MONEY MATTERS

The number of banks and branches has increased considerably over the last decade. There are two main types of banks in Portugal: clearing banks and savings banks (caixas).  Portugal’s largest credit institution is the state-owned savings bank, Caixa Geral de Depósitos. All banks in Portugal are listed in the yellow pages under Bancos.
Since joining the EU in 1986, Portugal’s banks have generally become more efficient and highly automated.  Electronic banking compares favourably with other European countries, and its ATMs are among the world’s best.  In 1999, Portugal adopted the Euro.

In recent years bank branches have been established in supermarkets and shopping centres, and Portugal has the most developed European supermarket banking network.  Supermarket outlets rely on telephone banking for personal banking services. There are no drive-in banks in Portugal.

There are also several foreign banks operating in Portugal, although there are fewer (with an overall smaller market share) than in most other European countries. Foreign banks are present in Lisbon and some in Porto, but branches are rare in other towns, although in recent years branches have opened on the Algarve. Foreign banks include Barclays, Citibank and Deutsch Bank.

Most banks are open Monday to Friday from 8.30am to 3pm (or from 8.30am to 11.45am and from 1pm to 3pm in smaller towns) and are closed at weekends and on public holidays. In Lisbon and some resorts on the Algarve, some bank branches open in the evening to change money.