# Transferring $ from US to Portugal



## Kathrynj (Jul 14, 2014)

As a part of settling into my new home in Cascais, I need to transfer a significant amount of money to my new bank account in Portugal. I've read on this forum about expats from the UK, but can't find anything from the US expats as to how you transferred a large amount of money.
Any help will be appreciated.


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## flensdorf (Aug 21, 2015)

google tranferwise this company has been mentioned several times.


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## grammymissy (Jun 21, 2009)

We transferred via our bank in the US, fortunately our bank there offers a transfer with a low fee, and since we only moved a portion, they are happy to keep earning on what we still keep with them, so customer service remains great.


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## VinhoVerde (May 2, 2014)

There are several possibilities - you may want to google foreign exchange brokers. I have used XE Trade, CurrencyFair and The FX Firm in the past from Canada. CurrencyFair does not operate in the US, but XE Trade does. There might be some complications relating to the US that differs from Canada, so it might take a few days to set this up and get all the documentation sorted out. I could do it online, so it might be possible for you to do from Portugal. Don't be intimidated by the process, it is worth the effort and the savings can be substantial. Most/all have calculators that will show you what the costs involved are and how much you might clear after the transfer. You can then compare that to your bank's exchange rate. CurrencyFair gives a good rate and a good calculator, chances are XE trade will be somewhat worse, but not that much, so you can use the CurrencyFair calculator to get a ballpark figure. Good luck!


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## VinhoVerde (May 2, 2014)

I also meant to say that you may wish to transfer a smaller amount (~$1,000) first to satisfy yourself with how the process works. Then, when you have confidence in how it works and what service you get, transfer the larger amounts. Do check with the broker that you intend to use if they have minimum and maximum amounts. There are also other considerations related to money laundering legislation, for example, if you transfer more than C$10,000 at once or smaller amounts adding to C$10,000 within a certain period, the broker has to declare this to the financial authorities. US regulations may specify amounts other than U$10,000, I'm not familiar with these, sorry.


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## DREAMWEAVER1 (May 28, 2013)

I use Transferwise and have done so since retiring to Portugal from the UK,I would not hesitate in recommending their service,give them a try,you won't regret it.

Good luck,

David


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## azoreseuropa (Nov 10, 2013)

What about Western Union??


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## azoreseuropa (Nov 10, 2013)

The Western Union for 1,000 USD to EURO is different from transfer wise.

Western Union transfer from 1000 USD to EURO is: 885.90 EURO

Transfer Wise transfer from 1000 USD to EURO is: 926.29 EURO.

CONFUSION.


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## VinhoVerde (May 2, 2014)

Please also see the new thread about problems with transferring funds.
VV


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