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Portugal to the UK money transfer (How to guide)

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    Transfer Money Portugal to UK

    When it comes to transferring money from Portugal to the UK you have two options:

    1. You can use a bank.
    2. You can use a currency broker.

    Many people would be inclined to use their bank as they see it as the easy option and the money is most likely already in your account however, by using the bank it can occur a high cost.

    The cost of using a bank can be 4-5% for international money transfers.

    If for example you sold an item in Portugal for €200,000, at a 5% cost that works out to be €10,000, now that is a substantial amount of money to be giving to the bank.

    The best way to avoid these charges is to go through a money transfer specialist.

    To transfer money from Portugal to the UK there are four simple steps; customer ID check, get a Euro to Pounds exchange rate, make the payment and then finally, the money is transferred!

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    What timeframe does it take for this transfer?

    You may be asking yourself; how long does it take to transfer money from Portugal to the UK and is a bank transfer from Portugal to the UK the best option?

    In this section we consider your options when you want to send money to Portugal from the UK and try to guide you to the best decision for you.

    When you make a bank transfer from Portugal to the UK, you need to be aware that, generally, banks are slower at processing international money transfers so you would need to add 1-2 days onto the timeframe I have shown below. What this means in real terms is that your bank transfer from Portugal to the UK will take around 4-5 days in total.

    Currency brokers have quicker turnaround times for sending money to Portugal from the UK as this is their area of expertise and they are solely focused on money transfers whereas a bank has multiple different things to focus on.

    The money should land in your UK bank account in 1-3 working days after sending the Euros.

    If your bank transfer is subject to time constraints it is important you are aware of any potential holdups when you transfer money from Portugal to the UK; you don’t want to find yourself paying more than you need to.

    Read on to find out more.

    What are the costs involved?

    The two main costs to look out for are:

    1. Exchange rates
    2. Transfer Fees

    You can calculate the total cost by adding these two costs together, it is easier to find out the amount of Pounds you will get for your Euros.

    1. Exchange Rates

    One thing to bear in mind is that there is never a standard exchange rate as a money transfer company, or a bank will offer different exchange rates.

    There are websites available to look at ‘live rates’ however, a lot of these rates are not real rates and are not available for customers!

    They are something called ‘interbank rates’ which means only banks can use these rates with themselves.

    Rates offered by the big banks in Portugal have a 4-5% margin depending on the size of your transfer; currency broker rates are a lot more competitive!

    This is because they have a lot less overheads than the bank, so they can give the customers those savings!

    1. Transfer Fees

    This is a fee that is charged each transfer, some large Portuguese banks will charge you a transfer fee every single time you send money to a different country! Even some money transfer specialists will too!

    Sometimes the banks will charge two transfers fees, one for sending it from the bank in Portugal and the other one for the bank that is receiving the money in the UK.

    Usually, the transfer fees are around €20 to €30 each transfer! If you decide to use a currency broker and you pick the right one, you will avoid paying these fees completely!

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    Are currency brokers safe to use?

    It is understandable how some people might be uncertain about using a currency broker if they have never used one before as you want to save money, but you want a peace of mind that money is going to be safe too.

    One main thing you should do before using a currency broker is to check that they are regulated by the FCA (Financial Conduct Authority), you can do this by checking the FCA register online.

    The main reason why it is crucial that they are authorised is because when they have been authorised, they are required to put your money in a separate, safeguarded client account and it is not held with company funds.

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    Currency brokers, are they all the same?

    For someone who has not got any knowledge on the different currency brokers it can appear as if they are all the same, when you take the time to look at them individually you can see that there are some substantial differences.

    Some brokers are “online only” this means that they are solely based online in the form of a website or app, there will be no one to talk to and help you through the process.

    These specific companies can be named as money transfer specialists rather than the title “currency broker”, this is as there are no brokers (people) to help you with your money transfer!

    Companies such as PayPal, TransferWise, and Revolut are some well-known online-only platforms for people to transfer funds, this appeals to some people but not too all!

    For small frequent payments this might be more appealing however, for the larger money transfers it might put you more at ease to be able to physically talk to someone.

    When sending a large amount of money, it might make you feel more comfortable to speak to a real person during the process.

    If you choose a currency broker you will get A* service as well as a personal account manager that can answer any questions you may have, offer help and guidance throughout the process, ensure the details are correct before and during the transfer and keep you fully informed from the very start to the finish.

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    How to achieve the best exchange rate?

    Working alongside a currency broker is the best path with finding the best exchange rate possible as the rates move every few seconds.

    Even events like the daily news can cause the exchange rate to change! Opportunities may be as little as days to get the best exchange rate or if months, it is very unpredictable to say the least.

    The good thing about having a currency broker at hand is that they can monitor the exchange rates for you and inform you when the rate moves in any direction.

    When looking at large money transfers, the smallest change within the rate can cost or save you a lot of money! For example, on a €200,000 transfer, a 2% improvement within the rate could save you €2,000. Online-only operators and banks do not offer this same service and support with the rates.

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    Who are we?

    Regency FX are a UK based independent currency broker, specialising in high volume transfers.

    We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

    All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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    The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

    They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

    Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

    We can monitor the market on your behalf enabling you to budget more effectively.

    As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

    Get a quote and see how we stack up.

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