Sending Money to Portugal for the Golden Visa

Interactive Brokers is actually a better and more competitive alternative. I recently used them to turn my USD to EUR and transfer the entire amount needed for GV over to my PT account.

A few pointers if you go this route:

Do the following steps in approximately 100k $ chunks until the desired balance is reached in your PT account

  • Transfer cash from your US bank account to your IBKR account via wire ā€” You donā€™t want to wait for days for the money to settle during which time the favorable window to buy EUR has passed.
  • Buy EUR on the spot market in chunks ā€” Or in one whole swoop if you prefer but the EUR is in a downward trend right now so why not trade with the pattern?
  • Transfer your EUR cash to your PT bank account via SEPA ā€” This minimizes the fees. If your bank is like mine, they charge 19ā‚¬ for wire transfer into my PT account. However, it is 0ā‚¬ if it is a SEPA transfer. Moreover, IBKR charges 1ā‚¬ for SEPA but 8ā‚¬ for wire after the first free transfer for the month.

The reason for the 100k $ chunk is because IBKR charges an interest rate for excess cash of any currency sitting in your account ā€” Yes, you pay to keep cash in the account. So do it in chunks and save yourself a few dollars.

Lastly, send a test transfer of a small amount before you send a 6 figure amount to make sure the plumbing is all correct between IBKR and your bank. The last thing you want is your hard-earned cash goes into the ether.

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