Transferring money from uk for purchase

[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]

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.

[gabby27]

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

regards
Sue x

[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

[Harlequin]

Sue,
Sent you a PM.

[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]

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]

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