Is the word reais the same in Brazilian and European Portuguese?

No.

While the spelling is identical, there is a significant difference in meaning and usage. In Brazil, reais is the name of the current, active national currency (the plural of real). In Portugal, reais refers to the plural of the historical currency used before the adoption of the Euro. Consequently, a Portuguese person would not use the word "reais" to refer to their current money; they would use "euros."

Brazilian Portuguese Examples:

1. Essa blusa custa cinquenta reais. (This blouse costs fifty reais.)
2. Eu tenho pouco dinheiro em reais no momento. (I have little money in reais at the moment.)
3. O preço dos produtos subiu muitos reais este mês. (The price of products went up many reais this month.)
4. Você pode me pagar em reais ou em dólares? (Can you pay me in reais or in dollars?)
5. Gastamos mil reais na viagem. (We spent a thousand reais on the trip.)

Continental Portuguese Examples:

1. Esta blusa custa cinquenta euros. (This blouse costs fifty euros.)
2. Tenho pouco dinheiro em euros neste momento. (I have little money in euros at this moment.)
3. O preço dos produtos subiu muitos euros este mês. (The price of products went up many euros this month.)
4. Podes pagar-me em euros ou em dólares? (Can you pay me in euros or in dollars?)
5. Gastámos mil euros na viagem. (We spent a thousand euros on the trip.)