The Golden Rule: Always Choose Multibanco
If you remember only one thing, let it be this: look for the "Multibanco" sign. Multibanco is Portugal's domestic interbank network, connecting 27 local banks. For you, this means one thing: fee-free cash withdrawals, even with your foreign debit card.
These ATMs are everywhere—on street corners, in metro stations, and inside shopping malls. They are the standard for locals and the smartest choice for nomads.
ATMs to Use vs. ATMs to Avoid
✅ USE THESE: Multibanco ATMs
Fee-Free: No withdrawal fees for foreign cards.
Trusted Banks: Look for major banks like Banco Santander, Millennium BCP, and BBVA, which are all part of the Multibanco network.
Widespread: With over 12,000 locations, you're never far from one.
❌ AVOID THESE: Euronet ATMs
High Fees: They charge significant, often hidden, service fees.
Poor Exchange Rates: They offer Dynamic Currency Conversion (DCC) at terrible rates. Always choose to be charged in EUR.
Deceptive Placement: They are strategically placed in high-traffic tourist areas like airports and popular squares. Walk an extra block to find a Multibanco.
Navigating Withdrawal Limits & PINs
Portugal's ATM system has a couple of quirks you should know about:
Withdrawal Limit: The standard limit is €200 per transaction and a total of €400 per day, per card. If you need more cash for something like a rental deposit, you'll need to plan withdrawals over a couple of days.
6-Digit PIN Prompt: Don't panic if an ATM asks for a 6-digit PIN. This is standard for Portuguese cards. Simply enter your 4-digit PIN and press the green 'Enter' (Entrar) button. It will process without issue.
The Ultimate Nomad Strategy: Use a Travel Card
While finding fee-free ATMs is a great hack, the truly optimized nomad pairs this knowledge with a modern banking solution. Services like Wise (formerly TransferWise) and Revolut are essential tools in your financial arsenal.
Excellent Exchange Rates: They offer rates far superior to traditional banks.
Low/No Fees: Enjoy free or very low-cost international withdrawals up to a certain monthly limit.
Total Control: Manage your money, freeze your card, and track spending instantly through their apps.
Using a Wise or Revolut card at a Multibanco ATM is the most cost-effective way to get cash in Portugal.
Cash vs. Card: What Do You Actually Need?
Portugal is modernizing quickly, and card payments are accepted in most supermarkets, restaurants, and shops, especially in cities like Lisbon and Porto. However, cash is still king in certain situations.
It's wise to carry €20 to €50 in cash for:
Small cafes where the card machine might be "broken."
Tipping on free walking tours.
Local markets and street food vendors.
Buying a Ginjinha (cherry liqueur) from a streetside stall.
For everything else, your card will work just fine. Visa and Mastercard are universally accepted. American Express can be less common.
A Final Warning: The Airport ATM Trap
Whatever you do, do not use the ATMs at Lisbon Airport upon arrival. They are almost exclusively Euronet machines designed to capitalize on tired, newly-arrived travelers. You can easily pay for your metro ticket or Uber/Bolt into the city with your card. Wait until you're in the city center to find a proper Multibanco ATM and get your cash for free.
