Portugal is one of the best countries in the world to invest at. With a booming economy and affordable real estate prices, it is not surprising why Britons and other Europeans are starting to view Portugal as a hub for investments. If you decide to set up business or purchase property in Portugal from UK, you would have to transfer money on a regular basis. For example, if you bought property or have an offshore office, every month you would have to send money to cover amortization or operational expenses.
These types of transactions involve large amounts of money that have to be received within a specified time period. Your primary concerns are safety and speed of delivery. But there is another variable to be concerned of. And it can cost you thousands of UK Pound Sterling. It is the foreign currency exchange rate or FX rate. With operations all over the world the same is true for France and many other countries.
Exchange rates can change at any time and in any second. There is no ceiling on how high it can rise or floor to stop it’s fall. It is a very volatile market where timing is crucial and getting the best, most competitive rates is absolutely important.
The fastest, easiest and most cost effective way to transfer money to another country is not through a bank. Instead, hire the services of an forex currency broker.
Table of Contents
- 1 Transfer Money from UK Accounts to Santander Totta
- 2 About Santander Totta
- 3 Transfer Euro Currency to Santander Totta in Portugal
- 4 Compare the foreign exchange rates of TorFX versus traditional banks:
- 5 UK Bank to Santander Totta account versus Currency Brokers
- 6 Sending Money Abroad with Santander Totta
Transfer Money from UK Accounts to Santander Totta
If you are planning on transferring large amounts of money from the UK to Santander Totta in Portugal, your best option is to go through an FX currency broker.
An FX currency broker will always offer you the most competitive exchange rates in the market. Banks are restricted and have large overhead to cover that you cannot hope to get concessions regardless of the size of the transaction.
Simply take note of the exchange rate offered by your bank and compare it with those offered by an FX currency broker. On average, you can protect around 4% of the original value of your UK Pound Sterling. Depending on the amount to be transferred, that could translate to thousands of Pound Sterling in cost savings.
FX currency brokers also offer more customer- friendly service charges compared to a bank.
They also transact much faster which means you no longer have to worry about being charged late- penalty charges for making late payments to creditors and suppliers in Portugal.
About Santander Totta
Santander Totta was founded in 1843 and is one of the largest commercial banks in Portugal. It is a member of Grupo Santander which is one of the most prestigious financial groups in the world.
In Portugal, Santander Totta operates as a universal bank and offers retail, private, corporate and investment banking and services. It had total assets of EUR 50,232.50 Million as of 2015. Depositors are covered by a guaranty of up to EUR 100,000.
In 2016, Santander Totta acquired the commercial banking operations of Banco Baniff for EUR 150 Million which made it the second privately held bank in Portugal.
Santander Totta is rated by Fitch, Moody’s and Standard & Poor. In 2013, it was awarded Best Bank in Portugal by Euromoney and was named Global Finance and Bank of the Year by The Banker.
Transfer Euro Currency to Santander Totta in Portugal
Most people would use bank services to transfer money to and from other countries. It is normal because banks are trusted institutions. However, many are not aware that using banks for sending money could result in significant losses because of lower exchange rate margins and higher service charges.
The problem is magnified during volatile periods in the economy where currency movements become more unpredictable. You have to lower your risk by getting the best exchange rates for your Euro.
You will never get better rates from a bank because it is mandated to follow regulations and there is the matter of overhead to cover. If you want to get the most competitive rates in the foreign exchange market, you should hire the services of a currency broker like TorFX.
TorFX is one of the largest and most respected currency brokers in the UK. With its office in London and Penzance, TorFX goes through an estimated GBP 3 Billion in foreign exchange and international transactions every year.
For the past 10 years, TorFX has been assisting private individuals and corporations with their foreign exchange needs. It has been used to send money successfully to other countries around the world.
Compare the foreign exchange rates of TorFX versus traditional banks:
Company Name FX Rate GBP to EUR FREE QUOTE
TorFX *0.7% EUR1.17 info Enquire
Santander Totta *5.0% EUR1.18 info Enquire
Typical Bank Rates *1.9 to 6.2% EUR1.104 to 1.155 info Enquire
UK Pound Sterling (GBP) to Euro (EUR) currency rates are updates daily at 0900 GMT. Data Source – ECB
*Note: A lower FX Rate will give you a better exchange rate when transferring money to/from the Euro. By using the specialist foreign exchange companies such as those listed above, you will be able to save money and time on the transaction.
UK Bank to Santander Totta account versus Currency Brokers
If you want to transfer money through banks you should take note of these valuable information:
1. High street banks also charge a commission fee when sending money abroad into another currency. Typically, private brokers offer commission free currency transfers for transactions in excess of GBP 5,000 or EUR 5,887.677. Bank transfer commission rates usually range from GBP15 to GBP30 depending on the bank.
2. Unless you pay a premium for express services, high street banks will take 3 to 7 days to complete the money transfer to the destination bank. By comparison, private foreign exchange companies complete the money transfer between 1 to 3 days.
Sending Money Abroad with Santander Totta
If you want to transfer money abroad from your Santander Totta account, you are required to give the beneficiary’s IBAN and BIC to the bank.
There are 2 types of transfers:
1. Euro Transfers – These are money transfers that are exclusively denominated in Euros for amounts that are less than or equal to EUR 50,000 within the European Union. You will be asked to provide the precise bank details of the beneficiaries which are the BIC and IBAN.
2. International Transfers – These are money transfers that are made within or to countries outside the European Union. With this type of transfer, you will not be asked to give the BIC and IBAN.
You may submit your international transfer requests via fax as long as you have made and signed the request at your local Santander Totta branch.