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 their Receptions.
Euro-cheque is a cheaper method than a Travellers Cheque
to obtain cash. All well-known Credit Cards are usually
Added Value Tax
This tax is known as "IVA" (VAT) in
Portugal and is at present 21%. Persons from outside
the European Community (EC) when visiting for less
than 180 days can reclaim this tax by requesting a form
named "Isenção de IVA". This form is
presented to customs when leaving the country.
Banks are open from Monday through to Friday, from
08.30 hrs. to 15.00 hrs and closed on Public Holidays
and Saturdays. Bank charges vary between the different
Banks for the same item or service.