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Top 3 Money Transfer Providers for UK to Portugal

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX EUR €11,063.57 No Fee 1.1064 1-3 days more...
Currencies Direct Currencies Direct EUR €11,063.57 No Fee 1.1064 1-3 days more...
OFX (UK) OFX (UK) EUR €11,019.10 No Fee 1.1019 1-3 days more...
FXcompared Country Guides
See all guides here
UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
PORTUGAL
Portugal joined the european single currency, the euro (EUR) at its inception in 1999 Read More
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Send money from UK to Portugal

Top 11 Money Transfer Providers

Latest prices for transferring money from UK to Portugal
Exchange Rates as of 30 October 2020, 16:59

TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

More InfoLess Info
FXcompared Rating
Amount Received
EUR €11,063.57
GBP £246.09
saved vs. banks

Currencies Direct

Est. 1996

Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure

More InfoLess Info
Amount Received
EUR €11,063.57
GBP £246.09
saved vs. banks

OFX (UK)

Est. 1998

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

More InfoLess Info
Amount Received
EUR €11,019.10
GBP £206.09
saved vs. banks

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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Amount Received
EUR €10,932.37
GBP £128.09
saved vs. banks

Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

More InfoLess Info
Amount Received
EUR €11,019.10
GBP £206.09
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
EUR €11,024.66
GBP £211.09
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
Amount Received
EUR €11,063.57
GBP £246.09
saved vs. banks

Western Union Business Solutions

Est. 2009

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

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Amount Received
EUR €10,952.38
GBP £146.09
saved vs. banks

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
EUR €11,029.10
GBP £215.09
saved vs. banks

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
EUR €11,024.66
GBP £211.09
saved vs. banks

Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
EUR €10,753.13
No saving vs. banks

How to Transfer Money from UK to Portugal

What is in this guide

UK to Portugal Guide

Summary

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, the UN, and the European Union (EU), though they do not share a common currency. Commerce and tourism are among the most popular economic activities that connect the UK and Portugal, with more than 2 million Britons travelling to Portugal annually and more than 60,000 British nationals living and working there for at least part of the year. 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.

Visas and immigration

Since Portugal and the UK are both EU member states, UK citizens are not required to obtain a visa to enter Portugal, whether for tourism, business, or study. All British nationals will have to present a valid UK passport to gain entry. For more information on living in Portugal as a UK citizen, please refer to the site of the UK Foreign and Commonwealth Office.

Banking and money

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 and citizens of other EU countries 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.

Taxes

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.

Trade with Portugal

Portugal is the UK’s 11th largest market for exports within the European Union and the 30th largest worldwide. Bilateral trade between the UK and Portugal totals around GBP £3bn. 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.

Investment in Portugal

UK direct investment in Portugal amounted to EUR €5bn in 2009, according to the Portuguese Consulate General in the UK, and in 2011, direct investment from the UK accounted for 13.8% of all foreign direct investment in Portugal. 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.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from UK to Portugal. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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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.