Sending money in Portugal isn’t expensive or difficult. However, you do need to compare different services and their rates to find the best deal for you. This article will help you to do your research and make your transfer successfully.
Many people’s first thought is to transfer money through their bank. While banks do send money overseas, it can be very costly for you since their fees are higher compared to companies specialised in international money transfers. If you want to do your transfer more cost-effectively, you should find the best money transfer service for your needs and go with that.
How do I find the best money transfer company?
There are a few factors to focus on when choosing the right money transfer company:
- Exchange rates: The better the exchange rate, the more money the recipient will get. Shop around for the best exchange rate but watch out for companies that combine high transfer fees with low exchange rates.
- Transfer fees: The percentage of the transfer taken as the provider’s cut can vary a lot depending on the service. Some companies will waiver their fees for you if the transferred amount is large enough.
- Transfer methods: Find out what method the company uses for transferring the money; is it online or can you call or even visit a branch? What is the best option for you?
- Transfer options: Companies offer different transfer options. Is it possible to lock in a good exchange rate now and transfer the money later as a forward contract? Can you schedule recurring payments?
- Transfer time: How long will it take to send the funds to the recipient? Sometimes superfast transfers cost extra.
- Minimum amounts: Check if the company has a minimum limit for how much you can transfer.
- Pickup methods: How will the recipient get the money you send? Find the most convenient option for you.
How to send the money?
Once you have chosen a company suitable for your needs, these are the common steps you need to follow to complete your transaction:
- Set up an account: This can be done online. You’ll need to provide your name, address, proof of ID and bank account details.
- Enter the details of your transaction: How much money you’d like to send, what currency it’s in and where it will be going.
- Provide the recipient’s info: Provide cash pickup or bank account details for the recipient and their contact details.
- Pay for the transfer: Submit the transfer and pay for the transaction. You will be given a receipt for tracking the transfer and in some cases, you may need to pass it to your recipient too.
Portugal offers a lot of different solutions when it comes to money transfer companies, so research your options well and you’ll find the most convenient and cheap way to make your transfer!
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