Heads Up: Portugal ATM cash withdrawal tips/warnings

Thanks for the reminder. We are headed there in September

I appreciate you sharing this information, don't get me wrong. I do have to ask why people don't simply get a debit card that works on all ATMs worldwide with no fees? (They are automatically reimbursed)

Over the years I have watched countless posts and strategies, desperate searches for an "in network" ATM, and a lot of worry about which machine to use. All of this is eliminated with the right travel debit card.

I use my Charles Schwab debit card when I travel. It eliminates all of these worries. A side benefit is that I keep my travel savings in this account so I always know what I have available to spend and it doesn't disappear into other projects.

I would like a second opinion on this posting. Some information is contrary to prior experiences and I would like confirmation of the changes.

I appreciate you sharing this information, don't get me wrong. I do have to ask why people don't simply get a debit card that works on all ATMs worldwide with no fees? (They are automatically reimbursed)

Years ago I set up an account for travel that reimbursed fees, but I don’t I think this is really necessary now. On my 3 post-covid trips, I have needed very little cash and have only needed to withdraw cash once at the beginning of my trip. These days, I wouldn’t bother to set up a new bank account just to save a few dollars in transaction fees.

In Portugal, if you have a choice, sure, use a Multibanco Machine over a Euronet Machine.

Multibanco is an ATM consortium, so to speak, that the banks participate in to provide ATM services, some 27 banks participate in it. If you go looking for a "bank" ATM as so many obsessively look for, you probably will not find one, the banks use Multibanco. There may or may not be a fee for using a Multibanco, can't recall, but it should only be a few euro.

There are many ATM machines all over Portugal with a sign of Euronet, Avoid them like a plague, They not only have huge fees, they also give you very bad FX rate (having to pay total of 22 euro to withdraw 100 Euro is not uncommon)

As for Euronet, they are a private ATM network that provides ATM services to place in businesses or as a convenience. You will certainly be charged a fee. You can initiate a transaction, if the fee is higher than you can stomach, cancel the transaction.

I do disagree with the OP on the "very bad FX rate" that only applies if you accept DCC, if you decline DCC, even at a Euronet ATM, you will get the usual 1% or less FX that your network charges. ATM transactions do not have FX rates other than what your card's network charges.

If you are in dire need of cash and Euronet is the only machine around, you likely will not pay any more, or much more than a Multibanco machine.

The good news is, if you have a good no FTF credit card with contactless capability, you can "tap" your way through Portugal needing only to hit the ATM once or twice. At that point, fees of a few euros are simply nits in a much bigger picture.

An important point about the Multibanco network of ATMs, is that, as the OP stated, they are not owned by the banks that house them. I confirmed this when my trusty Schwab debit card was declined and eaten (nothing to do with the ATM) by a Multibanco ATM.

When I went in to the bank, they confirmed that they do not own the connected ATMs and cannot open them. And even if a Multibanco person were to come in, they would not be able to give my card back, as it was declined by my bank, not by the ATM itself, which just follows instructions from the issuing bank.

Fortunately, I was in Lisbon long enough that Schwab was able to DHS a new card to me at my hotel.

Funny aside, once when requesting an international wire, a UK bank representative asked me who Charles Schwab was and why I was wiring my money to his account ;-)

When I went in to the bank, they confirmed that they do not own the connected ATMs and cannot open them.

I think this points out a fault in the logic of insisting people use "Bank ATMs" only, not only Mulitibanco in Portugal, but Bancomat in Italy, and most ATM systems Europe wide, Banks utilize a third party most times to maintain ATMs, or at the best have a separate division that maintains them. Going inside the bank may at best yield a phone number to call, in a rare case, most likely with a small bank or remote branch, you might be able to get a card back, but not likely, and probably not immediately.

Your best bet? First and foremost, have a backup, another account or a spouses card connected to the same account. Second, call your bank and report the card as lost, and see if you can have a new one sent, if needed.

Paul,
Suggestion to use ATM inside bank branches applies all over the world.

The fact that in Portugal banks do not own ATM machines are irrelevant

Why inside?

Minor reason: privacy (both putting cash away and pin entry)

Major reason: Inside machine less likely to be fished with card reader (not impossible but less likely)

This is the advice given by Rick Steves himself in one of his blog on this topic with exactly the same reason mentioned as above.
(We are on RS forum platform)

Euronet fees and other experiences are well documented on this forum TA and reddit. Just avoid them. There are plenty Multibanco ATM.

Carol,

Have been using Charles Schwab for ages - since they introduced it -

But they only reimburse ATM fees which is only couple of bucks any way

If you lookup their FAQ, they clearly stresses (in fact they created two separate FAQ points) that they will not reimburse any DCC or FX related charges

Based on dozens of reports on various forums, I reiterate that Euronet is much worse (significant worse) than Multibanco.

Frank,

If you specify what information you find contrary, may be someone on forum can clarify/confirm.

I found RS Portugal Forum extremely helpful and without information gained here, I might have been stumped by repeated questions of the machine or worse, might have used Euronet machine at the airport!!

Summary:
1. Need for cash is decreasing but is not nonzero. In our experience, we were asked for it by one Tour operator, one intercity transfer taxi, couple of small shops and of course coins at some restrooms. We also used cash for small tips when appropriate. (Fully knowing that Portugal does not have US style tip culture)

1. ATM fees reimbursement cards takes care of actual ATM fees, not other ripoffs/legal scams. (Even Multibanco option works best ONLY if you make sure to reject TWICE)

2. What is unusual about Portugal is that it asks DCC type question TWICE using slightly different wordings I found that need of second question and that too using different wordings sleezy Business practice

@kenny D. I was only talking about ATM fees which is really the only issue for anyone who knows never to use Direct currency conversion.

Using Multibanco and carefully rejecting two differently worded questions, you get no ATM fees from those machines

Most people who have traveled a bit know about DCC but way Portugal ATM handles it, can stump some people.

Just google reditt, TA and you will see how many people got bad experiences with Euronet ATM.

I could not find Multibanco in arrival area at LIS. Whatever I found was Euronet.

The point of the whole post was not about ATM fees or declining DCC but how to go about accomplishing that.

1. Use Multibanco and avoid Euronet
2. Decline/Reject TWICE.

We have separate travel accounts that are in each of our names, not joint. That way if a card is compromised, our main account with bills etc is not affected. This has worked well for us for years.

I avoid the Euronet machines after an incident at the Copenhagen airport. We withdrew cash at one of those machines, and just tucked it into our wallet and did not think twice. That night at dinner, we were at a cash only place and when we paid, the owner told us that we had a mix of currency from Sweden, Denmark, as well as Iceland. We pulled it all out and looked, sure enough that Euronet machine gave us a mishmash. Upon arrival at home, I called our bank, USAA, just to give them a heads up about the machine, and because the currency exchange differences they actually reimbursed us for the difference. I was shocked, but very pleased of course. So now no matter where I get money, I make sure it is from the proper country.

Bumping this up as per recent communication