Many friends who have immigrated to Portugal are unaware of the living expenses after relocating there. Even after researching a lot of information online, they only grasp a little. Today, I will share with everyone some information regarding living expenses after immigrating to Portugal!
Currency Exchange and Withdrawals:
Regarding currency exchange: The exchange rates at the exchange points in airports in Portugal are still relatively high compared to domestic rates. Better rates can be negotiated at exchange points in various cities and fees can be waived. Larger cities will have institutions like Western Union, but banks that accept Chinese Yuan are quite few. It is advisable for everyone to exchange some Euros before traveling to Portugal.
Usage of UnionPay POS Card for Purchases:
Merchants displaying or posting signs with "UnionPay" can accept UnionPay cards. It is best to ask the cashier in advance whether it can be used before payment. It is recommended to acquire a MasterCard or Visa credit card before departing for Portugal as a precaution.
Regarding Fees:
When using a UnionPay card for purchases at merchants, the cardholder does not need to pay a fee. Choosing to use the UnionPay network incurs no currency conversion fees ranging from 1% to 2% compared to other bank card networks. The amount spent in local currency is directly converted to the RMB amount at the market exchange rate and is promptly credited to the cardholder's RMB account by the issuing bank.
ATM Withdrawal Usage:
Currently, all ATMs within Portugal accept UnionPay cards for Euro withdrawals, but balance inquiry functions are not supported. UnionPay cards cannot be used for bank counter transfers or cash withdrawals abroad. Since cash withdrawals on credit cards incur overdraft interest, cardholders are advised to use UnionPay debit cards for withdrawals abroad. Apart from displaying the UnionPay logo on the screen, any ATM with a "Multibanco" sign above can accept UnionPay cards. All ATMs have a unified interface supporting operations in English, French, German, Spanish, and Portuguese. The process for cash withdrawals at Portuguese ATMs is: select language -> enter password -> enter amount -> take card -> take cash -> take receipt.
Fees and Withdrawal Limits:
The maximum amount for an ATM withdrawal is 200 Euros per transaction. Additionally, the daily cumulative withdrawal limit for UnionPay debit cards is equivalent to 10,000 RMB in foreign currency per card. For withdrawal limits on UnionPay credit cards, please consult the issuing bank. Banks charge varying fees for cash withdrawals overseas, and the standards differ among card issuers. UnionPay debit cards typically have lower fees than credit cards. Compared to other bank card networks, they are exempt from a 1%-2% currency conversion fee, and UnionPay converts the local currency amount withdrawn to RMB, which the bank deducts from the cardholder's RMB account.
Prices and Payments:
Prices in Portugal are relatively low compared to other European countries. The living expenses of a family of three in Portugal for one month are approximately between 500 to 800 Euros. On average, 1 Euro can buy 1 kilogram of rice, 1 liter of cooking oil, or 1 dozen eggs.
Tipping:
Tipping at restaurants is not mandatory. The wages for service staff in Portuguese restaurants are quite decent, and tips are generally given as a token of appreciation for their service. If you are not satisfied with the service, you are not obliged to leave a tip. In high-end restaurants, a tip of 3 Euros per person is sufficient. It's important to note that there is no custom in Portugal to tip taxi drivers or hotel staff.
