Where to change currencies?

[DutchDork]

I'm planning a trip to Brazil this year and I'm wondering where is best to change currencies. Should I get reales here in the US or should I get them there in Brazil? I prefer having cash at hand rather than withdrawing from ATM using my US ATM card. I don't know, I just think I get better rates that way. Correct me if I'm wrong. 

[asdsrfr]

I would use ATM's in Brazil. You need to be a little careful about having your card info skimmed as this is fairly frequent in Brazil--it has happened to me. It is always best to use an ATM inside of a bank or store for better security. Also check with your bank to see if they are going to charge you a fee for using outside of the country because those fees can add up.

Exchanging in the US is probably the worst option in terms of exchange rate.

[DutchDork]

13 minutes ago, asdsrfr said:

I would use ATM's in Brazil. You need to be a little careful about having your card info skimmed as this is fairly frequent in Brazil--it has happened to me. It is always best to use an ATM inside of a bank or store for better security. Also check with your bank to see if they are going to charge you a fee for using outside of the country because those fees can add up.

Exchanging in the US is probably the worst option in terms of exchange rate.

How about bringing USD and exchanging in a cambio in Brazil?

[Guest bobbalino]

I just bought reais in Canada and got a measly 2.22 compared to the 2.35 listed on most exchange platforms. It is the best agency for rates here, but I have done better there in the past.

The real volatility is driving our currency power down on exchange spec.

Bring more than one set of credit/debit cards in case of loss, machine-jamming, and daily limits in ATMs. And keep at least one separate from your person, ie, in your accommodations.

I don't bring US cash to exchange at outlets, as I was never impressed with rates/fees.

I have another suggestion for emergencies. Reserve a credit card for wire transfer to Western Union. First open a Western Union account online. There are cash outlets everywhere in Rio. The exchange rate sucks, comparable to what you get in Canada or USA, but it is a safety net. You can simply wire money to yourself using your credit card online. I think the user fee is $10.00 per transaction.

Finally, I use a cash-loaded Prepaid Travel MasterCard almost everywhere for smaller purchases. It is swiped and you sign a slip. The risk, however, is if it is lost or stolen it can be used by anyone willing to forge your signature at store checkout. So I just preload it at home with a few hundred dollars. It is good for all currencies, for example Panama airport for a snack in US dollars, then Rio grocery store, etc.

 

 

 

[Gotti]

Whatever you decide, never do any exchange at airports in Rio or Sao Paulo, they have a (legal) surcharge that you don't have to pay anywhere else, exchange places are widely available, I specially get good rates at one called Universal in Rio near Copacabana Palace hotel. 

[sfcastro]

Also, be sure and set up alerts with your bank for any international transactions that are made on your card.  You can then see the exchange rate that you received for the transaction and be alerted quickly if your card is compromised.   I've been surprised when my card has been compromised despite all the precautions I have taken and I can quickly cancel it.

[Darkseraphim]

1 hour ago, Gotti said:

Whatever you decide, never do any exchange at airports in Rio or Sao Paulo, they have a (legal) surcharge that you don't have to pay anywhere else, exchange places are widely available, I specially get good rates at one called Universal in Rio near Copacabana Palace hotel. 

@Gotti : That advise is good at nearly every airport I've been to.  I always bring a small amount of money to exchange just in case I can't take an Uber.  However, I always recommend utilizing a bank ATM once you are in the country.  You get the best rates and as long as the foreign transaction fees are waived or reimbursable.  

[likeohmygod]

One more thing...i believe it's advisable to check your "internet banking" and look for a function called "Foreign country policy" or similar.

With my bank i have the possibility to limit/disable payments and or ATM withdrawals from individual countries. I use to turn it off as soon as i've withdrawed my cash money. I avoid to make POS (card) payments in stores or restaurants...

I also strongly suggest you to look for a prepaid Mastercard debit card named "Revolut", which allows you to make payments at the interbank rate without additional fees, and that can be easily disabled/re-enabled and topped up by the smartphone app using any Mastercard/Visa Debit card in real time. I don't know how convenient it could be for US people, but for EUR users, it's really a great and safe solution; when paying by card...if they skim it...they won't get anything.

[axiom2001]

I've used the indoor ATMs at Citibanks in Rio as well as in Sao Paulo, but prior to my going, I've purchased reais  from International Currency Express, Inc., 427 N. Camden Drive, Suite G, Beverly Hills, CA 90210-4433; not only have I purchased this currency from them, I've done other currencies as well, for I like to have some money with me for a few days while I am in a particular country.

Right now I have 1500 Euros to return to the aforementioned business to use to buy dollars.  [A fee is charged for the transactions, but the convenience in having the local currency with me far outweighs the fee charged for my buying the currency used outside of the US.]  1-800-899-4178  A website is available as well!

[wncdemcub]

I usually get a couple of hundred dollars in reals from Bank of America and then use Citibank atms mostly. My credit union also has a globa ATM card that just links to a special acct and doesn't connect on the ATM to my other accounts that way if the card is spoofed or stolen, they can't clean out my accounts.

[Gotti]

At Sao Paulo airport one time I tried to exchange around $40.00 in reais, just to have some pocket money and they charged around $60 something dollars. Is a flat rate of 20 something dollars for the house, regardless of the amount you are converting, so the less you exchange the more infuriating the whole thing becomes. I had similar problem in Europe, although I don't remember the fee being so high. 

[Guest bobbalino]

To sum up, DutchDork, you suggest you prefer to carry and use cash over plastic, but you want to avoid unnecessary expenditures.

You will get a far better (likely the best) exchange rate using your credit card at a Brazilian ATM. For buffer reais cash, you may as well obtain some at home.

Using your credit card for store and service purchases gives you the best rate, usually better than ATM cash withdrawals.

Seeing as you may prefer to obtain more than buffer cash, you may be willing to take a greater hit acquiring a larger sum of reais prior to departure. You will pay a few more percentage points for that option, compared to Brazilian ATMs, but perhaps similar to non-airport exchange kiosks.

You can decide for yourself which mixed model you want.

I typically bring more reais to Brazil than I withdraw within Brazil. Over the past year, the extra few bucks has been worth it to me, and often offset by subsequent real strengthening.

[Guest bobbalino]

I forgot to mention the question of which currency to choose when some vendors' credit card machines offer the choice between local currency and your home currency. Selecting reais will cost less overall.

[Guest M2Sexy]

The best place in Rio is Universal Exchange near  Ardeal Archeal (something like that) metro station.   But it's not infront or right next to it.  Type it in your google map. It should find the place.  I have changed dollars there many many times.  They always give me market rate or sometimes higher than rate quoted on yahoo. 

[Tomcal]

6 hours ago, M2Sexy said:

The best place in Rio is Universal Exchange near  Ardeal Archeal (something like that) metro station.   But it's not infront or right next to it.  Type it in your google map.

Cardeal Arcoverde  the large metro stop/station just before Siquiero Campos in Copacabana.