Money in Brazil

Currency in Brazil is the Real, and has been so since 1994 when the Real replaced and demonetized the cruzeiro real, which itself had not lasted long as currencies devalued. The 1994 Real was initially set to the value of one US Dollar. It actually gained on the US Dollar for the first two years thanks to a positive Brazilian economy, but eventually dropped down below 50 cents for years. Notes are issued in denominations of 5, 10, and 50 Reals, and since 2000, 2 Reals.

In 2001, 20 Real notes were introduced. The 1 Real note was discontinued in 2005, however 1 Real coins remain in production. There are two government owned banks in Brazil: the Caixa Economica Federal, and Banco de Brasil. There are several state owned banks as well, and several private banks, including major foreign banks. The state owned banks are expected to be privatised in the near future.

To open a bank account one generally needs only their ID, proof of address and income, but foreigners will also need to show their residency visa (temporary or permanent). ATM machines taking international debit and credit cards are widely accessible, with a withdrawal limit of 1000 Real a day. At least 1200 Real a month income is required to obtain a credit card from a bank.