|NOVO BANCO||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||NO MINIMUM||5/7 DAYS||3.5%||€1.068|
|EUR € - to GBP||NO MINIMUM||5/7 DAYS||3.5%||£0.872|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||From £100||From 1 DAY||From 0.7%||€1.099|
|EUR € - to GBP||From £100||From 1 DAY||From 0.7%||£0.897|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using Novo Banco services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money or payments abroad from your Novo Banco account in euros, UK pounds, USD and other currencies. Novo Banco international money transfers to or from Portugal have higher transaction charges, due to a less competitive exchange rate offered by Novo Banco. Skip to: Portugal Money Transfer Specialists
Typically, sending funds to or from your Novo Banco account in euros, UK pounds or US dollar overseas bank account will involve a margin rate of 3.5% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Novo Banco account in Portugal needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 euros (EUR) using Novo Banco banking services would have a transaction exchange rate margin of around 3.5% – or 3,500 EUR. Using a specialist broker, in this example Currencies Direct – the exchange rate margin would work out at between 0.7 to 1.0% – or only 700 to 1,000 EUR in total, which is a large saving over the bank service.
For individuals who need to move money overseas from their Novo Banco account, foreign exchange specialists Currencies Direct operate a local Portuguese office at Almancil in southern Portugal. For full details please skip to: Currencies Direct in Portugal
International money transfers from Novo Banco could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Novo Banco account holder to use their services. Novo Banco may charge a commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of 5000 euro.
Unless you pay a premium, Novo Banco’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Novo Banco is a Portuguese bank created in 2014 by the Bank of Portugal to rescue assets and liabilities of Banco Espírito Santo (which was one of the oldest and most reputed Portuguese banks).
In 2017 Portugal agreed to sell a 75% stake in Novo Banco to US private equity firm Lone Star in exchange for a capital injection of 1 billion euros. Novo Banco has a network of over 600 local banking branches in Portugal and the bank also serves customers in more than 20 countries worldwide.