Seconded. Most ATM's allow a maximum of €200 withdrawal per transactin but you can make two on the same day. Mind you I wouldn't walk around anywhere with €400 beer money in me pocket.

Also when I last used my UK debit card in an emergency to withdraw €200 I was billed for €200.10 by the local bank in addition to the wicked charges levied by the UK end.

And don't wait until the evening to get your cash as everyone else does and the machines run out of money and they are not refilled until the next day.

Ah, the wonders of modern commerce.

Cubsur,
Why don't you open a Nationwide account? They don't charge for withdrawals from atm abroad and they give a good rate of exchange.
Pat

Thanks for the suggestion.

I now have a Portuguese bank account and credit card so I can deal in local currency.

However, one of my widely travelled friends has a Nationwide account which he uses all over Europe, so that recommendation can certainly be endorsed!

I must agree Nationwide flexi account is brill I got 1.48 -£ last year in Portugal & no charges

Hi

Today rate for the Euro is 1.4243 can anyone tell me what you can get in the Banks in Albufeira at present near to the PARAISO DE ALBUFEIRA

Also are there many cash points nearby?

Any other worthwhile info on exchanging currency either at home or doing it when there

Is there a big difference?

Thanks

Hi Tony,
Can't help with the current exchange rate, but can tell you that there is a bank, with an ATM outside, in the grounds of the hotel, about 20 yards from the front door.

Cheers

That will come in handy

A couple of useful sites to read, not sure if they have been posted before but they all point towards how good the deal is from the nationwide.

http://www.moneysavingexpert.com/cards/cheaper-spending-overseas

Reading down you will see the hall of shame on what cards not to use
for definate.

http://corporate.visa.com/pd/consumer_services/consumer_ex_results.jsp?from=GBP&to=EUR&rate=0.0

(at this time)

Edit to remove copyright matirial...wizard

Are sterling travellers cheques exchanged commission free in the Algarve?

Presumably not, so what % am I looking at? Don't really like using ATM's abroad unless I'm desperate.

Any recommendations for a reputable bank or exchange facility in Lagos?

What are bank opening hours? Would it be 9am to 3pm, Mon to Fri or do they siesta?

All tips welcome.

Thanks to anyone who replies.

It's a long time since we took traveller's cheques with us but,as I recall, there was a charge for changing them, but what it was I don't remember.This was pre- Euro days when the currency was still the escudo.
There is a long-standing bureau de change in Praca Gil Eanes, the main town square, near the Post Office and Camara buildings.

Thanks Sagres I guessed there would be as there isn't much done for free nowdays. But then the banks have to process them so they must incur costs. plus they have to pay their staff.

I'm old fashioned and like the security of them. I always think the ATM is going to 'eat' my card, or that we will lose all the beer money if we take stacks of cash.

Just wanted to check it would be easy to change them, I imagine Lagos has at least one or two banks.

Yes, you'll pass a couple of banks on the Avenida between the marina and town and there are a couple more in the square.

Thanks again.

I have come to the conclusion that the only thing that is still free in life is the good advice on HT.

Doe

....... wrong again - the bill's in the post !!!

Just an update on ATMs.

Stayed at the Montechoro Hotel (top of the Strip) last week; had some trouble initially using ATMs, I tried the 'free-standing' ATM on the corner of the little park opposite the hotel - no joy - then tried the two Santander ATMs at the main crossroads on the Strip (by Linekers bar), still wouldn't take my card. Starting to panic a bit as I hadn't taken any Euros out with me - so I phoned my bank, confirmed that I was the true owner in case the use of the card abroad had alerted the Fr**d Dept, and then tried again in yet another ATM, this time in the Marrachinho supermarket down the road from the hotel (opposite & just down from Erin's Isle). Which worked, luckily!!

Just checked my statement and had 200 Euros out, twice, at rates to the £ of €1.4285 (16/07) and €1.4399 (18/07), with charges of around £2.10 (sterling) for each transaction. Am quite happy with that...

The post office does a credit card that doesn't charge for transaction abroad apparently, as an option to Nationwide account

Lummie

I am now the proud owner of a nationwide debit card
so will be using this on my trip in 3wks 1 day and 5.5 hours

Not that I am counting

Had no problem using our new Nationwide card on our recent visit to Albufeira. Used it at the Modelo supermarket and the bank in the old town and got an exchange rate of 1.485 with no charges compared to 1.39 back in the UK. Nearly an extra 10 euros per £100 (about £7 or 4 large beers)

You can withdraw a max of 200 euros per day.

Does anyone know if you can go inside the banks there and draw more out?

Might sound silly as I know you can do that here but I have never done this abroad.

Normally have travellers cheques or cash