Buying a property in Portugal? What is the best way to move your money?

Use an expert

For most aspects of your life and move, you use experts, for example, a financial adviser, a mortgage

broker, a visa agent etc. Getting guidance on how to move your money should be no different.

Our trusted currency partner, Spartan FX, will save you money on the exchange rate. They can also

help you to manage the exchange rate fluctuations from when you decide to buy a property to your

completion date.

Control the cost of your property

You have a few different options:

1. Buy your Euros as and when you need them. Throughout the property process, you will

have payment deadlines to meet. For example, you will need to pay a deposit and the

remainder upon completion unless you are getting a mortgage. You can buy Euros when you

need to make these payments.

2. Buy your Euros in advance. You can still take advantage of the rate even if you do not have a

Portuguese Euro bank account. Spartan FX can hold the Euros on account free of charge. You

can then make payments to your account once it is open or to a third party, e.g. a lawyer, or

to pay any bills.

3. Spread your risk. You can buy a small amount or half your Euros in advance.

4. Spartan FX can monitor the rate and notify you of any exchange rate movements.

5. You can fix the rate. If you have a completion date and do not have all the money available,

you can fix the rate with a 10% deposit. This is not a cost or charge; the remaining 90% is

paid when you require your Euros. Fixing the exchange rate means you are locked into a

specific rate regardless of exchange rate movements. However, it means you can keep the

price of your property within your budget.

USD/EUR is at 20-year highs

If you are selling US Dollars and buying Euros to send to your account in Portugal or to buy a

property, it is still a fantastic time.

The Euro is vulnerable due to the severe energy crisis and high inflation. The German economy is

seen as contracting in the next two quarters - a recession.

However, all it would take is a sudden ceasefire and for Russia to pull out of Ukraine and turn the gas

taps back on for the Euro to strengthen by 10%.

You also have to bear in mind that the FED doesn’t want the US Dollar to be too strong; otherwise, it

impacts US exports. The US Dollar is currently stronger than it would like. In the past, they have

intervened and actively weakened the currency.

Next steps

1. Open a FREE account with our trusted currency partner, Spartan FX.

2. Speak to your personal account manager to find the right options for you.

3. They will keep in regular contact with you.

To contact SpartanFX, click here

To email SpartanFX, click here