I just love watching the markets--buy high, sell low...the story of my life. I have not used them, but there is a foreign exchange company out of the UK called Spartan FX that has appeared on a few of the expat groups I belong to. You already have a personal relationship with someone who can help you with the exchange rates, but you might want to investigate this group if you are thinking about future and regular (monthly) exchanges and like the idea of working with a live human (who has a British accent, to boot).
Not sure this is always the case but the last time we transferred a large some we use Schwab. The money was already there and in comparing it to Wise and XE they were all the same …. A Schwab account is handy if you live overseas, so you may wish to consider this.
Just reading this post today. The USD became so strong over the course of this year (2022). Has the USD peaked? The USD has turned a corner and looking at the Forecast site you noted, it appears that answer would be - Yes, the USD had peaked. Forecast for 2023 looks to be mostly - down AND down.
Saving money is so important, what a wise move on your part! I have started using Wise in anticipation of money transfers when we move to Portugal. I have found that I could rest some dollars in a U.S. dollar pot in Wise, watch the exchange rate & then convert to Euros at (what I think) is an optimum moment. I caught the market at the $0.90 rate. Unfortunately, I didn't have a lot of dollars to exchange ($2,000) but I was sure psyched that I got an extra 60 Euros from the last time I checked the rate, and that Wise exists. It's so fast and easy to use.
I think it’s a good idea (eyeballing the exchange rates) and could make an excellent retirement hobby. And I love it that the banker got involved and helped. Wife and I (married women) moving to Porto in early 2023 for retirement.
Can you share at what bank the magical Frederico works? Searching for a bank at the moment. I'm leaving the absolute BEST banker I've ever had (for regular people, not the uber wealthy)—she actually calls (a REAL human on an actual PHONE!) if I have questions about anything. And when I closed our account she called to say that she'd miss me/us, and could she do anything to help. Unheard of in banking these days.
We must have a connection because in the brief time I have been following your blog, you always seem to post on the topic forefront in my mind at the time. Could you please tell me whether you need to have the PT bank account funded before you search for a rental in PT? I will be renting remotely for the D7 visa. Can the money be wired from here or is the bank account there needed first? Also, it's scary that my rent would go up and down like that at the whim of the market. I'm not mathematically or numerically inclinded but there is no way to sidestep the exchange rate when paying monthly rent, is there? As always, thank you for your posts.
When we first secured the AirBNB which was used for our D7 application we wired money from the states. However, at that time you only needed a 6 month rental and at first did not have to have a Portuguese bank account. When we rented our longer term apartment, the owner wanted us to use our Portuguese bank account. Getting the NIF and bank account can be done remotely and you don’t need to put a ton of money into the account to open it.
What a useful and informative entry. Yet another example why I follow your blog and so appreciated! Thank you.
Thank you.
You are so wise.
I just love watching the markets--buy high, sell low...the story of my life. I have not used them, but there is a foreign exchange company out of the UK called Spartan FX that has appeared on a few of the expat groups I belong to. You already have a personal relationship with someone who can help you with the exchange rates, but you might want to investigate this group if you are thinking about future and regular (monthly) exchanges and like the idea of working with a live human (who has a British accent, to boot).
Not sure this is always the case but the last time we transferred a large some we use Schwab. The money was already there and in comparing it to Wise and XE they were all the same …. A Schwab account is handy if you live overseas, so you may wish to consider this.
Just reading this post today. The USD became so strong over the course of this year (2022). Has the USD peaked? The USD has turned a corner and looking at the Forecast site you noted, it appears that answer would be - Yes, the USD had peaked. Forecast for 2023 looks to be mostly - down AND down.
Saving money is so important, what a wise move on your part! I have started using Wise in anticipation of money transfers when we move to Portugal. I have found that I could rest some dollars in a U.S. dollar pot in Wise, watch the exchange rate & then convert to Euros at (what I think) is an optimum moment. I caught the market at the $0.90 rate. Unfortunately, I didn't have a lot of dollars to exchange ($2,000) but I was sure psyched that I got an extra 60 Euros from the last time I checked the rate, and that Wise exists. It's so fast and easy to use.
I think it’s a good idea (eyeballing the exchange rates) and could make an excellent retirement hobby. And I love it that the banker got involved and helped. Wife and I (married women) moving to Porto in early 2023 for retirement.
Can you share at what bank the magical Frederico works? Searching for a bank at the moment. I'm leaving the absolute BEST banker I've ever had (for regular people, not the uber wealthy)—she actually calls (a REAL human on an actual PHONE!) if I have questions about anything. And when I closed our account she called to say that she'd miss me/us, and could she do anything to help. Unheard of in banking these days.
Frederico Soares works for the Abanca (Monte Estoril branch). The branch number is 211 937 605. He is the best!
Thanks :)
You got an excellent exchange rate!
We must have a connection because in the brief time I have been following your blog, you always seem to post on the topic forefront in my mind at the time. Could you please tell me whether you need to have the PT bank account funded before you search for a rental in PT? I will be renting remotely for the D7 visa. Can the money be wired from here or is the bank account there needed first? Also, it's scary that my rent would go up and down like that at the whim of the market. I'm not mathematically or numerically inclinded but there is no way to sidestep the exchange rate when paying monthly rent, is there? As always, thank you for your posts.
When we first secured the AirBNB which was used for our D7 application we wired money from the states. However, at that time you only needed a 6 month rental and at first did not have to have a Portuguese bank account. When we rented our longer term apartment, the owner wanted us to use our Portuguese bank account. Getting the NIF and bank account can be done remotely and you don’t need to put a ton of money into the account to open it.