ATMs in Portugal: All About Fees, Charges And Withdrawal Limits (2024)

FAQs

Do ATMs in Portugal charge fees? ›

In general, Portuguese bank account holders won't pay fees for taking euros out of a Multibanco ATM. If you're visiting Portugal, you'll most likely be charged a small withdrawal fee. It's also likely you'll pay a foreign exchange fee – and those will vary depending on your bank.

Withdrawal limit from ATM in Portugal

There is a standard withdrawal ATM limit in Portugal and this is 400 euro/day. But in practice you will encounter an even lower limit, that is 200 euro/attempt of withdrawal.

These types of ATM's are usually located in popular tourist locations and outside small shops and cafes (Euronet is one example). These machines will charge you €4 or €5 (sometimes more) to withdraw.

Bank ATM fees can vary from as low as $2.50 per transaction to as high as $5 or more, depending on whether the ATM you use is out-of-network or even international.

The best way to avoid expensive conversion fess is to sign up for a currency card such as Wise, Revolut, Monzo etc. I'm going to recommend Wise here because I have personally used them for the last 6 years I have been living in Portugal. In fact, my Wise card is my main account, and I use it for everything.

Portugal banks' fees

Multibanco ATMs adds an international processing fee for some banks. As a benchmark, you should estimate a surcharge between $1 and $7 per withdrawal.

Your ATM Withdrawal and Daily Debt Purchase limit will typically vary from $300 to $2,500 depending on who you bank with and what kind of account you have. There are no monetary limits for withdrawals from savings accounts, but federal law does limit the number of savings withdrawals to six each month.

A frequently cited limit on the most cash you can withdraw at any one time is $10,000. However, the reality is that withdrawals of $10,000 or greater are allowed, but they will trigger federal government reporting requirements.

Most ATM withdrawal limits are between €200–€300 a day. Always be aware of your bank's withdrawal limit, especially if the money you need exceeds that amount.

Can I use my ATM card in Portugal? ›

Will my credit or debit card work in Portugal? Yes. Many Portuguese shops, restaurants, and museums will accept international cards, especially in more touristy areas. American cards like Visa, Mastercard, and American Express are accepted in a majority of locations.

The best Portuguese bank is Caixa Geral de Depositos. It also is the largest and the only public bank in the country. The Banker magazine included Caixa Geral de Depositos in the top 200 world banks.

Bank ATM fees are just one of the many bank fees you can face. Usually, your bank won't charge an ATM fee when you use a bank-branded machine. However, if you use an ATM outside of the bank's network, you'll likely face an ATM fee. This includes withdrawals, deposits and balance inquiries.

Other online banks such as Simple or Chime have great options for ATM usage. Simple has a fee-free ATM finder on their website and allows customers to use ATMs in Walmart, Costco, Dunkin Donuts, Walgreens, Hess, Target, and CVS, without being charged a fee. Chime's network has more than 38,000 fee-free MoneyPass ATMs.

There are three main types of withdrawal fees: regular account transaction fees, network access fees, and convenience fees. It's possible that all of these (and others) will listed as withdrawal fees on your bank statement.

On debit cards, spending is still cheaper as while there's no interest on a cash withdrawal, there's often still a fee (as well as the non-sterling transaction fee) when you use a cash machine.

Portugal is a Go Roam in Europe destination which means you can use your data here at no extra cost. If you have an Add-on with a data allowance of 12GB or greater, a fair use limit applies, with use over 12GB subject to a surcharge (see below).

Carry at least two cards on your trip to Portugal, preferably connected with Visa or Mastercard. If you just take an American Express card, you won't get to use it in many places.

Is it better to use cash or card in Portugal? ›

Money in Portugal

While credit and debit cards are generally accepted, Portugal is a cash-centric country — especially when you get outside of cities like Lisbon and Porto.

The sustainable withdrawal rate is the estimated percentage of savings you're able to withdraw each year throughout retirement without running out of money. As an estimate, aim to withdraw no more than 4% to 5% of your savings in the first year of retirement, then adjust that amount every year for inflation.

If it is a large amount, the bank teller may question what the money is for. The Bank Secrecy Act requires banks to report any withdrawals of over $10,000. So when they report it or ask about it, they're just doing their job. It helps with bank safety and protects people.

To answer your question, no, you absolutely won't be paying the same rate your own bank would charge you when you use an ATM. You'll likely be paying 5-10% less than if you walked into your bank and exchanged dollars for euros. 8. Re: Exchanging Currency.

ATMs tend to offer competitive exchange rates, and you can save on ATM fees by withdrawing more cash than you need instead of withdrawing smaller sums several times during your trip.

Please Note: you can withdraw up to €1,500 in cash from a CCL Machine and up to €600 from an ATM machine.

How much money do you need to live comfortably in Portugal? Compared to other European countries, Portugal is one of the most affordable. A couple with a mid-range income will be able to live comfortably in Portugal's interior cities for around €1,700 per month. A couple in Lisbon can live on around €2,000 per month.

For Indian nationals to enter Portugal, you need to show you have at least €40 per day when applying for a Portugal Visa. Each time you enter Portugal's territory you must have funds of €75.

You can qualify for residency by investing €280,000 which is one of the lowest investment thresholds in Europe, You don't have to move to Portugal to keep your residence permit. Staying in the country for seven days on average per year will suffice, You can be eligible to apply for Portuguese citizenship in five years.

How can I avoid ATM fees abroad? ›

Get cash from an ATM at your destination. Opt to pay in the local currency. You will always get a better exchange rate. Use a card designed for travel.

Most banks have a network of ATMs that offer free access to your money. But if you go outside of the network, a fee may be imposed, including: ATM operator fee. Also known as the surcharge, an operator fee is charged by the ATM owner to noncustomers using its ATMs.

Foreigners may open a bank account in Portugal, either as a resident or a non-resident. Non-resident accounts require more documentation and can have more restrictions than a resident account, but this is an option if you don't have an address in Portugal yet.

Receiving or making any payment in cash of amounts equal to or greater than €3,000 is forbidden (or the equivalent to that in foreign currency). This limit increases to €10,000 for payments by non-resident natural persons provided that they do not act as entrepreneurs or merchants.

Bank Fees in Portugal

Most Portugal banks charge their clients a monthly fee for their accounts. A Portuguese bank account generally costs between € 5-7 a month, and around € 60 a year. There are also charges on credit cards and overdrafts, and it varies according to the card type, the bank, and other similar criteria.

Exchange Cash Before Leaving The U.S.

One way to avoid ATM or transaction fees is to pay for a trip in cash. Travelers can exchange U.S. dollars for most major currencies at a bank, credit union or currency exchange store before a big trip.

Throughout Europe, ATMs are the easiest and smartest way for travelers to get cash. You'll usually pay withdrawal fees, but you'll still get a better rate than you would exchanging dollars for local cash at a currency exchange booth.

In general, Portugal is not a tipping culture, there are no established rules, and different people follow different rules. There is no obligation to tip in restaurants, hotels, bars, or personal service locations like salons and spas.

A vacation to Portugal for one week usually costs around €763 for one person. So, a trip to Portugal for two people costs around €1,527 for one week. A trip for two weeks for two people costs €3,053 in Portugal.

Should I get euros before going to Portugal? ›

It's a good idea to exchange at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home (though don't expect the exchange rate to be ideal), so you can avoid lines at airport ATMs (automated teller machines).

Key Takeaways. Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges.

We recommend withdrawing cash from ATMs as the cheapest way to get cash abroad if you're using a debit or credit card that's specifically geared toward international use or a travel card.

Which bank has the highest ATM withdrawal limit? Morgan Stanley Bank currently has one of the highest ATM limits. It allows customers to withdraw $1,500 to $5,000 per day from an ATM, depending on the account type.