If you’re paying for a Portugal property, a supplier, or supporting family, where you convert your pounds decides how many euros arrive. The visible fee is the small part; the exchange-rate margin is where the money usually goes.
You can rely on the figures below: we checked them against provider pricing, the mid-market GBP/EUR rate, and the Portuguese reporting rules in June 2026.
Sending Money to Portugal at a Glance
Pick by what you’re sending and how fast you need it there: lowest cost on a small transfer, or near-instant arrival on an urgent one. For a £1,000 transfer we rate Atlantic Money and Revolut the cheapest, with Wise close behind and fully transparent.
| Key point | Details |
|---|---|
| Destination currency | Euro (EUR) |
| Cheapest on £1,000 (June 2026) | Atlantic Money (flat £3) and Revolut (0.3%, capped £5) |
| Fastest way | SEPA Credit Transfer, instant over SEPA Instant, within one business day at most |
| What the recipient needs | Full name and a 25-character Portuguese IBAN starting PT |
| Typical UK bank charge | £35 or more on £1,000 (2.5% to 4% margin plus a fee), per comparison-service estimates |
| Portuguese rules | Gifts over €500 to non-close family attract 10% Stamp Duty for the recipient |
If you just want the cheapest reliable route for a one-off payment, that’s a mid-market provider every time. The bank counter is the convenient option and the dearest one.
How Much It Costs to Send Money to Portugal
You pay two things on a GBP to EUR transfer: the exchange-rate margin hidden in the rate, and any upfront fee. When you pay a Portugal supplier, the margin is usually the bigger cost, so compare the euros that actually land.
The mid-market rate is the real wholesale GBP/EUR rate, the one you see on Google. A bank quietly widens the spread around it; a mid-market provider gives you that rate and charges a visible fee instead.
| Provider | Cost on a £1,000 GBP to EUR transfer (June 2026) | How it charges |
|---|---|---|
| Atlantic Money | £3 | Flat £3 fee, mid-market rate, no margin |
| Revolut (Standard) | £3 | 0.3% fee (min £0.30, max £5); adds 1% at weekends |
| Wise | £3.88 | Mid-market rate plus a transparent fee of about 0.39% |
| High-street bank | £35 or more | 2.5% to 4% margin in the rate plus a £10 to £25 fee |
On a £1,000 transfer the gap between the cheapest provider and a bank is more than £30. Scale that to a £50,000 property completion and the bank spread alone can cost you well over a thousand euros. The spread costs you, not the visible fee.
You should watch the timing with Revolut: its Standard plan adds 1% if you convert at the weekend, which can wipe out its price edge. That’s the catch with weekend transfers.
Best Providers for Sending Money to Portugal
When you pay a supplier or send family their money, the cheapest name changes with the amount and how you want to send. We’d match the three below to three common situations on this corridor.
Wise for most transfers
Choose Wise when you want the fairest rate with nothing hidden. It uses the mid-market rate and shows the fee of about 0.39% upfront, sends over SEPA, and lets you hold euros in a EUR account to pay out when you need to.
Atlantic Money for large one-off transfers
Choose Atlantic Money when your amount is large and you want a flat fee. It charges £3 at the mid-market rate, so on a property deposit or a completion payment the saving against a percentage fee adds up fast.
Revolut for small in-app transfers
Use Revolut if you already bank in the app and your transfer is small. The 0.3% fee is capped at £5 on Standard, but avoid converting at the weekend, when the 1% surcharge lands and the cost jumps.
How GBP Compares to EUR Right Now
You should check the live mid-market GBP/EUR rate before you commit, then compare what each provider would deposit. On 4 June 2026 the rate sat at 1.1565, so £1,000 buys about €1,157 before any margin.
You can’t time the rate, and we don’t try to: the pound has been firm against the euro through 2026 on the gap between Bank of England and ECB policy. The honest move is to compare the euros you receive on the day and send when you need to.
How Long It Takes to Send Money to Portugal
You should expect a SEPA transfer to land within one business day when you send to a Portugal account, and over SEPA Instant it can arrive in seconds. Wise, Atlantic Money, and Revolut all route euros this way.
Picture your supplier emailing the invoice on a Friday, with the euros due by Monday: a SEPA transfer funded early clears comfortably in time. The instant path depends on both banks supporting SEPA Instant, so a standard transfer sent late on Friday can settle on Monday.
Your transfer can also get held for a source-of-funds check above £10,000, or a recipient bank querying an unfamiliar incoming payment. Those are the usual reasons a clean SEPA transfer slows down.
What You Need to Send Money to Portugal
You should gather the recipient’s details before you start, because a wrong IBAN is the usual reason a euro transfer bounces. Get these right and the payment goes through cleanly.
- Recipient full name exactly as it appears on their Portuguese bank account.
- Portuguese IBAN, which is 25 characters long and starts with the country code PT.
- BIC (the bank’s SWIFT code), which some providers generate for you and others ask for.
You’ll also need your own ID to verify your account, and for a business payment your company details. Above £10,000 expect a source-of-funds question, so have proof of where the money came from ready.
Portuguese Rules and Reporting on Money From the UK
When you pay a supplier in Portugal or send family a gift, it’s the Portuguese rules at the receiving end that decide what happens next.
You should know the Portuguese rules before you send a large gift, because Portugal taxes gifts through Stamp Duty rather than an inheritance tax. Moving your own savings to a Portuguese account isn’t taxed; a gift can be.
Portuguese Stamp Duty on gifts
When you gift more than €500 to someone in Portugal who isn’t your spouse, parent, or child, they pay 10% Stamp Duty (Imposto do Selo). Gifts between close family are exempt from the 10%.
Cash and customs in Portugal
Even an exempt gift over €500 still has to be declared on Form Modelo 1, so warn your recipient to expect the paperwork. Carry €10,000 or more in cash across the EU border and you must declare it to customs.
Common Reasons People Send Money to Portugal
Match your provider to your reason, because most GBP to EUR transfers to Portugal fall into a few buckets and the right pick follows from why you’re sending. Knowing your category points you straight to the cost-versus-speed trade-off.
- Property: a deposit or running costs on a second home, where a flat-fee provider earns its keep.
- Expat living costs: regular transfers to cover bills and rent, where a low percentage fee matters most.
- Supplier invoices: paying a Portuguese supplier, where clean records help your bookkeeping.
- Family support: helping relatives, often as smaller recurring amounts.
Step by Step: Sending Money to Portugal
- Open and verify an account. Sign up with your chosen provider and upload ID; personal verification usually takes minutes, a business account one to two days.
- Get a live quote on the corridor. Enter your GBP amount, check the rate against the mid-market GBP/EUR figure, and confirm the euros the recipient will get.
- Fund and send. Pay by Faster Payments for the lowest cost, or by debit card for instant funding, then track delivery in the app.
Final Verdict: Best Way to Send Money to Portugal
For the typical sender we’d use Wise or Atlantic Money: both give the mid-market rate, and on £1,000 you’ll pay £3 to £3.88 rather than the £35 or more a bank takes. Compare the euros that land and the choice is clear.
Picture yourself sending a property deposit on a Friday with completion due the same week: the provider you choose decides whether the euros land in time.
If you send a large one-off, Atlantic Money’s flat £3 wins outright. For a small in-app transfer Revolut is fine, as long as you avoid the weekend surcharge. The bank counter is the one route we’d avoid.
Send Money to Portugal FAQs
What’s the cheapest way to send money to Portugal from the UK?
Compare the euros that land, not the headline rate, because most of the cost hides in the exchange-rate margin. On a £1,000 transfer (June 2026) Atlantic Money (flat £3) and Revolut (0.3%, capped £5) are the cheapest, with Wise close behind at £3.88 and fully transparent. A high-street bank can take £35 or more on the same amount.
How long does a transfer to Portugal take?
A SEPA transfer usually lands within one business day, and over SEPA Instant it can arrive in seconds if you fund it early. Standard transfers sent late on Friday can settle on Monday because local clearing hours matter.
Is there a limit on how much I can send to Portugal?
There’s no limit on a bank transfer into Portugal. A money gift over €500 to someone who isn’t close family attracts 10% Stamp Duty for the recipient, and even an exempt gift over €500 between close family must be declared on Form Modelo 1. That’s a record-keeping step, not a block on the payment.
Do I need to pay tax on money I send to Portugal?
A normal transfer isn’t taxed in the UK, and business payments get standard expense treatment. In Portugal a gift over €500 to non-close family attracts 10% Stamp Duty for the recipient, so for large or business transfers get professional tax advice.
What details do I need to send money to a Portuguese bank account?
You need the recipient’s full name and their Portuguese IBAN, which is 25 characters long and starts with PT. Some providers also ask for the BIC, the bank’s SWIFT code.
Methodology and Disclosure
How we reviewed this
Sources: We verified provider pricing (Wise, Atlantic Money, Revolut) against each provider’s own pages, the GBP/EUR mid-market rate, and the Portuguese rules against Portuguese Tax and Customs Authority (AT) guidance on Imposto do Selo, in June 2026.
FX margins: High-street bank GBP to EUR margins aren’t published by the banks; the 2.5% to 4% range reflects independent comparison-service estimates, not a bank-published figure. Provider fees and rates move, so confirm the current figure before you send.
Not advice: This is editorial guidance, not regulated financial or tax advice.
Affiliate disclosure: BusinessExpert may receive referral fees from some providers mentioned on this page. This doesn’t affect our editorial assessments.