What is the Currency of Brazil?

Ah, Brazil—the land of samba, sandy beaches, and the Amazon rainforest. If you’re planning a trip to this vibrant South American nation, you’re in for a treat. But before you start daydreaming about Carnival and caipirinhas, there’s one crucial detail you need to sort out: money. Specifically, what is the currency of Brazil?

In this guide, we’ll walk you through everything you need to know about the currency in Brazil. We’ll cover how much it’s worth compared to the British pound, the denominations you’ll encounter, and whether cash or card is the preferred payment method. We’ll also dive into a bit of history (because who doesn’t love a good backstory?) and discuss where you can get your hands on Brazilian reais before you jet off. So, let’s get to it!

Currency of Brazil

Let’s start with the basics. The currency of Brazil is the real (plural: reais), pronounced “hay-al” and “hay-ice,” respectively. The real’s currency code is BRL, and its symbol is R$. It’s the only currency you’ll need while navigating the vibrant streets of Rio de Janeiro or the laid-back beaches of Bahia.

One real is divided into 100 centavos, which are the Brazilian equivalent of pennies. So, whether you’re grabbing a coffee or haggling for a souvenir at a local market, it’s good to have some smaller denominations on hand.

What Denominations Does the Brazilian Real Come In?

When it comes to getting your head around Brazilian real denominations, you’ll find it pretty straightforward. The currency comes in both banknotes and coins, each featuring distinct and colourful designs that celebrate Brazil’s rich history and diverse culture.

Banknotes

R$2: The smallest denomination you’ll find in notes, perfect for small purchases or tipping.

R$5: Handy for quick snacks or a bottle of water.

R$10: A versatile note for everyday expenses.

R$20: Ideal for paying for a nice meal or a taxi ride.

R$50: A commonly used note for more substantial spending.

R$100: Great for those bigger purchases—just be mindful that not all small vendors will have change for this.

R$200: The newest and highest denomination, introduced in 2020, but it’s not as widely circulated as the others.

Coins

5 centavos: The smallest coin, useful for exact change.

10 centavos: Handy for small transactions.

25 centavos: Often used in combination with others to round off your payments.

50 centavos: A solid coin for medium-sized purchases.

R$1: The most commonly used coin, perfect for all those little necessities.

Each banknote and coin features iconic Brazilian symbols, from the country’s national animals to historic figures. So not only are they functional, but they’re also a little slice of Brazilian culture in your pocket.

Can I Pay in GBP in Brazil?

Here’s the short answer: No. The Brazilian real is the only currency accepted in Brazil, so you’ll need to exchange your pounds for reais before you arrive. While some high-end hotels and tourist hotspots might accept US dollars, British pounds are generally not accepted. And even in those places where dollars might be taken, the exchange rate offered is often less favourable than what you’d get if you were using local currency.

So, do yourself a favour and get your reais sorted before you go. Trust us, you don’t want to be the tourist trying to pay for a coconut on Copacabana beach with a fiver!

History of the Brazilian Real

Now that you know what the currency is, let’s take a quick trip down memory lane to understand how the real came to be. The history of Brazil’s currency is a bit of a rollercoaster, filled with economic reforms and plenty of name changes.

The Cruzeiro

Before the real, Brazil had the cruzeiro. First introduced in 1942, the cruzeiro replaced the old “réis” (not to be confused with the current real) and was the country’s currency through much of the 20th century. However, Brazil faced periods of hyperinflation, particularly during the 1980s, which saw the cruzeiro’s value plummet. To cope with this, the government repeatedly reissued new cruzeiros by knocking zeros off the old currency, but these efforts were largely unsuccessful.

By the early 1990s, it was clear that a more drastic solution was needed, leading to one of the most significant economic reforms in Brazilian history.

The Plano Real

Enter the Plano Real, a comprehensive economic plan introduced in 1994 to stabilise the Brazilian economy and curb hyperinflation. As part of this plan, the Brazilian government introduced a new currency: the real. Unlike its predecessors, the real was pegged to the US dollar initially, which helped restore confidence in the currency and the Brazilian economy.

The introduction of the real marked the beginning of a new era for Brazil’s economy, with inflation dropping significantly and the currency stabilising over time. Today, the real remains the official currency of Brazil and is considered a symbol of the country’s economic resilience.

Where to Get Brazilian Reais

So, you’re ready to get your hands on some Brazilian reais—where do you start? Fortunately, Travelex has got you covered with a variety of convenient options to suit your needs.

You can easily buy your Brazilian reais online through Travelex and have them delivered straight to your home. If you’re more of a last-minute planner, you can also opt for Click & Collect, picking up your reais at your nearest Travelex store and most major airports before you head off on your adventure.

Travelex offers competitive exchange rates with no commission when you buy online, so you can feel confident that you’re getting a good deal. And because we’re the experts in travel money, you can trust us to make sure you’re ready to go with everything you need.

Ready to Buy Some Brazilian Reais?

Your Brazilian adventure is just around the corner, so why not get ahead of the game and order your Brazilian reais today? Whether you prefer the convenience of home delivery or the flexibility of picking up your currency at a Travelex store, we’ve got the options you need.

With competitive exchange rates and no commission, Travelex is the currency expert you can trust to get you ready for your trip to Brazil. Convert your British pounds to Brazilian reais now.