More cost effective to have overdraft with Portuguese Bank?

[gabby27]

Hi Everyone especially financial wizards,

With condominium fees etc. due (and the rest) and the pathetic GBP/Euro exchange rate to transfer money from UK into our Barclays Carvoiero account, can anyone advise whether it is more cost effective to have an overdraft facility in euros with Barclays, or bring it in?

I have only had portuguese account for a few months so not sure of the overdraft rates etc, or indeed if you can secure one!

Thanks to anyone who has any suggestions or a crystal ball into the future markets! and Happy New Year.

Sue

[biffa]

Gabby, Overdrafts as you may know them in the Uk, do not really exist here. There are some forms of "overdraft", for example if you have your salary paid into a bank they may let you draw up to twice that monthly amount. I don't think as a non resident a form of "overdraft" exists though.

[Al Garb]

You can fix a price for future £/€ rates with most exchange specialists. Their minimum lump sum is often £5,000 but they will also set up smaller monthly tranches for owners who have regular outgoings. At one time they would fix up to 2 yrs ahead, but I'm not sure if that holds in the current climate