Navigating how to use an ATM in Portugal can be quite confusing, especially when you are trying to convert your currency into Euros. Understanding the process and knowing which ATMs to use can save you a significant amount of money and stress during your travels. Here are three essential tips for withdrawing money from an ATM in Portugal to ensure you get the best exchange rate and avoid unnecessary fees.
1. Always use Multibanco machines.
Multibanco is the main ATM network in Portugal, known for its reliability and favorable terms. When you need to withdraw cash, make sure to seek out a Multibanco ATM. These machines are widespread and easy to find in most areas. On the other hand, avoid using EURONET ATMs at all costs. EURONET machines often charge exorbitant fees, sometimes upwards of 40 euros per transaction, which can quickly add up and eat into your travel budget.
2. Always decline the conversion TWICE to get the best exchange rate.
When using an ATM in Portugal, you might be prompted to accept a conversion rate provided by the machine. It’s crucial to decline this option twice. The ATM’s conversion rate is usually less favorable than the rate provided by your bank. By declining the machine’s conversion offer, you ensure that your home bank handles the conversion, typically resulting in a better exchange rate and saving you money.
3. Be mindful of withdrawal limits.
The maximum amount you can withdraw per transaction from a Multibanco ATM is 200 euros. Additionally, there is a daily withdrawal limit of 400 euros. Plan your withdrawals accordingly to avoid any inconvenience. If you need more cash, you may have to make multiple transactions over a few days or visit a bank.
For more detailed information about using ATMs in Portugal, you can find additional information here.
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Cheers!
