Portugal is a member of the European Union and its official currency is the Euro (EUR). One euro is divided up into 100 euro-cents. There are eight different coins (1, 2, 5, 10, 20 and 50 euro-cents) and seven notes (5, 10, 20, 50, 100, 200 and 500 euros). There are numerous "Banks", bureaux de change and ATMs available in main cities and tourist destinations.
Praia da Luz has two Banks and more can be found in the nearby city of Lagos. There are 5 ATMs located at "NOVO BANCO", "Crédito Agrícola", "Supermercado Baptista", "Supermercado SPAR" and "Farmácia Farmaviva".
Foreign currency can be exchanged at Banks, Bureaux de Change (Cambio) and automatic currency exchange machines. Banking hours are generally 8.30 a.m. to 3 p.m. Monday to Friday. Major credit cards are widely accepted, as are travelers cheques. Purchases can be paid for using cash or the most common credit cards. This payment system is common in Portuguese shops generally displaying the symbols of the credit cards they accept on the outside door. Travelers cheques (either in USD or Euros) can also be cashed at Portuguese Banks, exchange bureaus and "Hotels". Be wary of black market exchanges, which can be a source of scams or counterfeit currency.
The Multibanco ATMs allow people to withdraw money using debit or credit cards such as Visa, Master Card, American Express, Maestro and others. These credit cards are normally accepted in most commercial establishments.