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Send money to Portugal

Take advantage of low fees and competitive exchange rates when sending money to Portugal.

Whether you’re sending money to family, buying goods from an overseas seller or you need to transfer funds to Portugal for any other reason, you have plenty of transfer options to choose from. It’s essential that you shop around and compare a range of these options to find an affordable deal.

Compare Money Transfer Services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 1 1 - 2 days SGD 70.00 0.62 EUR
6,157
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 2,000 1 day SGD 0.00 0.618 EUR
6,175
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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SGD 1 1 day SGD 40.00 0.62 EUR
6,175
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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SGD 1 Same day SGD 3.99 0.617 EUR
6,170
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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SGD 250 1 day SGD 0.00 0.618 EUR
6,175
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
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SGD 5 1 - 2 days SGD 3.00 0.617 EUR
6,165
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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SGD 250 1 day SGD 0.00 0.618 EUR
6,175
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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SGD 200 2 days SGD 50.00 0.615 EUR
6,120
New customers sending over AUD 500 to Australia use code FINDER50 to get AUD 50 off. Valid till 31st May 2021. T&Cs apply. Go to site Show details
GBP 5,000 1 - 2 days SGD 0.00 0.618 EUR
6,175
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Banks versus money transfer companies

If you need to send money from Singapore to Portugal, the first option you may very well consider could be your bank – after all, they take care most of your other financial needs, so why not use their services when you need to send an international money transfer?

Unfortunately, banks have a bad reputation for offering very poor exchange rates to their customers, and not to mention charging unnecessarily high transfer fees for each transaction. In other words, a significantly smaller amount of money will arrive in your recipient’s bank account than the amount you pay for the transaction.

The good news is that there are many more affordable options available. Recent years have seen the rise of specialist online money transfer companies that offer dedicated money transfer services. These companies, for example, OFX and WorldRemit offer better exchange rates and lower transfer fees than the big banks. In some cases, they even waive their transfer fees altogether when you send a large amount, so they can offer you a much better deal when you need to send funds to Portugal.

Cristiano Sends Money to Portugal

Cristiano is living and working down under after meeting a Singaporean girl and moving to Singapore. However, he wants to send some of the money he has earned (SGD $1,000) 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.

BankMoney transfer company
Exchange rate1 SGD = 0.6098 EUR1 SGD = 0.6171 EUR
Transfer fee$25$5.98
Transfer methodBank account transferOnline transfer
Processing time1-4 days1-3 days
Amount received (in EUR)€609.79€617.10

As the table shows, Cristiano can save $19.02 in transfer fees if he uses a money transfer company instead of his bank and his parents will also receive almost €7.31 extra.

How do I compare transfer companies when transferring and receiving money via Portugal?

You’ll need to consider the following factors when comparing money transfer companies:

  • Exchange rates. The better the exchange rate you receive, the more money will arrive in your recipient’s pocket. Shop around for a company that consistently 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. How can you place a transfer? Is the transaction handled entirely online or can you also place a transfer over the phone or by visiting a branch?
  • Transfer options. While some companies only offer one-off transfers, others offer flexible options such as limit orders and forward contracts to help you get the exchange rate you want for your transaction. Some money transfer providers will also offer the convenience of scheduling regular payments in advance.
  • Transfer time. Make sure you look at how long it will take for the funds you send to make it to your beneficiary. 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 amount that you must exceed with each transaction and whether or not it is feasible for you to do so.
  • Pickup methods. How will your recipient access the money you send? Will the funds go directly to their bank account or can they collect the cash from an agent location?
  • Customer service. Check to see what are the customer service options available so that if you ever need help, you can access it quickly and easily.

How do I send money to Portugal from Singapore?

  • Online money transfer companies. Known for their attractive exchange rates, low transfer fees and convenient transfer options, online money transfer companies can help you send money from Singapore to Portugal. OFX, WorldFirst and Currency Solutions are three examples of these types of companies.
  • Cash pickup 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.
  • 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. Any major Singapore bank 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 guaranteed cheques can be obtained from your bank and sent overseas, but this transfer method is time-consuming and costly.

How do I receive money from Portugal in Singapore?

  • Online money transfer. There are several online money transfer companies that offer quick and easy transfers from Portugal to Singapore.
  • Cash pickup transfer. You can collect funds sent from Portugal via a company like Western Union or MoneyGram from a branch location in Singapore.
  • PayPal. PayPal’s international money transfer service makes it simple and convenient to receive small transfer amounts.
  • Bank transfers. Your bank offers easy international money transfers and can also offer urgent transfers in an emergency.
  • Cheques. You can cash an international cheque with your Singapore bank, but make sure you’re aware of any fees that will apply to your transaction.

Emergency cash transfers in Portugal

There are plenty of unfortunate situations where you might need to send an emergency cash transfer in either direction between Singapore and Portugal. For example, perhaps you need to send funds to a broke relative travelling through Portugal.

When using your bank or any other provider to send an emergency transfer, make sure to double check the exchange rate that will apply to your transaction. There’s a good chance you’ll have to pay a higher transaction fee as well, so make sure to closely check all the details of your transaction before sending your funds.

Cash pickup locations in Portugal/ Western Union / MoneyGram branches in Portugal

Western Union and MoneyGram are the world’s two largest providers of international money transfers. Each offers hundreds of thousands of agent locations around the globe and can make it easy to send money from Singapore to Portugal.

Details of some popular cash pickup locations are provided below. Make sure your recipient takes along a photo ID and transaction reference number when they collect the cash. It’s also recommended that they phone ahead to confirm locations and opening times.

Western Union

Lisbon

  • Millennium BCP
    Avenida Almirante Reis 15 B Anjos Lisboa, Lisboa 1100
    +351-21-3937462
    Open 8:30am to 3pm Monday to Friday
  • Banco BPI
    Rua Da Palma 292 298 0522 Martim Moniz Lisboa, Lisboa 1100394
    +351-808200510
    Open 8:30am to 3pm Monday to Friday

Porto

  • Millennium BCP
    Rua Mouzinho Albuquerque 136 Julio Dinis Porto, Porto 4100
    +351-21-3937462
    Open 8:30am to 3pm Monday to Friday
  • Lucdeia LDA
    Rua Nossa Senhora Fatima 429 Porto, 4050 428
    +351-2-214245179
    Open 9am to 6pm Monday to Friday

MoneyGram

Lisbon

  • Novobanco
    Rua da Palma
    Lisboa, 1100391
    218834015
    Open 8:30am to 3pm Monday to Friday
  • Mini Mercado
    Rua da Palma 263 RC
    Lisboa, 1100-391
    961869165
    Open 8am to 11pm seven days

Porto

  • Novobanco
    Rua Julio Dinis
    Porto, 4050327
    228336263
    Open 8:30am to 3pm Monday to Friday
  • Montepio
    Rua da Boavista 782
    Cedofeita Porto, 4050105
    351226009377
    Open 8:30am to 3pm Monday to Friday

Tips for picking up cash in Portugal

Although Portugal is classified as a safe country to visit by the Ministry of Foreign Affairs, you should still exercise simple safety precautions when picking up cash:

  • 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

What are the steps to send money to Portugal?

While the exact process for sending money from Singapore to Portugal will vary depending on the transfer provider you choose, you will generally need to:

  1. 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.
  2. 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.
  3. Provide your recipient’s details. Provide cash pickup or bank account details for your recipient, including their full name.
  4. 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 hand over any of your hard-earned cash.

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