The Portuguese currency
is the Euro.
Travellers' cheques are the safest way to carry money. If
lost or stolen they can be replaced. The exchange rate for traveller's
cheques are more favourable than they are for cash but Banks will give
a better rate for larger Bills. Eurocheques, with card are not widely
accepted and there is little point in using them.
Automatic cash dispensers
are widely available. These accept most Credit Cards and Bank Cards
within the Cirrus/Maestro system and are the best way to bring your
holiday money in our opinion..
Nearly all Restaurants,
larger Hotels, most Petrol
Stations
and Shops accept major Credit Cards and Bank Cards within Cirrus/Maestro
system.
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MONEY COMMENT
- Get More Holiday Money For Less
(TMFCliff)
We Brits take our holidays very seriously indeed
- perhaps because we have the longest working hours in Europe, boooo!
We also spend considerably more on holidays than our Continental cousins,
so it's well worth shopping around for both your holiday and
your holiday money. Here's our brief guide to getting more holiday cash
for less.
Credit cards - One major disadvantage
to using UK-issued credit cards abroad is that almost all card issuers
charge a 'foreign currency commission' of around 2.75% of your spending.
In other words, you end up paying almost £103 for every £100 you spend
abroad.
Despite a lengthy search, I could only find
two firms that don't impose this fee: Lombard Direct and Nationwide
BS. However, Frizzell and Saga don't charge for purchases made within
the EU, and just their fee is just 1% in other countries.
Also, when you use a UK credit card to withdraw
cash from a cash-point, you pay a fee of between 1.5% and 2.75% of the
amount withdrawn, with a minimum charge of around £2. However, you usually
get charged interest straight away rather your the final pay date on
your next statement. Again, Nationwide's card is the winner here, because
its cash-withdrawal fees is 1%, with a minimum charge of £1. Although
this is increasing to 1.25%/£1.25 in June, it's still the market leader,
making it my ideal plastic travelling companion!
Travel insurance - Buying
travel insurance from travel agents or tour operators is a brilliant
way to waste a fortune! As
this article
reveals, six out of ten holidaymakers buy insurance from travel agents,
acquiring inferior policies that can cost up to ten times as much as
the cheapest cover available! Don't get ripped off: find better cover
here at the
Insurance Centre.
Holiday money (foreign currency) -
A baffling variety of exchange rates, commissions and other
charges make it easy to be short-changed when buying foreign currency!
My trick is to ask, "How many Euros [the foreign currency you
need] will I get in my hand for £200, taking account of all charges"?
It's the only way to compare like with like. On the high street, I usually
call or visit Nat West, Marks & Spencer, the
Post Office and Thomas Cook before plumping for the best
offer from these four providers.
Don't take all your spending money in cash,
because most travel insurance policies won't refund more than £250 for
lost or stolen cash. Travellers' cheques usually cost the same to buy
as currency, but watch out for commission (between 1% and 2%) and exchange
rates - so use the above question again. What's more, some foreign banks
charge fees of up to 6% for cashing travellers' cheques, so check
before you hand over your cheques to the cashier!
Sterling travellers' cheques will do in most
countries, but you'd be wise to buy Euro travellers cheques for trips
to the euro-zone.
Wherever you're heading in the Algarve, have
a great holiday!
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