Currency Exchange Made Easy
The CMN (National Monetary Council) has authorized institutions that already exchange money, such as banks and brokers, (Cambio) to install new electronic machines that look like ATMs in locations that attract tourists. The measure aims to make exchanging foreign currency easier, as the number of tourists in Brazil is expected to rise with the coming World Cup (2014) and Olympic Games (2016).
Each transaction will have a US$ 3,000 limit. The machine will exchange foreign bills, but an international card will be required for the operation. The card will be used to identify the person exchanging the money, which is mandatory in Brazil. “It’s not about withdrawing cash with a card. People will have to insert dollar bills to receive reais and vice-versa,” said Brazil’s Central Bank’s executive secretary, Geraldo Magela.
It is likely that banks and brokers will not offer all currencies but only the most traded ones, such as dollars and euros. CMN’s decision must be approved by the Central Bank, which Magela said is likely to occur very soon. Banks, however, will have the final decision as to when the machines will be operational.