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    Currency in Portugal – Euro EUR

    A practical foreign exchange and currency guide to Portugal

     

    What currency is used in Portugal?

    The official currency of Portugal is the euro, with symbol and currency code EUR.

     

    Things to know about the euro


    The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.

    The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.

    Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.

    Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.

    There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.

     

    What the euro looks like?

     

     

     

    Euro – Markets & Rates

    1 EUR = 1.0537 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.0537 is 5.2% above its 90-day average 1.0014 with range 0.9596-1.0542.
    |
      1 USD = 0.9490 EUR
     
    90-DAYHIGH
    4-DAY+1.9%


    Major bank forecasts have recently changed tack on the euro, now forecasting EUR/USD to be around $US1.05 heading into the new year.

    The news for the single currency had been all negative, however the possibility of the US Fed Reserve slowing the rate of interest rate hikes as hit the US dollar.

    DateEUR/USDChangePeriod
    18 Nov 2022
    1.0345
    1.8% 2 Week
    03 Sep 2022
    0.9953
    5.8% 3 Month
    02 Dec 2021
    1.1306
    6.8% 1 Year
    03 Dec 2017
    1.1857
    11.2% 5 Year
    04 Dec 2012
    1.3089
    19.5% 10 Year
    07 Dec 2002
    1.0008
    5.3% 20 Year
    EUR/USD historic rates & change to 02-Dec-2022

     

     

    Compare Euro Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Euro.

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    Travelling to Portugal

    Portugal has been popular with European vacationers. Beaches and high mountains aside, the rest of Portugal is a diverse and verdant country of deep valleys and rolling hills dotted with stone-built villages. The country has with excellent sandy beaches and rugged coastline, as well as cosmopolitan and architecturally-stunning cities. Portugal is an affordable city, prices don’t go to high and you can sleep comfortably and eat cheaply with ease.

    A city metro ticket will generally start from 1.50 EUR. Inter-country trains and buses are inexpensive. Food, accommodation, wine is all very cheap, especially when compared to other EU countries. Taxis are a expensive way of getting around.

     

    The Euro is also the domestic currency in 32 other countries.

     

     

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