Article Written By Sarah

Transferring money from the US to Europe

transfer money from us to europe

With the rise of technology and the Internet, transferring money from one country to another is easier than ever before. In this article, we’ll provide some tips on how to make the most out of your money transfer.

The number of Americans looking to move out of America has increased in the last two years. Countries such as Portugal, Italy, France, and Spain are high on the list of desirable countries to live in. Americans are drawn to the lower cost of living, improved quality of life, affordable healthcare, warm climates, and low crime levels.

The age range varies from young adults looking for jobs, families moving with children and older adults planning their retirement.

Regardless of where you move and why you are moving, everyone will need to transfer money at some point. Within this journey, you will need to transfer money to rent or buy a property, invest in a visa, pay for a NIF (in Portugal) or move your savings. Traditionally your bank would be your first point of call. However, it is always worth checking the exchange rate. We usually see a 3-4% difference between a bank and an overseas money specialist. In some extreme instances, we have seen a bank charge 9%.

An American customer was due to receive over £1 million from a UK lawyer. Fortunately, the customer asked the bank what exchange rate would be applied. The rate the bank offered was 9% away from the market rate. Thankfully the client contacted Spartan FX, and we saved them over £90,000. While this example seems extreme, it is not uncommon. The other thing to bear in mind is that you will not know the exact rate at the time of transfer; the bank rate is not guaranteed. If the rate is unknown, how will you know how many US Dollars to send? What if you are sending money for a property purchase and the Euro amount is short? This could delay the purchase, and you also have the hassle of needing to send more money.

Spartan FX,

Using Spartan FX, an overseas money transfer specialist, is similar to using an insurance broker, realtor or mortgage broker. Like us, they are specialists in their field. When you move to another country, you will need to transfer more money than you are used to. Exchanging $250,000 can be daunting, then there is the international IBAN – have you got the correct details?

Our team deals regularly with customers in your position. We are always available on the telephone and will even take calls via WhatsApp. You can make transfers yourself online, or we can make the exchange for you. Also, on behalf of our customers, we double-check bank details and speak to bank tellers unfamiliar with international IBANs. We will keep you constantly updated with the location of your money and notify you once it’s in the beneficiary account. Helping to make the process stress-free and giving you peace of mind is our main priority.

Another important factor is exchange rate movements. Moving your money often features low on your ‘to-do’ list, however, a rate movement can significantly impact the amount of money you receive in Euros and the cost in US Dollars.

March 2021 to May 2021, there was a 4% rate movement in the USD/EUR rate.

Buying €500,000
Cost in March = $585,550
Cost in May = $610,100
Difference $24,550

Buying €20,000
Cost in March = $23,422
Cost in May = $24,404
Difference = $982

Depending on these fluctuations, it may be advantageous to make a transfer before you need your Euros. Don’t worry if you do not have all the funds available; you can fix the rate with a 10% deposit. Your personal dealer will explain the different options available to you, helping you save money on the day and helping you buy at the right time.

As of April 2022, we are nearly at two-year highs, an excellent time to sell US Dollars and buy Euros. You need to ask yourself:

• What was the price when you started your journey to move to or buy a property in Europe?
• What price would you be happy with?

If you are receiving rental income, pension payments or paying for a rental property on a monthly basis there are also ways to make these transfers more cost-effective. Another consideration is how to move your money once you are abroad. When transferring large sums, your US bank might ask for more information. For example, you might be required to go into your branch to sign a form or apply for an international card reader. Once you are abroad, this will be harder to do, and a flight home might be costly and delay your transfers. Your personal dealer at Spartan FX will be able to make sure you ask the right questions before you leave the US.

What do you need to do in advance of your move:

● Apply for a visa, a NIF (Portuguese tax number)
● Set up a local bank account
● Set up an account with Spartan FX, an overseas money transfer specialist

Spartan FX is an award-winning currency specialist. We have helped hundreds of customers save time and money on their overseas transfers and enabled them to achieve their dream of moving abroad. Our experts Ben Amrany, Sarah Davie or Neil Poyton regularly share their money-saving tips on expat community webinars.

Speak to an expert.
Email: [email protected]
Sign up for a FREE account.

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Selling Terms And Conditions

OVERVIEW

This website is operated by AnyExpat Ltd. Throughout the site, the terms “we”, “us” and “our” refer to AnyExpat Ltd. AnyExpat Ltd offers this website, including all information, tools and services available from this site to you, the user, conditioned upon your acceptance of all terms, conditions, policies and notices stated here.

By visiting our site and/ or purchasing something from us, you engage in our “Service” and agree to be bound by the following terms and conditions (“Terms of Service”, “Terms”), including those additional terms and conditions and policies referenced herein and/or available by hyperlink. These Terms of Service apply  to all users of the site, including without limitation users who are browsers, vendors, customers, merchants, and/ or contributors of content.

Please read these Terms of Service carefully before accessing or using our website. By accessing or using any part of the site, you agree to be bound by these Terms of Service. If you do not agree to all the terms and conditions of this agreement, then you may not access the website or use any services. If these Terms of Service are considered an offer, acceptance is expressly limited to these Terms of Service.

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A breach or violation of any of the Terms will result in an immediate termination of your Services.

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We reserve the right to refuse service to anyone for any reason at any time.

You understand that your content (not including credit card information), may be transferred unencrypted and involve (a) transmissions over various networks; and (b) changes to conform and adapt to technical requirements of connecting networks or devices. Credit card information is always encrypted during transfer over networks.

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The headings used in this agreement are included for convenience only and will not limit or otherwise affect these Terms.

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We are not responsible if information made available on this site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk.

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Prices for our products are subject to change without notice.

We reserve the right at any time to modify or discontinue the Service (or any part or content thereof) without notice at any time.

We shall not be liable to you or to any third-party for any modification, price change, suspension or discontinuance of the Service.

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For more detail, please review our Returns Policy.

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You acknowledge and agree that we provide access to such tools ”as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. We shall have no liability whatsoever arising from or relating to your use of optional third-party tools.

Any use by you of optional tools offered through the site is entirely at your own risk and discretion and you should ensure that you are familiar with and approve of the terms on which tools are provided by the relevant third-party provider(s).

We may also, in the future, offer new services and/or features through the website (including, the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service.

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Certain content, products and services available via our Service may include materials from third-parties.

Third-party links on this site may direct you to third-party websites that are not affiliated with us. We are not responsible for examining or evaluating the content or accuracy and we do not warrant and will not have any liability or responsibility for any third-party materials or websites, or for any other materials, products, or services of third-parties.

We are not liable for any harm or damages related to the purchase or use of goods, services, resources, content, or any other transactions made in connection with any third-party websites. Please review carefully the third-party’s policies and practices and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party.

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If, at our request, you send certain specific submissions (for example contest entries) or without a request from us you send creative ideas, suggestions, proposals, plans, or other materials, whether online, by email, by postal mail, or otherwise (collectively, ‘comments’), you agree that we may, at any time, without restriction, edit, copy, publish, distribute, translate and otherwise use in any medium any comments that you forward to us. We are and shall be under no obligation (1) to maintain any comments in confidence; (2) to pay compensation for any comments; or (3) to respond to any comments.

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We undertake no obligation to update, amend or clarify information in the Service or on any related website, including without limitation, pricing information, except as required by law. No specified update or refresh date applied in the Service or on any related website, should be taken to indicate that all information in the Service or on any related website has been modified or updated.

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(a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information;

(g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. We reserve the right to terminate your use of the Service or any related website for violating any of the prohibited uses.

SECTION 13 – DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY

We do not guarantee, represent or warrant that your use of our service will be uninterrupted, timely, secure or error-free.

We do not warrant that the results that may be obtained from the use of the service will be accurate or reliable.

You agree that from time to time we may remove the service for indefinite periods of time or cancel the service at any time, without notice to you.

You expressly agree that your use of, or inability to use, the service is at your sole risk. The service and all products and services delivered to you through the service are (except as expressly stated by us) provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement.

In no case shall AnyExpat Ltd, our directors, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable for any injury, loss, claim, or any direct, indirect, incidental, punitive, special, or consequential damages of any kind, including, without limitation lost profits, lost revenue, lost savings, loss of data, replacement costs, or any similar damages, whether based in contract, tort (including negligence), strict liability or otherwise, arising from your use of any of the service or any products procured using the service, or for any other claim related in any way to your use of the service or any product, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of the service or any content (or product) posted, transmitted, or otherwise made available via the service, even if advised of their possibility.

Because some states or jurisdictions do not allow the exclusion or the limitation of liability for consequential or incidental damages, in such states or jurisdictions, our liability shall be limited to the maximum extent permitted by law.

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You agree to indemnify, defend and hold harmless AnyExpat Ltd and our parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third-party due to or arising out of your breach of these Terms of Service or the documents they incorporate by reference, or your violation of any law or the rights of a third-party.

SECTION 15 – SEVERABILITY

In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions.

SECTION 16 – TERMINATION

The obligations and liabilities of the parties incurred prior to the termination date shall survive the termination of this agreement for all purposes.

These Terms of Service are effective unless and until terminated by either you or us. You may terminate these Terms of Service at any time by notifying us that you no longer wish to use our Services, or when you cease using our site.

If in our sole judgment you fail, or we suspect that you have failed, to comply with any term or provision of these Terms of Service, we also may terminate this agreement at any time without notice and you will remain liable for all amounts due up to and including the date of termination; and/or accordingly may deny you access to our Services (or any part thereof).

SECTION 17 – ENTIRE AGREEMENT

The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.

These Terms of Service and any policies or operating rules posted by us on this site or in respect to The Service constitutes the entire agreement and understanding between you and us and govern your use of the Service, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service).

Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party.

SECTION 18 – GOVERNING LAW

These Terms of Service and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, BFP, G21BP, United Kingdom.

SECTION 19 – CHANGES TO TERMS OF SERVICE

You can review the most current version of the Terms of Service at any time at this page.

We reserve the right, at our sole discretion, to update, change or replace any part of these Terms of Service by posting updates and changes to our website. It is your responsibility to check our website periodically for changes. Your continued use of or access to our website or the Service following the posting of any changes to these Terms of Service constitutes acceptance of those changes.

SECTION 20 – CONTACT INFORMATION

Questions about the Terms of Service should be sent to us at [email protected]

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