Best way to get some Brazilian Rial for Brazil trip

Lpointzilla on 22/12/2016 - 19:25

Hi all, I have a Brazil trip coming. Wondering what's the cheapest way to get the currency. Please note the following:

  • I don't have 28° credit card
  • I have a Coles credit card that has "no foreign transaction fee" feature, which I think means they won't charge extra fee if I purchase something in Brazil but in AUD (for example a hotel payment system offers transaction in AUD but located in Rio)
  • I already visited some Forex offices and they said you'd be better getting USD, which I think is wrong. Because in that case there are double conversion charges (AUD=>USD and then USD=>BRL)
  • my gut feel is to just go to Brazil and cash out from ATM using my debit card (has $3 fee)
  • I expect to need only the equivalent of AUD400

Thanks in advance for your comments.

Travel

Comments

  • retiredfeline on 22/12/2016 - 19:37
    +1

    Sorry went too long ago to offer useful suggestions but I remember using 28deg. ATMs are widespread. These days one would use Citi I guess.

    BTW: real, singular; reais, plural.

  • Stewardo on 22/12/2016 - 20:15
    +2

    ATM

  • Baysew on 23/12/2016 - 14:17
    +1

    I have a Coles credit card that has "no foreign transaction fee" feature, which I think means they won't charge extra fee if I purchase something in Brazil but in AUD (for example a hotel payment system offers transaction in AUD but located in Rio)

    Best way is to make the payment in local currency. Usually there is a large mark-up on the exchange if you make the payment in Australian Dollars.

    my gut feel is to just go to Brazil and cash out from ATM using my debit card (has $3 fee)

    Get a Citibank Plus account and avoid the fee.

    • retiredfeline on 23/12/2016 - 18:13
      +1

      Best way is to make the payment in local currency. Usually there is a large mark-up on the exchange if you make the payment in Australian Dollars.

      +1 Don't fall into this trap. If they bill you in AUD, the conversion is done by the vendor's bank, usually at poorer rates than your MC provider. A snag is sometimes you have to prewarn or prevent the cashier from punching in AUD when they take your card.

  • movieman on 26/12/2016 - 17:17

    Step one. Open a free Citibank Plus Account.

    Step two, after putting money in the account, withdraw from Bradesco ATMs.

    (Bradesco charges no fees to Citibank customers in Brazil).

    Enjoy.

  • 8200 on 28/12/2016 - 15:48

    Take iphones and ipads sell them and make local currency

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