If you're spending time in Portugal—whether you've moved for the sunshine, the lifestyle, or just a temporary stint—you'll likely need to move funds from abroad. Whether it’s your monthly pension, a lump sum to buy property, or proof of savings for a visa, choosing how to transfer money can make a big difference to your bottom line.
While international banking might sound straightforward, it’s easy to lose money through poor exchange rates and sneaky fees. That’s why it pays to know your options.
Why Transfers to Portugal Aren’t Always Equal
If you're transferring money from another eurozone country (like Germany or France), you’re in luck: SEPA (Single Euro Payments Area) makes euro-to-euro transfers fast and fee-free. But things get trickier when you're converting currencies—say, USD or GBP to EUR. In those cases, you’re dealing with exchange rates and often hidden fees.
Pro tip: Your regular bank is usually not the cheapest option.
Top Services for International Transfers
There’s a growing number of online platforms designed to make international transfers cheaper and easier. Here are a few of the most reliable:
🟢 Wise (formerly TransferWise)
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Transparent fees and competitive exchange rates
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Especially good for smaller to medium-sized transfers
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Quick setup and user-friendly interface
🔵 Atlantic Money
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Low fixed fee (£3), no matter how much you send
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Ideal for large transfers (think €10,000 or more)
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Currently only available in the UK and EU
🟣 Revolut
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Great for regular, smaller transfers
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Free currency exchanges up to €1,000/month (or unlimited with a paid plan)
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Instant transfers to other Revolut users
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Watch out for weekend markups on exchange rates
One-Time vs. Regular Transfers: What’s Better?
Should you send one large transfer or smaller amounts over time? It depends on your needs and strategy:
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Cost: Fixed-fee services like Atlantic Money are ideal for large, infrequent transfers. For variable-fee platforms like Wise, larger transfers usually mean better value per euro.
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Convenience: Smaller, monthly transfers help with budgeting and may feel more manageable.
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Market timing: While it’s tempting to wait for the “best” exchange rate, trying to time the market rarely works out. A sudden dip could end up costing more in the long run.
Bottom line: If you're transferring a substantial amount and want to minimize fees, one-time might be the way to go. If you prefer structure and predictability, monthly transfers could suit you better.
Other Transfer Services: Worth It?
You might also come across options like PayPal, Western Union, XE, or Remitly. While these services are widely known, they often come with higher fees or less favorable exchange rates.
For truly large transfers, consider a currency broker such as OFX—they specialize in high-value transactions and may offer tailored exchange rates. Still, it’s hard to beat the convenience and rates from services like Wise or Atlantic Money.
Don’t Forget the Details
Before you hit "send," keep these in mind:
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Some services limit the countries they operate in—always double-check availability.
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Avoid weekend transfers if your provider adds a weekend markup.
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Make sure your Portuguese bank account is set up and ready to receive international funds.
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Look into any legal or tax implications based on your residency or visa type.
Final Thoughts
Getting your money into Portugal doesn’t have to be expensive or complicated. With a little research, you can avoid unnecessary fees and ensure your euros go further.
Whether you’re planning a one-time move or regular transfers, take the time to compare your options. A few minutes of research could save you hundreds—or even thousands—of euros.
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