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There are more than 40,000 people of Portuguese descent living in Australia today, while Australia and Portugal enjoy strong diplomatic and trade relations. With this in mind, there are plenty of reasons why you might want to send a personal money transfer from Australia to Portugal or vice versa.
Whether you’re sending money to family, buying goods from an overseas seller or you need to transfer funds 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.
If you need to send money from Australia to Portugal, the first option you may very well consider could be your bank - they look after all 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, 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 much 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 OzForex and CurrencyFair, 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 is living and working down under after meeting an Australian girl and moving to Melbourne. However, he wants to send some of the money he has earned (AUD $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.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 0.6046 EUR||1 AUD = 0.6377 EUR|
|Transfer method||Bank account transfer||Online transfer|
|Processing time||1-4 days||1-3 days|
|Amount received (in EUR)||€1,209.20||€1,268.87|
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 almost €60 extra.
You’ll need to consider the following factors when comparing money transfer companies:
There are plenty of unfortunate situations where you might need to send an emergency cash transfer in either direction between Australia 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.Back to top
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 Australia to Portugal.
Details of some popular cash pickup locations are provided below. Make sure your recipient takes along photo ID and a transaction reference number when they go to collect the cash, while it’s also recommended that they phone ahead to confirm locations and opening times.
Although Portugal is classified as a safe country to visit by the Department of Foreign Affairs and Trade, you should still exercise the following simple safety precautions when picking up cash:
While the exact process for sending money from Australia to Portugal will vary depending on the transfer provider you choose, you will generally need to:
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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