Like any property deal it is best to have your finances in order before you decide to purchase in Portugal. All payments must be made in Euros. If you have the funds in the United Kingdom to pay for your property purchase you can either:
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Banker's Draft |
Obtain a Banker's draft in Euros from your UK bank and give this to the Notário. However you will have to be sure of the exact amount needed to cover all charges as well as the purchase price.
If you have opened a Portuguese bank account though you will need to
raise a cheque 'Visado'. This is a banker's draft and only the bank can
issue it. |
OR |
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Bank Transfer |
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Transferring cash from the UK bank account, converted into Euros using interbank transfer. You will need to know your bank details, including the IBAN number (Inter Bank Account Number) to do this. you will most likely have to open a bank account in Portugal to complete this process. |
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If you are intending to take out a mortgage for pay for your property it may be easier to apply for to a Portuguese lender. |
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Opening a Bank Account
in Portugal |
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Opening a bank account in Portugal is simple and may, in the long run, be advantageous. With a Portuguese account you can set up direct debits for tax and utility bills.In order to open account in Portugal you will need to provide: - Proof of identification - A Numéro de Fiscal de Contribuinte Once you have opened a bank account you will be able to SWIFT funds from your UK bank directly into your new account, then write out a cheque or draft for the purchase amount. |
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Mortgage |
| Portuguese mortgage lenders usually require a deposit of around 25% of the purchase price. In addition a mortgage from a Portuguese bank only covers the property itself not the legal fees incurred buying it. |
