Foreign Exchange Guide to Portugal
In this guide we review :
- Euro info - general info about the Euro
- Euro in the markets - recent EUR moves and predictions from the FX markets
- Travelling in Portugal - currency & money saving tips
- Buying Euro cash online - travel money for Portugal
- Sending money to Portugal - save on Euro bank transfers to Portugal
- Euro exchange rates - latest info & charts.
Euro (EUR) general currency information
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 is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR and the symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthélemy, Saint Martin, Saint Pierre And Miquelon, San Marino, Slovakia, Slovenia and Spain.
Euro (EUR) in the markets
The euro was stable in the first quarter of 2018, during which it gained a few percentage points against the dollar, lost as much against the yen and lost out marginally against the pound. The euro did best against growth-sensitive G10 currencies, most notably the Australian dollar, Canadian dollar and Swedish krona.
The most active euro pair, EUR/USD, met resistance at the important 1.25 level in January, February and March, and had fallen back into the mid-1.22s by early April.
Against sterling, a break below 0.87 in the coming weeks could be significant, being that this level held up price in four consecutive months between December and March. In early April, prices were again threatening the level.
Entering 2018, year-end forecasts for EUR/USD ranged between 1.15 and 1.3, and for EUR/GBP, between 0.86 and 0.95.
The interactive chart below shows the EUR to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Currency and money saving tips for 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.
Portugal Trip Checklist
- Compare EUR travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Portugal
- Lonely Planet - world's best travel guide (coupon and deals)
Travel money for Portugal
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Money Exchange Rates Compared
Buying EUR Cash with USD 1,000
Rate timestamp : Mon Apr 23 2018 19:00:03 GMT+0000 (UTC)
Sending money to Portugal
When sending money to Portugal it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Portugal.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account in Portugal and less margins and fees kept by the banks!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to EUR
Rate timestamp : Mon Apr 23 2018 19:03:09 GMT+0000 (UTC)