Transferring money from uk for purchase

Share experience regarding ownership of property and/or living in Portugal.
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gabby27
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Transferring money from uk for purchase

Post by gabby27 »

Hi again to you helpful folk,

Can anyone suggest whether it is best to use a bank (ie Barclays in Carvoiero) or FX dealer to send GBP to Portugal to purchase in euros.
The rate is like a roller coaster and the property is going up and down in thousands daily which is scary scary!!

Any help would be brilliant, especially recommendations of good banks/brokers.

Thanks all
Sue x
Misty
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Post by Misty »

The dealers usually have a better rate. Although it might be worth your while asking your bank for the non tourist rate. Ask the dealers for a rate too before you decide. Most can give you an idea.
Oh and most dealers are pretty much the same but go for a reputable one. There are some in the Algarve.
Last edited by Misty on Tue Aug 26, 2008 10:01 am, edited 1 time in total.
gabby27
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Thanks

Post by gabby27 »

Thanks for your quick reply.
What a great bunch of people on this site.

regards
Sue x
Bruce Wallis
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Post by Bruce Wallis »

A currency dealer will get you a better rate, and charge you less than the big 5 banks.
We used a company called Fx Solutions....found them on the net.

You buy the Euros at an agreed price, usually about 1 or 2 percent over the traded business rate, and they deliver them to either yours, or your solicitors Portuguese bank account.

This is definately worth doing if you are moving a quarter of a million pounds or so!

The exciting....or nerve racking bit, is watching the currency market, and deciding exactly when to make your transaction. I cent change during the day on £250,000 is significant!

Good luck :lol:
Harlequin
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Exchange

Post by Harlequin »

Sue,
Sent you a PM.
Barry
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Post by Barry »

We also used an FX dealer when buying our villa, and saved over the rates being offered by my bank. I do use the bank for transferring smaller sums to my PT bank account, since the process is very convenient - a Fax and a phone call.
fmm
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Post by fmm »

I was going to use FX but in the end I purchased from a Brit and we did the deal in sterling (and I send over a small amount to the lawyer for their bits and pieces).
GeeBe
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Post by GeeBe »

I hope this isnt seen as advertising but we use:

www.globalcurrencyservice.com

Ask for Dave, he is an ex FX Banker, my Father worked with him for many years at Citibank and he has been a family friend for 40+ years.

Paul
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