The Real is the official unit of currency, having replaced the Cruzerio some years ago. One Real equals 100 centavos. Bills come in 1, 2, 5, 10, 50, and 100 Real denominations. You can see the currency (bills and coins) at http://www.brazilnet.net/aboutus/moeda.htm

The exchange rate bounces around quite a bit. In 1998 it was pretty close to $1 US = $1 Real. The Real was allowed to float in Jan. 99 and its value plummeted. When I was in Rio in June 2000 I got between $1.88 and $1.93 per dollar. More recently (September 2002) I got as high as 3.89 per dollar, with the most recent devaluation reflecting investor concerns over the election looming in early October. Of course, prices may eventually inflate to catch up with the devaluations, but travel in Brazil is still a great deal these days. You can get an estimate of what you'll get at the exchange houses at http://www.xe.net/ucc/. Another source, where you can also print out handy currency conversion cheat sheets to carry with you, is http://www.oanda.com/convert/classic.

Rates are always better at the currency exchange shops, called cambios, than they are at the banks. Hotels generally offer the worst rates, so don't change money at your hotel unless it's an emergency. Also, you'll get a better rate for cash than for traveler's checks. If you bring cash, try to bring newer bills to avoid concerns about counterfeit currency. You can hunt around and will find different rates at different places, and the rate may vary from hour to hour, although those fluctuations shouldn't be too large. I found a cambio offering somewhat better rates by asking one of the girls at Help where she exchanged her dollars. The girls understand money matters well!

The cambios and banks will be closed on Sundays and holidays. Bank hours are 10-4, M-F. If you arrive on either a Sunday or a holiday, you may want to try to arrange to get some Brasilian currency before you arrive, but the rates you get outside Brasil tend to be pretty poor. You can get by in a pinch by paying for a radio cab with dollars and exchanging some currency at the hotel or paying for entrance at Help with dollars (see below).

The best rates, though, are to be had using your ATM card. Most of the Boys in Brazil can be found lined up at the Citibank ATM machines located in the Blockbuster store at Av. Nossa Senhora de Copacabana and Rua Figueireido de Magalhaes. Some banks also have ATMs that will work with the CIRRUS and STAR network cards, but others don't. One big advantage of ATMs is that some are open on days when the banks and cambios are closed, so even if you are usually exchanging cash at the cambios, the ATMs at Blockbuster will be available should you run out of reais on a Sunday.

Speaking of money, I suggest you always try to pay the girls in reais rather than dollars, as you'll tend to get a better price. Tell them you're Canadian, that you don't have US dollars, only that worthless Canadian stuff, and you'll do fine. If a girl negotiates in dollars, you might want to be a bit wary of her; most will mention an amount in reais.

One interesting side note: an excellent rate of exchange is often offered at the termas and at Help Disco. They won't allow you to exchange money, but they will allow you to pay in US currency and give you a very good rate (and change in reais). Help was giving a rate of 2.50 when the termas and cambios were giving about 2.45.

You will also run into folks on the street offering to give you a good exchange rate. I think it's never wise to admit to someone on the street that you're carrying money. Robberies are not uncommon in Rio, so use good judgment.