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Sending money to Portugal

Portugal is home to more than 42,000 British expats who couldn’t resist the low-octane lifestyle
in this alluring country. It’s not just these permanent residents – many of whom are content retirees – that are lured by the cobblestone villages, captivating cities, golden beaches and welcoming culture. Portugal is also a holiday home hotspot thanks largely to the Algarve, its southernmost region where golden sands, whitewashed villages, affordable homes and golf are par for the course.

If you plan on joining these property buyers on a temporary or permanent basis, you will want your money to reach Portugal quickly and securely – so how do you send your money there?

How to send money to Portugal

Don’t assume that your bank is the best option when making international payments to purchase an overseas property, rather than shopping around for the best deal. If you were buying insurance or taking out a mortgage, for example, you wouldn’t hesitate to be more prudent. Banks don’t typically offer access to expert currency market knowledge and competitive exchange rates – a narrow service that brings a currency specialist like Lumon into sharp focus.

We will equip you with a dedicated account manager who will work with you to understand your requirements and help you shield your money from exchange rate fluctuations. This is especially useful when buying a property overseas, the price of which will be exposed to unpredictable currency market movements.

What details do I need to send money to Portugal?

We can help you make quick, secure and cost-effective international payments. But before your money can be sent, you will need to know what details to provide to make an international payment to Portugal.

Making a wire transfer to Portugal is a simple process. To do it quickly and securely, either to your bank account there or someone else’s, you will need to have the following information prepped:

  • Beneficiary’s name
  • Beneficiary’s bank name
  • Beneficiary bank’s SWIFT code: also known as a BIC number, this is used to identify their bank, similar to a sort code in the UK. It is made up of a combination of letters and numbers but always has the country code identified in the 5th and 6th digits, which for Portugal is PT.
  • Beneficiary’s International Bank Account Number (IBAN): this must start with the country code (PT) and will comprise 34 alphanumeric characters in total. Our IBAN validator will also auto populate the SWIFT code, bank name and bank address.
  • Reason for transfer.

Where can I find the necessary Portuguese bank details?

If you are sending money to your own account in Portugal, your bank statements will provide all the necessary details – such as the account number and IBAN.

If you’re transferring money to Portugal to purchase a property, your solicitor will provide the necessary bank details. Confirm the validity of this information with the solicitor before making your payment.

How long does it take to transfer funds to Portugal?

Lumon typically harnesses SEPA (Single Euro Payments Area) to transfer funds to Portugal  – an EU payment integration initiative that aims to make cross-border euro transfers within this area equivalent to a domestic transfer within your own country. 

Transfers to Portugal typically arrive on the next day, provided it’s made before 15:45 BST. If you need your payment to arrive the same day, we will need to send your payment via SWIFT, which could potentially lead to charges being deducted by the receiving bank. 

Once executed successfully, you will receive a payment confirmation showing the amount sent, the recipient’s bank details and the value date – the date the money should clear in their account.

Are there any fees to send money to Portugal?

There are no hidden fees when you purchase your euros and make your transfer to Portugal with Lumon. Be aware that the recipient’s bank in Portugal may charge a fee to receive the funds – although this is unlikely.

Will I get a competitive exchange rate?

Lumon offers competitive exchange rates, meaning our clients can make savings compared to using traditional financial services such as banks. As the chart below shows, the savings against the banks can be as much as 4% which on a transfer of £50,000 can mean you may end up with €2,277 more than if you used a traditional bank.

This chart is intended to represent the range of euro outcomes a consumer may achieve on a £50,000 transfer of pounds to euros, inclusive of fees and charges.

Comparison data for the high-street banks utilises pricing data provided under licence from FXC Intelligence (, a specialist benchmarking tool, for transactions in November 2023.

The Lumon rate is calculated by identifying the average margin across 73 spot GBP to EUR transactions with a value in the range of £25,000-£50,000 performed by Lumon Pay Limited and associated Group Companies (Lumon Risk Management Limited, Lumon FX Europe Limited) for personal customers during November 2023. The margin is calculated using the mid-market rate, obtained from on the day the transaction was performed.

How Lumon can help

Our team of seasoned international payments specialists have helped thousands of clients to make quick, secure and cost-effective transfers to Portugal – a value-added service that has helped us earn a 4.8-star Trustpilot rating.

You can create an online account with Lumon in just a few minutes. Once activated, simply input your beneficiary details and you can make international payments to Portugal whenever you want, as often as you want. It is quick and simple and provides you with access to Lumon’s competitive GBP/EUR exchange rate.

We supplement this speed, convenience and value by integrating robust anti-fraud measures into the payment process. For example, two-factor authentication (2FA) reinforces your online account access and international payments. We also secure your funds by complying with relevant rules and regulations – an essential process that’s governed by regulators like the FCA in the UK. Our dedication to safeguarding your money allows you to make international payments with total confidence.