Send Money from Portugal to India

Portugal to India Money Transfer

Contents

1 Starter Rates by Online Apps
2 How to Send Money from Portugal to India?
3 Limits on Money Transfer from Portugal
4 Taxes on Transferring Money to India from Portugal?
5 Best Money Transfer Apps from Portugal to India?
6 Remittance Transfer Time from Portugal to India?
7 Who Gives the Best Exchange Rates?
8 Exchange Houses: Sending Money from Portugal?
9 Tips to Get the Best Rates

The Indian diaspora in Portugal, a vibrant community with deep historical roots to Goa, plays a significant role in both countries’ cultural and economic landscapes. Many Indians in Portugal regularly send money back to family and siblings in Goa, India, supporting their households and contributing to the local economy. Remittances are often facilitated through secure and reliable channels such as banks, online platforms, and money transfer services. These funds help cover essential expenses, education, and medical needs, strengthening the bond between the diaspora and their homeland, while fostering financial stability and growth.

Starter Rates by Online Apps

Many online transfer services offer promotional starter rates for new users, which can include lower fees or better exchange rates on initial transactions. Apps like Wise (formerly TransferWise), Remitly, and Western Union often run such promotions to attract new customers looking to send money from Portugal to India.

How to Send Money from Portugal to India?

Sending euros from Portugal to India can be done through various methods:

Banks: Many banks offer international money transfer services. Check with your local bank for their rates and fees.
Online Transfer Services: Services like Wise, Remitly, and Western Union provide convenient and often cheaper options.
Money Transfer Operators: Companies like MoneyGram and Ria Money Transfer are reliable options.

Limits on Money Transfer from Portugal

There is generally no upper limit on the amount you can transfer from Portugal to India through banks and authorized money transfer services. However, transactions above certain thresholds might require additional documentation to comply with anti-money laundering regulations.

Taxes on Transferring Money to India from Portugal?

In general, money transferred as a gift or personal remittance to India is not taxable. However, if the amount exceeds a certain limit, it may need to be reported. It’s advisable to consult with a tax advisor for specific regulations.

Best Money Transfer Apps from Portugal to India?

Several apps provide excellent services for transferring euros from Portugal to India:

Wise (formerly TransferWise): Known for its transparent fees and competitive exchange rates.
Remitly: Offers various delivery options and promotional rates for new users.
Western Union: Provides extensive coverage and multiple transfer options.

Remittance Transfer Time from Portugal to India?

The transfer time can vary depending on the service used:

Banks: Typically 1-3 business days.
Online Services: Can range from a few minutes to 2 days.
Money Transfer Operators: Usually within minutes to a few hours.

Who Gives the Best Exchange Rates?

Wise and Remitly are known for offering some of the best exchange rates Euro to Rupee in the market, often closely matching the mid-market rate.

Exchange Houses: Sending Money from Portugal?

Yes, several exchange houses such as Western Union and MoneyGram operate in Portugal, providing additional options for money transfers.

Tips to Get the Best Rates

Compare Services: Use comparison websites to find the best rates and fees.
Use Promotions: Take advantage of promotional rates for new customers.
Timing: Monitor exchange rate trends to transfer when rates are favorable.
Choose the Right Method: Depending on the amount and urgency, select a service that offers the best combination of speed and cost.

By using these tips and choosing reliable transfer services, you can ensure that your money reaches your loved ones in India efficiently and economically.

Wise
remitly

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