| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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OFX (UK) | GBP £10,000.00 | No Fee | 1.1838 | 1-3 days | more... |
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Currencies Direct | GBP £10,000.00 | No Fee | 1.1886 | 1-3 days | more... |
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TorFX | GBP £10,000.00 | No Fee | 1.1886 | 1-3 days | more... |
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
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Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
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Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
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One-off payments | Regular payments | Great rates | Safeguarded customer funds
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Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Banks are typically the most expensive way to do an international money transfer, and the quotes from the providers above show you the typical savings that can be made versus the average of a group of popular banks. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada by the SSC and Australia by the ASIC.
We check all rates regularly and this quote is an average from a group of major UK high street banks for this past month. It includes: Bank of Scotland, Barclays, Co-operative Bank, HSBC UK, Halifax, Lloyds Bank, NatWest, Nationwide and Santander GB – tracked every month. For more information on how the price comparisons are calculated, see our IMTI page.
The bilateral alliance between the United Kingdom and Portugal is one of the oldest in the world, dating back to the 14th century. Both the UK and Portugal are members of the NATO and the UN, though the UK's departure from the European Union (EU) may change previous trends. Commerce and tourism are among the most popular economic activities that connect the UK and Portugal. Prior to Brexit, more than 2 million Britons travelled to Portugal annually and more than 60,000 British nationals lived and working there for at least part of the year. It is not yet clear how much this will change following Brexit. There are currently no restrictions on sending money from the UK to Portugal, however, any account holdings that exceed EUR €50,000 must be declared to the Banco de Portugal, the country’s central bank.
Now the UK has left the EU, British citizens are required to obtain an appropriate visa if they wish to move to Portugal, or for visits of longer than 90 days. For more information on living in Portugal as a UK citizen, please refer to the site of the UK Foreign and Commonwealth Office.
Portugal has a modern and sophisticated banking system. There are a wide range of services available, including savings accounts, current accounts, business and joint accounts. Online banking is a common feature of all Portuguese bank accounts. All banks in Portugal belong to a national grouping called Multibanco, an interbank network that links ATMs, automatic payments, and mobile and online banking services.
In most cases, it is advisable to wait to transfer money from the UK to Portugal until after having opened a Portuguese bank account. Generally, it is required that the individual opening the account present themselves in person at a local bank branch. It is relatively easy for UK nationals to open a Portuguese bank account. You will have to present proof of identification in the form of a passport or ID card, an NIF (foreign identity) number, proof of a local Portuguese address in the form of a utility bill, and a residency card.
Residents and non-residents are taxed differently in Portugal. A UK national will be considered a resident if they remain in Portugal for more than 183 days during a 12-month period. In this case, individuals may be taxed for both locally earned income as well as any earnings from other countries.
Portugal has double taxation treaties with 71 countries, including the UK. British nationals who become residents of Portugal can be exempted from paying high tax rates on overseas earnings.
For those who are residents of Portugal and are employed by a domestic business, taxes are deducted directly from earnings. This is usually done on a sliding scale ranging from 10.5% to 42%. On the other hand, non-residents of Portugal are taxed only on income earned in Portugal and at a flat rate. The tax year in Portugal is from January 1 to December 31, whereas the tax year in the UK is between April 5 to April 6 of the following year. UK expats are responsible for filing tax returns between February 1 and March 15 for income from salaries or pensions, and between March 16 and April 30 for any other sources of income. It may be in your best interest to get the help of a professional tax advisor in order to fully understand Portuguese tax requirements.
Prior to Brexit, Portugal was the UK’s 11th largest market for exports within the European Union and the 30th largest worldwide. Bilateral trade between the UK and Portugal totalled around €12.3bn in 2018, although this may lessen following the UK's departure from the EU. The main goods imported to the UK from Portugal are transport equipment, vehicles, and clothing. The main imports include chemicals, fuel, and machinery. Tourism and transport comprise the main aspects of revenue from UK, amounting to approximately 75%. Portuguese wines and food items continue to grow in popularity in the UK.
UK direct investment in Portugal amounted to GBP £4.3bn in 2019, according to the UK Department for International Trade, accounting for 0.3% of the total UK outward foreign direct investment stock. UK foreign direct investment in Portugal is focused mainly in the financial and tourism sectors. The UK sends the second highest number of tourists to Portugal of any nation worldwide.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
