transfer funds to Portugal

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How do I transfer funds to Portugal for the purchase of a property?

Foreign funds can be paid into any nominated bank account in Portugal. Usually this account will be the estate agent or transferring attorney’s trust account into which the deposit for the property and the balance of the purchase price is paid. This money will be invested for the non-resident’s benefit and the non-resident can rest assured that such a transfer is secure and guaranteed, as the operation of those trust accounts is regulated by the professional boards overseeing both the attorneys’ and estate agents’ professions.

When the non-resident transfers funds into a Portuguese bank account from a foreign source, a record of the foreign funds entering the Portuguese bank is kept and is known as a “deal receipt”. This is an important document that must be kept for purposes of repatriation of the funds.

Using non-bank foreign exchange providers for the transfer, such as Axia Fx could potentially save you up to 3% on the price of your property through the preferential rates they are able to offer their clients. Clients on a tight budget, paying the initial 10% deposit and looking to settle at a later stage, are able to make full use of the forward contract options with Axia Fx, securing a rate which will be held in place for the period of the contract (drawing on the funds anytime up to six months / one year). Moving your money / foreign currency transfers will be discussed in more detail further on in this guide.

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