Cash, Credit Cards, ATMs, Travelers Checks

[Guest msclonly]

Wondering how to prepare for conversion to Reals and arrival in Rio.

 

Any info on how best to get the better exchange rates without hidden fees, would be appreciated.

 

Normally, everything is charged on credit cards for the best exchange rates without any hassles, but need some cash for 'incidentals'!

WHich credit cards offer the lowest fees? Believe it is Mastercard, as opposed to the highest AMerExpress fees.

 

Thanks

 

Miles Junkie

:+ :+ :+

[Guest Tomcal_]

Here's what I do which works well for me and avoids most fees and gives you the "going" exchange rate. I take and exchange $20. US at the airport for $50. reias which is what you need for taxi fare to the hotel. I do this at LAX but you can do it when you arrive at Rio airport.(Both place really "hose" you on the rate! So don't do more then what you need to get from the airport to the hotel. There is a Bank/ATM's next door to the Atlantico where you can use your ATM card to get cash for the $1.50 fee and you get the current rate. There is also a Citebank ATM in the Blockbuster video store 3blocks from the hotel. I use that one too, but it's always out of cash on Sunday, so get your money you will need on Sat. Also, if you have a $300. a day limit on your cash withdrawals you might want to have your bank up it!! Some of us go through more then that a day--}(

There are also HCBS banks where both ATM and Credit cards withdrawals can be made. Some of the local Brazilian banks don't accept our ATM's, on my first trip to Rio I had to go to four before I found one and found the Citibank.

The hotel will exchange for you as well I think in Aug. they were giving $2.75 R for each $1. U.S. (the going rate was 2.99/3.00) so your giving up 8 cents a dollar, which is worth One boy per every 160. bucks you exchange, better to use the ATM and do a few extra sessions in the sauna!

[Guest mbuffpapi]

Once upon a time, I arrived at the airport in Rio with $1 cash in my pocket. I found the ATM in the airport (on the upper level, all the way to the end of the floor beyond the shops) and withdrew funds directly from my account in the States. NOTE: On the back of your card are the logos for different international networks. In Rio, various banks are with different networks and you'll need to find which of your bank cards work with which network/bank. Also, on a couple of occasions, my bank put a hold on my account when it saw a lot of transactions in Rio, thinking that the card might have been stolen. Since then, I send them a message to the bank prior to my departure letting it know my vacation dates. I haven't yet figured it out with certainty, but I'm told that you get better rates using ATM cards. The other thing I do is check with the jewelry stores on regular basis to see which location is giving competitive or the best rates. Generally the hotels' rates are not that good (but convenient) whereas many jewelry stores have side businesses in foreign exchange. MBuffPapi

[trilingual]

There have been numerous threads on this topic, and some of the info is repeated in the FAQ section.

 

You don't actually need any cash when you arrive in Rio; the duty free shop in arrivals takes credit cards, and so do the taxi coop desks outside of Customs. So you can head to town without any reais and wait until you've gotten to the hotel before searching for an ATM.

 

Citibank and HSBC are best bets. For ABN Amro customers, Banco Real is part of that group. ATMs at Brazilian banks are a bit hit-or-miss. If they have ATMs linked to the international network, usually there will only be one or two. Ask which one is the linked ATM, or look for the international credit card logos (like the Cirrus or Plus symbols). Oddly, I've had better luck at the banks' free-standing ATMs in shopping malls than in their actual branches! However, Brazilians use ATMs to do many more of their banking transactions than Americans do (like for paying bills) so many of the banks have a huge bank of specialized ATMs. Some take deposits, some issue new checkbooks, some are for paying bills, others are multi-function. Only a few of them, though, commonly are set up for withdrawals. So look for those machines (they should be marked "saques") because if the branch has any internationally linked ATMs, it'll be one of those!

 

Don't bother with traveler's checks. They're a hassle in Brazil, not widely accepted, and you won't get the best exchange rate if you use them.

 

Visa and MasterCard are widely accepted (although some establishments DON'T take both, because of the high commissions charged in Brazil) so bring both of them with you. Pay everything you can with them. You'll find you don't need that much cash at any one time, except for the boys. An initial withdrawal of R$500 or R$1000 should hold you nicely! You can always go back for more when you run out!

[Guest Tomcal_]

>> except for the boys. An initial withdrawal of R$500 or R$1000 should hold you nicely! You can always go back for more when you run out!<<

Tri, for the First time, I find you giving out BAD advise! R$500.- 1,000. that's only enough to cover the boys coming to the room between 2:00 and 5:00pm!! Then you will need at least another $500. for the suana!! LOL

[Guest msclonly]

ok GUYS,

Here is the nitty gritty of where your money goes other then for good times.

 

MasterCard adds 3% on charges and cash advances + 3% for foreign money conversions

Total 6% + 19.99% Interest on Cash with a $5.00 minimum!

 

Visa adds 3% on charges and cash advances + 3% for foreign money conversions

Total 6% + 19.80% Interest on Cash with a $10.00 minimum!

 

AMER EXP adds 3% on ATM cash advances + 2% on Charges (foreign money conversions)

Total 5%

 

NO fees charges with Gold Card for Personal Checks cashed

at AmerExpress offices via Wire with prior approval amd

PIN.

Limit $2500.00 every 21 days.

 

 

I hope this is clearer then mud. It seems few people question the Credit Card Disservice agents, so they have to keep getting the current information.

 

;( }( ;( x( ;(

[trilingual]

Oh, it gets worse than that! Unless you're desperate, DON'T use your U.S. credit cards to get cash. Even normally low-interest rate cards will charge excessive interest on cash advances. Also, they have it set up that the cash advance is the LAST thing that gets paid off when you send in your payments, so the high-interest debt is the one that lasts the longest! Plus there are all the disadvantageous fees the banks charge on top.

 

This only applies to getting cash using your credit card. It's fine to use your cards in Brazil for purchases. You'll pay the usual interest rate on those transactions.

 

For cash, get a Visa/MasterCard debit card, and just withdraw money from your home account at a Rio ATM the same way you would in your home country. If you travel abroad a lot, and live someplace where Citibank has local branches, consider opening an account with them, because depending on the type of account you have your daily withdrawal limit can be quite high. In Brazil I can withdraw up to R$5000 a day without busting the limit! That's about US$1600. Of course, I don't do that often, only when it's time to replenish my Brazilian bank account, but it's really convenient to be able to do that!

 

I don't know what HSBC's policies are, but they have many more branches in Brazil and Argentina than Citibank does, so look into their ATM withdrawal policies, too, if you decide to open an account that's more useful abroad.

[Guest msclonly]

In a nutshell, the AMerican Express Gold Card is the cheapest for charging at 2%, and no charge for cashing checks at a AMEX office with a GOLD Card and prior authorization for bank wire and PIN #.

 

Hard to beat NO CHARGES for foreign currency, when bought with a personal check via a band wire.

 

:+ :o :o

[trilingual]

However, keep in mind that as in the U.S., Amex is accepted at a smaller number of establishments in Brazil. You will still need the other cards.

 

The Amex office is not very far from the Atlântico. It's located at the Copacabana Palace.

[Guest msclonly]

There is no doubt, that CASH is accepted everywhere, even if it comes from the AMEX officej via a cashed check!

[Guest BJohn4567]

Please bear in mind that it may be necessary to forewarn your bank prior to travel that you would like to utilize your ATM card in Brazil. Mine was shut off which had never happened before, and I was forced to utilize my credit cards for cash withdrawals, some of which tacked on $10 in addition to the fees collected within the exchange rate. It would be worth the time to contact your bankcard carrier to assure the best exchange rate that is usually available with a ATM bankcard. Also go to your online- banking site, it may contain a link that can provide locations where your card is honored. I have learned to do this prior to most trips to new destinations. If you have ever been to Japan the ATMS which honor foreign cards can be very elusive.

Eventhough I had forewarned my credit-card companies about Brazil, I had one instance where credit card authorization was shut off mid excursion during a day shopping in RIO after 2-3 prior charges. In that case, just use the credit card company's toll free number to verify that your still are in possession.

[trilingual]

It's either in the FAQ, or use the search function on "credit cards" to find the Brazilian toll-free numbers to MasterCard and Visa in the U.S. No matter what you do in advance, it seems that they'll cut off your cards when they see them being used abroad. Copy and keep the toll-free numbers (they can also be found on MasterCard and Visa's websites) with you, so that when you're cut off you can call and get yourself reactivated. I had to do that in Parati last year when I was trying to buy some paintings from friends who have their studio there. Talk about embarassing! But the card was reactivated after I called and I was able to make my purchase.

[Guest msclonly]

You call them and give them the dates you are in the other country, which should take care of any problems with charges. They are trying to prevent fraud and protect you.

 

[Guest msclonly]

You call them and give them the dates you are in the other country, which should take care of any problems with charges. They are trying to prevent fraud and protect you.

 

[trilingual]

Well, I did exactly that and they STILL cut me off. The right hand doesn't know what the left hand does in such big bureaucratic organizations, or the minimum wage clerks who do this stuff don't take the time to scroll down the screen to read the information in the remarks, or whatever. So listen to the voice of experience and WRITE DOWN THOSE BRAZILIAN TOLL FREE NUMBERS because there's a very good chance you'll need them if you're using your cards heavily while you're in Brazil!

 

At least I didn't have this happen with my MasterCard debit card! That would have been really enfuriating! But both my Visa and my MC credit cards did this to me over the course of the three months I was in Brazil!

 

BTW, the toll-free numbers go to Visa and MasterCard HQ. They'll ask you for some info, but then they'll transfer you to your card's issuing bank for the actual reactivation. It's a pain in the ass, but at least you're not paying for an overseas call. They are!

[trilingual]

Well, I did exactly that and they STILL cut me off. The right hand doesn't know what the left hand does in such big bureaucratic organizations, or the minimum wage clerks who do this stuff don't take the time to scroll down the screen to read the information in the remarks, or whatever. So listen to the voice of experience and WRITE DOWN THOSE BRAZILIAN TOLL FREE NUMBERS because there's a very good chance you'll need them if you're using your cards heavily while you're in Brazil!

 

At least I didn't have this happen with my MasterCard debit card! That would have been really enfuriating! But both my Visa and my MC credit cards did this to me over the course of the three months I was in Brazil!

 

BTW, the toll-free numbers go to Visa and MasterCard HQ. They'll ask you for some info, but then they'll transfer you to your card's issuing bank for the actual reactivation. It's a pain in the ass, but at least you're not paying for an overseas call. They are!

[Guest msclonly]

Thanks for the repeated warning, that is sinking in!

 

[Guest msclonly]

Thanks for the repeated warning, that is sinking in!

 

[slimdude2]

Is English on these ATMs?

[trilingual]

Yes. Even if the screen is in Portuguese, when you insert your card you'll get a response in English. Or in the language of the country your bank is in. I think when my friends from Berlin used their cards in Brazil, they got screens in German. At Citibank, though, the initial screen is bilingual, as I recall. At HSBC I think it's only in Portuguese.