# using a broker



## ceolchick (Jun 10, 2013)

Hi everyone. I'm new to this site, as we're in the process of buying a house close to Figueiro dos Vinhos. I need to transfer our money from our UK bank to our Portuguese one and as the exchange rates are so rubbish I'm considering using a broker, but have heard horror stories! 
Any recommendations?


----------



## travelling-man (Jun 17, 2011)

Welcome to the forum. 

We looked at it 18 months ago when we bought our place in the same area (we're 7 km from Figueiro Dos Vinhos) and the fees and rates were so similar to the banks it wasn't worth considering.


----------



## ceolchick (Jun 10, 2013)

Thanks Travelling-man! The rates seem to have gone down quite a bit in the last couple of weeks, so I think we'd lose €4000 now....mind you, I'd have to check and re-check the fees :/


----------



## travelling-man (Jun 17, 2011)

It hurts huh..... .not only did we lose money on the exchange rate from UKP to Euro, but we also lost almost 25% of our money when we moved from South Africa and the Reserve Bank decided to mug us for no apparent reason! 

Which village are you buying in? 

We're in Nodeirinho.


----------



## ceolchick (Jun 10, 2013)

We're in (will be in) Vale das Areias, 2km from Figueiró dos Vinhos, on way to Castanheira de Figueira, just 10 minutes away from you


----------



## travelling-man (Jun 17, 2011)

In that case, I'm sure we'll bump into each other eventually and/or perhaps meet up for a coffee or a beer sometime but feel free to PM me if you need to know locations of good garages/shops etc.


----------



## ceolchick (Jun 10, 2013)

Great, many thanks! We're less than 1km from Paris restaurant, off IC8, and love the new restaurant in Padrógão Grande by the taxi rank! Always grab a coffee too at cafe off IC8 as you enter PG while Dave fills up! I'm getting used to espresso now lol! There's a cafe in Cernache do Bonjardim which has great food at good prices - all others we've been to, the prices are comparable to Ireland - high, so could use your local knowledge for good food at Portuguese prices at some time please!


----------



## canoeman (Mar 3, 2011)

Depends on amounts I use Excel currencies for large amounts *no fees* from UK Bank, Excel or Portuguese Bank, good rates you can pre book, don't forget bank rate better than tourist, quick service either £ to € or € to £, I have a/cs with a couple of other brokers and have never paid a fee they'll all waive if you push them, banks won't which is why I use brokers for any larger amounts 

Small amounts our Portuguese bank Millennium has an arrangement via HSBC for free transfer £ to €'s just transfer money from any bank, building society to Milleniums a/c with HSBC your a/c number as reference, no fees, days bank rate, between 12-24 hrs, limits are what your UK bank will allow as a days transfer


----------



## ceolchick (Jun 10, 2013)

Hi Canoeman, many thanks for the info. Our Portuguese bank (BPI) also told us that about HSBC but when I phoned them, they said we'd have to have an account with them! Our UK bank exchange rate seems to be 1.14, where a broker is 1.17/8 so may risk a broker I think, also, they don't charge a fee, where my bank does, have registered with the one advertised on this forum.


----------



## canoeman (Mar 3, 2011)

Don't touch your UK Bank charges are high for transferring money and accepting, also service is slow, as I said Millennium have an arrangement with HSBC no need for me to have an a/c with them, my money is transferred to Millenniums HSBC a/c then credited by Millennium to my Portuguese a/c in €'s within 12-24 hrs, brokers are licensed these days one I use my money goes into a bonded a/c


----------



## uniontomo (Jun 10, 2013)

We often transfer small amounts of money to BPI in portugal via HSBC and we are with Santander no problem whatsoever ever


----------



## ceolchick (Jun 10, 2013)

I'lll go with a broker - really don't understand HSBC's stating I needed an account with them, as you're the second person who has used this service that I know of. Maybe the telesales was just trying to get me to open an account with them....


----------



## canoeman (Mar 3, 2011)

Maybe just question asked the wrong way, your Portuguese Bank should give you the information a/c number etc maybe BPI don't have same deal as Millennium


----------

