Currency in the Algarve
The currency in Portugal, including the Algarve, is the euro. It was introduced in 2002. One euro is divided into 100 cents, and there are 7 euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euros. In addition, there are 8 coins: 1, 2, 5, 10, 20 and 50 cents, as well as 1 and 2 euro coins. Each euro country has a specific symbol on one side of all coins. In Portugal, all coins display the royal seal of Dom Afonso Henriques.
Payment in shops and restaurants
Most shops and restaurants in the Algarve accept debit and credit cards, including Visa, MasterCard and American Express. However, there are some smaller shops and restaurants that do not accept any cards. Chances are you will come across a shop during your holiday that doesn’t accept any cards. That is why it is recommended to always have some cash on hand in the Algarve.
In the Algarve you can find plenty of ATMs, both from international operating banks such as Santander and from Portuguese banks such as Caixa Geral de Depósitos. Some ATMs have an MB sign, which is an abbreviation for Multibanco. Here you can withdraw money from your bank account or creditcard. Beware that your card/bank may have a withdrawal amount limit. Also beware that there may be charges for using your card abroad. The charged amount depends on which bank you are using. However, you will always be informed of the charges before they are actually charged.
If you would like to exchange your home currency for euros or vice versa, you can do that at one of several currency exchanges. You can find a currency exchange on Faro Airport. In addition, there are shops (such as Unicâmbio) in several towns, such as Albufeira, Portimão, Faro, Lagos, Quarteira, Olhão and Carvoeiro.
Currency exchange rate
Below you can find the current exchange rates of euros against some popular other currencies.
And if you would like to calculate specific amounts of a foreign currency to euros, you can use the following converter: