Transfering large sums of money

Transferwise... just make sure you have it all set up beforehand to avoid delays.

We just purchased a condo in Lisbon. We took out a loan from Millinium bank (-.066 interest rate) (Ricardo was our loan officer). We used OFX to transfer money. There is no transportation fee. I think if I refer you then both of us get something.

Sue

Congratulations, Sue! We are going back next month for a couple of weeks. We spent time in Lagos, which we loved, but it's a long haul to the airport. This time we will look at Cascais and Ericeira. We hope to avoid a mortgage because we're 68 and they don't like to loan to people our age without a life insurance policy. And even then they don't like to amortize a loan past the age of 75, sometimes 80. But the interest rates there are great.

Hi Bob,

Thank you. You made a very good point. I like Cascais, but I love Ericeira.

I second Transferwise. I've never had a problem with them. Its the cheapest way to transfer money, it's a lot better than transferring from one bank to the next.

We use a company called Currencies Direct. They've been very good.

Thanks for the suggestions! I will check them out and compare and will definitely plan well in advance.

Avoid the banks and use regulated brokers to make sure your money is safe.

Compare rates here https://www.xompare.com

Most don't charge a fee, but they make their money with the FX Margin...the percent they add to the FX rate.

Barclays Bank for example charge a fee and an FX margin of 2.75% on the FX rate, making it very costly to move large sums.