Where to buy dollars: 6 best places to do it online

What a nightmare to get dollars at a good price! I've been looking for the best options for years and I can share my personal experience. Before you rush to buy, you need to check the current exchange rate and look for the least abusive rates in the market. Let me share my secrets.

It is normal for all of us to rush to buy dollars when we plan vacations or when the market gets nervous and we want to protect our savings. And even though the dollar is sky-high, we can still get it from home.

The greenback has broken records in recent months and to avoid leaving half of your money in commissions, you need to be careful. To be honest, I've been hit more than once with hidden fees.

Although buying currencies seems simple, it can be a headache for beginners. But don't worry, I have some tricks to prevent you from getting scammed.

Where to buy dollars online

In my experience, you can choose between traditional banks, exchange houses, brokerage firms, or fintechs. Each one has its own rules and fees that can leave you trembling.

When you buy dollars, you will pay a spread of between 4% and 7%, in addition to the Financial Transactions Tax and possible extra commissions. These "small details" make all the difference in the final conversion. Let me tell you my best options:

6 Best places to buy dollars online

3 best banks to buy dollars:

Itaú Bank It is the largest private bank and one of the most well-known for buying and selling currencies. In cash, you pay a 1.1% IOF, but if you buy it with a credit or prepaid card, the transaction increases with a rate of 4.38%. What a madness!

Bradesco Very popular and also offers online dollar buying or at agencies. The rates vary according to the amount, so ask beforehand to avoid surprises.

Nomad Bank This fintech has some of the best rates in the country. Their fee is 2% plus the IOF. You can open a free account and request an international debit card. I use it quite a bit when I travel.

3 best exchange runners:

Mitrade It is among my favorites to invest in dollars. It has an interface that even my grandmother would understand and has won several awards for its security. Opening an account is super quick and its fees are among the lowest I have found.

Wise It operates in several countries and is very popular. It allows you to convert reais to dollars or other currencies with transparent real-time rates. They also offer a free international debit card.

Best Exchange For the more traditional, this platform compares quotes from nearby exchange houses in real-time. They do not charge a commission for the comparison, but the houses do have their own fees.

How to buy dollars cheaper?

Impossible to escape the rise of the dollar against the real, but with my tricks you can save quite a bit:

• Define your objectives: Are you going to travel or invest? Each purpose needs its strategy.
• Do not buy out at the last minute: It has happened to me and it is terrible to face a sudden increase.
• Watch the quotation: Values change drastically in a matter of days.
• Follow the market: Elections, political crises, or economic problems influence the change.
• Compare rates: Every detail matters, including hidden taxes.
• Choose reliable brokers: Don't take risks with strangers. I've heard stories of terrible scams.

What is the difference between buying dollars and investing in dollars?

When you travel, the buy out is timely and you must plan it to avoid surprises with the rates.

To invest, you have the advantage of time. You can buy out little by little and follow market trends to obtain more profit.

You can also invest in digital currencies pegged to the dollar, American stocks, or dollarized funds, which multiplies your earning opportunities.

The best way to buy out dollars is the one that suits your goal. In my case, for short trips I prefer Nomad, but for investing I always turn to specialized brokers.

Remember to evaluate your investor profile and study the market before jumping in. Don't be like me in my early attempts when I lost money for not being well-informed!