Update: We have our NIF and have opened a bank account, but haven’t yet sent money to it…Trying to decide the best way to do that. Has anyone worked with Rational FX? That is who GCS is recommending. We are honing in on our real estate purchase and have sent GV specific related docs out for translation/apostille services (last week). Things are rolling along!
Hi Courtney. I would recommend Transferwise if you can use them. Multi currency and you can have accounts in all major currencies
+1 to TransferWise. I have used several currency conversion companies such as Interactive Brokers, OFX, and Revolut. TransferWise was the most consistently cost effective and speedy for me. They also have very accurate estimates of when the money will arrive.
Thanks Joseph and zzz. we’ll look into Transferwise!
It’s worth checking with the bank that you opened in PT if they will accept USD and convert USD to EUR for you after the transfer. Then you don’t have to go through a transfer service. We have Transferwise and remembered that their transfer fee was around $1,800+. Most U.S bank will do wire transfer for $25-$50 and some don’t charge anything for a wire transfer.
I hadn’t thought about that option…
Yes, Bison Bank performs currency conversions at mid-market par, with no fees or spreads. It sounds too good to be true but they delivered; I’m impressed.
It’s also worth relaying this advice from my banker at Bison: SEF may be alarmed if money arrives by any means other than a standard wire transfer from a traditional financial institution. The bank must provide SEF with documentation about the source of funds for a Golden Visa investment, and SEF likes things to be a certain way. I prefer to minimize friction.