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Last updated : Nov 2009
Portugal Currency
Portugal Currency and Bank information - TravelPuppy.com
Single European currency (Euro)

The Euro is now the official currency of 12 EU member states and includes Portugal.

The first Euro coins and notes were introduced in January 2002, the Portuguese Escudo was still in circulation until 28th February 2002, when it was completely replaced by the Euro.

Euro (€) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents.

Currency exchange

Banks offer differing exchange rates depending on the denominations of Portuguese currency being bought or sold. It is common practice for banks to charge 0.5 per cent commission with a minimum charge of approximately £6/€10. However, some banks do not charge any commission on transactions of less than €24.94. Check with banks for details and the current rates. Additionally, ATMs are increasingly being installed and tend to be more efficient and only charge 2 per cent commission.

Credit & debit cards

American Express, MasterCard and Visa are widely accepted, as well as Eurocheque cards. Check with your credit or debit card company for details of merchant acceptability and other services that may be available in Portugal.

Travellers cheques

Traveller Cheques can be readily exchanged. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Euros, Pounds Sterling or US Dollars.

Currency restrictions

The import of local or foreign currency in cash or travellers cheques is unlimited. However, there is an obligation to inform customs authorities if foreign currencies exceed approximately €4987.98/US$6000.

The export of local currency is limited to €498.80, there are no restrictions on the export of foreign currency although currency exchange receipts may be requested for amounts over €4987.98.

The export of gold, silver, jewellery and other valuables is limited to a value of €149.64 and subject to special conditions. For further details, contact the Embassy, see Contact section.

Exchange rate indicators

The following figures are included as a guide to the movements of the Euro against Sterling and the US Dollar:
 
Date Nov '07
£1.00=
1.43635
$1.00=
0.68904
 
Banking hours

Monday-Friday 0830-1500 hrs (some banks in Lisbon are open until 1800 hrs).

In the Algarve, the bank in the Vilamoura Marina Shopping Centre is open daily 0900-2100 hrs.
Useful travel links
AMEX Travellers Cheques information on Amex travellers cheques
Oanda International currency and foreign exchange services
Travellers Cheques Visa information on Visa travellers cheques
Universal Currency Converter online foreign exchange and currency
VISA ATM Locator location of any ATM that accepts VISA cards