Money in Brazil: Banks, ATMs, cards & currency exchange

Planning a vacation to Brazil - or maybe you’re headed off for a business trip? There’s no shortage of things to do in Brazil (it’s the fifth largest country in the world, after all), but a visit there is going to cost you.

To prepare you for what’s in store, this guide tells you all you need to know about banks and money in Brazil.

As a bonus we’ll also highlight some alternatives to exchanging your USD to BRL in person, such as the Wise account which supports 40+ currencies for holding and exchange, making it easier than ever to avoid international fees when you spend overseas*.

What is the currency in Brazil?

The currency in Brazil is the real (the plural of real is reais). You will quickly notice that the pronunciation of these words is not exactly straightforward - ‘real’ sounds more like ‘hey-al’, and ‘reais’ is ‘Hey-ice’. Each real is divided into 100 centavos.

Other currencies aren’t accepted in Brazil, so you will definitely need to plan in advance to make sure you can spend easily while you’re there.

What are the Brazilian real (BRL) bills and coins?

Here’s a quick overview of the bills and coins you’ll see in circulation when you are in Brazil:

Most of the banknotes are printed on paper, but some commemorative notes have been made in polymer, so you might notice a difference. Both paper and polymer notes are legal tender. The banknotes have pictures of Brazilian flora and fauna, and are differently sized with bigger notes used for larger values.

Wondering how much your USD are worth in BRL?

Exchanging USD to BRL in Brazil

The general consensus from frequent travelers to Brazil is that changing your money when you’re there is better than changing before you travel if you plan on using cash exclusively. However, it’s a good idea to decide where you will change your money ahead of time - exchange rates change on an hourly basis.

If you’re uncomfortable about arriving with no reais in your pocket, then change a small amount at home (some exchange services will need advance notice to allow you to buy reais so check before you go). You can then exchange the rest of the money you’ll need once in Brazil. Or even better, choose an alternative. We’ll cover some great options a little later including using the Wise account and card for easy spending, or to withdraw BRL in cash from ATMs on arrival.

As a general rule, the exchange desks situated in airports are not of great value. They pay high rent to be there, and pass that margin onto the customer in the poor exchange rates they offer. The same goes for exchange services in your hotel. As convenient as they are, the rates will usually be poor and include high fees. Avoid these where possible.

Whether you're changing your cash at home or in Brazil, you need to be wary of excessive fees, which will not always be disclosed to you upfront. Even if a service claims to charge no commission, they will be charging you extra money somewhere. Often, the profit they make is wrapped up as an added fee included in the exchange rate they give consumers.

You can see this added fee by comparing the rate you’re offered against the mid-market rate. This is the rate banks and exchange services use when exchanging currency on wholesale markets, with no markup added. Find out the live USD - BRL mid-market rate by using an online currency converter, and use this rate as a benchmark to compare the fairness of offered tourist rates.

Finally, if you do decide to bring hard cash and exchange it in Brazil, make sure that you carry only clean, crisp notes. Any that are damaged may be refused by the exchange service.

Alternatives to exchanging USD to BRL in Brazil

While you can carry USD cash and exchange on arrival, this is not a great option from the perspective of security.

Carrying around a pocket full of bills isn’t very safe, and you’ll have to spend time on your vacation scouring the market for fair exchange rates.

That’s a waste of precious time - and there are plenty of great alternatives out there. Here are a few to consider:

Get a Wise account and card

Before you head off, why not open a multi-currency Wise account and order a Wise debit card to spend and make withdrawals conveniently in BRL. Wise personal accounts are free to open in the US, and there’s a one time fee to order your Wise card.

Once you have your card it’s free to spend a currency you hold in your account, or you can just leave your money in USD and let the card make the conversion for you with the mid-market rate and low fees*.

You’ll get some free ATM withdrawals every month (Wise won't charge you, but keep an eye out since the ATM machines might add their own fees), to let you get cash when you need it overseas too. Once you’ve exhausted your free withdrawal allowance, there’s a low fee to pay, and you’ll still get the mid-market rate with no markup.

You can also use Wise to send, receive and hold foreign currency payments, with the mid-market exchange rate low and transparent fees. You can arrange your Wise transfer online or in the Wise app, and pay by bank transfer or using a card. Funds are then processed quickly and deposited in your recipient’s bank account. 50% of transfers with Wise are instant, and 90% arrive in 24 hours.

Transaction speed claimed depends on individual circumstances and may not be available for all transactions

Using traveler's checks in Brazil

Traveller’s Checks are not accepted as a form of direct payment in Brazil. Although you can exchange them in some banks or hotel front desks, they will incur heavy fees and might mean that you have to hang about waiting in line in a busy bank branch. Not the best way to spend your time!

Because the rates are not usually great compared to exchanging cash, many travelers have abandoned the Traveller’s Check in favor of a mixture of ATM withdrawal, card payment and hard currency.

Using credit cards and debit cards in Brazil

US issued credit and debit cards are widely accepted in Brazil, with coverage on all the major networks. However, it’s good to note that many small stores, cafes, markets, as well as spots outside of the city don’t allow card payments, so it’s important that you carry some cash.

If you’re planning to use your cards abroad, let your card provider know ahead of time so that they don’t block your card while you’re overseas.

If you use a credit or debit card while you travel, you might be asked if you want to be charged in your home currency. This is called Dynamic Currency Conversion (DCC).

With DCC you can choose to see the cost of the transaction expressed in your home currency at the point of payment. It sounds good, but this leaves you exposed to hidden fees, as the exchange rate used will not be favorable.

That’s because it is assigned by the payment platform instead of your home bank. To get a fairer rate, always opt to pay in the local currency instead.

Withdraw cash from ATMs in Brazil

ATMs are common in major cities and towns, but may be more difficult to find in the countryside. Be aware that many ATMs are located behind a lockable door that closes overnight for security. Plan ahead to avoid being caught without cash late in the night.

It’s worth experimenting with your bank cards to find one that works. Some ATMs don’t accept foreign cards, and at times ATMs might run out of currency until they are restocked.

For this reason, finding a functional cash machine on a weekend or public holiday can be tricky.

Although your bank and the ATM may well charge a fee on your withdrawal, this is still usually an economical way of getting cash. Check with your home bank to understand the charges they add to your foreign ATM withdrawals.

Many ATM screens also show which fees are applied at the end. Because different banks add different fees, shop around. Or, for an even better deal, consider opening a Wise account and getting a card which lets you make some free withdrawals monthly before any fees apply.

Finally, be sure to avoid DCC (explained in the last section) at ATMs. If you're asked if you want to be charged in your home currency, say no. Always select to be charged in local currency, to get the best exchange rate. This can be worded in different ways, so be aware of your options and avoid having the ATM apply its own conversion rate to the transaction.

Banks in Brazil

Brazil has a comprehensive banking network with some huge homegrown banks covering the entire country and branching out into the broader region. State-owned banks also play a prominent role.

The largest and most common banks are listed below, although other banks cover specific parts of Brazil, so you may see some variety on your travels.

If you’re headed for Brazil it’s a good idea to ask your home bank if they have any partnerships with Brazilian banks. If they do then you might be able to use some services (such as ATM withdrawals) for free while you’re there.

Major Retail Banks in Brazil:

• Caixa®⁴
• Banco Safra®⁵
• Banco Itaú®⁶
• Banrisul®⁷
• Santander Brazil®⁸
• BNP Paribas Brazil®⁹

Conclusion: money in Brazil

With this guide to BRL - and how to exchange your dollars in advance or on arrival - you’re all set for your next trip to Brazil.

Plan in advance to make sure you avoid unnecessary hassle or fees - and remember to check out the Wise account which supports 40+ currencies for holding and exchange, making it easier than ever to avoid international fees when you spend overseas*.