# Algarve Money

> Financial guidance for expats, property buyers and investors managing money in Portugal and the Algarve.

## About

Algarve Money provides practical information on Portuguese banking, mortgages, currency transfers, insurance and cost of living for people moving to, investing in, or already living in the Algarve region of Portugal.

## Topics Covered

- Banking: opening accounts, major banks (CGD, Millennium BCP, Novo Banco, Santander Portugal, BPI), online banking, non-resident accounts, SWIFT/IBAN, fees
- Mortgages: Portuguese mortgage rates and terms, 12-step process, non-resident lending (60-70% LTV), bridging finance
- Currency: GBP to EUR transfers, regular payments, forward contracts, currency risk hedging, UK pension transfers, SEPA payments
- Insurance: health (SNS vs private), home (multirisco), car (terceiros), life (mortgage-linked), travel (EHIC/S1), earthquake cover
- Cost of Living: rent, groceries, utilities, dining, petrol, health insurance, IMI, internet

## Key Facts

- NIF (tax number) required for all banking and property transactions
- Non-residents can get mortgages at 60-70% LTV
- Euribor-linked variable rates typical: spread 0.9-1.5%
- Specialist currency providers save 1-3% vs banks
- IMT (property transfer tax): 1-8% sliding scale
- IMI (annual property tax): 0.3-0.45%
- Private health insurance: EUR 50-150/month

## URL

https://www.algarve.money/

## Sitemap

https://www.algarve.money/sitemap.xml

## Contact

Website: https://www.algarve.money/