Are you paying over the odds to send money to Portugal from Canada? Find a better way to make international money transfers without involving the banks.
Given that Canada and Portugal have strong ties, deep people-to-people links, and mutually beneficial commercial relations, you find that many Canadians need to send money to the Portuguese Republic. If you belong to this group, here’s a valuable pro tip: You don’t have to settle for bank services when you can find a more convenient money transfer service with competitive exchange rates and lower transfer fees.
You could be a Canadian expat or maybe you want to send money to family, friends, or suppliers in Portugal. Using the best money service means you add fewer dollars on top for your recipient to receive the correct amount. The savings are well worth it whether you need to send money regularly or once-off.
This is just one of the many benefits of using a specialist money transfer service.
What is the current EUR/CAD exchange rate?
The Portuguese escudo was once the official currency, but the Euro replaced it in 2002 after Portugal became a member of the European Union. So, if you’re sending money to Portugal, it’s in your best interests to check the current EUR/CAD exchange rate.
Not all money transfer providers are willing to offer you the best available rate. For instance, banks consistently offer poor exchange rates, so it’s better to use a specialist money transfer service willing to share its profits by offering a more favorable exchange rate.
When you send money via MTFX, you get midmarket rates and access to a rates calculator that gives you the bigger picture before you press “send.”
CALL TO ACTION: The EUR/CAD exchange rate is not set in stone. Use MTFX’s live rates calculator to check the current rate before making your payment.
How much is a Euro to a Canadian dollar?
What is the best way to send money to Portugal from Canada?
Sending money to Portugal comes with a price tag, but you can still keep costs low if you use the best money transfer service. Usually, your options boil down to using a bank or a specialist money service like MTFX. Here’s a quick breakdown to help you make the best choice to send money from Canada
What’s the exchange rate? – MTFX is an obvious choice considering it offers exchange rates that are 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? – It only takes minutes to register an MTFX account and start sending money. 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 the fast-paced world we live in.
What bank details are needed to transfer money to Portugal from Canada?
You’ll need to provide the following details to transfer money from Canada to Portugal:
Beneficiary account (IBAN)number
Bank Swift code
Reason for transfer
Who uses MTFX to send money to Portugal?
You can transfer money to Portugal using your personal or business MTFX account.
Individuals – Individuals that send money with MTFX usually do so when sending money to family or friends or themselves in Portugal. People also send money to cover real-estate payments, tuition/school fees, investment deals, or the cost of moving to Portugal.
Companies – Businesses can send money to cover supplier payments or outstanding invoices for goods and services in Portugal. In addition, Canadian companies may also need to make investments and payments in Portugal.
Can you 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.
Send money to Portugal from Canada today
With MTFX, you can enjoy hands-free international money transfers and support from foreign exchange experts and tools. Not to mention the convenience that comes with a secure, always-online platform.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.