Portugal to Angola Remittance Guide
Transferring money from Portugal to Angola is a critical step for diaspora investors funding their Aviso 15/19 investment accounts. This guide compares available transfer methods by cost, speed, and suitability for investment purposes.
Transfer Methods Compared
| Method | Speed | Cost (EUR 1,000) | Best For |
|---|---|---|---|
| SWIFT Bank Transfer | 3-7 business days | EUR 15-35 fee + 0.5-2% FX spread | Investment account funding (recommended) |
| BFA-BPI Corridor | 2-5 business days | Varies; potentially lower for BPI clients | BFA account holders |
| Wise (TransferWise) | 1-3 business days | ~1-2% total cost | Small amounts, personal transfers |
| Western Union | Same day - 3 days | 3-8% total cost | Urgent small transfers |
| MoneyGram | Same day - 3 days | 3-7% total cost | Urgent small transfers |
Recommended for Investment: SWIFT Bank Transfer
For funding investment accounts, SWIFT transfers from a Portuguese bank are the recommended method:
- Regulatory compliance: SWIFT transfers create a clear audit trail for KYC/AML purposes
- Documentation: Transaction records are needed for tax reporting and repatriation requests
- No amount limits: SWIFT handles large investment-sized transfers
- Account-to-account: Funds go directly to your Angolan investment account
How to initiate: Provide your Portuguese bank with the Angolan bank’s SWIFT/BIC code, beneficiary account number (IBAN if available), and the purpose of the transfer (investment under Aviso 15/19).
BFA-BPI Corridor
BFA (Banco de Fomento Angola), listed on BODIVA at Kz 118,000, has a shareholder connection to CaixaBank/BPI in Portugal. BPI clients may benefit from:
- Preferential FX rates for EUR/AOA or EUR/USD conversion
- Streamlined transfer processing between BPI and BFA accounts
- Integrated account management for clients of both institutions
Contact BPI’s international transfers desk for specific terms and availability.
FX Rate Considerations
All Portugal-to-Angola transfers involve currency conversion:
- Route 1: EUR to AOA direct (limited availability)
- Route 2: EUR to USD to AOA (most common, two conversion steps)
The BNA reference rate is USD/AOA 914.60. Portuguese banks typically apply a retail spread above the interbank rate. For investment-sized transfers (EUR 5,000+), negotiate the FX rate directly with your bank.
Cost Reduction Tips
- Consolidate transfers to minimize per-transaction fixed fees
- Compare FX rates across multiple Portuguese banks before transferring
- Time transfers to coincide with BNA FX auction dates when liquidity is higher
- Keep all transfer receipts for tax documentation in both jurisdictions
Regulatory Considerations
Both Portuguese and Angolan AML regulations apply to cross-border transfers. Transfers above EUR 10,000 trigger automatic reporting in Portugal under EU AML directives. In Angola, all inbound transfers to non-resident investment accounts are documented under the Aviso 15/19 framework. Ensure the transfer purpose is clearly stated to avoid processing delays.