Currency Exchange Companies

Why Expats Moving to Portugal Should Use Currency Exchange Companies

Relocating to Portugal is exciting—but moving your money can be a challenge. Between international transfer fees, fluctuating exchange rates, and hidden bank charges, many expats are surprised at how much they lose in the process.

That’s where currency exchange companies (also known as foreign exchange or FX brokers) come in. These specialist services offer a smarter, more cost-effective way to transfer large sums internationally—especially for people relocating, buying property, or retiring abroad.

Here’s why using a currency company is often the best move for expats heading to Portugal.

1. Better Exchange Rates Than Banks

Traditional banks usually offer poor exchange rates—often 2–5% worse than the real (mid-market) rate. That might not sound like much, but if you're transferring €50,000, you could lose over €2,000 in the process.

Currency companies, on the other hand, provide much more competitive rates, often just a fraction above the market rate. That means more euros in your Portuguese account.

2. Lower (or Zero) Transfer Fees

Many international banks charge hefty fees for sending money overseas—sometimes on both ends of the transaction. Currency brokers typically offer free or flat-fee transfers, especially for larger amounts.

Some even offer fee-free transfers over a certain threshold, making them ideal if you're transferring funds for:

• Buying a home

• Paying rent or a deposit

• Making business or investment payments

• Funding your local bank account after arrival

3. Rate Locking & Market Timing

Exchange rates fluctuate constantly. Currency companies offer tools that banks don’t—such as:

• Forward contracts: Lock in a rate now for a future transfer (helpful when buying property)

• Limit orders: Set a target rate and transfer only when that rate is reached

• Rate alerts: Be notified when rates move in your favor

These services help you plan ahead and protect your budget from unfavorable market swings.

4. Faster & More Transparent Transfers

Currency companies are specialized in moving money across borders. They’re usually:

• Faster than traditional banks (often same-day or next-day delivery)

• More transparent, with clear fees and no hidden charges

• Focused on customer service, often with multilingual support and personalized guidance

5. Regulated & Secure

Reputable currency companies are fully regulated in the UK, EU, or your local jurisdiction. This includes compliance with anti-money laundering and data protection laws.

Look for companies that are:

• Authorized by financial regulators (like the FCA in the UK or Banco de Portugal)

• Transparent about their compliance and security procedures

• Trusted by other expats (check reviews and testimonials)

When Should You Use a Currency Company?

You should seriously consider using one if you’re:

• Buying property in Portugal

• Transferring pension or investment funds

• Sending regular payments (like rent or tuition)

• Relocating your savings from abroad

Even for one-time transfers, the savings can be significant—often hundreds or thousands of euros compared to bank transfers.

Ready to Make the Smart Move?

We know choosing a provider can be overwhelming. That’s why Portugal For Living has done the research for you and partnered with a trusted currency specialist who we know will take great care of you and your money. Send us an email, and we will introduce you to them: contact@portugalforliving.com