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: |
