# Bringing money into Portugal from outside the EU.



## ExpatNick (Sep 6, 2015)

Hello all,

Has anyone experienced any difficulties bringing funds into Portugal from outside the EU? Not talking about bank fees (can't be avoided) but tax issues, etc.

Any advice / info / tips greatly appreciated.

Nick.


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## travelling-man (Jun 17, 2011)

We sent our money from South Africa to the UK (offshore) and then to Portugal without any tax or other issues.


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## grammymissy (Jun 21, 2009)

We transfer funds from the US to our Portugal bank account with no issues, beyond bank fees.


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## Slackrat (Apr 30, 2013)

ExpatNick said:


> Hello all,
> 
> Has anyone experienced any difficulties bringing funds into Portugal from outside the EU? Not talking about bank fees (can't be avoided) but tax issues, etc.
> 
> ...


Never had any problems personally.

Foreign cards are not limited to the ridiculous 2 x 200 €/day. MultiBanco restriction.

But if your bank levies a charge for each MultiBanco withdrawal, that can become expensive

So avoid MultiBanco like the plague.

Go to the EuroCash or similar machines which will give you up to your home bank's daily limit at one go. IE you will only pay one fee for the withdrawal if your bank levies a charge.

Also, check whether your home bank is a member of the Global ATM Alliance. Such banks charge no transaction fees for cash withdrawals at other Alliance member ATMs; these include Bank of America, Scotiabank (Canada, Caribbean, and Mexico), Barclays (U.K. and parts of Africa), Deutsche Bank (Germany, Poland, Spain, and Italy), and BNP Paribus (France) and there may be others outside my personal experience.

Then check whether your home bank levies a Foreign Transaction fee (usually around 3%) and do the arithmetic if they do. (The 3% International Transaction Fee/Foreign Currency Fee is not waived under the Global ATM Alliance rules)

Barclays is possibly the sole ATM Alliance partner in Portugal.


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## ExpatNick (Sep 6, 2015)

Thanks everyone.

My query was aimed at experiences bringing in adequate funds to purchase a house, rather than ATM issues, but thanks anyway Slackrat - good info and well worth noting for the future.


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## VinhoVerde (May 2, 2014)

Two points:

At the OP:
I was advised by my banker (MillenniumBCP), when buying property, that transferring amounts more than E10.000 may provoke an explanation requirement. I cannot recall having such troubles when I did so in 2014, though.

At Slackrat:
where can I find a Barclays ATM in Portugal, please? TIA.

VV


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## Strontium (Sep 16, 2015)

Barclays want to or have already started to divest themselves of Portugal (and Africa) so things are a changing banking wise so little possibility of finding an Barclays ATM but, if your account is Barclay UK or Barclay UK/overseas, then you card will work other ATMs

http://portugalresident.com/spanish-bank-buys-barclays-portugal-for-€100-millioner


The over 10 000 a day anti money laundering limit just means you have to plan the total transfer over a period or make an arrangement with your bankers. Trying to internet bank the transfer for over 10 000 the day before the payment is due, as on you promissory, is not a good idea.


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## grammymissy (Jun 21, 2009)

We transferred from the US, three days before promissory, over 10,000, just having to add explanation that funds were for house purchase. Bank in US requested details of house purchase, and then transferred balance due for purchase of house, as requested, at time of house purchase, based on that previous explanation. We just need to give a brief description of what funds are for, and over 10,000 transfers are not an issue.


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## travelling-man (Jun 17, 2011)

As far as I know, there's no limit on the amount you can transfer in one lump but I think it's flagged over 10K and they can ask you what the transfer is for etc for any amount & for what it's worth, I've made several transfers of considerably more than 10K and they were perfectly happy with the reason I gave them which was moving countries & buying/renovating a house in my new country of residence.


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## Slackrat (Apr 30, 2013)

VinhoVerde said:


> At Slackrat:
> where can I find a Barclays ATM in Portugal, please? TIA.



Particulares | Barclays Bank

When you get to the URL above, look over on the right for Agencies
Quando você chegar ao URL acima, olhar à direita para agências


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## Slackrat (Apr 30, 2013)

Strontium said:


> Barclays want to or have already started to divest themselves of Portugal (and Africa) so things are a changing banking wise so little possibility of finding an Barclays ATM but, if your account is Barclay UK or Barclay UK/overseas, then you card will work other ATMs
> 
> http://portugalresident.com/spanish-bank-buys-barclays-portugal-for-€100-millioner
> 
> ...


My personal take is that Barclays is on the ropes and ready to be "counted out"
Rogues Gallery


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## Maggy Crawford (Sep 18, 2010)

I thought that Barclays here was nothing to do with Barclays in the UK. But I could be wrong.


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## Slackrat (Apr 30, 2013)

Maggy Crawford said:


> I thought that Barclays here was nothing to do with Barclays in the UK. But I could be wrong.


As of today, they're still flying the flag


Europe

United Kingdom
Denmark
Germany
Greece
Ireland
Italy
Lithuania
Monaco
Norway
Russia
Sweden
Cyprus
France
Gibraltar
Guernsey
Isle of Man
 Jersey
Luxembourg
Netherlands
Portugal
Spain
Switzerland

But according to my newsticker, they're still frantically tying to peddle off EuroOps in PIGS countries, most significantly Portugal and Italy, for a few pennies on the Pound. 

News reports are somewhat confusing/conflicting however.


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## CandaceDean (Apr 1, 2016)

*Money*

Hi, I'm American as well. I'm losing about 15% of my usd when I convert to euros.

Is there a better way to do it?

Thanks


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## grammymissy (Jun 21, 2009)

When transferring from USA, other than wire transfers for bulk moves, with fees, and atm for smaller withdrawals, we don't have other options, due to usa restrictions to prevent money laundering . Within the EU transfers can be done bank to bank, online, no fees.


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## CandaceDean (Apr 1, 2016)

*Money*

Thank you


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