Exchanging Money

Although you might want to bring some U.S. dollars for an emergency (in the event you can’t get cash from an ATM or if your card gets lost or stolen), you’ll usually lose money exchanging dollars at either a bank or a casa de câmbio (exchange house). Major hotels will also exchange dollars, as will airport banks (open seven days a week). Regular banking hours are 10 a.m.–4 p.m. Monday–Friday.

Since the Brazilians real has stabilized in recent years, U.S. dollars (which were hoarded by all Brazilians in the face of rampant inflation) have become less coveted. In fact, since 2006, the U.S. dollar has declined considerably against the increasingly robust real. Dollars are not accepted in many places these days, and once-attractive black market exchange rates are a thing of the past. Likewise, don’t bother with travelers checks, which very few places will exchange.

ATMs

The best way to deal with money concerns in Brazil is to bring an international Visa or MasterCard (or both to give you more options) and withdraw cash from bank machines. Not only is this the most secure method, but you’ll get the best exchange rate. Most major branches of Banco do Brasil and Bradesco have at least one ATM that accepts Visa/PLUS cards, while Bradesco, HSBC, and Citibank accept MasterCard/Cirrus. Meanwhile, red Banco 24 Horas ATMs accept all cards, all of the time. In all cases, you need to have a four-digit PIN number.

All ATMs have an option in English. More and more ATMs in all major and reasonably sized cities accept international cards. If you’re going to a small town or somewhere off the beaten track, it’s best to stock up on cash beforehand, although credit cards will be accepted by most hotels and larger restaurants.

For city ATMs, your best bets are banks in downtown commercial areas, areas with lots of tourist activity, airports, bus terminals, and shopping centers. For security reasons, bank ATMs are open 6 a.m.–10 p.m. daily. Most have a withdrawal limit of R$1,000 (although Bradesco’s is R$600). To check out locations online in advance, consult the sites for Visa/PLUS (www.visa.com) and MasterCard/Cirrus (www.mastercard.com). During big holidays, such as New Year’s, Carnaval, and any long weekend, it’s wise to stock up on cash in advance since sometimes the machines run dry.

Credit Cards

Most Brazilian hotels, restaurants, and stores accept international credit cards. Using a card not only alleviates carrying around big wads of cash, but also offers the most advantageous exchange rate. The only thing it won’t get you is the discounts (usually of 10 percent) that you can ask for (and usually get) if you pay for accommodations or shopping items in cash (em dinheiro). Visa and MasterCard are the most widely accepted cards (once again, bring both to increase your payment possibilities), although many places will take American Express and Diners Club.

Money Wires

Should you have an emergency and require a money wire, Banco do Brasil has a partnership with Western Union. A person can send you money from North America via Western Union (www.westernunion.com), to any Banco do Brasil branch. Once you’ve specified the city you’re in, all you need to do (aside from standing in a long line) is show up with your passport and the wire transaction code and get your cash.

© Michael Sommers from Moon Brazil, 2nd Edition