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Banks and other providers add a mark-up and other hidden charges to their exchange rate for sending money abroad. At InstaReM, we make it cost-effective through our Zero-Margin FX rates, low remittance fee, and no hidden charges.

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InstaReM Advantage
Zero-Margin FX Rates
We get you mid-market FX rates sourced directly from Reuters and add absolutely no margins! 
Fast & Easy Transfers
Sign up, verify your account and get transacting. The recipient typically gets the money in 1-2 business days.
Loyalty Points
Earn bonus InstaPoints upon joining and each time you transfer. Redeem them against your transactions.
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Transfer Money To Portugal At Zero-Margin Rates

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Send Money To Portugal

If you are looking for a cost-efficient way to send money to Portugal, it’s time you bid goodbye to banks. Though high-street banks might seem the obvious choice, you must know that banks add margins to their FX rates and sneak in hidden charges on your overseas money transfers. Besides, they also take a long time to process your transactions.

When it comes to overseas money transfers, the last thing you want is to have your money stuck for a long time.

InstaReM is a digital platform that aims at enhancing your money transfer experience with its cutting edge technology and competitive pricing. Backed by a user-friendly interface, InstaReM is a great way to send money to Portugal.

If you are remitting money to Portugal via InstaReM, you have the advantage of transferring your funds at Zero-Margin FX rates. Your money transfer process is transparent and you have full control over your transaction.

With a vision to make money transfers cost-efficient for individuals and businesses, InstaReM does away with FX spreads and charges only a small transaction fee. Transparency is one of the core values at InstaReM. We hide absolutely nothing from our clients. All costs involved in the transaction can be seen upfront on the receipt. This means that unlike banks, the sender will know exactly how much the recipient will receive even before the amount is transferred to the beneficiary. If you are sending money to Portugal for the first time, check our rates on the InstaReM website. You can even compare our rates with that of Google, Reuters or XE before making a transfer with us. We process your transfers at a fraction of the cost charged by banks and other service providers. Sign Up today for a seamless money transfer experience to Portugal!

Frequently Asked Questions
  • Is it safe to send money to Portugal through InstaReM? As a FinTech company, InstaReM reports to a number of regulatory bodies globally, and just like banks and other financial institutions, we have preventive measures designed to safeguard your profile against unauthorised access, fraud and money laundering.
  • How much does it cost to send money to Portugal through InstaReM? InstaReM uses Zero-Margin FX Rates to transfer your money. With us, you always get the exchange rate you’d see on Reuters or Google. For payments from AUD or HKD to EUR, the fee is 0.5%. For payments from SGD to EUR, the fee is 0.25%. For transfers from MYR to EUR, the fee is 0.6%. Please note that the fees are subject to change.
  • How much time does it take to send money to Portugal through InstaReM? Typically, InstaReM makes same or next-business-day transfers, 7 days a week. However, some factors that can slow down payment processing are:
    1. Additional information required by InstaReM or recipient bank or financial institution for your security
    2. Payment processing / verifying your bank account
    3. Branch location hours / delivery hours / holidays
    4. Erroneous recipient details
    *Please note that the transfer time may be affected by banking systems and holidays in both the sending and receiving countries. You will receive email notifications as your money transfer progresses through our system. You can track your transfer on the InstaReM website as well as on the app.
  • Which banks in Portugal are covered by InstaReM? InstaReM covers all banks in Portugal, including Millennium BCP, Caixa Geral de Depositos, Novobanco, Banco BPI, Deutsche Bank, Novo Banco, Barclays Bank and Banco Santander Totta, among many others.
  • What details are required to send money to Portugal?
    1. Name: When sending to individuals in Portugal, you need to fill in the beneficiary’s first name and last name.
    2. Address: Beneficiary’s full residential address in Portugal.
    3. Account no: Beneficiary’s local account number in Portugal.
    4. Beneficiary's Bank Code: You need your beneficiary’s SWIFT-BIC code to make a transfer to Portugal.
  • What is a SWIFT-BIC Code? Swift Code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers. Banks also use the codes for exchanging other messages between them. You can find SWIFT codes for Portugal here.
  • Can I send money to the bank account of a business based in Portugal through InstaReM? Yes. You can use InstaReM for business transfers to Portugal.
  • What are the minimum and maximum limits for sending money to Portugal through InstaReM? Individuals: The first transaction limit from Australia is AUD 2500. The limit is removed next transaction onwards. From Malaysia, per day transaction limit is MYR 50,000. There is no limit for transactions from Singapore and Hong Kong. Corporates: From Malaysia, per day transaction limit for businesses is MYR 200, 000. There is no limit for transactions from Australia, Singapore and Hong Kong. Please note that InstaReM accepts payments in whole amounts, not decimals. Transactions above USD 10, 000 must be declared to the authorities concerned.
  • Which currencies are available for payout in Portugal? We make payouts in EUR and USD only.
  • For what purposes can I send money to Portugal through InstaReM? InstaReM service can be availed by any individual (at least 18 years of age) for personal money transfer needs in Portugal from four countries. The user will be required to specify the purpose of remittance from a specified list of purposes like:
    1. Family maintenance
    2. Gift to family or friends
    3. Credit into your non-resident deposit accounts in Portugal
    4. Payments towards tuition/ hostel fees
    5. Travel services
    6. Home loan repayment (extended by banks)
    7. Insurance premium
    8. Purchase of permissible real estate
    * InstaReM does not support payments for FDI (Foreign Direct Investment) purposes.
  • Does InstaReM support transfers to an email address of a recipient based in Portugal? No. InstaReM does not support transfers to an email address in Portugal.

You can also transfer money to other countries in

  • Asia
  • Europe
  • Oceania
  • North America