What currency does Portugal use?
Portugal utilizes the euro as its official currency, with each euro comprising 100 cents. Euro banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500, although the 200 and 500 EUR notes are rarely utilized. In addition to banknotes, there are 1 and 2 euro coins in circulation. Cents are represented by coins in values of 1, 2, 5, 10, 20, and 50.
Currency in Portugal: name, code, symbol
- Currency name: Euro
- Currency code: EUR
- Currency symbol: €
Currency of Portugal before euro
The Portuguese escudo, which was in use from May 22, 1911, until the adoption of the euro, served as the official currency of Portugal. This currency was further divided into units known as centavos, with 100 centavos equaling one escudo. The term "escudo" itself is derived from the Latin word "scutum," meaning shield.
When denoting amounts in escudos, the currency was typically represented with the dollar sign followed by two vertical lines. Centavos were included in the notation, and the cifrão, a symbol used as the decimal separator, was employed. For example, an amount of 25.00 escudos and 100.50 escudos would be written as $25.00 and $100.50, respectively. Due to the conversion rate of 1,000 réis being equivalent to 1 escudo, the initial use of three decimal places was common (1 escudo = 1,000 réis).
When denoting amounts in escudos, the currency was typically represented with the dollar sign followed by two vertical lines. Centavos were included in the notation, and the cifrão, a symbol used as the decimal separator, was employed. For example, an amount of 25.00 escudos and 100.50 escudos would be written as $25.00 and $100.50, respectively. Due to the conversion rate of 1,000 réis being equivalent to 1 escudo, the initial use of three decimal places was common (1 escudo = 1,000 réis).
Currency in Portugal: history and facts
Portugal's currency, like many European nations, has a rich history reflecting the country's economic and political evolution. The official currency of Portugal is the Euro (€), adopted on January 1, 2002, when the country joined the Eurozone. Before the Euro, Portugal's currency was the Portuguese Escudo (PTE), in use from 1911 until the Euro's introduction. The decision to adopt the Euro was part of Portugal's commitment to European integration and economic stability.
The Portuguese Escudo had a tumultuous history, experiencing several devaluations and revaluations due to economic challenges and political changes. The move to the Euro aimed to promote economic cohesion within the European Union and simplify cross-border transactions. Today, the Euro is the sole legal tender in Portugal, used for everyday transactions, trade, and financial activities. The country's central bank, Banco de Portugal, plays a crucial role in maintaining the stability of the currency within the broader Eurozone framework. Overall, Portugal's currency history reflects its integration into the European economic and monetary union, contributing to the country's economic stability and international trade.
The Portuguese Escudo had a tumultuous history, experiencing several devaluations and revaluations due to economic challenges and political changes. The move to the Euro aimed to promote economic cohesion within the European Union and simplify cross-border transactions. Today, the Euro is the sole legal tender in Portugal, used for everyday transactions, trade, and financial activities. The country's central bank, Banco de Portugal, plays a crucial role in maintaining the stability of the currency within the broader Eurozone framework. Overall, Portugal's currency history reflects its integration into the European economic and monetary union, contributing to the country's economic stability and international trade.
Do I need to exchange currency, or can I use credit card in Portugal?
Euro banknotes are commonly used in Portugal, so it is advisable to carry some cash with you at all times. While you might choose to convert your money to Euros before departing, making local ATM withdrawals upon your arrival is generally a convenient option. Despite the widespread acceptance of card payments, having a portion of your funds in physical Euros provides peace of mind. Cash proves especially useful for tipping and smaller purchases and serves as a reliable backup in case your card encounters any issues.
Maintaining a balanced approach by having both a card and some cash in Euros is a prudent strategy during your stay in Portugal. While certain merchants may prefer cash, having a card becomes advantageous for larger transactions and in busy tourist locations. Consider complementing your cash with a travel card from providers like Wise or Revolut to enhance flexibility during your travels.
Maintaining a balanced approach by having both a card and some cash in Euros is a prudent strategy during your stay in Portugal. While certain merchants may prefer cash, having a card becomes advantageous for larger transactions and in busy tourist locations. Consider complementing your cash with a travel card from providers like Wise or Revolut to enhance flexibility during your travels.
