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 universally accepted.
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.