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Money
Single European currency (Euro): 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. 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: 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 two per cent commision.
Credit & debit cards: MasterCard, American Express 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.
Travellers cheques: These are 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 the customs authorities if foreign currencies exceed approximately €4987.98/US$4500. 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 details, contact the Embassy; see Contact Addresses 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 | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | €1= | £0.63 | £0.64 | £0.63 | £0.68 | | €1= | $0.92 | $0.97 | $1.00 | $1.08 |
Banking hours: Generally, Mon-Fri 0830-1500 (certain banks in Lisbon are open until 1800). In the Algarve, the bank in the Vilamoura Marina Shopping Centre is open daily 0900-2100.
Copyright © 2003 Columbus Publishing Ltd.
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