Currency in Portugal – Euro EUR
A practical foreign exchange and currency guide to Portugal
What's in this Portugal currency guide:
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
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.
| Date | EUR/USD | Change | Period |
|---|---|---|---|
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 |
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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