Settling In
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countries, but an increasing number of shops now display
the Visa, Mastercard, American Express and Diner’s Club
symbols, especially in areas with international tourism,
commercial districts and shopping centres. Always be
prepared to pay cash at small guesthouses, restaurants and
shops, especially in small towns and rural areas. Debit cards
or cheque cards with the Visa or Mastercard logo can be
used in the same way as credit cards.
Money Transfers
Most banks will receive money
wires, if you need money sent to
you in Portugal. They are usually
processed within a few working
days. All you need is the routing
number of the Portuguese bank
where you would like to receive
the funds. The best thing is
to select a centrally located
bank and get the details at the
customer service counter.
Bank Accounts
To open a bank account in Portugal, you need identifi cation (a
passport, or for EU citizens an identifi cation card), in addition
to a tax number, the número do contribuinte. You can apply
for a tax number at the local tax offi ce. There are a variety of
bank accounts with varying services and fees, from simple
savings accounts to current accounts (checking accounts)
with Multibanco cards and overdraft protection. Since the
European Central Bank (ECB) determines the interest rates
for all countries of the euro zone, interest rates of Portuguese
credit cards vary little from those in other EU countries.
Paying Your Bills
Since customer service at banks is slow and lines are long,
making payments for your monthly bills at an ATM is a very
attractive option. Most of the common monthly utilities
can be paid at bank machines by using your Portuguese
Money wired to Portugal is paid
out in euros. The Correios (postal
service) and exchange houses
(such as Cotacâmbios) use the
Western Union network for fast
international money transfers.
Some foreign consulates
(including the US) process money
transfers for their citizens for a
fee. Inquire at your consulate
if you are in need of such an
emergency transfer.
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