What currency is used in Portugal? The euro (EUR) replaced the Portuguese escudo (PTE) as the official currency of Portugal in January 1999. The escudo remained in circulation until February 2002. One euro is divided into 100 cents.
When sending money to a Portuguese bank account you will need the bank’s SWIFT code. Here are SWIFT codes of some of the top banks in Portugal.
|Caixa Geral de Depositos||Lisbon||CGDIPTPLXXX|
|Banco Santander Totta||Lisbon||BNIFPTPLXXX|
|Banco Comercial Portugues||Lisbon||BCOMPTPLB07|
Miguel, who lived in Portugal, turned 18 and got his unrestricted driving license soon after. Ricardo, his brother who had moved to the U.S. a few years earlier, had promised to buy him a car when he got a license, provided he kept doing well at studies. Miguel had lived up to his part of the bargain, so it was time for his brother to do his bit.
Ricardo decided to send U.S. $6,000 to Miguel, which was a little more than they have previously agreed upon, so he could buy a reliable used car. While using the bank Ricardo banked with was an option, he decided to compare it with a leading money transfer company. This is what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||$1 = EUR 0.8042||$1 = EUR 0.8382|
|Amount received for $6,000||EUR 4,805.09||EUR 5,029.20|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 224.11|
Miguel ended up receiving a little extra money because Ricardo used the money transfer company instead of the bank. Since Miguel was in a hurry to close a deal on a car he had shortlisted, the money getting to him sooner was also helpful.
Leading overseas money transfer companies such as Western Union, WorldRemit, and Ria have extensive agent networks in Portugal. You may use the services of these companies if you wish to send money to Portugal quickly, or if the recipient does not have a bank account.
|WESTERN UNION IN PORTUGAL|
|Lisbon Green Sylhet Travel and Money Transfer Rua De Sao Lazaro 229 Lisboa||Unicambio Av Almirante Reis No 52b Lisboa|
|Porto Millennium BCP Rua Mouzinho Albuquerque 136 Julio Dinis Porto||Millennium BCP Rua Goncalo Sampaio 159/203 Porto|
|MONEYGRAM IN PORTUGAL|
|Lisbon Green Sylhet Travel and Money Transfer Rua De Sao Lazaro 229 Lisboa||Raj Kumar Pandey Rua Dos Anjos 20-A Lisboa|
|Porto Lucdeia Rua Nossa Senhora De Fatima 429 Porto||Novobanco Rua Julio Dinis Porto|
Instances of violent crime in Portugal are rare. However, petty crimes such as bag snatching and pickpocketing take place around areas frequented by tourists, as well as at beaches, restaurants, hotel lobbies, and train and bus stations. Thieves tend to work in groups, so remain vigilant if someone tries to distract you. Do not carry large sums of money if possible. Refrain from wearing expensive jewelry or watches.
When in Lisbon, remain cautious at all train and underground stations. If you visit Porto, do not venture out alone after dark.
You will need to provide different kinds of information based on the transfer method you choose.
As part of the European Union (EU), Portugal does not have its own currency controls or regulations. Banco de Portugal (the central bank of Portugal) administers the country’s payments systems, whereas the country follows the single monetary policy set by the European Central Bank (ECB).
While there are no limits on the maximum amount you may bring in or take out of Portugal, you need to declare any transfer of over €50,000 to Banco de Portugal. All transfers that exceed €10,000 are reported to relevant EU authorities.