Money Matters

Money, money, money…

The banking system in Portugal is quite modern, even sophisticated: the Island’s multitude of cash-point machines offer more services than elsewhere, e.g. payment of utility bills, charging mobile phones and even taxes. As member of the European Union, Portugal is part of the world wide banking system; it is easy to make transfers in all currencies to and from Madeira quickly and efficiently. The financial activities are under a strict control by the Central Bank of Portugal.

Traveller’s cheques as well as all major credit cards are accepted everywhere. Most foreign debit cards get you cash from the local ATMs without problems.

By the way: offshore bank accounts can be held by non-residents; the same goes for offshore companies in the Free Trade Zone. For more information on this matter, please ask us!

Rainwater pond in Fanal Photo

Rainwater pond in Fanal