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Current Brazilian currency is called the real (or "royal"; pronounced: "hey-OW"); the plural is reais ("hey-EYES"). One real is divided into one hundred centavos. And now that this fundamental has been established, I must say that as much as I love Brazil, there is one disconcerting (to put it nicely) national characteristic having to do with everyday commerce, and that is the problem with troco (change).
Your average retailer from Peking to Paris to Peoria starts the day with a "drawer", meaning change. Not so here. They start with nothing and wait for the change to accumulate, meaning the entire day they are short of it (this applies to buses as well). And most bank machines (although this has changed at least as far as Bradesco is concerned) will give you 50 real notes only if you withdraw any substantial money. Trying to unload a 50 real note at most places here is like trying to drop a thousand dollar/euro/pound/etc. bill on the counter at your local candy store. No go. Sometimes even a ten real note will mean that a kid will be summoned by whoever is selling to run around trying to break it into smaller currency. In this sense, in these parts, smaller is better!
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The best rates of exchange are not to be had by exchanging money at the banks, and not even at the doleiros (more on them below). They are to be had by pulling money out of ATMs. There are several bank machines conveniently located in areas frequented by visitors, from which international transactions may be handled.
One is a 24 hour-a-day machine located in the enclosed area in front of bar/restaurant Cantina da Lua, in Pelourinho's Terreiro de Jesus. This machine handles Cirrus, Plus, Mastercard, Visa, Visa Electron, and American Express transactions.
In front of Cantina da Lua.The Pelourinho branch of Banco da Brasil also has ATMs capable of handling Cirrus, Mastercard, Maestro, and American Express. The bank is located on a square adjacent to the Terreiro de Jesus (that square being the Largo do Cruzeiro de São Francisco) on the right-hand side of the square as one faces the church at the square's end (the Igreja de São Francisco). This Banco do Brasil also exchanges dollars, but a hefty fee is charged for the service, and on top of that the bank pays a low rate.
The Banco do Brasil is the mustard-colored building on the right, with the yellow-and-blue sign. The ATMs are just inside the doors.There is a 24-hour Banco do Brasil ATM in Porto da Barra, located under a Tamarind tree on a square at the right end of Porto as one faces out to the water, in front of the Instituto Mauá. The kiosk is next to a police modulo.
Banco do Brasil ATM in Porto da BarraAcross the street from this ATM, behind the bus stop, there is a Bradesco kiosk with an ATM inside. This ATM handles Visa transactions.
There is another Banco do Brasil ATM located in front of the Mercado Modelo, as well as a Banco Itau kiosk.
Citibank has a branch close to the Farol da Barra, on Rua Marques de Leão, 71. The ATMs accept Cirrus, Diner's Club, Mastercard, Plus, and Visa. There's another branch in comércio (downtown), at Rua Miguel Calmon, 555.
HSBC has a branch on Avenida Marquês de Caravelas, 355, in Barra. The ATMs accept Cirrus, Maestro, Mastercard, and American Express.
If you need to exchange actual currency, the place to go is to a doleiro. You'll get a (substantially) better rate-of-exchange than you will at a bank. These guys will trade, as the name implies, dollars, but they also handle euros and other European currencies in addition to Traveller's Checks (although these are paid at a somewhat lower rate you'll still get more than you will at a bank; Banco do Brasil charges a fifteen real transaction fee).
Not all doleiros will pay the same rate. In my experience the top rates generally (but not necessarily 100% of the time) paid can be found at Colon, in Pelourinho, and at Farol Barra Turismo e Cámbio (locally called "Figuereido" after the owner) in Porto da Barra. Carlos Colon (a Spanish immigrant to Bahia) has been around longer than anyone else in his area and his establishment is easy to find: It's the third storefront down from the Banco do Brasil in the Largo do Cruzeiro de São Francisco. The number (address) is 17, and a clearly marked sign hangs over the front of the shop. I've been going to Colon for years. Colon has something of a branch (run by his son) on Praça da Sé, at number 4. The name of the establishment is Bahia Dourada and the rate paid there is the same as at the father's place.
Colon occupies the right side of the ground floor of the blue building in the middle.Figueiredo, like Colon, has been around for a long time. His Farol Barra Turismo e Cámbio is across from the beach, in a storefront under the Praia Mar Hotel (to the left of the hotel entrance, as you face the hotel), at Avenida Sete de Setembro, 3577. The telephone number is 264-0000.
For currency conversion purposes, here's a link to Yahoo Finance, where the current rate is shown. This rate corresponds closely to the commercial rate, which is (very close to) the conversion rate paid when money is withdrawn from ATM machines here in Brazil. The doleiros pay somewhat less. http://finance.yahoo.com/m5?a=1&s=USD&t=BRL
