Europe
Send Money to Portugal
Last updated: February 2026|Written by Matt Woodley
Quick Facts
Important Note
NHR tax implications for expats
Sending money from the UK to Portugal requires choosing the right provider for GBP to EUR transfers. The exchange rate, fees, and delivery speed vary significantly between providers. Below we cover how money transfers to Portugal work, what the banking system looks like on the receiving end, how to avoid common pitfalls, and which FCA-regulated providers offer the best rates for EUR transfers in 2026.
How Money Transfers to Portugal Work
Portugal uses SEPA for all EUR transfers. SEPA Instant is supported by major banks including Millennium BCP, CGD, and Novo Banco. Portuguese IBANs begin with PT followed by 23 characters. Property transactions go through a Notario, with completion typically 1-3 months from the CPCV (Promissory Contract).
Common Reasons People Send Money to Portugal
- Buying property in the Algarve, Lisbon, or Silver Coast
- Retirement relocation (D7 visa for passive income holders)
- Living expenses for expatriates
- IFICI+ tax regime optimisation
- Business investment and startup costs
Tax & Regulatory Information
Portugal's IMT (property transfer tax) ranges from 0% to 7.5% depending on value and type. Stamp duty is 0.8%. The NHR regime was replaced in 2024 by IFICI+, offering a 20% flat tax on qualifying income for 10 years. Capital gains are taxed at 50% of the gain for residents or 28% for non-residents.
This is general guidance only. Consult a qualified tax adviser for advice specific to your circumstances.
GBP/EUR has traded between 1.10 and 1.20 through 2024-2026. Portuguese property market demand from international buyers creates seasonal patterns in transfer volumes.
Bank vs Specialist: How Much Can You Save on EUR Transfers?
Indicative rates based on a typical GBP 10,000 transfer. Actual rates vary by provider and market conditions.
| Metric | High-Street Bank | Specialist Provider |
|---|---|---|
| Exchange Rate | 1.1330 | 1.1700 |
| Transfer Fee | £25 | £0 |
| Estimated Saving | -- | Save ~3.4% |
Rates are indicative and updated periodically. Check live rates with each provider for the most accurate quote.
Best Providers for Sending Money to Portugal
We have reviewed and rated the top money transfer services for sending money to Portugal. All providers below are licensed, regulated, and IMT accredited.
Currencies Direct
IMT Score: 94/100Best Overall for Large Transfers
Fees
Zero fees
Speed
1-2 days
Min.
$100
TorFX
IMT Score: 91/100Best for Property Purchases
Fees
Zero fees
Speed
1-2 days
Min.
£100
Wise
IMT Score: 92/100Best for Speed & Small Amounts
Fees
Low transparent fee
Speed
Minutes to hours
Min.
£1
OFX
IMT Score: 88/100Best for 24/7 Support
Fees
Zero fees over £1,000
Speed
1-3 days
Min.
£100
XE
IMT Score: 87/100Best for Currency Coverage
Fees
No transfer fees
Speed
1-4 days
Min.
£1
Disclosure: We may receive compensation when you click on links to providers on this page. This does not affect our editorial independence or the ranking order. Our reviews are based on independent research and real customer feedback. Read our editorial policy.
5 Expert Tips for Sending Money to Portugal
Practical advice from our editorial team, based on market data and feedback from thousands of users who have sent EUR.
SEPA transfers to Portugal arrive same day for most major providers
The CPCV deposit is typically 10-30% and legally binding
Portugal's Golden Visa was revised in 2023 -- property no longer qualifies in Lisbon and Porto
For Algarve property, negotiate firmly -- more flexibility than in northern Europe
Set up rate alerts for GBP/EUR -- timing can save thousands on a large transfer
Frequently Asked Questions: Sending Money to Portugal
What is the cheapest way to send money from UK to Portugal?
Use a specialist provider via SEPA. You save 2-4% on the exchange rate vs a bank. On a EUR 300,000 Algarve property, that is approximately EUR 7,000-10,000 saved.
What replaced the NHR tax regime in Portugal?
The IFICI+ regime replaced NHR in 2024. It offers a 20% flat tax rate on qualifying Portuguese-sourced income for 10 years. Unlike NHR, it targets high-value workers and researchers rather than retirees. Existing NHR holders retain their benefits for the full 10-year term.
Can I still get a Golden Visa through property in Portugal?
The Golden Visa was revised in October 2023. Real estate investment no longer qualifies in Lisbon, Porto, or the Algarve (high-density areas). Property investment still qualifies in interior/low-density areas (minimum EUR 500,000, or EUR 350,000 for renovation). Fund investment (EUR 500,000) remains eligible nationwide.
How long does a UK to Portugal transfer take?
SEPA transfers arrive same day, often within hours. SEPA Instant arrives in seconds. SWIFT takes 1-2 days. Banks take 3-5 days. Always use SEPA for EUR transfers to Portugal.
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