&lt;p&gt;&lt;strong&gt;Transferring money to Portugal requires careful planning. Which is why Ideal Homes Portugal works closely with local foreign exchange specialist Moving Currency. We learn more from their CEO and founder Claire Wheatley about how they help our clients prepare and save money.&lt;/strong&gt;&lt;/p&gt;
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&lt;p&gt;&lt;strong&gt;&lt;br&gt;Claire, tell us a bit about yourself and Moving Currency?&lt;/strong&gt;&lt;em&gt;&lt;br&gt;I moved out here around 13 years ago, when I got my first job in currency exchange. Before that I worked in other sectors of financial services, including banking and mortgages. Fair to say, I have lots of experience helping people make important decisions regarding their hard-earned money. And being based full-time in the Algarve and working out of my home office in Almancil means I have lots of local knowledge of the area and property market here, not just currency!&lt;br&gt;&lt;br&gt;I set up Moving Currency six years ago and still run it myself. The company works under the umbrella of a large UK-based currency specialist, who I worked for previously. This means my clients benefit from the infrastructure and security of a larger organisation, combined with the personal service they get by dealing with me directly.&lt;br&gt;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Briefly, just outline how Moving Currency helps people?&lt;br&gt;&lt;/strong&gt;&lt;em&gt;In a nutshell, I help people transfer money to and from Portugal, taking account of their individual needs and guaranteeing security and value for money. Typical transfers are for foreign nationals purchasing a Portuguese property or relocating. Our service is bank-to-bank, so I oversee the movement of funds from a client’s account in their country of origin to a designated account in Portugal. A vital part of this process is exchanging their funds into euros, usually from dollars $ or pounds &#163; (or vice-versa).&lt;br&gt;&lt;br&gt;Moving Currency’s service isn’t just providing competitive exchange rates though. It’s also about building relationships with clients and creating a bespoke plan for their currency requirements. This could include helping them achieve a target exchange rate and protecting their funds from inevitable rate movements.&lt;br&gt;&lt;br&gt;&lt;/em&gt;&lt;/p&gt;
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&lt;p&gt;&lt;strong&gt;&lt;br&gt;So why not use a bank to send money to Portugal? &lt;br&gt;&lt;/strong&gt;&lt;em&gt;First and foremost, I will get you better exchange rates than your typical high street bank. And I won’t charge you to make a transfer, unlike banks who charge a fee for each payment. A bank won’t provide anywhere near the same level of customer service that I offer my clients - which is important when you are sending large amounts of money across borders to foreign bank accounts and might be a little nervous. &lt;br&gt;&lt;br&gt;Neither will banks offer you solutions, such as forward contracts (see below for more info), that are especially helpful to property-buyers. We’re usually faster than banks too – transfers made in the morning should reach the Portuguese receiving bank that afternoon, or by the following morning if sent in the afternoon. &lt;br&gt;And using a specialist like me gives you an extra layer of protection, meaning I personally check all the important details for each transfer. &lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Where are your typical clients from? &lt;br&gt;&lt;/strong&gt;&lt;em&gt;My clients are multinational and right now many are American and British. Moving Currency has a designated US-based bank account, so is well placed to help Americans and simplify the transfer process for them.&lt;br&gt;&lt;br&gt;My clients aren’t just people buying property through Ideal Homes Portugal – we invite anyone who needs to make a currency transfer to get in touch. We get a lot of client referrals, including people buying in other countries. Recently I’ve had clients buying in Dubai, Mexico, Spain and Bali!&lt;br&gt;&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Tell us more about how a forward contracts works&lt;br&gt;&lt;/strong&gt;&lt;em&gt;A forward contract allows you to secure a guaranteed exchange rate for a payment or series of payments you will need to make up to a year in the future. The fixed exchange rate I will offer you will be based on the current exchange rate and the total value of the transfer(s). A 10 per cent deposit is required on agreement of the contract, with no other payment due until you need to make the transfer(s).&lt;br&gt;&lt;br&gt;This solution is very useful for buyers who want reassurance knowing the cost of their property won’t change once they’ve committed to a purchase. Clients buying a resale property will typically arrange a forward contract at the point of signing a promissory (sales) contract, the equivalent to exchanging in the UK. By fixing an exchange rate then, you are also fixing what it will cost in your own currency to complete a month or two later.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Can you help clients buying off-plan too? &lt;br&gt;&lt;/strong&gt;&lt;em&gt;Sure, I do this a lot. Once a client has paid the deposit for an off-plan contract, they have flexibility. Some are happy to wait and get whatever exchange rate I can offer them each time they need to make a stage payment or pay the final balance. Some like the certainty that comes with a forward contract, so agree a fixed exchange rate they can access for each payment. This way they know the cost of their purchase won’t change over the course of the property’s construction. Not forgetting, I keep my clients in mind all the time and will usually call them if the rate suddenly dips in their favour or the other way. Or they can call me, or get in touch via WhatsApp or email! &lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Besides property purchases, can you assist with other types of transfers? &lt;br&gt;&lt;/strong&gt;&lt;em&gt;Yes. We can help with repatriations, so sending money out of Portugal. And really any other lower value requirements you might have as a homeowner, from one-off payments such as buying furniture, buying a car to simply keeping your Portuguese bank account topped up. We can organise regular payments into Portugal, such as receiving a pension, and combine this with a forward contract, so you know how much you’ll receive each month.&lt;br&gt;&lt;br&gt;&lt;/em&gt;&lt;/p&gt;
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&lt;p&gt;&lt;strong&gt;How are clients’ funds protected when they use Moving Currency? &lt;br&gt;&lt;/strong&gt;&lt;em&gt;Through our parent company we are FCA-authorised and tick all the required regulatory boxes in the UK. We use Barclays, one of the UK’s largest and most established banks. And clients’ funds are always held in a segregated account and kept separate from our company’s operating account at all times.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;How do I open an account and do I need to pay into it…?&lt;br&gt;&lt;/strong&gt;&lt;em&gt;It&#39;s easy and worth doing before you even visit Portugal, so you’re set up and ready to go. You can do it on-line and it takes about five minutes. Once you’ve registered, you’re under no obligation to fund your account or even use it at all.&lt;br&gt;&lt;br&gt;The next step would be to have a chat with me, so I can get an idea about your requirements and your purchasing plans. When it comes to making transfers, most clients prefer to call or email me, but you can organise payments of up to €10,000 yourself on-line.&lt;br&gt;&lt;br&gt;&lt;a href=&quot;https://www.idealhomesportugal.com/currency-exchange&quot;&gt;Read more and get in touch with Claire &amp;gt;&lt;/a&gt;&lt;br&gt;&lt;br&gt;&lt;/em&gt;&lt;/p&gt;
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Plan ahead & save money on your property purchase

If you're purchasing a property in Portugal and your money is not already in EUR - e.g. you use US dollars or British pounds, then you need to plan ahead to get the best exchange rate and save money on bank charges. We interview Claire Wheatley, CEO of FX specialist Moving Currency, to find out more.