Currency
In Portugal you will need Euros to buy property and pay bills
If you have found a property you want to buy in Portugal and your funds are not in Euros, then you will need to consider how you are going to exchange funds in a safe and protected way while ensuring the best rate.
When buying a property in Portugal or moving your savings into Euros you can make a substantial savings by not going through your regular high street bank. A bank normally does not charge commission but take a substantial profit on currency transfers by using poor exchange rates, you can expect to see 3% to 5% less of your transferred money in Euros by using a regular or internet bank.
We recommend using a London based ‘Financial Conduct Authority’ or FCA registered Currency Broker. A Currency Broker ensures low exchanges rates and no bank handling fees, your funds will also arrive into your Portuguese bank account quickly. A ‘Financial Conduct Authority’ registered Currency Broker offers a solid financial protection by using segregated client accounts, this protects your funds.
This is how it works:
We will base this on a British buyer with Pounds
- An account is opened with our Currency Broker in London, this takes 10 minutes to complete.A Canadian buyer will transfer Canadian Dollars to the Nu Currencies brokerage in London, the funds will arrive in the same currency as sent.
- The British buyer will transfer Pounds to the Nu Currencies brokerage in London. The funds always arrive in the same currency as sent.Your new Euro funds are then sent to your Portuguese account as Euros, this further avoids the banks landing fees.
- Upon the arrival of your funds into a segregated client account, you can ask the broker to exchange the funds into euros at the best available rate. The funds then become Euros.As an example, a funds transfer of €500,000 using our currency broker compared to using your bank you will save around €15,000.
- Your new Euro funds are then sent to your Portuguese bank account. This will also avoid bank landing fees that your high street bank will levy as fees.
- The whole process is digital and will complete quickly. The whole process including arrival into your Portuguese bank account takes less than 2 days.
- A funds transfer of £500,000 using our Currency Broker when compared to using your regular bank, will save between €15,000 to €25,000.
- Not planning a currency transfer when buying property in Portugal is a needless mistake. Register with our Currency Broker and be prepared.
