# FX providers



## jlw1805 (Jun 21, 2012)

Im sure this topic has been done to death but any tips on which currency provider to go with? 
Moving out to the Algarve early next year but am organising bank accounts in Portugal now and want to start getting money sent out. 

There are just so many!  

Thanks,


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## canoeman (Mar 3, 2011)

Millennium Portugal have an arrangement with HSBC UK so transfers are free and at days bank rate, you don't need a HSBC a/c, limits to daily amounts you can transfer but that's controlled by UK Banking regulations.
Brokers I now only use for major sums I generally choose between 3 and play one against other, and never use one that charges a fee, not sure I can publish on here so you'll need to PM when you've sufficient posts
I never ever use my UK Banks to make transfers, expensive and slow.


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## silvers (Sep 22, 2008)

I used a guy in Tornada, close to Caldas da Rainha for my major transfers, he saved me thousands.


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## robc (Jul 17, 2008)

jlw1805 said:


> Moving out to the Algarve early next year but am organising bank accounts in Portugal now and want to start getting money sent out.
> 
> Thanks,


I do not want to be a naysayer or harbinger of doom but I shall suppose that you will be using the money once it arrives, if not, I would think again before bringing large sums in to any country that has been bailed out, and not just Portugal.

There is a deposit guarantee scheme which would kick in should a bank collapse, but I can imagine the delays before getting the money back.

Then there is the issue of just how much €´s you want to have given the fragility of the € at the moment.

I drip fed my/our funds in to pay for the house construction, a few more smaller lumps and I found that the transaction charges to be minimal and the exchange rate fluctuations benefitted.

Local to us is a very good guy, cannot say as advertising, but would recommend and we are on the silver coast.

HTH

Rob


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## jerryceltner (May 15, 2012)

jlw1805 said:


> Im sure this topic has been done to death but any tips on which currency provider to go with?
> Moving out to the Algarve early next year but am organising bank accounts in Portugal now and want to start getting money sent out.
> 
> There are just so many!
> ...


I use World First and play them off against Moneycore to get the best deal.
Transfers are free of charge and the rates are very good usually within half a cent of the latest rate on XE. I have been more than happy with the service. Money is transferred into your Portuguese bank account the following day after you deposit the amount into their account.


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