Well the cheapest way would be to transfer a one time lump sum using a Forex company like Moneycorp (there are many others).

But I would first want to ask you why you are buying a house before you move there?

Sometimes people assume they know the right question to ask when in fact they may be putting the cart before the horse and would get very different advice if they gave enough background info for the reader to understand what it is they are trying to do.

Are you moving to work there or to retire? Have you lived in Portugal in the past?

For almost anyone other than a Portugese national returning home to Portugal, there are very few if any circumstances under which I would suggest someone buy a home before having lived in the country for at least 1 and preferably 2 years.

It could be what you should be asking about FIRST is 'should we buy or should we rent?' But without knowing the circumstances, the reader either has to ASSUME you are asking this question at the appropriate point in time or question where you are in your process. I don't like to assume things.

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Thanks OldPro,

I'm not asking anyone to assume anything at all. Assuming something is not even in the context of my question.

I was straightforward with the question;
For a period of less than one year, I wanted to know if anyone on this forum had any inside tips or suggestions that from their experience was a handier, less expensive (transfer fee wise) way to go about paying month to month bills in PT without complications and fees while being in the US.
My thought was the best way was to transfer €XXX amount every few months to my PT bank account and set up direct deposits. But not being completely familiar with the various institutions (water, electric, phone, taxes, internet, alarms, etc) regarding their competency and notices I thought I would seek advice from others who have already been in this situation.

Not at all clear why you feel the need to challenge my real estate choices. Moreover, you didn't remotely address my question, instead ASSUMED you should provide (unrelated to the question) life skills advice to apply to a random person.

If you feel the need to know more about my circumstances, or want to share friendly advice feel free to PM me. I'll buy you a beer and we can commiserate.

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Dear Wilsonworld, your thought about tranferring some amount every few months to your PT bank account and set up direct deposits is the best decision, I think.

It is very suitable. All bills (electricity, water, gas, etc) will be payed in time and you won't need to worry that you missed the date to pay. Some of companies already have an option to send invoices by email, it will help you to check all withdrawals. Just choose an option of direct payment while concluding agreements. Sometimes to avoid any frauds you need to notify your bank about list of companies, which will have the right to make direct withdrawals (it depends on bank you choose).

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Thanks Olgaolga!
I was thinking that would be the best option. My two concerns was missing a payment and and getting charged fees for a transaction.

Oddly enough, a mortgage I have on an investment property here in the US charges a $15 fee for an online payment. I have to mail them a check each month. Everything else I have is done electronically except that one payment.

Any recommendations on the best bank with lowest fees and best service?

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You are welcome Wilsonworld.
I am a client of Novo Banco, it is one of the biggest banks in Portugal. I like their online banking service and they have English version. Can't help you with rates comparison, I haven't been doing it for a long time.

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Ok perfect. That is who I was going with. Thanks again.

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You should still use a Forex company to actually transfer the funds and do the exchange.

Doing a bank to bank transfer will always cost you more.

Typically, a Forex company will charge you 1% on the exchange. You transfer funds from your US bank to the Forex company's account in the US. That costs you nothing.

The Forex company then does the exchange and deposits the funds in local currency in your local bank account. Again, no bank fees are involved. The only cost is the 1% exchange by the Forex company.

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Thanks, This sounds right. I asked my local bank and they charge between $35 - $70 depending on the transfer!! My national bank charges $20-35.
I would be throwing money away.

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Hello. You also have to consider exchange rates plus the fee. The exchange rate can play a significant role , obviously. I follow XE Currency for mid market exchange rates. I think check Transferwise or US Forex or even XE to see how many euros I get for my dollar. Over the last 8 months I have found Transferwise to have the best rate & fees but I suggest you do your own research.
Countga

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Oh hell yes. I have XE.com bookmarked and watch (and cringe) daily. Ok, today is good...Oh I should have done it last month...dang!!
I wish I had a crystal ball. Could have done great last Nov.

Everything I've found suggests Transferwise to be the best option.

Thanks for the input!

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