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Money Matters in Portugal

The local currency was Escudos until the 1st of March 2002. As from the 1st of January 2002, the national currency was changed over a period of two months to Euros as with other members of the European Community. Money can be changed at Banks, Bureau de Change ( Cambio ) or at one of the currency exchange machines in the streets. These facilities will offer a better rate than in Hotels and Receptions. The Euro is now the official currency of 12 EU member states (including Portugal ). The first Euro coins and notes were introduced in January 2002; the Portuguese Escudo was still in circulation until 28 February 2002, when it was completely replaced by the Euro. Euro (€) = 100 cents.

Currency Exchange:
Many 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 current rates. Additionally, ATMs are increasingly being installed and tend to be more efficient and only charge 2 per cent commission.

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