Currency of Portugal. What is money like in Portugal? Currency of Portugal Dollar to Euro exchange rate in Portugal

Portugal is a country rich in history and culture, so it is not surprising that the Portuguese currency also has an impressive history of development and change. In this article you can briefly trace the path of Portuguese money from the 15th century. up to this day.

Short story

The history of the national currency in the country begins at the end of the 14th century, when the Portuguese real was introduced into circulation by King Fernando I. This was official in the country until 1911; it was subsequently replaced due to the revolution that took place in the country.

The real was replaced by the Portuguese escudo, which existed as the state currency until 2002. It was replaced by the single European currency, the euro. The escudo is divided into one hundred centavos.

Today, the official currency in Portugal is the euro, so people arriving in the country do not have any problems with exchanging money.

Description

The modern currency of Portugal is externally identical to the euro that is used in most EU countries. equal to one hundred cents. There are metal coins in circulation in denominations ranging from 0.01 to two €. Paper banknotes are issued in denominations of five, ten, twenty, fifty, one hundred, two hundred and five hundred euros.

The euro was experimentally introduced for use in non-cash transactions back in January 1999, but cash began to be used in 2002. Portugal was one of the first countries to switch from a national currency to a pan-European one. This transition was beneficial for the country in economic terms, since the national currency of Portugal was unstable and not very popular on the world foreign exchange market. The euro has stabilized the country's financial structure and also simplified exchange and other currency transactions, making Portugal even more attractive to foreign tourists.

Exchange operations. Well

Old banknotes, be it real, escudo or one hundred centavos, can no longer be exchanged in the country, and they are not so easy to find. They are of interest to numismatists, bonists and collectors. For ordinary people, this money has no value, except as an extraordinary souvenir.

But the euro, which is the official currency in the state, is used everywhere, not only in Portugal itself, but also in all countries that use this currency (these countries include 19 EU countries and 9 other European countries). It does not matter in which of these countries the money was printed or exchanged, it is accepted everywhere.

In Portugal you can easily exchange dollars, British pounds and some other banknotes. It is somewhat more difficult to exchange rubles, although many banks and exchange offices work with this Russian currency, the commission can be very high, so it is better to exchange rubles for dollars or euros in advance.

The exchange rate today is about sixty rubles, although it is unstable. For one ruble they give about 0.16 €. Compared to the American dollar, you can get approximately $1.1 for one euro. Accordingly, for a dollar you will get about 0.9 €.

Conclusion

Portugal is a very interesting and beautiful country, visited by millions of tourists every year, so the fact that the national currency of Portugal is the euro is very important. After all, this allows people not to worry about exchanging money and eliminates a number of possible problems and difficulties. It was with this calculation in mind that the Portuguese government decided to change the national currency to a pan-European one.

This financial reform led to significant economic improvements in the country, although it did not make Portugal a leading European power, but had an extremely positive impact on the financial situation. Portugal is no longer an outsider to the European Union, but income in the country is still lower than in Western European countries.

Russian tourists also benefit from the fact that the euro is in official circulation in Portugal. Despite the fact that this tourist destination is not in great demand among Russians, quite a lot of our compatriots come to the country. It is often more profitable for Russians to exchange money in Russia and come to Portugal with dollars or euros. Of course, you can bring rubles into the country, but the exchange rate may not be the most favorable, and money cannot be exchanged everywhere.

LOCAL CURRENCY

1 USD = 0.87980 EUR (04/15/2002)
1 EUR = 200.482 PTE (fixed rate)

WITH January 1, 2002 in 12 countries of the European Union a single currency is introduced - Euro(EUR). Eurozone countries: Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Luxembourg, the Netherlands, Portugal, Finland and France.

In euro area countries, you will be able to pay with the old cash currency until February 28, 2002. After this date, the circulation of the old currency will cease, but banks in each country will freely exchange their currency for the euro.

The exchange rates that determine the value of the euro in relation to national currencies were finalized in 1999 and will not change. Thus, 1 euro is equal to 200.482 Portuguese escudos.

In circulation are euro banknotes in denominations of 5, 10, 20, 50, 100, 200 and 500 euros and coins in 1, 2, 5, 10, 20 and 50 cents. There are 100 cents in one euro. (Additional information - on the website www.eur.ru)

Information about the old currency:

The monetary unit of Portugal is the escudo (PTE), which is divided into 100 centavos. The escudo number is written before the $ sign, the centavo number - after it. The amount of 2 escudos and 50 centavos is written as $250.

There are coins in denominations of 1, 2$50, 5, 10, 20, 50, 100 and 200 escudos, banknotes in denominations of 500, 1000, 2000, 5000 and 10000 escudos.

CURRENCY EXCHANGE

Bank exchange offices can be found at airports, train stations and many other places. Many hotels and travel agencies also make exchanges, but their rates are less favorable. Money exchange machines can be found everywhere; they only work with European currencies. Cirrus and Plus credit cards are not accepted in Portugal.

As Portugal integrates into the European Union, prices in this country are gradually increasing. However, Lisbon is still cheaper than many European capitals, especially when it comes to transport. Road taxes and airfare are quite expensive.

Approximate prices:

• coffee - 80 escudos (standing at the counter), 150 escudos (sitting at a table);
• glass of beer - 100 escudos (at the counter), 175 escudos (at the table);
• a glass of wine at the bar - 80 escudos;
• a glass of port wine - 175-2000 escudos, depending on the variety;
• a bottle of regular table wine (vinho da casa) - 350 escudos;
• Coca-Cola - 100 escudos;
• sandwich - 200 escudos;
• cinema ticket - 450-800 escudos;
• lunch in a cheap cafe - 850-1250 escudos (US$4-6);
• lunch in a restaurant - 1600-2100 escudos (US$8-10);
• cheap hotel - 2000-3000 escudos (US$10-15);
• double room in an average hotel - 8500-16700 escudos (US$40-80)

With the most modest appetites, living in hostels and campsites you can get by with 5,200 escudos (US$25) per person per day. Staying in a cheap hotel and eating in a simple restaurant will cost you 6,200 escudos (US$30). If traveling as a couple during off-peak season, you can eat well and live in a decent place, spending about 14,600 escudos (US$70) for two.

VAT in Portugal (IVA) is 8% for hotels. By law, hotel and restaurant prices must indicate whether tax is included (IVA incluido) or not (mas 8% IVA).

Many stores offer a 12% tax refund when purchasing items over a certain amount. You need to get your tax refund check, show your passport, fill out a form, and the store will send the refund to your home. You can also get a tax refund when leaving the country. If, when crossing the border, you do not find a branch where the payment is made, send the completed form to the address indicated on it - the money will be transferred to your account or sent in the form of an international check.

TRAVELER'S CHECKS

Cashing traveler's checks is easy, but fees can be quite high - up to 13% on a $100 check. American Express checks can be cashed at Amex agents without a fee.

If you are satisfied with the service, leave the waiter about 10% tip. It is also customary for taxi drivers to leave a 10% tip.

Today, in Portugal, as in most other eurozone countries, a single European currency, the euro, has been introduced into circulation. Until 2002, the main currency in the country was the escudo, consisting of 100 centavos. Escudo has been in circulation in the country since 1911.

The modern monetary unit of Portugal, the euro, is equal to 100 cents. Both paper bills and coins are involved in circulation. The most common misconception of those for whom the euro currency is not national is the belief that all euros have the same color. In fact, each banknote has distinctive characteristics, knowing which you will not be afraid of the tricks of counterfeiters and scammers. For example, a 10 euro note is beige and burgundy, and a 20 euro note is blue. The 100 euro note is green, while the 200 euro note is lemon yellow.

If you are traveling to Portugal for the first time, we inform you that the most profitable way for you to exchange foreign currency for euros right upon arrival at the airport. Exchange offices here offer the most favorable rates.

We are accustomed to the fact that the difference in exchange rates between different banks is minimal. But Portuguese banks are sometimes shocking with their colossal differences.

Throughout the country you can pay with Euro checks, as well as international credit cards.

Portugal is a participating country. The monetary unit is the euro, equal to 100 euro cents.

Until January 1, 2002, Portugal's cash currency was escudos, equal to 100 centavs. The nominal series of the national currency of Portugal was represented by banknotes in denominations of 500, 1000, 2000, 5000 and 10,000 escudos.

Portuguese word escudo means shield. The same word denoted monetary units in the former Portuguese colonies - Angola, Guinea-Bissau, Macau, Mozambique, Cape Verde Islands, Sao Tome and Principe, East Timor. Currently only .

In 1854, the gold standard and the monetary unit milreis, divided into 1000 reis, with a gold content of 1.62585, were introduced in Portugal. After the liquidation of the monarchy, on May 22, 1911, instead of the milreis, the escudo was introduced with the same gold content.

During the First World War, the escudo depreciated sharply. In 1924, exchange controls were established. Since June 9, 1931, as a result of the devaluation of the escudo by 96%, its gold content dropped to 0.066567 g of pure gold. On September 22, 1949, the escudo was devalued again.

Since March 19, 1973, the exchange rate of the escudo against the US dollar began to fluctuate without limiting the limits of its changes. Since August 25, 1977, the escudo exchange rate has been set on the basis of a basket of currencies.

Escudo banknotes depict notable figures from Portuguese history. The final series of banknotes is dedicated to the Age of Discovery, with portraits of: Joao de Barros (historian and writer), Pedro Alvares Cabral (the explorer who discovered Brazil), Bartolomeu Dias de Novaixa (the explorer who discovered the Cape of Good Hope), Vasco da Gama (the explorer who discovered the Cape of Good Hope), who reached India for the first time by sea) and Henry the Navigator.

Escudo banknotes can be exchanged at the Central Bank of Portugal and converted into euros until February 28, 2022.

Portugal is one of the first countries to adopt the Euro currency, but previously the main currency was the escudo. Escudo translated from Portuguese means: shield or coat of arms, which was the main element of the coins that bore this name. Officially, on January 1, 2002, Portugal adopted the euro currency. Before the introduction of the euro currency, coins in circulation included 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 the Escudo currency

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 value of one pound sterling was equal to 4.5 escudos, but in 1914, the escudo exchange rate sharply declined. Over the years, there was a sharp drop in currency, which led to inflation and subsequently, in 1990, coins with non-whole denominations (0.50 and 2.50) were removed from circulation. Today, Cape Verdean escudos remain in circulation. At the time of Portugal's entry into the Eurozone, 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 euros 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 currency 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 over 30 euros, there is no commission fee at all. Although many establishments provide the opportunity to pay in dollars. In Portugal, as throughout Europe, credit card payments are accepted

• Visa;
• American Express;
• MasterCard.

Importing currency into Portugal

Persons within the customs area of ​​the European Union who are over 18 years of age 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 use goods. Regarding currency, an amount of 10,000.00 euros must be declared in writing.