How to Send Money to Portugal from Canada?

Are you a Canadian looking to send money to Portugal? With strong ties and mutually beneficial commercial relations between Canada and Portugal, it's no surprise that many Canadians need to send money to the Portuguese Republic.

But here's a valuable pro tip: Instead of settling for expensive bank services, consider finding a more convenient money transfer service with competitive exchange rates and lower transfer fees. You can save time and money by exploring alternative options when sending money to Portugal from Canada.

You could be a Canadian ex-pat or want to send money to family, friends, or suppliers in Portugal. Using the best money service means adding fewer dollars for your recipient to receive the correct amount. The savings are well worth whether you must send money regularly or once-off. This is just one of the many benefits of using a specialist money transfer service.

How to transfer money from Canada to Portugal?

There are two main options available for sending money from Canada to Portugal; 

Bank transfer:

A traditional transfer method is to wire money to Portugal through your bank. However, this method can be more expensive, and it may take longer for the money to reach its destination.

Online money transfer services:

Online money transfer services, such as MTFX, provide faster transfer times, ranging from 1 to 2 business days. Using an online platform, you can create an account, provide the necessary recipient details, specify the amount to transfer, and get the best exchange rates.

Ultimately, the best way to transfer money to Portugal depends on your needs and preferences. Be sure to compare your options carefully to find the one that works best for you.

What is the best way to send money to Portugal?

Sending money to Portugal may incur fees, but you can minimize costs by choosing an exemplary money transfer service. Typically, you'll choose between a bank or a specialist service like MTFX. Here's a quick breakdown to help you make the best choice when sending money from Canada to Portugal.

What’s the exchange rate? – MTFX is an obvious choice, considering it offers exchange rates 3-5% lower than the banks. When you put it in real-life terms, you can save as much as $1000 for every $20,000 you transfer.

What are the transfer fees? – You can avoid steep transfer fees and additional bank charges when you use your MTFX account to send money online.

How long does it take? – Registering an MTFX account and sending money only takes minutes. You can expect your money to reach its destination within 24-48 hours. On the other hand, banks often have a slow transfer speed, which can be inconvenient in our fast-paced world.

What is a reasonable EUR/CAD exchange rate for sending money?

Save thousands on international money transfers by securing the best exchange rates. When conducting global business, choosing where to exchange currency is crucial. You typically have two options: your bank or a foreign exchange (FX) specialist like MTFX.

While banks may seem convenient, they often offer less favourable EUR/CAD rates and charge hefty transfer fees, sometimes as high as CAD 150.00 per transaction. These fees can quickly add up with frequent transfers. In contrast, MTFX prioritizes personalized service and strong client relationships. MTFX is dedicated to providing competitive exchange rates and minimal transfer fees, empowering clients to maximize the value of their international transactions.

Check live CAD to EUR exchange rate trends before making any money transfer decision.

Who can use MTFX to send money to  Portugal?

Both companies and individuals can use MTFX to transfer money to Portugal.

Why do individuals send money to Portugal from Canada?

Individuals typically send money to Portugal from Canada for the following reasons:

• Making purchases in Portugal.
• Buying homes or businesses.
• Investing in Portugal.
• Relocating to Portugal.

Why do companies send money to Portugal from Canada?

Companies typically send money to Portugal from Canada for the following reasons;

• Making supplier payments in Portugal.
• Purchasing goods and services in Portugal.
• Settling financial transactions in Portugal.
• Investing in Portugal.

What bank details are needed to transfer money to Portugal from Canada?

You’ll need to provide the following details to convert CAD to EUR and send money online to Portugal from Canada;

• Beneficiary's name
• Beneficiary's address
• Beneficiary's account number
• Bank's name
• Bank's Swift code
• Bank's address
• Reason(s) for transfer

Can I set up regular payments to a Portuguese bank account?

Sending regular payments to a Portuguese bank account doesn’t have to be a hassle. Your MTFX account allows you to automate all your payments to Portugal. The MTFX 24/7 online platform will enable you to set up your preferred money transfer schedule anytime, wherever you are.

You can also take advantage of  currency rate alerts and other foreign exchange tools that help you better understand the market. With access to free expert guidance from MTFX foreign exchange specialists, making regular international money transfers has never been easier.

How to send money to Portugal from Canada with MTFX?

To send money to Portugal from Canada using MTFX, follow these steps:

Sign up: If you haven't already, sign up for an account with MTFX on their website. You'll need to provide some personal information and verify your identity.

Log in: Once your account is set up and verified, log in to the MTFX platform using your credentials.

Initiate transfer:  Start a new transfer by entering the amount you want to send and selecting Portugal as the destination country.

Provide recipient details:  Enter the recipient's information, including their name, address, and bank account details in Portugal.

Choose the transfer method: Select how you want to fund the transfer from your Canadian bank account. MTFX typically offers options like bank transfer or wire transfer.

Review and confirm: Double-check all your transfer details, including the exchange rate and any fees associated with the transaction. Once you're satisfied, confirm the transfer.

The recipient receives funds: Once the transfer is complete, the recipient in Portugal will receive the funds directly into their bank account.

MTFX offers competitive exchange rates for CAD to EUR conversion and low fees for international money transfers, making it a convenient and cost-effective option for sending money to Portugal from Canada.

Send money to Portugal from Canada today

With MTFX, you can enjoy hands-free international money transfers, support from foreign exchange experts and tools, and the convenience of a secure, always-online platform.   

Register with MTFX  to get real value for your money and send money on the go.

FAQs   

1. What currency will my recipient get in Portugal?

Recipients in Portugal receive funds in euros (EUR). If you’re sending from Canada or another non-euro country, the money is converted to EUR at the applicable exchange rate before delivery.

2. How do exchange rates affect my transfer?

Exchange rates determine how much your Canadian dollars convert to in euros. Banks and providers often add a markup to the mid-market rate, which affects the final amount your recipient receives.

3. What is the FX rate today?

Foreign exchange (FX) rates fluctuate constantly based on global market conditions. If you're sending money from Canada to Portugal, the CAD to EUR rate can change throughout the day. For the most accurate and competitive rate, it’s best to check the live exchange rates available through MTFX’s online platform. This helps you make informed transfer decisions and potentially save more on currency conversion.

4. How long does it take to transfer money to Portugal?

If you are using MTFX, your Euro transfers will reach their destination in 1–2 business days. 

5. What information do I need to send money to a Portuguese bank?

You’ll need the recipient’s full name, their IBAN (which begins with “PT”), and the SWIFT/BIC code if you're sending from outside the eurozone.

6. Are there limits on how much I can send?

Yes, transfer limits vary by provider. However, with MTFX, you don't have to worry about maximum limits, as we allow you to make large money transfers. You might face lower limits that you can discuss with our expert team.

7.  Can I lock in an exchange rate in advance?

MTFX allows you to secure a rate ahead of time using our rate alert tool, helping protect against market volatility.

8. What’s the best way to get a good exchange rate?

Use a currency specialist like MTFX that offers competitive, near mid-market rates. Rate alerts and comparison tools can also help you send at the optimal time.

9. Are money transfers to Portugal secure?

Yes, as long as you use regulated services like MTFX. Look for providers that offer encryption, are FINTRAC registered in Canada, and provide transparent pricing with no hidden fees.

10. Where can I check live CAD to EUR exchange rates?

You can view live FX rates through trusted platforms like MTFX. We offer real-time market movements and let you compare rates before sending money to Portugal.

Register with MTFX  to get real value for your money and send money on the go.