Posted Worker Abroad

sandysack

Not sure if this post should be under Employment or Travel. I am being sent as a "posted worker" to Portugal in a couple of months, hence will continue paying my taxes/NI contribs in the UK for 12 months or so whilst abroad.

What is the most cost efficient/beneficial way I can get hold of my wages from my UK bank account on a monthly basis as Euros (to pay my Portuguese bills)? It is not likely that I will back in the UK at all, therefore can see my only options as:

• 0% UK credit card for foreign transactions, paid off by direct debit monthly from UK bank account.
• Use of currency broker web site (such as XE trade) to transfer money to Portuguese bank acct. (Downside is paying fees at Portuguese end for paying money in via transfer)
• Use of a Travel Card (eg. Post Office Travel Money Card Plus).
• ATM (Poor rates and applied commission)

Any other options? Can anyone advise me on the preferred option?

Many thanks for any advice.

hartcjhart

N&P are still doing a current account with no charges for eu withdrawlers

Bob_the_Saver

hartcjhart wrote: »

N&P are still doing a current account with no charges for eu withdrawlers

Or a Metro bank card, no charges at all.

mcfisco

I take it you have online access to your bank account?

Topping up a CaxtonFX card each month seems a reasonable option, very good rates [currently 1.23] and no charges for using it

benjus

I'd second the suggestions for the Metro Bank or N&P current accounts. You'll be able to make purchases or withdraw from ATMs with no charges at all.

You'll probably need a Portuguese account for some things like utility bills; you can credit it either by withdrawing cash from your UK account and paying it in, or using a currency broker as you suggested. Are you sure that the Portuguese bank would charge you for receiving a transfer?

sandysack

Thanks all for the suggestions.

Re; N&P. I don't really fancy the prospect of a monthly low usage charge (£5). I would then be looking at remembering to make at least 5 ATM transactions per month.

With regard to Metrobank, it appears that they have a lot of focus on customer provisions (with a present London focus) such as longer branch banking hours, better branch facilities etc, which are of no relevance to my situation really, unless of course they open a branch in Lisbon ) They also give no indication of what level of exchange rate they might offer.

Re: Portuguese Bank charging for transfer -- they cannot give me a clear answer! They indicated that a fixed charge is applied for transfers, which is then "split" accordingly between themselves and the payee...!?

Re: CaxtonFX card -- correct me if I am wrong, but according to their T&Cs: I could get a EuroTraveller card for free; Load it (at competitive exchange rate) for free; Use it at POS/ATM abroad for free... am I missing something? What's the catch?