Exchange of banknotes of new Member States adhering to the euro

By rule, Banco de Portugal does not exchange foreign banknotes, except in the case of euro legacy banknotes, and strictly within the period established by the ECB (usually for 2 months after euro adoption date in such Member State).

Such banknotes are exchanged against euro banknotes and/or coins at the irrevocably fixed exchange rate with no charges to applicants at four cash offices of Banco de Portugal – Lisbon, Oporto, Regional Delegation of Madeira in Funchal and Regional Delegation of the Azores in Ponta Delgada – within the opening hours from 8.30 a.m. to 3 p.m. 

The maximum amount per transaction and per person/day is restricted to the corresponding amount of €1,000.

Whenever a Member State adopts the euro, the Treasury and Issue Department of Banco de Portugal publishes the terms and conditions under which the corresponding exchange of banknotes will be effected, namely by issuing a Circular-Letter for the banking sector and publishing the news on the Banco de Portugal’s website.