Portugal (PT)
Portugal is a parliamentary republic on the southwestern tip of the Iberian Peninsula, bordered by Spain to the north and east and the Atlantic Ocean to the west — a nation of fado music, Age of Discovery seafaring heritage, golden beaches from the Algarve to the Silver Coast, world-famous port wine and Douro Valley vineyards, and a warm, welcoming culture that has made it one of Europe's most beloved expat destinations.
Currency & Money
Practical money tips for living in Portugal.
Denominations
Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2. Notes: €5, €10, €20, €50, €100, €200, €500.
Payment Culture
Portugal has embraced contactless and card payments strongly, with Multibanco (MB) the backbone of the national payment network — every ATM and many point-of-sale terminals use the MB system. MB WAY (mobile payment app tied to your Portuguese bank IBAN) is the local equivalent of Bizum and is nearly universal for peer-to-peer payments, restaurant splitting, and small vendors. Cash remains useful in traditional tascos, village markets, and rural areas — carry €20–40 as backup. Most shops have a €5 minimum for card payments.
ATM Tips
Multibanco ATMs (MB) are ubiquitous — you'll rarely be far from one. Use your own bank's affiliated ATMs to avoid fees. Revolut, N26 and Wise are widely used by expats for fee-free withdrawals. Always choose to pay in EUR, not your home currency (DCC surcharge). Euronet ATMs at tourist spots can charge €4–6 — avoid.
Exchange Tips
Avoid airport and Lisbon/Porto tourist-zone exchange bureaus which charge 3–5% spread. Wise, Revolut, N26 and ActivoBank offer the best rates for international transfers. For large sums, use Wise or a specialist FX broker rather than your Portuguese bank.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents