How to Send Money to Portugal from Canada?

Last Updated: 04 Nov 2023
National Palace of Pena, Sintra, Portugal
National Palace of Pena, Sintra, Portugal

Are you a Canadian looking to send money to Portugal? As Canada and Portugal have strong ties and mutually beneficial commercial relations, 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. Save time and money when you send money to Portugal from Canada by exploring alternative options.

You could be a Canadian ex-pat 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 in Portugal, 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 competitive Portugal currency 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.”

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 to Portugal 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.

How to transfer money to Portugal?

If you're looking for ways how to send money to Portugal, there are two main options available:

1. Bank transfer:

Wire money to Portugal through your bank is a traditional method of transferring money. However, this method can be more expensive, and it may take longer for the money to reach its destination.

2. Online money transfer services:

Online money transfer services, such as MTFX provide faster transfer times, ranging from a few 1-2 business days. By 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 will depend on your individual needs and preferences. Be sure to compare your options carefully to find the one that works best for you.

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

You’ll need to provide the following details to send money online to Portugal from Canada:

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

Who can use 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.


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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.   

Frequently Asked Questions   

What is the cheapest way to send money from Canada to Portugal?

The cheapest way to send money from Canada to Portugal is by using a reputable online money transfer service like MTFX. With competitive exchange rates and low fees, MTFX offers a cost-effective solution for transferring funds internationally. 

How much is $100 Canadian in euros?

The exchange rate for converting Canadian dollars to euros can fluctuate. To get an accurate conversion rate and find out how much $100 Canadian is in euros, you can use MTFX's online currency conversion tool

How can I pay for my money transfer to Portugal?

MTFX offers multiple payment options for your money transfer to Portugal. You can pay via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. Simply choose the payment method that is most convenient for you during the transaction process. 

How long does it take to send money to Portugal?

When sending money to Portugal through MTFX, wire transfers are typically received by your beneficiary within 24-48 hours. For faster transfers, MTFX offers same-day options that provide nearly instant delivery. Additionally, MTFX provides low-cost in-country payment services for less time-sensitive transfers.   

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

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