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The distance between the two cities is over 600 km so travelling from Madrid to Lisbon is a significant journey with buses taking in excess of 8 hours, and the train journey lasting for over 10. There are a few direct flights with Easyjet and Tap Portugal that can halve the nearest competitor's travel time with a 4 hour flight.
Travelling from Madrid to Lisbon by bus is fairly simple. The two main companies operating are Eurolines Switzerland, and Avanza, both leaving from Estación Sur de Autobuses at the Méndez Álvaro Interchange. Buses start at 09.15 am and are available throughout the day with the last bus leaving at 11.00 pm. Travel time varies from 8 hours to 13 hours depending on if the service is direct. Prices are around the £33 level.
Trains are an alternative method of travelling from Madrid to Lisbon. There is one service daily, operating from the Madrid Chamartin Station. The train leaves Madrid at 09.50 pm, arriving at the Santa Apolonia station in Lisbon at 07.30 am and costing £48.15. This is a direct service.
There are at least 14 different airlines operating flights travelling from Madrid to Lisbon so there are flights at most times of the day, but costs can vary enormously. The cheapest flight will be around £117 with Easyjet- this is a 4 hour direct flight. Prices range up to over £1,000 and many flights require a change of plane during the journey meaning that this can be a slow, as well as an expensive, travel option.