUR exchange rate is 0.9391, and the highest rate over the last three months was 0.981.

If your transfer isn’t urgent, it may be worth waiting for a more favorable rate.

If you’re sending money now, Wise has recently offered the most competitive EUR rates.

How you pay for your transfer affects both the cost and how fast the money arrives.

According to our recent data:

• Bank transfer is the most affordable payment method overall.

• Bank transfer is generally the most expensive.

For example:

• A bank transfer through Revolut may only cost $0 with a low markup of 0.2%.

• A credit card transfer with might cost $0 and could come with additional cash advance fees.

Bank transfers tend to be the best value for Portugal, especially if routed through SEPA.

Debit cards are a middle-ground option, while credit cards usually carry the highest costs.

Portugal has a modern, reliable banking system.

Nearly all residents use bank accounts that support IBAN-based transfers, which makes receiving money from abroad simple.

The most common method is a direct bank deposit, and Revolut has ranked among the most affordable options for this.

Cash pickup services, such as Remitly, Western Union, or Ria Money, are available for recipients without local bank access or those who need funds urgently.

While PayPal and Revolut are growing in popularity, mobile wallet use in Portugal remains limited compared to other countries.

Bank transfers are still the preferred method.

Most providers set both minimum and maximum limits for sending money to Portugal.

If you're sending larger amounts, like a property deposit, tuition payment, or family support, check the provider’s limits in advance.

Revolut has shown strong performance for larger transfers in recent comparisons, offering low fees and favorable rates.

If you’re transferring over $10,000 USD (or the EUR equivalent), you may be asked for additional documents, such as proof of funds or the purpose of the transfer.

Portugal follows strict AML (Anti-Money Laundering) guidelines, especially for recurring or high-volume remittances.

Thanks to SEPA, most bank transfers to Portugal are completed in 1–2 business days.

Some providers offer same-day delivery, especially for transfers initiated early in the day.

Card transfers are often faster, and Xe is one of the fastest options for debit card payments.

Xoom also ranks high for speed on direct bank transfers.

For emergency situations, cash pickup services are typically the fastest, often available within minutes through providers like Xoom.

Avoid using SWIFT-based transfers unless necessary, as they can introduce delays through intermediary European banks.

For most bank or wallet transfers, the money arrives automatically.

However, for cash pickups or high-value transfers, the recipient may need to present:

• A valid government-issued ID (Portuguese passport, Cartão de Cidadão, or EU national ID)

• The sender’s name and contact details

• The amount being received in EUR

• A transaction or reference number

For larger transactions, some services may request proof of address or source of funds, in compliance with Portuguese and EU AML policies.

Transfers to Portugal often support family members, retirees, or expats managing their daily finances.

You may also be sending money to:

• Pay for mortgages, property taxes, or home renovations

• Cover university tuition or school expenses

• Support parents or relatives living in Portugal

Choosing the right provider ensures that your money gets there safely, quickly, and without unnecessary fees.

Generally, money received as income that you've already paid tax on in another country is usually not taxed again in Portugal.

Some transfers, especially large ones might need to be reported to the authorities.

When in doubt, please contact a tax professional in your country or in Portugal.