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Top 3 Money Transfer Providers for UK to Portugal

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 10,864.99 £0.00 1.0865 1-3 days more...
OFX (UK) OFX (UK) 10,854.04 £0.00 1.0854 1-3 days more...
Currencies Direct Currencies Direct 10,832.13 £0.00 1.0832 1-3 days more...
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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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Portugal Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Portugal's money transfer regulations
  • Portugal's monetary and regulatory authority
  • Currency union
  • Currency
  • Summary

    Portugal joined the european single currency, the euro (EUR) at its inception in 1999. In line with European policies, Portugal does not restrict inflows or outflows of capital, whether it’s related to remittances, trade or investment, having deregulated all individual and business forex transactions between residents and non-residents.

    Portugal's money transfer regulations

    While there are no limits to the amounts that can be transferred to or from Portugal, All transactions between residents, and all payments made and/or received on resident accounts held abroad that exceed EUR50,000 must be reported to the central bank, Banco de Portugal. Foreign exchange accounts and domestic currency accounts can be held by residents both domestically and abroad. Resident euro accounts are convertible into foreign currency. Non-resident bank accounts are permitted in both foreign currency and euro, and non-resident domestic currency accounts can be held abroad

    There are no restrictions on the amount of hard currency that may be brought in or out of Portugal; however, in line with EU legislation on anti-money laundering and terrorism financing, any amount equivalent to or higher than EUR10,000 must be declared to customs authorities.

    Portugal's monetary and regulatory authority

    The creation of monetary union resulted in the adoption of a single regional monetary policy set by the European Central Bank (ECB). Portugal’s central bank, the Banco de Portugal, retains oversight of the Portuguese financial system, ensures the stability of foreign exchange reserves, and monitors the function of the banking sector, other financial service providers, and payment systems.

    Currency union

    Portugal joined the European Union in 1986 and was one of 12 inaugural members of the euro common currency zone (eurozone) in 1999. Portugal also joined the Schengen area, which allows for unrestricted cross-border movement, in 1991.

    Annual GDP growth was above the European average for much of the 1990s, but its economic growth slowed in the 2000s, and Portugal was one of the countries that was hardest hit by the global economic downturn and the eurozone crisis after 2008. Public and private indebtedness has risen sharply, and Portugal’s public debt as a proportion of GDP hit 129.4% in 2013, the third-highest rate in the EU after Greece (177.3%) and Italy (132.7%).

    Portugal was one of five countries, including Greece, Ireland, Italy and Cyprus, to receive a financial stimulus programme from the EU and International Monetary Fund (IMF). Since May 2011, the government has introduced austerity measures such as public spending cuts and increased taxation, which have helped to put the economy on stronger footing. Nonetheless, indebtedness remains particularly high and the central bank has significantly lowered interest rates in an effort to encourage economic growth.

    On Portuguese exchange platforms, the US dollar (USD) and the euro represent the vast majority of currency trades. According to the most recent survey from the Bank for International Settlements, the USD was the most frequently traded currency in Portugal (US$3.1bn per day in April 2013), followed closely by the euro (US$2.93bn/day). Small amounts of other currencies such as Swiss franc, are also traded.

    Currency

    The euro is made up of 100 cents. Euro banknotes are printed in denominations of EUR5, EUR10, EUR20, EUR50, EUR100, EUR200 and EUR500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and EUR1 and EUR2. Each member country’s central bank issues its own banknotes and coins; the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.

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    Top 10 Money Transfer Providers

    Exchange Rates as of 2019-08-16T21:59:55+00:00

    Currency Solutions

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

    TorFX

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    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    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

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    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

    Moneycorp

    ?
    Est. 1979

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

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

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Global Reach (formerly FC Exchange)

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

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

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Western Union Business Solutions

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

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    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.