Money and Banks
Portugal is one of twelve European Union countries which have changed over to a single currency, the euro (). Euro notes and coins went into circulation on January 1, 2002, with Portugeuse escudos (esc or $) being scrapped entirely at the end of February 2002. You can exchange your escudos for euros in banks for at least a year after this date. Euro notes are issued in denominations of 5, 10, 20, 50, 100, 200 and 500 euros, and coins in denominations of 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros. All prices in this guide are given in euros correct at the time of writing. Portuguese banks are efficient, with perhaps the exception of some rural branches which can be painstakingly slow. You'll find at least one in all but the smallest towns. Banking hours are Mon-Fri 8.30am-3pm; in Lisbon and in some of the Algarve resorts they may be open in the evening to change money. ATMs are common throughout the country and offer a cheaper alternative to counter service in terms of commission. Commission on traveller's cheques can be high, so your best bet for cheap exchange is to use a credit or bank card at an ATM.
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