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Transfer of funds

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Posts: 15

S.PAUL

Community Member

Topic starter

Jun 23, 2021 11:11 am

(@s-paul)

Active Member

Joined: 1 year ago

Hi All,

Hope life s getting back on track as of unlock. Must be good to see fullfaces than masks.

I am planning to put application within few days. Need to know what s smart way to transfer funds (euros 25k).

Should I go Directly through bank (millenium BCP) Or WISE or Spartan fx.

bank transaction charges n forex rates seems on higher side. Does WISE or Spartan provides better rates n less charges.

Anyone who dealt with this already?

Kindly advise, through what way I can save heavy transaction charges n get best forex rate to go for.

Regards

Paul.

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Transfee of funds

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Posts: 15

S.PAUL

Community Member

Topic starter

Jul 05, 2021 6:57 am

(@s-paul)

Active Member

Joined: 1 year ago

kindly get back on this , i loaned some amount ($20k) to one of my friend couple of years back, who has moved to portugal now.

now if i visit portugal as a tourist, get nif , open bank account. can i deposit that amount there locally by getting it back from him as a cash or bank transfer.

and then come to home country and apply D7, is it possible and legal ?

kindly advise.

Thanks

1 Reply

ThunderDuck

Premium Member

(@thunderduck)

Joined: 2 years ago

Reputable Member

Posts: 250

Jul 05, 2021 7:02 am

Reply to

S.PAUL

@s-paul I can't answer this question but I have used Wise many times to transfer funds from the US. Their fees are low but if someone knows a cheaper way then I'm all ears.

Posts: 715

Gerry

Admin UserGroup

Jul 06, 2021 9:29 am

(@gerry)

Honorable Member

Joined: 2 years ago

@s-paul

You could also try Spartan FX - call Sarah on +44(0)2039840450 and see if they can help 🙂

5 Replies

S.PAUL

Community Member

(@s-paul)

Joined: 1 year ago

Active Member

Posts: 15

Jul 06, 2021 12:50 pm

Reply to

Gerry

Thanks Gerry, I ll give it a go. Any email address?

Thanks

S.PAUL

Community Member

(@s-paul)

Joined: 1 year ago

Active Member

Posts: 15

Jul 06, 2021 12:51 pm

Reply to

S.PAUL

kindly get back on this , i loaned some amount ($20k) to one of my friend couple of years back, who has moved to portugal now.

now if i visit portugal as a tourist, get nif , open bank account. can i deposit that amount there locally by getting it back from him as a cash or bank transfer.

and then come to home country and apply D7, is it possible and legal ?

kindly advise.

Thanks

Gerry

Admin UserGroup

(@gerry)

Joined: 2 years ago

Honorable Member

Posts: 715

Jul 06, 2021 5:07 pm

Reply to

S.PAUL

@s-paul

Yes, I'll send you a private message

S.PAUL

Community Member

(@s-paul)

Joined: 1 year ago

Active Member

Posts: 15

Jul 06, 2021 12:51 pm

Reply to

Gerry

kindly get back on this , i loaned some amount ($20k) to one of my friend couple of years back, who has moved to portugal now.

now if i visit portugal as a tourist, get nif , open bank account. can i deposit that amount there locally by getting it back from him as a cash or bank transfer.

and then come to home country and apply D7, is it possible and legal ?

kindly advise.

Thanks

Gerry

Admin UserGroup

(@gerry)

Joined: 2 years ago

Honorable Member

Posts: 715

Jul 06, 2021 6:02 pm

Reply to

S.PAUL

@s-paul

I have already replied as above and you seem to have repeated this message on another post thread which I have now deleted. I don't believe you need to get a NIF and open a bank account in Portugal just to deposit some money in your bank account unless you wish to keep the money in Portugal but you have not made that clear. Also, don't understand your question about what is legal. Please clarify, are you intending to deposit money in Portugal and then return to UK and apply for residency in Portugal ??

Kind regards

Posts: 15

S.PAUL

Community Member

Topic starter

Jul 06, 2021 7:51 pm

(@s-paul)

Active Member

Joined: 1 year ago

Thanks for a quicky response. Yes, if I get my loaned money back in Portugal by cash or bank transfer and deposit there in a portugese bank. And return n apply D7 from home country.

Will this do, in a legal way. Or is it mandatory, to be transferred from home country, from the applicant's account only.

Enlighten me on this.

Thanks

Paul

Posts: 40

Healthy_Move_Portugal

Premium Member

Jul 16, 2021 8:24 pm

(@healthy_move_portugal)

Eminent Member

Joined: 10 months ago

Hello,

Just wondering if this is an issue for NON-EU people?

I have send money regularly from NL to GER and the other way around with standard banktransfer and have not discovered any extra charges (i Believe it is an EU law that a bank may not charge extra fees for money transfers to other EU bank as if money transfer was in same country)

So I was planning to just open a Portugese Bankaccount (any suggestions what bank i should pick) and then transfer from my bank to PT bank.

or am i missing something here??

cheers

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