Whatever your reason for sending money to Portugal, Compare Money Transfer will make your currency transfer as straight forward and cost effective as possible.
Currency for Portugal
The Euro (EUR) is now the official currency of Portugal. Portugal’s prior currency, the Escudo, has now been phased out as legal tender and is no longer accepted.
Send Money Transfer to Portugal
If you are sending money to Portugal from the UK, you need to find a reliable method for foreign currency exchange. All the banks will help you transfer money to Portugal but you will have to pay a considerable amount of money to your bank in a variety of forms. For example, your bank will charge heavy commission rates on the money transfer.
They will also levy a certain fee for the transactions with the foreign account. That is not all, when you are sending money from the UK to Portugal , the currency has to be converted to the local currency and banks normally offer very poor foreign exchange rates. You will lose both in terms of buying and selling.
For many people in the UK, Portugal is a real estate haven. Many Brits buy real estate property in the UK and when they do so they need to send money to Portugal . To get the best offers and deals on sending money to Portugal, you need to find a reliable company that you can count on.
Real estate dealings take a considerable amount of time and this leaves a large window for Forex currency exchange risks because the Forex market is highly fluctuating and it will require you to decide your money transfers very carefully so that you will get the best exchange rates. You may have got your Portugal property at a bargain price but the exchange rates and their fluctuations can result in swelling of your overall budget and you will realize this only at the last moment when it is too late to do anything about it. Many real estate customers lose a lot of money when they transfer money.
There are other situations whereby you will have to do money transfer to Portugal such as paying for goods procured from Portugal or paying for the staff in Portugal . Number of companies have their operations in both UK as well as Portugal . Such UK based companies will have to send money to Portugal on monthly basis. This can result in a lot of problems because the currency trends fluctuate.
Every month they should know when to transfer the funds to Portugal so that they get good exchange rates. In such situations it is best to get help from a foreign exchange company that will be able to analyze the market trends and minimize the risks involved in losing money in transfer.
There are many money exchange companies and brokers and they will have highly experienced money transfer experts who will be able to perform an in-depth market analysis and help companies to remain profitable when they send money to Portugal. It is best to compare the currency exchange companies to get the best service possible.
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