The news hit the healines a few days ago but the specific details are still scarce. The Brazilian government gave permission to banks and other financial institutions to install and operate money exchanging machines (Real can be exchanged for Dollars in ATMs).
The machines, similar to ATM’s but operating independently, will allow tourists to exchange foreign currency (initially only dollars and euros are being mentioned) for Brazilian reais – and viceversa. The person exchanging money will have to insert an international credit car in the machine. The information on the card will be used to identify the person exchanging money. And then they will insert the bank notes they wish to exchange.
The key issue will be the exchange rate used by banks and financial institutions on the exchange machines they run. If it’s a disadvantageous rate, then our recommendation will remain exchanged: withdraw money from ATM’s when possible or use the tradicional foreign exchange booths.
An interesting idea in theory that will have to be reassessed once it is implemented. With the Soccer World Cup and the Olympic Games in the horizon helping tourists gain access to local currency should become a priority.