Information Sheet Last Updated: June 2004

Money

The currency in Brazil is the real (pronounced ‘hay-ow’), plural reais (pronounced ‘HAY-ice’) denoted by R$. The real is broken down into 100 centavos. Many of the coins are similar and difficult to distinguish. Their denominations are one, five, 10, 25, and 50 centavos, and 1 real. The notes are easy to distinguish from each other since they come in different colors. There is a green one-real note, a blue/purple five, a red 10, a brown 50, and a blue 100. When changing money, be sure to ask for many small notes as there is a shortage of change in Brazil. Occasionally the shortage of change is simply used as an excuse to retain a tip, however, if you are unwilling to go along with it, insist that the seller find change and hang around until it is procured. Sweets are sometimes used instead of small change.

It is best to take a combination of international credit or debit cards, US$ travelers’ checks and US$ cash. There are benefits and drawbacks to each type of money and having all three is a good way to ensure maximum flexibility.

Cash and travelers’ checks can be exchanged at banks or exchange houses (casas de câmbio). Banks are slower and more bureaucratic but generally give better rates with the exception of Banco do Brasil which charges a commission of US$20 for every traveler’s check transaction. You will usually get a 1% or 2% better exchange rate for cash than for travelers’ checks. Checks have the advantage of being replaced if lost or stolen (be sure to have your travelers’ check company information and check serial numbers handy in case of this incident). Cash and travelers’ checks should be in US dollars, and American Express is the most easily recognized travelers’ check.

The main advantage of credit cards is that you do not have to carry around much cash at all times. Also, you can use it to pay for many purchases and make withdrawals from ATMs throughout the country. Visa is the most widely accepted credit card, followed by MasterCard, American Express, and Diners Club. If you put some traveling money into your credit card account, you will not have to worry about interest rates for cash advances as well as not having to worry about finding someone at home to pay your bill if you will be gone for a longer period of time.

It can be difficult to find an ATM that accepts your particular card. Only some ATMs accept cards from outside Brazil, and there is little logic to which ones will and which ones will not accept your credit card. You can usually resort to an over-the-counter withdrawal. Visa cash advances are widely available, even in small towns. Machines are preferable to human beings in most banks. It is trial and error to find a machine that will accept your visa card, no matter how many stickers advertise that it accepts visa cards. The ATMs at branches of HSBZC banks are generally good for Cirrus withdrawals.

Take caution with your credit card, as credit card fraud is wide spread. Keep your card in sight at all times – do not give it to waiters and let them take it away. If you sign a receipt with a carbon paper slip, you should ask for the carbon paper inserts and destroy them after use. Here is a list of numbers to report lost or stolen credit cards: American Express: 0800-785050, Diners Club: 0800-784444, MasterCard: 0800-784411, and Visa: 0800-784556.

Transferring money from a bank back home to you in Brazil is either cheap and problematic or expensive and easy. Assuming you do not have an account in a Brazilian bank, the best course is to ask your bank at home for the name of the Brazilian bank they have a correspondent relationship with, and ask them for the best possible way to transfer money. The fastest way to get money to Brazil is through Western Union, a service available at many Banco do Brasil branches.