A practical foreign exchange and currency guide on sending money and travel to Portugal
What's in this Portugal currency guide?
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 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.
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.
In September, Olaf Scholz’s Social Democrat Party narrowly won the German election. The longer negotiations and political uncertainty drag on, the greater downward pressure will be felt by the euro.
In addition should risk sentiment remain fragile, there could be continued demand for USD as a safe haven. Therefore, USD/EUR could gain higher.USD-EUR Outlook
19 Nov 2021
04 Sep 2021
03 Dec 2020
04 Dec 2016
06 Dec 2011
08 Dec 2001