How to bring money from abroad to Portugal

If you’re relocating to Portugal, bringing investment or inheritance funds from abroad, or looking to invest in the country, understanding the best way to move your money is the first step. From bank transfers to multicurrency accounts, each method has its pros and cons depending on how often you send money, the amount, and the currencies involved. Being aware of these differences helps you choose the option that works best for your situation.

Quick summary: Bringing money from abroad to Portugal

• Transfer methods: There are multiple options, including international bank transfers, specialised providers such as Wise, and, less commonly, cash or cheques. Online platforms are often faster and cheaper than banks.

• Declarations and taxes: In some cases, you need to declare the money you are bringing into Portugal. If you are transferring your own savings, in principle there are no tax implications. However, gifts of money over 500 EUR from anyone who is not your parent, grandparent, child, grandchild, or spouse may be subject to a 10% stamp tax.

• Transfer limits: The amount you can move into Portugal depends on the method you choose. Digital platforms and banks may have operational limits per transfer or per day, which can usually be adjusted with additional verification.

• Moving large sums: When transferring large amounts through a bank or operator, you may be asked to explain the origin of the funds, your relationship with the sender or receiver (if different people), and the purpose of the transfer, in line with anti-money laundering rules.

How to bring money from abroad to Portugal

Bringing money from abroad to Portugal is a common situation for people who move, work, invest, or receive income internationally. There is no single best way to do it: the most suitable option depends on your specific needs, such as the amount of money involved, how often you make transfers, how quickly you need access to the funds, and how important low fees or favourable exchange rates are to you.

In the sections below, we explore three main ways of bringing money into Portugal: international money transfers to a Portuguese bank account, multicurrency accounts, and bringing cash into the country. Each option comes with different costs, limits, and practical considerations, so understanding how they work can help you choose the solution that best fits your situation.

Sending money from abroad to Portugal

If you want to make an international money transfer to a Portuguese bank account, you can do it through a bank or via an international money transfer provider. Banks typically process their international transfers through systems such as SWIFT, which can be costly due to fixed fees, intermediary charges, and exchange rate markups.

International money transfer providers, on the other hand, generally offer faster transfers and clearer information on fees and exchange rates, though costs still vary depending on the destination and currency. Before making any transfer, it is good practice to check the total cost, including fees and exchange rate markups, as small differences can have a significant impact, particularly for large or recurring transfers.

See below some options available in Portugal:

Santander: A globally recognised bank with a presence in multiple countries and currencies. International transfers are usually charged via a combination of fixed fees and exchange rate markups, with costs varying by country and transfer type.

Wise: An international multicurrency account that allows for easy cross-border payments. Wise uses the mid-market exchange rate and charges a clearly stated fee upfront, which is often lower than banks.

Western Union: A well-known international money transfer provider operating worldwide. Fees vary depending on the amount, destination, and payment method. Exchange rates are calculated regularly based on interbank rates in global financial markets, with an added margin that depends on the country and currency.

Bringing money to Portugal with a multicurrency account

You don’t necessarily need a Portuguese bank account to receive, hold, and spend money in EUR. Multicurrency accounts can be a practical solution, especially if you frequently move money internationally or travel regularly. They let you manage money in multiple currencies in one place, meaning you can use your funds in your home country, in Portugal, or elsewhere without having to make repeated international transfers each time you move.

You also have control over when to exchange currencies, which can help you benefit from more favourable exchange rates. When receiving money, multicurrency accounts might offer local account details in several currencies, providing greater flexibility than single-currency accounts for an international lifestyle.

Here are some of the options you can use:

Wise: Provides a multicurrency account that lets you hold and spend EUR and 40+ other currencies, with local EUR and 8+ other local account details available. Conversions use the mid-market exchange rate, with a clearly stated fee shown upfront.

Revolut: Offers a multicurrency account enabling users to hold and spend 30+ currencies, with local account details in EUR and GBP. Currency conversions use the Revolut rate within plan limits, with fees of up to 2% applied after fair usage and during weekends.

Monese: Provides a multicurrency account in EUR, GBP, and RON. Outgoing international transfers are converted at the mid-market exchange rate, with fees starting at 2% on the free plan.

Bringing cash into Portugal

Bringing cash to Portugal is generally not the safest or most practical option. Carrying large amounts increases the risk of loss or theft, and cash provides little traceability or protection if something goes wrong. It can also be inconvenient, as many payments require a card or bank transfer, and exchanging cash may involve unfavourable rates and high fees.

There are also declaration requirements to be aware of. While there is no limit to the amount of cash you can bring into Portugal, you must report to the authorities any time you enter or leave the EU with 10 000 EUR or more in cash (or the equivalent in other currencies). Failing to declare large amounts can lead to penalties.

Writer’s tip: Choosing the right method to bring money from abroad

Choosing the right way to bring money from abroad depends on your personal situation and priorities. Factors such as the amount of money you are transferring, how often you need to move funds, how quickly you need access to them, and how sensitive you are to fees and exchange rates all play an important role. For one-off or large transfers, costs and transparency may matter most, while for regular payments, speed and convenience can be more important.

It’s also worth considering practical aspects such as whether you already have a bank account in Portugal, if you need to manage multiple currencies, and how comfortable you are with digital services. Comparing banks, international transfer providers, and alternative solutions like multicurrency accounts can help you find the option that best fits your needs and avoids unnecessary costs.

Taxes for bringing money to Portugal from abroad

When bringing money into Portugal from abroad, it’s important to do so legally and with the right declarations, both for tax compliance and to avoid fines or complications. If you are a tax resident in Portugal, you must declare all income earned abroad (such as salary, pension, rental income, dividends, or capital gains) in your annual Portuguese income tax return (IRS). This applies even if the income was already taxed in the country of origin, though a foreign tax credit may help prevent double taxation under applicable treaties. The IRS return is submitted entirely online via the website of the Portuguese Tax and Customs Authority between April and June and refers to income earned in the previous calendar year.

In addition to income reporting, there are specific rules for bringing cash into Portugal. If you enter the EU carrying 10 000 EUR or more in cash (or the equivalent in other currencies), you are legally required to declare it to the authorities when passing through customs. This declaration can also be made in advance online via the Portuguese Tax and Customs Authority website. Amounts below 10 000 EUR are generally not subject to mandatory declaration, although authorities may still investigate smaller sums if there are suspicions of illicit activity.

Aside from cash controls, there is no general limit on the amount of money you can bring into Portugal. Tax and reporting obligations depend on the origin and nature of the funds (for example, income, gifts, or inheritance), your tax residency status, and the applicable tax rules. For instance, if the money represents a gift and exceeds 500 EUR, it must be declared to the Portuguese Tax and Customs Authority. A 10% stamp tax applies if the gift is not from a spouse, child, grandchild, parent, or grandparent, or if it comes from one of these relatives but exceeds 5 000 EUR. By contrast, if you are transferring your own savings to Portugal, there is generally no tax to pay.

In addition to the Portuguese Tax and Customs Authority website, resources such as Your Europe can provide useful, up-to-date information on tax and reporting obligations.

How much money can be brought to Portugal from abroad?

The Portuguese government does not set a general limit on the amount of money you can bring or receive from abroad. You can, in principle, receive any amount, though cash amounts of 10 000 EUR or more must be declared to the authorities upon entry. It’s important to note that the country you are sending money from may impose its own limits or reporting requirements, so it’s always worth checking the rules in the origin country before making a transfer.

While the government does not set a maximum, each bank or provider has its own limits for incoming transfers. For bank accounts, limits can often be increased by contacting the bank and providing additional documentation if needed. Transfer providers also set their own thresholds, usually depending on verification level and payment method. For example:

Santander: Limits for international transfers vary by country. For example, in the UK, the maximum amount you can send per day via online banking is £100 000 GBP. If you need to transfer a higher amount, you can usually contact the bank and provide additional documentation as required.

Wise: In principle, there are no limits on receiving money. Sending limits depend on the currency and payment method. For example, when sending EUR from your Wise account, you can transfer up to 20 million EUR per transaction.

Western Union: Transfer limits depend on the sending country, payment method, and account verification status. For instance, with a fully verified account in the USA, you can send up to $50 000 USD per transfer.

Revolut: In principle, there are no fixed limits on sending or receiving money. However, Revolut’s partners may apply limits for certain currencies or transfer types, which are shown in the app before you confirm the transfer.

Monese: Limits vary depending on the plan and currency. For example, SEPA transfers have a maximum incoming and outgoing limit of 50 000 EUR per transaction and per day across all plans.

Conclusion

Bringing money from abroad to Portugal can be straightforward once you understand the options available and the rules that apply. Whether you’re transferring your own savings, receiving income from abroad, or moving larger sums for investment or relocation, the best approach depends on factors such as how quickly you need the money, the amount involved, and how frequently you send it. Taking the time to compare methods can help you avoid unnecessary fees, delays, or compliance issues.

For many people, Wise is a convenient and cost-effective solution. With transparent fees, mid-market exchange rates, and the ability to hold and manage multiple currencies in one account, Wise is particularly well-suited to an international lifestyle or regular cross-border transfers. Choosing the right tool from the start can make managing your money in Portugal simpler, cheaper, and more efficient.

FAQ

Can I receive money transfers from abroad to Portugal without a bank account?

Yes. It is possible to receive money without a Portuguese bank account by using providers such as Wise, Revolut, or Western Union. With Wise and Revolut, you can open an account fully online and receive money using EUR local account details. Western Union also offers the option to collect money in cash from an agency.

Where do I have to declare my taxes when bringing money from abroad to Portugal?

If you are a Portuguese tax resident, you must declare any income earned abroad in your Portuguese income tax return (IRS), which is submitted online through the Portuguese Tax and Customs Authority website. This includes salaries, pensions, investment income, and other forms of foreign income. The IRS return is filed in the year following the one in which the income was earned, typically between April and June. If you are transferring your own savings from abroad, there is, in principle, no tax to declare. 

What are the taxes for bringing money from abroad to Portugal?

Transferring your own money to Portugal is generally not taxed. However, gifts and inheritances may be subject to stamp duty at a rate of 10%, depending on the relationship between the parties and the amount involved.

When do I have to file a declaration about the money brought to Portugal?

You must declare cash amounts of 10 000 EUR or more (or the equivalent in other currencies) when entering Portugal from outside the EU, although no tax is due in principle. Income is declared annually through your IRS return if you are a Portuguese tax resident, while gifts and inheritances should be declared shortly after the money is received.

Useful resources

• Wise – Landing page for Wise Portugal (last checked 13th January 2026)
• Santander – Landing page for Santander Portugal (last checked 13th January 2026)
• Western Union – Receive money from abroad in Portugal (last checked 13th January 2026)
• Revolut – Landing page for Revolut Portugal (last checked 13th January 2026)
• European Union – Rules for travelling with cash in the EU (last checked 13th January 2026)
• Autoridade Tributária e Aduaneira – Portuguese Tax and Customs Authority (last checked 13th January 2026)
• Your Europe – Practical information on living, working, and travelling in the EU (last checked 13th January 2026)