When you transfer funds from your home country into a bank account in Portugal there is a few things you need to look out for…
There is a transaction fee for IBAN – this can easily be from $2-$10 – or sometimes 1%.
When you are changing the currency from GBP, USD etc then into EUR, the price the bank is selling the currency for is usually not very good. This can easily be 5% as a normal day rate!
Therefore we use and recommend Wise. Formally called Transferwise.
What they do is essentially operate as a multi-currency bank account. As soon as they have received your money locally where you are based, they will release the same amount of money from somewhere close to your destination.
This means that not only will the money get there a lot faster – but also a lot cheaper.
What you see on their website, is the actual day rate for the currency – and then their small fee is openly displayed. This way, you know exactly how much commission they are making on the transaction. This means that you don’t get any surprises from your traditional banks.
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