Forum: travel.stackexchange.com
Tags: <brazil><fees-and-charges><atms><olympics>
Title: Cheapest ATM strategy in Brazil
Question: I need to withdraw lots of Brazil Real in Rio de Janeiro from my USA bank account.  What bank has the cheapest ATM (or I could even go to a teller) for me?  Suppose I need 10,000 Real and my bank charges $2 per withdrawal.  I can not find ATM fees for the Brazil banks.  It does seem like the highest ATM withdrawal limit is 1,000 Real, but this information might be old.  I'm hoping some foreigners living in Brazil have researched this recently.

Answers:
sents: text: You really don't need to use lots of cash.
text: Most locals deals in credit cards for everything, they are a lot safer.
text: Sometimes even hotdog carts accepts credit cards, Taxi/Uber will gladily accept credit cards.
text: Just keep R$ 300,00 in your pocket/day in case there are too many tourists queuing in an ATM or for small expenses like bus tickets or popcorn.
text: ATM limits -
text: Yes there are limits on the amounts you can withdraw.
text: They can range from R$ 500,00 to R$ 1.000,00 for example depending on you credit limit/banck etc.
text: Those limits are for your safety.
text: When ATMs arrived many years ago assaults and "lightning kidnappings" started to go epidemic so a limit strategy was one of the solutions.
text: Note also ALL ATMs are sheltered and some will also got working hours (no late night withdraw in some neighborhoods).
text: ATMs in safe, 24/7 places like airports are ok.
text: Most banks don't charge for witdraws.
text: They will charge if you use a multi-bank ATM like this .
text: Every bank have a lot options for accounts.
text: Each one will get a different limit, fee and number of free operation.
text: If you still interested you need to contact each bank.
text: Making expenses in Reais means you will pay an official exchange rate at your credit card payment date that mean you will save a few dollars.
text: If you knows portuguese enough or get the luck of getting help from a bank assistent (there's always one in any agency, to help elders, etc)
text: you can make an direct account transfer
text: (that's how I pay my rent for example).
text: Now how to make an account transfer is another questions =)
answer_details: author: travel.stackexchange.com/users/35448/jean
score: 9
sents: text: I withdrew 1,200 Real from Bradesco today with no Bradesco fee!
text: Banco de Brasil would earlier not even give me 800 Real.
text: So, Bradesco wins in my limited tests.
text: By the way, a few weeks ago I think Bradesco limited me to 800, so this might be a special Olympics bonus...
text: I wonder if I could get even more than 1,200 now (I have not yet tried for more).
answer_details: author: travel.stackexchange.com/users/47340/bobuhito
score: 5
sents: text: Santander allows you to withdraw more money in comparison to the others, like R$2,500, however, it will charge you a greater fee.
text: Bradesco allows you to withdraw more than R$1,000, but keep in mind that your bank will set a maximum limit per day as well.
text: I know that Bradesco would charge the fee of 1% of withdrawn amount and sometimes +1 USD.
text: The worst bank to withdraw large amounts is Banco do Brasil, because it can give you only ~R$500
text: per day, which is nothing.
text: Itaú, from what I recall, also allows you to withdraw greater amounts, but the fees were similar to those of Santander.
text: As some other people said, it is not a good strategy to walk around with loads of cash because you may get mugged or robbed.
text: Keep some money in your pocket, like R$200 per person, and leave the credit or debit card in the safe at your hotel (or hidden).
text: I would advise you to buy a special fanny pack we have here, which is hidden under your pants.
text: We call it "porta dinheiro".
text: We usually have it for Carnaval since you can't watch your pockets when the streets are full of people.
text: It doesnt have much space but you can fit your passport and money.
text: It would be good to keep a copy of your passport somewhere else too.
answer_details: author: travel.stackexchange.com/users/69398/Thais
score: 2
sents: text: I have an account in Citibank and I withdrew at Itau on Avenida Paulista many times.
text: The limit amount R$750 R$12 fee.
answer_details: author: travel.stackexchange.com/users/101616/ade
score: 2
sents: text: Personally I have found that the two best bank ATMs to use are HSBC and Santander.
text: Both accept foreign cards and shouldn't charge you an ATM fee to withdraw.
text: However, the costs that you will pay are related to your own bank in your home country.
text: These fees are usually the cost to convert the funds into reais, as well as a fee for using your card overseas.
text: So my advice is to call your bank to find out what these fees are.
answer_details: author: travel.stackexchange.com/users/105126/LiveInBrazil
score: 1

Summary of the answers:
Different banks have different maximum withdrawal limits and fees, but it is not advisable to have more than a few hundred due to the risk of theft and because most places accept credit cards.
Walking around carrying large amounts in Brazil is considered a bad idea. It is recommended to use a credit or debit card, like the locals, and just carry a small amount of cash preferably in a bag that is not visible. Moreover, banks do impose different limits on ATM withdrawals, with HSBC, Santander and Bradesco being considered the best.