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Finding the best exchange rate coupled with low fees can be a pain, but it doesn’t have to be. When you compare money transfer companies, banks and other similar services, you can quickly find the best way to send money from the US to Portugal. Some options even allow your recipient to collect money within minutes, just watch out for higher fees and less favorable exchange rates.
Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
When people are looking to make a money transfer, their first thought is usually to use a bank, but this isn’t always the best idea. Banks can be convenient, especially when you’re converting dollars to euros, but they often have higher fees and less favorable exchange rates.
A cheaper and faster option may be to go with a dedicated money transfer company. These can send money transfers anywhere in the world, and they often offer better exchange rates, lower fees and quicker processing times than their bank counterparts. Your recipient can choose to have their cash deposited into their bank account or to pick it up at an agent location, whichever is more convenient.
Cristiano is living and working in the US after meeting an American girl and moving to Atlanta. However, he wants to send $2,000 back home to his parents in Lisbon as a gift for their retirement. He decides to compare the services of his bank with those of a money transfer company to see which provider can offer him the better deal.
| Money Transfer Company A | Money Transfer Company B | |
|---|---|---|
| Exchange rate | $1 USD = $0.82 EUR | $1 USD = $0.84 EUR |
| Transfer fee | $25 | $10 |
| Transfer method | Bank account transfer | Online transfer |
| Transfer speed | 1 to 4 days | 1 to 3 days |
| Amount received (in PLN) | €1,640 | €1,680 |
As the table shows, Cristiano can save $15 in transfer fees if he uses a money transfer company instead of his bank and his parents will also receive €40 extra.
Exchange rate is used when converting one currency to another. Because the euro is a stronger currency than the US dollar, you won’t be able to send as many euro to Portugal per dollar you send. However, this amount is flexible and fluctuates regularly based on the economies of the US and the EU, bank inflation rates and interest. If you frequently send money to Portugal, keep an eye out for good deals that can save you money while getting your recipient more cash.
While the exact process for sending money from the US to Portugal will vary depending on the transfer provider you choose, you will generally need to follow similar steps.
There are plenty of options available when you need to send money to Portugal, so compare the choices at your disposal before you settle on a transfer method.
There are certain situations where you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your recipient ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost. This is often the more expensive option, so take the time to compare your options and find the best one for your emergency transfer.
If your recipient decides to pick up cash, share these tips to keep them safe from theft.
Learn more about using euro in Portugal
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