Travel Money Guide: Portugal

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Find out how which travel money products will make your money go further in Portugal.

Whether you’re planning to explore the cobblestone villages, relax on the golden beaches or indulge in the local cuisine, organising your travel money in advance is crucial to a successful trip to Portugal.

Portuguese towns and cities are well serviced by banks and ATMs. Visa, Mastercard and American Express are accepted everywhere. Find a way to spend Euros without paying the fee for currency conversion and the international ATM withdrawal fee and you can use your cards for more or less the same price as you can in Australia. For some helpful tips and tricks, using our travel money guide to discover the travel money products you can use in Portugal and how you can spend for less while you’re abroad.

Which option is right for your next trip?

ANZ Travel Card

ANZ Travel Card

  • Load up to 10 currencies
  • Lock in your exchange rates
  • No overseas transaction fees

ANZ Travel Card

The ANZ Travel Card is a prepaid card that can be loaded with up to 10 currencies to make purchases overseas at over 38 million merchants and over 2.3 million ATMs worldwide.

  • Lock in your exchange rates and know how much money you have to spend
  • No transaction fees for electronic purchases in Australia and overseas
  • Multiple reload options - online, over the phone or in person
  • Manage your money online or over phone 24/7
  • Spare card if in case one is lost or stolen

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Compare travel cards for Portugal

Rates last updated December 17th, 2017
Name Product Description Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
Hold up to 10 different currencies and lock in your exchange rate. No transaction fees on purchases with a backup card in case one is lost or stolen.
AUD 3.50, USD 2.50, GBP 2.00, EUR 2.20, NZD 4.50, CAD 3.00, HKD 20.00, SGD 4.00, THB 95, JPY 260
Hold up to 11 currencies on the card and get a locked-in exchange rate. Use at home and overseas to rack up Qantas Points on eligible purchases.
AUD 1.95, CAD 2.00, EUR 1.50, GBP 1.25, HKD 15.00, JPY 160, NZD 2.50, SGD 2.50, USD 1.95, THB 70.00, AED 6.50
Load up and lock in up to 10 currencies and benefit from no fees for reloading funds. Comes with a secondary card for added security.

Overseas: $0 per withdrawal via international ATMs

Domestic: $3.75 fee applies


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Rates last updated December 17th, 2017
Name Product Foreign Currency Conversion Fee Overseas ATM Withdrawal Fee Overseas Cash Advance Fee Annual fee Product Description
Bankwest Zero Platinum Mastercard
0% of transaction value
2% of transaction amount or $4 (whichever is greater)
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and access to a 24/7 concierge service.
Bankwest Breeze Platinum Mastercard
0% of transaction value
2% of transaction amount or $4 (whichever is greater)
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
28 Degrees Platinum Mastercard
0% of transaction value
3% of the cash advance or $4 (whichever is greater)
$0 p.a.
Designed for travel, benefit from 0% foreign transaction fees on purchases, a $0 annual fee for life and a personal concierge service.
ANZ Rewards Travel Adventures card
0% of transaction value
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.
Westpac Lite Card
0% of transaction value
$108 p.a.
Keep credit card costs low with a maximum credit limit of $4,000, a 9.9% p.a. purchase interest rate and no foreign transaction fees.
Bankwest Qantas Platinum Mastercard
0% of transaction value
2% or $4, whichever is greater
$160 p.a.
Enjoy 0% foreign transaction fees, complimentary travel insurances and earn 0.5 Qantas Points per $1 spent on eligible purchases.
Bankwest More Platinum Mastercard
0% of transaction value
2% of transaction amount or $4 (whichever is greater)
$160 p.a.
Earn 2 More Rewards Points per $1 spent, 75,000 bonus points when you meet the spend requirement and save with 0% foreign transaction fees.

Compare up to 4 providers

Rates last updated December 17th, 2017
Name Product Product Description Debit Card Access ATM Withdrawal Fee Monthly Account Fee Overseas ATM Withdrawal Fee Overseas Eftpos Fee
Westpac Choice
Take advantage of Westpac's Global Alliance and save on overseas ATM fees at over 50,000 locations worldwide with fee-free cash withdrawals.
St.George Complete Freedom Account
Part of the Westpac Global Alliance, save on overseas ATM fees at over 50,000 locations worldwide with fee-free cash withdrawals.

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How many Euros do I need to bring to Portugal?

While Portugal is not as cheap as it used to be, visitors will find it much cheaper than destinations in Western and Northern Europe. Accommodation and shopping will be where you spend (or save) your money. If you prefer to stay in hotels your estimated travel expenses will be much higher than someone else who stays in hostels. Food, even eating out, and traveling from A-B are quite affordable all over Portugal. You will be able to find budget accommodation, food and activities right through to 5-star treatment.

Basic costsMid rangeA royal experience


$15 - $30 per night

2-Star Hotel

$100 per night

5-Star Hotel

$150 - $300 per night


Casa de pasto

$5 - $10


$20 - $40 per dish

5-Star Restaurant:

$45 - $80 per dish

cameraFree entry to most museums
Free sightseeing ancient ruins and castles

Lisbon Oceanarium

$20 for an adult ticket

Guided 7-day & night bike tour of Portuguese castles and vineyards (expenses included): $1,000+

*Prices are approximate and subject to change.

Exchange rate history

The AUD currency pair has been relatively stable since mid-2013. Travellers to Europe will find that $AUD 1 is equal to 0.65 - 0.70 Euros. If you think you know whether it’s going to be more expensive or cheaper to buy Euros in the future, you may want to lock in the exchange rate using a prepaid travel card.

YearAverage annual exchange Australian Dollar (AUD) to Euro (EUR)

*Exchange rates are accurate as of 5 September 2017

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Should it be a travel card, a debit card or a credit card?

The national currency of Portugal is the Euros. Conveniently, all Australian travel cards let you load and hold Euros. Neighbouring Spain and France also use the same currency, so a travel card can make sense if Portugal is one stop on a European vacation, but how does a travel card stack up against a debit or credit card?

Visa and Mastercard can be used everywhere (look for the Visa [Plus] and Mastercard [Maestro/Cirrus] logos on ATMs and card terminals). Advances in contactless payments now mean you can also use your credit or debit card for small purchases at major Portuguese retailers, which somewhat eliminates the need to make ATM withdrawals.

  • Tip: Most Portuguese bank ATMs (multibanco) do not charge a local ATM operator fee, you should look for a product which doesn’t charge for international ATM withdrawals as well as currency conversion to withdraw on the cheap in Portugal.

A quick summary of travel money options in Portugal

Travel money optionProsConsiderations
Debit cards for travel
  • Protected by PIN & chip
  • Pre-load Euros and make over the counter transactions
  • Ideal for managing your travel budget
  • Comes with backup cards
  • Compare and choose carefully — the wrong debit card can charge you excessively
Prepaid travel money cards
  • Euro is a supported currency
  • Protected by PIN & chip
  • Pre-load and secure your exchange rate in multiple foreign currencies
  • Accepted worldwide
  • Emergency card replacement and backup cards
  • Ideal for managing your travel budget
  • While travel cards do not charge for international transactions (currency conversion fees), you may still be charged for ATM withdrawals
Credit cards for travel
  • Protected by PIN & chip
  • Access to funds up to your credit limit
  • Accepted worldwide
  • No currency conversion/ transaction fees
  • Benefits including rewards points on spending, 0% purchases, frequent flyer perks, complimentary travel insurance
  • Emergency card replacement
  • Can charge high withdrawal and cash advance fees
  • Higher spending limit (depends on your approved credit limit)
Traveller's cheques
  • Secure and can be easily replaced if lost or stolen
  • Photo I.D. needed to cash cheques
  • Banks and exchange offices won’t accept traveller’s cheques in Portugal
  • Can be costly with initial purchase charges
  • Not all merchants accept traveller's cheques
  • Greater payment flexibility
  • Convenience
  • More difficult to manage expenses
  • Higher risk of theft

This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.

How travel money products work in Portugal

Using prepaid travel cards

The Euro is a supported currency on all travel cards. Compare the back and front end fees like charges for ATM withdrawals and loading and reloading your card. You can lock in a rate when you transfer Aussie dollars to Euros, which can be handy if you think the value of the Australian dollar is going to drop. And you can avoid ATM charges by choosing a product which doesn’t charge for international ATM withdrawals — Portuguese bank ATMs are generally fee-free.

Using debit cards

If your bank is a member of the Global ATM Alliance (Westpac Group accounts), you can avoid international ATM charges by using Barclays Bank ATMs in Portugal. There are no Westpac Group cards which waive the fee for currency conversion, which makes the Citibank Plus Transaction Account an obvious choice if you’re looking for a debit card to use in Portugal. This account waives the international ATM fee, currency conversion fee and there is no monthly account keeping fee.

  • Tip: Portuguese multibanco ATMs are fee-free. This means that if you choose a product that doesn’t charge international ATM withdrawal fees or currency conversion fees, you can make withdrawals for a similar cost as you would in Australia.

Using credit cards

A travel friendly credit card will allow you to make day to day payments in Portugal without the charge for currency conversion, and supplement your travel budget with perks which would ordinarily be an out of pocket expense — travel insurance, for example. Credit cards also offer interest free days on purchases when you pay your statement in full by the due date.

The Bankwest Platinum range of credit cards don’t charge for currency conversion fees, as with the 28 Degrees Mastercard. The annual fee is the difference, with the exception of the Bankwest Zero Platinum Mastercard, you’ll pay a yearly fee to own the Bankwest cards. But it’s not for nothing. Bankwest Platinum cards give you complimentary travel and purchase protection insurance when you use your card to make certain purchases.

  • Tip: Avoid using your credit card for ATM withdrawals. This is a cash advance. Cash advances accrue interest at about 20% p.a. from the time of the withdrawal, and you’ll pay a cash advance fee.

Using traveller's cheques

It will be difficult to cash traveller’s cheques in Portugal. Banks and exchange offices won’t accept traveller’s cheques. Use the right credit card, debit card or a travel card instead. These travel money products offer all the advantages of traveller’s cheques and none of the drawbacks.

Taking cash with you

While Portugal has all the facilities to accept card payments you’d expect from a modern economy, there are going to be many instances when you need cash on your trip. Some places won’t take cards if you’re spending less than €10 - €20 Euros, other merchants won’t take cards at all. Banking reforms in Europe have made it cheaper than ever to make withdrawals from bank ATMs, and if you pick the right card, there’s no reason why you shouldn’t have euros in your pocket.

  • Tip: While most supermarkets in Portugal will let you pay with your card even for transactions of only a couple of Euros, the Pingo Doce supermarket chain won’t accept card payments for transactions under €20.

If you’ve brought Australian dollars with you to Portugal, you won’t have trouble getting your cash changed to Euros on the street. They are frequent in bigger cities and touristy areas. The worst rates will be at the airport or inside hotels, the best will be at independent offices in larger towns and cities. Most banks no longer offer foreign exchange services.

  • Tip: Following the EU’s austerity measures, Portugal raised its VAT (value-added tax) from 19% to 21%. Like everywhere in Europe, if you are leaving within 3 months of purchase, you can claim the tax back by requesting a form named "Isenção de IVA". Upon your departure, present this form to customs for a refund.
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Interview with Julie in Lisbon

What cards did you take with you?

Julie took these products with her:

Why did you take these cards?

  • Julie says she transferred money from her Westpac Choice Account to her Cash Passport Mastercard as she needed it. She did this so she could make over-the-counter purchases and ATM withdrawals without paying extra for currency conversion.
  • She had her 28 Degrees Mastercard to use for emergencies (she avoids using credit if possible).
  • She didn’t use her Westpac card, she took it along with her incase she lost both her Cash Passport cards. However, it didn’t leave her passport sleeve the entire time she was in Europe.

Where could you use your cards?

She didn’t have a problem using her cards 90% of the time. She did come across the odd restaurant which was cash only, which was a little surprising since she said much smaller cafes accepted cards. She recommends that you always ask whether they take card before you sit down to avoid awkward circumstances. She says that when she went out for drinks with her friends, the bars they visited were mainly cash only.

What about withdrawing money from ATMs?

She had no problems using her Cash Passport Mastercard to make ATM withdrawals. However, she was charged a €2.50 fee per withdrawal, so she tried not to do it too often.

Do you have any travel money recommendations for Portugal?

She says the best thing she did was apply for a product which had the ability to lock in exchange rates, so she knew exactly how much money she had to spend and could stick to her budget.

What are your travel money tips for Portugal?

  • Skip the taxis in Lisbon. Julie says Lisbon is well serviced by a metro, train and bus network. She says you can buy a 7-day carris card for 0.50 Euro and reload as you need. Using the card gives you a discounted travel across public transport networks.
  • Ask about the price of sides. When she was eating out with her friends, a couple of times the restaurant gave them sides like bread and olives. They didn’t ask for it, but they were charged a couple of Euros. They paid for the sides, but in hindsight, she would have asked for the waiter to take it back.
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A guide to Portugal banknotes and coins


Buying currency in Australia

You can take as many Euros with you to the European Union as you want. You have to declare if you’re carrying more than €10,000 cash. This includes bank notes and traveller's cheques, gold bullion etc. It’s easy to buy Euros in Australia. Your options for changing AUD to EUR in Australia include the banks and providers of foreign cash like Travelex. Travelex also have airport pickup locations, which adds the element of convenience to their offer as well as price.

Find cash and ATM's in Portugal

Why you’ll need a combination of travel money options

The Citibank Plus account is a standout travel debit card, and is a no-brainer if you’re travelling to a country where Citibank have a presence; however, there are less than a handful of Citibank ATMs in Portugal, so in terms of accessing your own money, a travel card with no international ATM fee and the Citibank Plus are more or less on par.

One of the main differences between these travel products is the exchange rate. You’ll get a better rate using Citibank’s Visa AUD to EUR ‘on the spot’ exchange rate. Conversely, it can make sense to load funds and lock in a rate on your travel card if you think Euros are going to get more expensive to buy in the future. As always, you might want a credit card for emergencies as well as access to different travel perks such as complimentary insurance and rewards.

Whether you go for the sun, the olives or to explore the ancient cities of the once great imperial power, compare and apply for the right travel money so you don’t get smashed by fees when withdrawing money or making purchases using your cards — your money will go further.

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Find travel insurance for your trip to Portugal

A critical component of getting your travel money organised is getting the right travel insurance in place. It's by far the most exciting aspect of planning a trip but travel insurance offers protection from a range of losses including;

  • Cancellation cover for pre-booked travel expenses
  • Loss/theft of luggage and personal belongings
  • Medical emergencies
  • Personal liability

Nobody wants to pay too much for their travel insurance. Compare quotes from leading Australian insurers and access exclusive codes to help you save even further.

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This page was last modified on 16 November 2017 at 11:01am.

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