Nomad Scholars

What currency does portugal use and how can you exchange your money?

If you haven’t already known, the currency used in Portugal is the euro (€). 

Many travelers wonder about this when planning their trip. And it makes total sense to want to understand the local cash situation since you’ll be using it for everything during your visit.

Then again, you might follow up with questions like: “Do I need to exchange money before I go?” or “How can I exchange my money for the best rates?” 

These are common concerns for anyone visiting a foreign country, and Portugal is no exception. So, let’s explore the answers to all of these throughout this short Portuguese currency exchange guide. 

What currency does Portugal use

So, as I said already, the main currency used in Portugal is the euro. The euro, which has the symbol €, is what 19 different European countries also use as their official currency.

And if you’re curious, Portugal actually switched to the euro back in 2002 from “escudo,” their own currency back in the day.

Making the change to the euro was a big deal. It meant that Portugal was now using the same money as many other countries in Europe. 

That made things so much easier for travelling cause you wouldn’t have to worry about converting cash when you’re in different places. As long as it’s a Eurozone country, the euro is accepted everywhere.

Euro Currency Denominations

Euros come in both coins and paper bills. For coins, you’ll find cents like 1, 2, 5, 10, 20 and 50. Besides, there are euro coins for 1 and 2 euros as well. 

Depending on the country, these euro coins look different on one side. But the good thing is you can use them anywhere euros are accepted. 

The same goes for paper money, which comes in 5, 10, 20, 50, 100, 200, and 500 euros banknotes. And you can tell them apart easily just by their looks since they all have distinct colors and sizes.

They also each have drawings related to different time periods in European history, which further help recognize them.

Can you use USD in Portugal?

Well, it’s good to know that even though the euro is Portugal’s official currency, sometimes you’ll run into places that will also accept US dollars, too.

Now, it’s not super common, but you may find some vendors—like hotels catering to international guests or bigger tourist shops – will take dollars alongside euros. 

But here’s the thing – even if they do, they’ll be doing the currency exchange themselves. And basically, that means they’ll set the rate, too, which probably won’t be great for you since they’re trying to make a profit.

So, my advice would be to always try paying with euros instead of dollars when you’re in Portugal. There’s no point in paying ridiculously more just for the sake of convenience.

20 Things to Do in Lisbon

20+ Things to Do in Lisbon

20+ Things to Do in Lisbon Lisbon, Portugal’s vibrant capital, is a city that effortlessly blends rich history with modern allure. From its iconic yellow

Should I Exchange Euros Before Traveling to Portugal?

Well, not necessarily, since many businesses there take credit cards just like everywhere else. All places in Portugal accept the big ones like Visa, Mastercard, American Express—it’s pretty much the same as what you’re used to.

That makes using plastic super convenient when you’re traveling. The issuers, like your bank or credit card company, will do the currency exchange for you. 

And their rates are usually pretty close to the mid-market rate, so you’re not getting a terrible exchange. You can check the exact rates your issuers use on their websites, too.

So, in most cases, you probably don’t need to withdraw euros from an ATM or exchange them at a currency exchange place before your trip. Just having your credit cards with you and making purchases that way is super easy. 

Besides, you can also use Revoult, Wise, PayPal, or similar multi-currency accounts. Since you can easily manage them digitally through apps, you can add euros whenever needed.

But of course, you’ll want to make sure there are no big international transaction fees on your cards first. Those charges can add up fast if you’re not careful.

Where Can You Exchange Your Money in Portugal?

Now, if you think you do need to exchange your money upon your arrival, you have a few options:

Money Exchange Option

Pros

Cons

Credit Cards and Multi-Currency Accounts

Accepted widely; Hassle-free

Check for international transaction fees; May need some cash

Airport Exchange Services

Convenient for immediate access to funds; Available long hours

Poor exchange rates; High fees; Not ideal for large sums

Banks

Competitive rates; Secure transactions; Familiar with foreign exchange

Limited hours (M-F typically); May require ID

Currency Exchange Offices

Specialized in currency exchange; Often advertise “no commission”

Rates can vary; Need to shop around for the best deal

ATMs (Multibanco)

Widespread availability; Often have good rates

Bank fees may apply; Possible withdrawal limits or extra fees

Hotels/Travel Agencies

Convenient option when others closed

Poor rates; High fees; Only use as absolute last resort



Portugal currency Exchange Services in Airport

At the airport when you first arrive in Portugal, you’ll no doubt see those currency exchange kiosks and services right there in the terminals. And I can understand the appeal of using them since you’re there already after your long flight.

But the thing is exchanging money at the airport usually isn’t the best deal. 

That’s because the exchange counters know they’re one of the first stops for travelers flying in. And they’ll mostly offer worse rates or tack on larger fees compared to other places in the city.

Potural currency Exchange by Banks

Many of the larger banks, especially in major cities like Lisbon, Porto or Faro, are used to handling foreign currency transactions all the time. And they’re a more reliable choice for exchanging money than the services at the airports.

After all, you’ll likely get more competitive rates than what you’d find elsewhere. Plus, everything is done above board – the bank is pretty upfront about any small fees involved and you’ll always know what you’ll get beforehand.

But do note that they typically only operate during normal business hours on weekdays (Monday to Friday, typically 8:30 AM to 3:00 PM).

Also, most banks will ask to see your passport when exchanging money, which is perfectly standard. So just make sure to have your ID on hand if you go that route. 

portugal Currency Exchange Offices (Bureau de Change)

For exchanging money in Portugal, you can also use one of those currency exchange offices, also known as the Bureau de Change. You’ll typically find these kinds of places in really touristy areas, hotels, and busy downtown spots in cities.

Since currency exchange is their whole business, these offices usually provide better rates than you’d get at the airport. 

Just be sure to ask about fees – some advertise “no commission” to get your business but may give you a slightly worse exchange rate to make up for it instead.

So, it’s always a good idea to shop around at a few different exchange offices if you go this route. You want to make sure you’re getting the most favorable deal possible.

ATMs (Multibanco)

Now, using an ATM is definitely a handy option, whether home or away. And they’ve got ATMs everywhere in Portugal called Multibanco machines.

The rates you’ll get from withdrawing euros from an ATM are usually better than what you’d find changing money at places like the airport or a currency exchange counter.

Yet, you’ll want to check on is if your bank charges any fees for using your card internationally. Some banks slap on a percentage of the total withdrawal or other charges. 

So make sure to ask your bank about fees before relying on ATMs the whole trip. The rates may be good, but fees could eat into your funds.

Also, be aware that occasionally some machines limit how much you can take out per day or may add an additional charge on top. So it’s handy to have a backup exchange method just in case.

Portugal currency exchange by Hotels and Tour Agencies

If you really need to exchange some money in Portugal and can’t find another option right away, don’t forget that some hotels and tour agencies may offer currency exchange as a service, too.

It’s definitely convenient to be able to swap cash where you’re staying or with your travel provider. 

However, you usually end up getting a worse deal rates-wise compared to other methods like banks or ATMs. Organizations like hotels and tour groups also tend to charge higher fees on top of that.

So, I’d only recommend using the hotel/agency exchange option if you truly have no other choice. Maybe you arrive late at night after everything else is closed or run into an emergency situation on your trip.