Banks are open between 8:30am and 3pm, Monday to Friday. Some branches stay
open for longer, usually until 6pm – enquire at individual banks to find out
which these are, as they sometimes change. Banks are closed at weekends and
on public holidays.

Money can be changed at banks, bureaux de change (agências de
câmbios)  and at many hotels. Bank branches are everywhere, but
their rates of exchange and commissions vary. Waiting times and bureaucratic
practices at banks may also make them a worse option. Bureaux de change
charge higher commissions than many banks but offer a more expedient
service, as well as longer opening hours (including weekends). As a rule,
hotels have the highest rates of exchange. At banks and bureaux de change
you may be asked to show your passport or some other form of identification
for exchange transactions.

If you are passing through Lisbon, a convenient alternative is to use one of
a few currency exchange machines.

Traveller’s cheques are a safe but not very convenient way of carrying money
in Portugal. It is rare for shops or hotels to accept them as payment, and
cashing them may be quite expensive. In general, bureaux de change are
better for this than banks, whose commissions may be high.

Most visitors, however, find it most practical and convenient to withdraw
cash from an automatic teller machine (Multibanco  or MB)
using their credit/debit card. Multibanco  machines are
typically found outside bank branches or in shopping centres. Most accept
Visa, MasterCard, American Express, Maestro and Cirrus. Bear in mind that
transaction fees are always charged when withdrawing cash on a card, and
that these are sometimes irrespective of the amount withdrawn. Fewer and
larger withdrawals are therefore preferable to many small ones.

Introduction of the single European currency, the euro, has taken place in 13
of the 27 member states of the EU. Austria, Belgium, Finland, France,
Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal,
Slovenia and Spain have adopted the single currency; the UK, Denmark and
Sweden have stayed out, with an option to review the decision. Euro
banknotes and coins came into circulation on 1 January 2002. After a
transition period allowing the use of both national currencies and the euro,
Portugal’s own currency, the escudo, was completely phased out by March
2002. All euro banknotes and coins can be used anywhere within the 13
participating member states.