There are no limits on foreign currency brought into Portugal, but visitors are advised to declare the amount carried. That proves to the Portuguese Customs Office that the currency came from outside the country, and it allows you to take out the same amount or less.
Euro Currency
The euro, the new single European currency, became the official currency of Portugal and 11 other countries on January 1, 1999, but not in the form of cash. On January 1, 2002, euro bank notes and coins were introduced. During a 2-month transition period, escudo notes, the old currency of Portugal, were withdrawn from circulation. The symbol of the euro is €; its official abbreviation is EUR.
Foreign Currencies vs. the U.S. Dollar. Conversion ratios between the U.S. dollar and other currencies fluctuate, and their differences could affect the relative costs of your trip. The figures reflected below were valid at the time of this writing, but they might not be valid by the time of your departure.
The U.S. Dollar and the Euro. One U.S. dollar was worth approximately .76€ at the time of this writing. Inversely stated, that means that 1€ was worth approximately US$1.30.
The British pound, the U.S. Dollar, and the Euro. At press time, one £ equaled approximately US$1.90 and approximately 1.50€
The Canadian dollar, the U.S. Dollar, and the Euro. At press time, one Canadian dollar equaled approximately 90 U.S. cents, or approximately 72 Eurocents.
It's a good idea to exchange at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home (though don't expect the exchange rate to be ideal), so you can avoid lines at airport ATMs (automated teller machines).
ATMs
The easiest and best way to get cash away from home is from an ATM (automated teller machine), sometimes referred to as a "cash machine," or a "cashpoint." The Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe. Go to your bank card's website to find ATM locations at your destination. Be sure you know your Personal Identification Number (PIN) and your daily withdrawal limit before you depart. Note: Many banks impose a fee every time you use a card at another bank's ATM, and that fee can be higher for international transactions (up to $5 or more) than for domestic ones (where they're rarely more than $2). In addition, the bank from which you withdraw cash may charge its own fee. For international withdrawal fees, ask your bank.
Note: Banks that are members of the Global ATM Alliance charge no transaction fees for cash withdrawals at other Alliance member ATMs; these include Bank of America, Scotiabank (Canada, Caribbean, and Mexico), Barclays (U.K. and parts of Africa), Deutsche Bank (Germany, Poland, Spain, and Italy), and BNP Paribus (France).
Credit Cards
Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs but high fees make credit-card cash advances a pricey way to get cash. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1%-to-3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).
American Express, Diners Club, MasterCard, and Visa are commonly accepted here, with the latter two cards predominating.
Traveler's Checks
You can buy traveler's checks at most banks. They are offered in denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.7
The most popular traveler's checks are offered by American Express (tel. 800/807-6233, or 800/221-7282 for cardholders -- this number accepts collect calls, offers service in several foreign languages, and exempts Amex gold and platinum cardholders from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).
Be sure to keep a record of the traveler's checks serial numbers separate from your checks in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.
American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, useful if you're traveling to one country or to the euro zone; they're accepted at locations where dollar checks may not be.
Another option is the new prepaid traveler's check cards, reloadable cards that work much like debit cards but aren't linked to your checking account. The American Express Travelers Cheque Card, for example, requires a minimum deposit, sets a maximum balance, and has a one-time issuance fee of $15. You can withdraw money from an ATM (for a fee of $2.50 per transaction, not including bank fees), and the funds can be purchased in dollars, euros, or pounds. If you lose the card, your available funds will be refunded within 24 hours.
If you have a PIN and a Visa, MasterCard, or EuroCard, you can use the ATMs at the main office of Unicre-Unibanco, Av. Antonio Augusto de Aguiar 122, 1050-019 Lisbon (tel. 21/350-95-00).
If you have an American Express card and a PIN, you can use almost any ATM in Portugal, including the Unicre-Unibanco location listed above. Machines are usually reliable, but it's best to have a backup system for getting cash in case the ATMs in Portugal can't decipher the numbers on your card.
If you want to get cash as a debit against your American Express account, consult Amex's Portuguese representative. Bring your Amex card, a photo ID or passport, and one of your personal checks drawn on virtually any bank in the world.
