Brazilian government authorizes exchange operations at ATMs

The National Monetary Council (CMN) on Thursday, July 26th, approved the use of self-service terminals for foreign exchange transactions. In these ATMs, it’s possible to change the national currency(Real) for foreign (eg, Dollar and Euro) and vice versa. Transactions worth up to U$ 3000 will be allowed. The operation, according to Central Bank, following the current requirement of customer identification.

In a statement, the Fed announced that it was eliminated the restriction on the type of company that can be hired to do the exchange. Until now, only companies in the tourism industry – with accreditation at the Ministry of Tourism – were authorized. From now on, any legal person, regardless of industry, may be exchanged as a correspondent. “Even bakeries,” said the executive secretary of the BC, Geraldo Magela Siqueira.

The measures are in line with the actions of the federal government to streamline and modernize the foreign exchange market and make possible, without sacrificing safety, to create a network compatible with the tourist centers of all sizes.

New machines
The new exchange transaction at ATMs will be made on equipment that does not exist yet in Brazil. Common in Europe and the United States calls “maquinas cambiadoras” it allows different currencies to be exchanged automatically. The terminal will be installed and operated by authorized financial institutions.

In the equipment, the Brazilian who travel abroad can, for example, introduce and get real dollars or euros. Foreigners who visit Brazil can do the opposite operation.

Money Exchange
Just as in traditional foreign exchange, money exchange happens by identifying the client. For new machines, the procedure is done using an international credit card. In exchange transaction, the financial institution responsible for the machine can operate freely with the rate of sale. You may also be charged a fee, provided that the rules laid down by current BC.

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Joe Cloud
Dutch, American, Brazilian... lived there for 5 years and owns property in Brazil. Out of the country for a few years now and would like to go back, however current circumstances tell me it's not the right time.