Portugal is one of the first countries to adopt a currency - the Euro, but earlier the escudos were the main currency. Escudo translated from Portuguese means: shield or coat of arms, which was the main element of the coins bearing this name. Officially on January 1, 2002, Portugal adopted the euro currency. Before the introduction of the euro currency, circulation contained coins in denominations of 1, 5, 10, 20, 50, 100 and 200 escudos, as well as banknotes in denominations of 500, 1000, 2000, 5000 and 10,000 escudos.
History of Escudo Currency Management
The escudo was introduced in 1911 on May 22, after the revolution, replacing the Portuguese real at the rate of 1000 reais = 1 escudo. The original cost of one pound sterling was equivalent to 4.5 escudos, but in 1914, the escudo's exchange rate declined sharply. Over the years, there was a sharp change in the currency, which led to inflation and subsequently in 1990, coins with non-integer denominations (0, 50 and 2, 50) were removed from circulation. To date, Cape Verde escudos remain in circulation. At the time of Portugal's accession to the Euro zone, the exchange rate was: 200, 482 escudos to 1 €.
What currency to take to Portugal
The answer to this question is obvious, it is best to take the euro with you. But you can take any other foreign currency, since you can always exchange it directly in the country.
Currency exchange in Portugal
If you decide to visit Portugal for the first time and you need to exchange your currency, then you should do it at a favorable rate. You can exchange your currency upon arrival immediately at the airport, since today the foreign exchange office at the airport offers exchange at the most favorable rate and one of the lowest commission fees, unlike Portuguese banks. But in some banks in Lisbon, when exchanging more than 30 euros, there is no commission at all. Although many establishments provide the option to pay in dollars. Portugal, like all of Europe, accepts credit card payments
- Visa;
- American Express;
- MasterCard.
Importing currency into Portugal
Persons who enter the customs zone of the European Union, over 18 years old, are allowed to import significantly more products than those who do not fall under this category. This applies to alcohol, tobacco, tea, coffee and personal goods. With regard to currency, the amount of EUR 10,000.00 must be declared in writing.
