How to Carry Cash to Brazil?

[Jake]

Hello

I am planning to go to Brazil from Canada.  What's the safest way to bring currency to Brazil?

Can you use a debit card or credit card to withdraw money?  I am sure the fees depend on the bank of your card, and the Brazilian bank you are withdrawing from - any idea on the fees?

Thank you

[TotallyOz]

I always used an ATM for withdrawals and never had an issue. Ages back, I remember one bank had no fees for withdrawals.

[floridarob]

28 minutes ago, TotallyOz said:

I always used an ATM for withdrawals and never had an issue. Ages back, I remember one bank had no fees for withdrawals.

Ages back, ATM's used to close at 8pm for safety ...

[TotallyOz]

24 minutes ago, floridarob said:

Ages back, ATM's used to close at 8pm for safety ...

I got robbed twice at ATMs. But, I still used them I was just more careful over the years.

[belkinDC]

Agree it’s best to use an ATM (try to use one in a bank lobby, during the day for best safety). An exchange kiosk at a mall or airport is giving to be a far worse rate most likely even after accounting for ATM fees. You can check with your bank to see if they have any partnerships with Brazilian banks to waive ATM fees.

For Americans - I highly recommend signing up for a Charles Schwab checking account - it’s completely free with no minimum balance and they offer unlimited reimbursement of ATM operator fees worldwide. I just keep a nominal amount in it for withdrawals while traveling and top it up from my main bank via Zelle as needed.

[Lucky]

First Republic Bank reimburses you for ATM fees worldwide.

[Latbear4blk]

I never had a problem with ATMs in Rio and Salvador. I can usually withdraw 1K rials, which allows for several days of boys. They are mostly the only Brazilian product I need cash for, everything else is paid with credit cards, including the saunas bill. 

[topjohn5]

3 hours ago, belkinDC said:

Agree it’s best to use an ATM (try to use one in a bank lobby, during the day for best safety). An exchange kiosk at a mall or airport is giving to be a far worse rate most likely even after accounting for ATM fees. You can check with your bank to see if they have any partnerships with Brazilian banks to waive ATM fees.

For Americans - I highly recommend signing up for a Charles Schwab checking account - it’s completely free with no minimum balance and they offer unlimited reimbursement of ATM operator fees worldwide. I just keep a nominal amount in it for withdrawals while traveling and top it up from my main bank via Zelle as needed.

Fidelity cash management debit card charges no exchange fee, no atm charges and reimburses the other banks fees at the end of the month...no limit.

[topjohn5]

4 minutes ago, topjohn5 said:

Fidelity cash management debit card charges no exchange fee, no atm charges and reimburses the other banks fees at the end of the month...no limit.

Oh, and don't let them tell you that the fidelity regular debit card or their credit card does the same thing....it doesn't...I have them all and tested them. Only the cash management debit card does it...and it's free.

I have the Schwab card as a backup also.

[belkinDC]

6 minutes ago, topjohn5 said:

Fidelity cash management debit card charges no exchange fee

Actually I believe they do charge a 1% foreign transaction fee: https://www.fidelity.com/cash-management/faqs-atm-debit-card

 

Quote

For each foreign transaction, there is a foreign transaction fee (currently, 1% of the transaction for non-US dollar transactions), which may be included in the amount charged to your account. This charge may apply whether or not there is a currency conversion.

Good to know about the various options though.

[belkinDC]

On a related topic, many times in Brazil or elsewhere, when using a foreign credit card, the terminal machine will offer to "convert" the transaction from BRL to USD and charge you in USD instead (or presumably CAD/EUR etc depending on where your card was issued). Be aware that the offered conversion rate is usually terrible and much worse than if you decline and have your own bank do the conversion.

[topjohn5]

11 minutes ago, belkinDC said:

Actually I believe they do charge a 1% foreign transaction fee: https://www.fidelity.com/cash-management/faqs-atm-debit-card

 

Good to know about the various options though.

Nope...not the cash management debit card...but some others due charge that at fidelity...I've been using it a year now and no charges at all. There customer service people do not know the products and their advertising on the websites is not accurate. I finally had to just get all four cards and test them.

[topjohn5]

1 minute ago, topjohn5 said:

Nope...not the cash management debit card...but some others due charge that at fidelity...I've been using it a year now and no charges at all. There customer service people do not know the products and their advertising on the websites is not accurate. I finally had to just get all four cards and test them.

Some are different in country and out...I have tested both in and out...

[topjohn5]

25 minutes ago, belkinDC said:

Actually I believe they do charge a 1% foreign transaction fee: https://www.fidelity.com/cash-management/faqs-atm-debit-card

 

Good to know about the various options though.

What's confusing is each card is issued by a different bank but they all try to discuss the rules of the other bank and have no idea the rules...then Fidelity has attempted to teach their people at the brokerage firm the rules as well...I got wrong answers all-around. What is worse is the stuff printed...I have no idea why some of it is wrong. So, since I was moving out of the country I just go them all and tested them.

The federal disclosure is correct that comes with each card, lol...that they did get right!

[Guest]

I change money before I leave US & try to get enough for the entire trip.  Bank of America has a good program for customers with pickup at a branch office.  Most banks offer a similar programs.
 

I’ve had way too many problems at Brazilian ATMs and it seems to only gets worse.  I’ll avoid the danger & plan ahead.

[babybear2]

Be careful not to use Bradeso bank nor Banco 24hours, they have a shocking high service fee as much as 13%

I normally use Santander or Itau bank ATM in brazil, the conversion rate is pretty great and 20 Reals service fee

[belkinDC]

5 hours ago, babybear2 said:

Be careful not to use Bradeso bank nor Banco 24hours, they have a shocking high service fee as much as 13%

I normally use Santander or Itau bank ATM in brazil, the conversion rate is pretty great and 20 Reals service fee

Is the “service fee” a flat fee charged for use of the ATM, or do they somehow add a fee on that is a function of the percentage you withdraw (or having a bad exchange rate)?  For those with accounts that reimburse ATM fees, the former would not be as much of a concern. But still good to be aware of!

I haven’t paid as close attention as I should have but never recall paying more than a ~$5-6 USD atm fee in Brazil, which I never stressed over as Schwab reimbursed at the end of the month. But I didn’t verify the competitiveness of the exchange rate.

[EDIT] I should add though that I HAVE compared the offered exchange rates when credit card machines offer to convert your BRL transaction to USD and it has universally been worse than the rate my own credit card companies (in Brazil, I use Citi and Chase cards) do the conversion at. Also, Lagoa at least codes as a “restaurant” on Citi cards that earn a restaurant bonus for spending 😀

[babybear2]

19 minutes ago, belkinDC said:

Is the “service fee” a flat fee charged for use of the ATM, or do they somehow add a fee on that is a function of the percentage you withdraw (or having a bad exchange rate)?  For those with accounts that reimburse ATM fees, the former would not be as much of a concern. But still good to be aware of!

I haven’t paid as close attention as I should have but never recall paying more than a ~$5-6 USD atm fee in Brazil, which I never stressed over as Schwab reimbursed at the end of the month. But I didn’t verify the competitiveness of the exchange rate.

[EDIT] I should add though that I HAVE compared the offered exchange rates when credit card machines offer to convert your BRL transaction to USD and it has universally been worse than the rate my own credit card companies (in Brazil, I use Citi and Chase cards) do the conversion at. Also, Lagoa at least codes as a “restaurant” on Citi cards that earn a restaurant bonus for spending 😀

it is called wholesale service fee, around 10% of the money you withdraw. Bank will not reimburse this type of fees

[Riobard]

On 2/8/2022 at 1:00 AM, Jake said:

Hello

I am planning to go to Brazil from Canada.  What's the safest way to bring currency to Brazil?

Can you use a debit card or credit card to withdraw money?  I am sure the fees depend on the bank of your card, and the Brazilian bank you are withdrawing from - any idea on the fees?

Thank you

I usually get about 1,000 reais at Calforex for about 15%. Then in Brazil BMO Mastercard linked to BMO chequing. The fee seems to be fixed at BRL20 (c $5 CDN) so I withdraw 1,000 at a time, amounting to 2% service fee. I only use Santander bank because it’s the only facility where I have not banged my head against the screen. In Rio there is a branch in my staybourhood. I don’t check exchange later because I’m not going to deviate from this but when I occasionally glance at statement records it seems consistent with what I think the true exchange multipliers yield. I always carry a few hundred because some stores’ charge gadgets do not function, even occasionally at the brothels. I was at a major supermarket chain that had never rejected my card but once I had to leave a fairly full cart behind while cursing under my breath/ In São Paulo there is a well-functioning and secure-seeming indoor Santander ATM cluster on Paulista outside Consolação Metro station a hop on-off point to Lagoa. If the typical 100 and 50 bills are depleted you may see a prompt that 20 is the available denomination and in that case a large total order such as 1,000 will be rejected. Be alert to your CDN bank account daily limit and adjust the withdrawal accordingly; the favourable exchange lately has enabled  a higher BRL withdrawal but that is simply based on my chequing plan. 

[Axiom2020]

Jake,

Although your question did not suggest what I am about to write, I thought it would be a very valid suggestion.  If you plan to use a bank card or two or an Amex card-- notify the financial institution in advance about your travel.  This would help if your card is abused in some way; you would not be charged if you did not make it.

[bucknaway]

I use wise formerly transferwise. Their service allows me to transfer US dollars into my account with them and switch it to other currencies. When I travel I can decide if I want to spend dollars Thai baht or euros. I also use it here in the USA transferring money to friends and also sending money to my old boyfriend in valley Indonesia.

[bucknaway]

I forgot to mention you can use the app to transfer money from your bank account or a credit card or check deposit to load funds onto your card. And you can use an ATM to withdraw your money or you can use the card as a credit / debit card...

[DutchDork]

Send money to yourself via Western Union and withdraw it when you arrive in Brazil. The transfer fee is only $3.00 and you also get competitive conversion rates. Based on my experiences, the most an ATM machine allowed me to withdraw was only BRL 2,500 per transaction. With western Union, you can get all the money you plan to spend in one transaction and avoid paying multiple bank fees.  

[KeepItReal]

On 2/12/2022 at 4:42 PM, Axiom2020 said:

Jake,

Although your question did not suggest what I am about to write, I thought it would be a very valid suggestion.  If you plan to use a bank card or two or an Amex card-- notify the financial institution in advance about your travel.  This would help if your card is abused in some way; you would not be charged if you did not make it.

Both Amex and Bank of America have told me I no longer need to inform them of travel ahead of time. They did say I should make sure my mobile phone works - if they have concerns like a red flag pops up, they will text you to ask if it is you transacting.  I usually call to make sure I know my ATM limit as that will dictate how much local currency I can withdraw at one time. My limit used to me $500, I had to request an increase. They were cool with that as it is a debit card that requires a pin. 

[sharon1]

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