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 New Zealand to Portugal. Some options even allow your recipient to collect money within minutes – just watch out for higher fees and less favourable exchange rates.
XE International Money Transfers
Enjoy fast, secure and fee-free international money transfers with global payments provider XE.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Banks versus money transfer companies
When people are looking to make a money transfer, their first thought is 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 favourable 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 sends money to Portugal
Cristiano is living and working in New Zealand after meeting a Kiwi girl and moving to Mt Maunganui. 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
1 NZD = $0.57 EUR
1 NZD = $0.59 EUR
Bank account transfer
1 to 4 days
1 to 3 days
Amount received (in EUR)
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 receive €55 extra.
How do I compare transfer companies when sending money to Portugal?
Exchange rates. The better the exchange rate you get, the more money will arrive in your recipient’s pocket. Shop around for a company that offers great exchange rates, but watch out for companies that attach high transfer fees to their attractive exchange rates.
Transfer fees. Consider how much it will cost you to send a transfer. Fees can vary substantially from one provider to the next, and some companies will even allow you to avoid their fees if you transfer a large amount of money.
Transfer methods. Find out how you can make a transfer. Some companies work entirely online, while others allow you to visit a local branch or call over the phone. Pick a company that offers a convenient method for your needs.
Transfer options. Ask if the company offers forward contracts that allow you to lock in an ideal exchange rate now and transfer money later, or limit contracts that allow you to take advantage of changing market conditions by completing a transfer when a certain exchange rate is met.
Transfer time. Make sure you look at how long it will take for the funds you send to make it to your recipient. If a company claims to offer super-fast transfers, you might have to be prepared to pay extra for this service.
Minimum amounts. Check to see whether there are any minimum transfer limits that you must meet with each transaction and whether it is feasible for you to do so.
Pick-up methods. See if your recipient can pick up the money as cash or have it directly deposited into a bank account.
Customer service. Check the customer service options available so that if you need help, you can access it quickly and easily.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. A strong currency will yield more money when exchanging it for a weak currency. Portugal is in the heart of the eurozone and uses the euro as its currency. The euro’s exchange rates is flexible, so it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic and political stability and inflation.
What are my options for sending money to Portugal from New Zealand?
Online money transfer companies. Known for their attractive exchange rates, low transfer fees and convenient transfer options, online money transfer companies like OFX andWorld First can help you send money from New Zealand to Portugal.
Cash pick-up transfer companies. If you want to send funds to Portugal and allow your recipient to collect cash from an agent location, companies such as Western Union and MoneyGram can help. Your recipient can visit an agent location anywhere in Portugal to pick up their euros at a time convenient to them.
PayPal. PayPal’s international money transfer service makes it affordable to send smaller amounts of money to Portugal and other locations around the world.
Bank transfers. Most New Zealand banks can help you send funds to countries in all four corners of the globe, but banks offer higher fees and mediocre exchange rates when compared to online transfer providers.
International cheques. International cheques can be obtained from your bank and sent overseas, but this transfer method is time-consuming and costly.
What are the steps to send money to Portugal?
While the exact process for sending money from New Zealand to Portugal will vary depending on the transfer provider you choose, you will generally need to follow similar steps.
Compare your options. Use the table above to compare money transfer providers. You can also call your bank or look online to get NZD–EUR exchange rates and a list of possible fees.
Set up an account. You can often do this online and you may need to provide your name, address, proof of ID and bank account details.
Enter details about your transaction. You’ll need to provide details about the amount of money you wish to send, in which currency and where it will be going.
Provide your recipient’s details. Provide cash pick-up or bank account details for your recipient, including their full name.
Pay for your transfer. Submit your transfer and pay for the transaction. In some cases you may need to pass on a reference number to your recipient.
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.
Emergency cash transfers in Portugal
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.
Tips for picking up cash in Portugal
If your recipient decides to pick up cash, share these tips to keep them safe from theft.
Take a friend along to provide extra security.
Don’t display your cash in public.
Avoid travelling through any high-crime areas.
Don’t carry large sums of money around.
Deposit the funds into your bank account as soon as possible.
Adrienne Fuller is the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.