Sending money to Portugal is something most expat families do regularly — whether it’s transferring savings to fund the move, receiving salary payments from a foreign employer, or moving pension income into a Portuguese account. The difference between using a high street bank and a dedicated transfer service is often 2–4% of every transfer, which adds up significantly over time.
This guide covers the main options for families transferring money to Portugal in 2026, with honest notes on where each service works well and where it doesn’t.
Why Banks Are the Wrong Tool for International Transfers
Traditional banks — both in your home country and in Portugal — charge in two ways on international transfers: a transfer fee (typically €15–€35 per transaction) and a hidden spread on the exchange rate (typically 2–4% worse than the mid-market rate). On a €20,000 transfer to fund a house deposit, a 3% exchange rate spread costs €600 — in addition to any transfer fees.
Dedicated money transfer services use rates much closer to the mid-market rate and charge transparent, lower fees. For the volume of transfers most relocating families make in the first year, this difference is material.
The Best Services for Sending Money to Portugal
Wise (formerly TransferWise)
The most widely used money transfer service among expat families in Portugal, and with good reason. Wise charges a small transparent fee (typically 0.4–0.8% of the transfer amount) and converts at the mid-market exchange rate — no hidden spread. The Wise multi-currency account also lets you hold EUR, GBP, USD and 40+ currencies simultaneously, which is useful for families receiving foreign-currency income while spending in euros.
Best for: regular transfers, families with foreign-currency income, anyone who wants full transparency on costs. wise.com
OFX (formerly OzForex)
Strong option for larger, less frequent transfers — particularly useful for property purchases or lump-sum savings transfers. OFX offers competitive rates on larger amounts and the ability to lock in an exchange rate in advance (forward contract) — useful if you want certainty on a specific transfer. No transfer fees on amounts above a threshold. ofx.com
CurrencyFair
Peer-to-peer exchange model that can offer very competitive rates — essentially matching buyers and sellers of currencies directly. Good for GBP/EUR specifically (one of the most liquid pairs). Slightly more complex to use than Wise. currencyfair.com
Revolut
Good for smaller, frequent transfers. The free tier has monthly limits on fee-free currency exchange; above those limits the rates become less competitive. The paid tiers offer better limits. Widely used among younger expat families as a day-to-day financial tool.
What to Use For Different Transfer Types
| Transfer type | Best option |
|---|---|
| Regular monthly salary transfer (up to €5,000) | Wise |
| Large one-off transfer (€20,000+) | OFX or CurrencyFair |
| Small frequent transfers / day-to-day | Wise or Revolut |
| Property purchase / exchange rate certainty | OFX (forward contract) |
Practical Notes for Portugal Transfers
IBAN requirement: Portuguese banks use IBAN format. Make sure you have your Portuguese IBAN (not just the account number) before setting up transfers. It starts with PT50.
Transfer timing: Wise EUR transfers typically arrive same-day or next-day within the EU. Larger transfers or first-time transfers to a new recipient may take longer for fraud checks.
Tax reporting: Large transfers to Portugal may need to be declared to Portuguese tax authorities depending on their nature. If you’re transferring significant sums, get advice from a Portuguese tax adviser — particularly relevant if you’re claiming IFICI (NHR 2.0) status where foreign income treatment matters.
Landlord payments: Most Porto landlords accept SEPA bank transfers (standard EU transfer). Some older landlords may prefer cash — confirm the payment method when you sign the lease.
Our Setup
We use Wise for regular transfers and for holding foreign-currency income before converting to euros. For larger one-off transfers we’ve compared OFX and found it competitive. We don’t use our Portuguese bank (Millennium BCP) for international transfers at all — the rates are significantly worse than dedicated transfer services.
Exchange rates and fees change constantly. Always compare rates at the time of your transfer. Some links in this article are affiliate links — we may earn a commission if you sign up via our link, at no extra cost to you.
Planning your move to Portugal? Our free family relocation checklist covers visas, schools, healthcare registration, and everything you need for the first 30 days.