Real vs Dollar and other currency issues

[Java Man]

What's up with Mondays and the Bank ATM's? Yesterday was the second Monday I couldn't withdraw Reals from Bradesco ATM's. I visited the two branches: NS Copa and Barrata Ribeiro. No problems today.

[Sperto]

Can you withdrawal more than once? I was able to withdraw $R1000 twice today at Bradesco in Rio. You should be able to withdraw until you hit YOUR banks daily limit.

Yes, you can. In Banco Bradesco you can make at least two withdrawals, 2500 reais each.

[Java Man]

Found out the hard way when I tried to withdraw are $1,000 on Sunday in SP. According to the receptionist in my hotel there is a state-wide law in SP that cups daily withdrawal to are $500 on Sundays. Some sort of security precaution. Just for folk to keep in mind to avoid panicking if you get rejected trying to withdraw more than 500 in SP on Sunday.

Can you withdrawal more than once? I was able to withdraw $R1000 twice today at Bradesco in Rio. You should be able to withdraw until you hit YOUR banks daily limit.

[Java Man]

REMITLY and XOOM (Paypal) look promising, but I've yet to try them out and it will have to wait.

Remitely charges $4. 99 usd to send money express. It may take minutes or hours depending where you're sending the money. You'll have to pay with debit or credit card. The economy option costs $1. 99 usd but can take 6 days to be delivered. You use your bank account for that. Wise is another option. Depending on where you're sending the money, it could be instant or a few minutes. The fee varies on how much and where you're sending to. They have a fee calculator on their site. : https://wise.com/gb/pricing/send-mon...tCcy=BRL&tab=0 I'm unfamiliar with zoom.

[Nrlmus]

Every attempt counts your daily limit, and daily limit depends on your institution hours which usually are different from Rio's. The next day the limit resets. Santander doesn't work. Even within a Bradesco branch, some ATMs dispense and other don't.

Found out the hard way when I tried to withdraw are $1,000 on Sunday in SP. According to the receptionist in my hotel there is a state-wide law in SP that cups daily withdrawal to are $500 on Sundays. Some sort of security precaution.

Just for folk to keep in mind to avoid panicking if you get rejected trying to withdraw more than 500 in SP on Sunday.

[Questner]

After 4 yrs away, I've returned to Rio. Last time I was here I used by Schwab card at a Bradesco ATM with no issues. I tried the Bradesco ATM on Barrata Ribeiro after I landed, but it rejected the card. I called Schwab who said it could be an issue with the ATM, as there was no block from them So I went to the Banco do Brasil branch on NS Copa but gave me an over limit withdrawal message. Tried other ATM's there not they didn't accept the Schwab card. I looked at Santander nearby but didn't see the Visa, MC icons on the ATM's. Went across the street to Bradesco, and I was able to withdraw Reals. WTF! A few days later I tried the Bradesco branch on Barrata Ribeiro again and it worked!

Then yesterday, my Schwab card was rejected by ALL the Bradesco ATM's at the NS Copa and Barrata Ribeiro branch. I tried the Banco do Brasil branch: Several ATM's weren't dispensing money, A few said I was over the limit, one said I entered the PIN incorrectly. Last resort: Banco24 hrs, It worked, no issues, but a are $24 fee, ($4. 79 usd. } BTW, ALWAYS decline the conversion ANY offers you. It's a ripoff.

And today, I was able to make a withdrawal at the Barrata Ribeiro branch. WTF is going with these banks ATM's? Welcome to Brazil. SMH.

Every attempt counts your daily limit, and daily limit depends on your institution hours which usually are different from Rio's. The next day the limit resets. Santander doesn't work. Even within a Bradesco branch, some ATMs dispense and other don't.

[Java Man]

After 4 yrs away, I've returned to Rio. Last time I was here I used by Schwab card at a Bradesco ATM with no issues. I tried the Bradesco ATM on Barrata Ribeiro after I landed, but it rejected the card. I called Schwab who said it could be an issue with the ATM, as there was no block from them So I went to the Banco do Brasil branch on NS Copa but gave me an over limit withdrawal message. Tried other ATM's there not they didn't accept the Schwab card. I looked at Santander nearby but didn't see the Visa, MC icons on the ATM's. Went across the street to Bradesco, and I was able to withdraw Reals. WTF! A few days later I tried the Bradesco branch on Barrata Ribeiro again and it worked!

Then yesterday, my Schwab card was rejected by ALL the Bradesco ATM's at the NS Copa and Barrata Ribeiro branch. I tried the Banco do Brasil branch: Several ATM's weren't dispensing money, A few said I was over the limit, one said I entered the PIN incorrectly. Last resort: Banco24 hrs, It worked, no issues, but a are $24 fee, ($4. 79 usd. } BTW, ALWAYS decline the conversion ANY offers you. It's a ripoff.

And today, I was able to make a withdrawal at the Barrata Ribeiro branch. WTF is going with these banks ATM's? Welcome to Brazil. SMH.

[Eszpresszo]

As of the beginning of March, I noticed something was not right at the ATMs here in Brazil. The foreign exchange commission on foreign ATM cards has gone up.

The first time I noticed it was on the loathsome Banco24 Horas ATMs that are ubiquitous in supermarkets, shopping malls and bus stations. Previously a lofty 14% it actually went up to 15% recently. I try to avoid using those, but the thing is, they are actually very convenient, they almost always work when the ATMs are down or just not taking your card at Bradesco or Santander. They are you last resort, and an expensive one. Sadly, they are the easiest and quickest to use of all Brazilian ATMs.

However, I went to withdraw cash from a Bradesco ATM and lo, it was up to 11%, whereas it had previously been 8% commission, which is high when you consider numerous bank ATMs in Colombia charge 6%, maybe 5%. But, 11%? I did a withdrawal from Santander and it had also gone up from 8% to 10%. Not as high as the others, but still a dime out of every buck you exchange.

I didn't try the ATMS at Banco do Brasil our Itau, as those have never worked with any of my debit cards, whether it be Schwab, Chase, Comerica or Truist / BB&T. A Brazilian woman I went out with had a German bank account and told me Itau quit working with foreign cards, years ago. Forget about CAIXA, those places are weird. I was dating a woman here in SP, and she had trouble getting her CAIXA card to work at their ATMS.

Summary: look for other ways to get cash. There are various apps and banking services that will let you get cash at a good exchange rate at other types of locations. You can get cash at Western Union withdrawn directly from your bank account using their app. But, the fees are even worse, if not extortionate. REMITLY and XOOM (Paypal) look promising, but I've yet to try them out and it will have to wait. I'm leaving for Bolivia tomorrow, so who knows what surprises that might bring at the ATM.

[Eszpresszo]

No comments about this one? I was sure cash being king to the south would garner some discussion and spur some interest in going there, at least as a side trip from Brazil.

There is no value to foreigners out of this. Argentina's currency is falling for a reason. Its in an inflationary spiral. Prices are not that low even if you get the preferential exchange. Due to inflation, which was 94% last year, they are rising quickly and I'm not sure if the fall of the peso is keeping up with rising prices. To give you an example, the official rate was 124 Pesos per USD when I arrived at the end of August 2022. This week it is 386-390 per $1. This is simple economics 201 (literally). Prices are rising rapidly and I don't see any deals on punting based on my experiences last September. Quite simply, Argentina was the worst, even if the average woman on the street is quite attractive.

https://bluedollar.net/informal-rate/

The blue rate was broadcast daily on this TV program that was always on when I went to eat at this cafe near where I stayed. See attached photos.

It's not that Argentina is cash friendly, but credit cards are not widely accepted there. Really. Nor would you want to use credit cards as you would pay the extortionate official rate. On my first night there I went to the grocery store and used my card. They needed my ID to complete the transaction. Yes you get double the exchange rate on the street or via sending yourself cash via Western Union (yes you can send yourself cash to Western Union from your bank with the phone app though the fees are extortionate) which pays the Blue Rate. But, that doesn't make Argentina cheap. At least not in Buenos Aires. While good wine is cheap at the corner store, a cup of ramen noodles of all things, was pricey by US standards (about $2. 50 at the official rate that week). Really. The first night I arrived, I did not have any pesos yet, as I arrived late and the host of my AirBnb was going to exchange pesos with the next day. I went to a famous pizza place on Avenida Corrientes (the Broadway of Argentina) and paid for dinner with my card. I ordered a small personal size pizza and two small draft beers. It came up to nearly $24 USD (about what you pay in the US).

Do individuals accept foreign currency? Gladly. But, you need to know what the prices are do the math quickly in your head or with a calculator. For the taxi ride from Puerto Iguazu to the falls on the Argentinian side, I was able pay with a mix of dollars, reais, and leftover Argentine Pesos from my previous visit two months earlier. I'm pretty sure the cabby got the better end of the deal. By the way, foreigners pay a premium to enter the national park on the Argentine side of the falls. The Brazilian side is cheaper and has a much better view of the falls, though I don't regret seeing both perspectives.

As for mongering, Buenos Aires was the most frustrating experience of my life. There is no Truvalia Advertising webpage for escorts in BA (Truvalia is the Bulgarian "publisher" of Photoacompanhantes and for other websites that provide escort ads for half of South America). There were local websites with girls but they were crap. Prices were not cheap even if you have exchanged cash at the blue rate. I did contact a number of girls there but their responses were largely unprofessional. Not all of them, maybe less than half use Whatsapp unlike Brazil and Colombia.

As for the punting experience, it was disappointing. Unfortunately, there was no current, post pandemic info on the Buenos Aires forum and though I am registered on that unique forum, I was unable to put up a travel notice or ask for help. With no other resources, I had to sort through the websites I found for the locale. One girl made an appointment to meet me at her love hotel of choice in just 40 minutes. It was a 15 minute walk from my AirBnb. She didn't show up nor did she answer my zap messages. At least the guy at the desk at the hotel suggested I take a chair and wait for her to show up, though I was ready to pay for the room at the moment I arrived. Good thing I took his advice. Exactly two weeks later she sent me another Whatsapp message explaining that she had trouble with her zap. Even if that was true, how did it make her forget to show up at the hotel she directed me to in less 40 minutes?

I reached out to another girl on Whatsapp, and got a professional automatic response message with prices, and details. She was across town though But we agreed to make an appointment for the following afternoon. When the time approached the next day, I sent a zap to confirm the appointment and get the location. I got another automatic response with new prices. Almost 30% higher than the day before! At first, I wondered if this was a gringo ripoff, but it was an auto response, so I'm guessing she was doing what she had to do in such an inflationary environment. My rent went up 37% in April of last year, so I can't say her operating costs are not going up. I can only imagine what her rate would be now. But, I don't care as I have no interest in returning soon.

You're wondering why I don't post this beef on the Buenos Aires forum? Well, its seems I am unable to post anything there, so I will post it here.

[The Cane]

Seems this could be a good time to consider going to Brazil's neighbor to the south (very cash friendly at this time):

https://www.cnbc.com/amp/2023/03/11/...ange-rate.html

No comments about this one? I was sure cash being king to the south would garner some discussion and spur some interest in going there, at least as a side trip from Brazil.

[The Cane]

Seems this could be a good time to consider going to Brazil's neighbor to the south (very cash friendly at this time):

https://www.cnbc.com/amp/2023/03/11/...ange-rate.html

[Xpartan]

Don't think I would want to tie my finances to Argentina's: https://www.ft.com/content/5347d263-...4-79485d1287b4.

My bet is it'll fall through. But even if not, this might be a concern for our kids, not us. As this article states, Euro took 35 years to create.

[The Cane]

Don't think I would want to tie my finances to Argentina's: https://www.ft.com/content/5347d263-...4-79485d1287b4.

Sorry about that folks. Here's something you can read (I hope): https://www.cnbc.com/2023/01/23/braz...-currency.html.

[The Cane]

Don't think I would want to tie my finances to Argentina's: https://www.ft.com/content/5347d263-...4-79485d1287b4.

[Vagabundo1]

What is the outlook for the BRL from here?

Posted is the historical chart of BRL v USD, and BRL v CHF.