CURRENCY/BANKS

Madeira, being an autonomous region of Portugal, uses the Euro (€) as its official currency. The management of finances and banking transactions on the island follows rules and practices similar to those on the European continent.

​

 

Here is some useful information about currency and banking in Madeira.

1. Banking Institutions: Madeira has several banking institutions, both national and international. Some of the most popular banks on the island include Millennium BCP, Novo Banco, Caixa Geral de Depósitos, Santander Totta and Banco BPI. These banks offer a wide range of financial services such as checking and savings accounts, loans, mortgages and investments.

2. Opening Hours: Banks in Madeira are generally open from Monday to Friday, from 8.30 am to 3 pm, with a break for lunch. Some banks may have different opening hours, especially in tourist areas, and it is advisable to check local opening hours.

3. Multibancos (ATMs): There are automatic teller machines (known as Multibancos) available throughout Madeira, where you can withdraw money, check your balances and carry out other banking operations. Multibancos accept national and international debit and credit cards, such as Visa, MasterCard and Maestro. Please note that withdrawal or exchange fees may apply for international cards.

4. Opening a Bank Account: To open a bank account in Madeira, you will need to present identification documents (such as a passport or identity card), proof of address and Tax Identification Number (NIF). Some banking institutions may request additional documents, such as proof of income or employment. If you are a non-resident citizen, it may be possible to open a specific bank account for non-residents.

5. Payments and Transactions: In Madeira, it is common to pay with a debit or credit card, although cash is also widely accepted. For international transactions, banks and online money transfer services such as TransferWise and Revolut can be used.

6. Exchange and Conversion Rates: The exchange rates for the Euro vary daily and can be consulted on specialized websites or at banking institutions. If you need to exchange foreign currency for Euros, you can do it at exchange offices, banks or at the airport. However, it is advisable to compare exchange rates and commissions before carrying out the conversion.

​

By becoming familiar with the currency and banking services in Madeira, it will be easier for you to manage your finances and transactions during your stay on the island.