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  • spartan Fx

Transfer of funds

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Posts: 15
Community Member
Topic starter
(@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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16 Replies




Posts: 15
Community Member
Topic starter
(@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 

Reply
1 Reply
Premium Member
(@thunderduck)
Joined: 2 years ago

Reputable Member
Posts: 250

@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.

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Posts: 715
Admin UserGroup
(@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 🙂 

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5 Replies
Community Member
(@s-paul)
Joined: 1 year ago

Active Member
Posts: 15

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

 

Thanks 

Reply
Community Member
(@s-paul)
Joined: 1 year ago

Active Member
Posts: 15

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

Reply
Admin UserGroup
(@gerry)
Joined: 2 years ago

Honorable Member
Posts: 715

@s-paul 

Yes, I'll send you a private message

Reply
Community Member
(@s-paul)
Joined: 1 year ago

Active Member
Posts: 15

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

Reply
Admin UserGroup
(@gerry)
Joined: 2 years ago

Honorable Member
Posts: 715

@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

Reply




Posts: 15
Community Member
Topic starter
(@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

Reply




Posts: 40
Premium Member
(@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

ML

Reply




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