Investing dollars for a future trip (12-24 months): currency fund, ETF, Wise or stablecoin — what earns and what just gets in the way

Setting aside dollars for a 2027 trip is not an investment. It is personal currency hedging. The question is not "how much will it earn", it is "how do I lock today's rate without losing to Brazilian inflation or letting the money slip away".

The Brazilian financial industry pretends this is the same as investing. It is not. Anyone treating a trip as a long-term portfolio picks the wrong product, pays too much tax, and when it is time to spend discovers the redemption takes 3 business days (your airfare has already gone up 800 reais).

In May 2026, with the dollar at 5.68 reais and US rates still at 4.5-5%, there are six viable paths for a Brazilian with 50,000 reais or more wanting to travel in 12 to 24 months. Let us get real: what each one yields, what each one costs in tax and fees, and the hidden risk that only appears when you need the money.

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What does NOT exist (and is sold as if it did)

Before any comparison, three products that show up in YouTube videos and do not exist:

1. Tesouro Renda+ Cambial. Tesouro Direto has Renda+ (linked to IPCA) and Educa+ (also IPCA). Currency-linked, no. The last dollar-linked Treasury bond was NTN-D, discontinued in 2006. If someone offers you that, it is a Treasury fund with hedge — which is a fund, with management fee and come-cotas, not Tesouro.

2. "Banco do Brasil dollar account that earns interest." BB Cambial is a DI currency fund (investment fund, not account). It tracks the dollar minus 1.2-2% per year management fee. It is not an account.

3. "Dollar ETF tax-exempt up to 35,000 reais." The 35,000 reais/month exemption on variable income applies to Brazilian stocks. ETFs (including ETF BDRs) pay 15% on net gain, no exemption. Whoever told you otherwise copied a stock rule.

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The 6 real options — direct comparison

Base rate: commercial dollar 5.68 reais (May 12, 2026). Horizon: 18 months. Investment: 50,000 reais.

Option	How it earns	Tax	Mgmt fee	Liquidity	Main risk
XP DI Cambial currency fund	USD variation + currency CDI	22.5% semiannual come-cotas	0.90% per year	D+1	Come-cotas destroys long term
BB Cambial fund	USD variation minus fee	22.5% come-cotas	1.50% per year	D+1	High fee plus come-cotas
Itaú USD fund	USD variation + currency CDI	22.5% / 20% (long)	1.30% per year	D+1	Same
DOLB11 BDR (B3)	Tracks spot dollar	15% at redemption (no exemption)	0.49% per year	D+2	Bid-ask spread 0.3-0.8%
Wise USD	Does not earn (idle balance)	None (not an investment)	0.4-0.6% conversion spread	Immediate	Opportunity cost around 5% per year
Nomad/Avenue T-Bills	US T-Bills around 4.8% per year + dollar	15% capital gain + carnê-leão on coupon	0% Nomad, 0.10% Avenue	D+1 US, D+3 BR	Tax paperwork
USDC on BR exchange	Yield 4-7% per year (variable)	15% capital gain (crypto)	0% custody, 1-2% withdrawal	Immediate (on-chain)	Exchange plus BC regulatory

Real difference over 18 months, assuming dollar stable at 5.68 reais:

• Wise: 0 reais in returns. You only locked the rate.
• XP fund: around 1,800 reais net (currency CDI 1.8% gross minus 0.9% fee minus 22.5% come-cotas).
• DOLB11: around 0-300 reais (no coupon, only tracks dollar; gain comes from currency variation).
• Nomad T-Bills: around 3,400 reais net (4.8% per year minus 15% tax equals about 4.1% net in USD).
• USDC with 5% yield: around 3,500 reais net. But with exchange risk.

Cold conclusion: for real return, Nomad/Avenue in T-Bills wins. For zero paperwork accepting no return, Wise. For total liquidity in Brazilian operations, XP currency fund (not BB, fee too high).

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Currency fund — XP, BB or Itaú

A currency fund is the default path for a Brazilian with an XP, BB or Itaú home broker. It works like this: you buy shares, the fund buys USD futures on B3 plus CDI, and the return is dollar variation plus currency CDI (dollarized CDI, yielding around 1.5-2% per year in dollars).

Why come-cotas kills it: Short-term funds (average duration up to 365 days) have semiannual come-cotas — the tax authority withholds 20% (long) or 22.5% (short) on the yield every May 31 and November 30, automatically. Over 18 months that means 3 hits. Compounding is destroyed.

Example: 50,000 reais yielding 2% per year in currency CDI plus 10% currency variation over 18 months.

• Gross final: around 56,500 reais.
• With quarterly come-cotas: around 55,200 reais.
• Difference: 1,300 reais to the tax authority before final redemption.

Which to pick:

• XP DI Cambial (FIC FI Cambial): 0.90% per year fee, 100 reais minimum, D+1 liquidity. Best in category among the big ones.
• BB Cambial: 1.50% per year fee. Only worth it if you are already a BB Private client and want everything in one place.
• Itaú USD currency fund: 1.30% per year fee. Equivalent to BB, no standout.

Who it is for: a Brazilian with XP/Itaú home broker, 10,000-100,000 reais, 6-18 month horizon, wants D+1 liquidity and zero tax paperwork (the bank withholds at source).

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BDR DOLB11 — B3's dollar ETF

DOLB11 is a BDR (Brazilian Depositary Receipt) of the US ETF UUP or similar, listed on B3. It works like a stock: you buy through home broker, pay brokerage (0 reais at XP/Inter/Clear), and sell when you want.

What the ads hide:

• Bid-ask spread of 0.3-0.8%. You buy at ask, sell at bid. On small orders (10-50 shares), the spread costs more than the ETF management fee (0.49% per year).
• Low liquidity. DOLB11 trades 2-5 million reais per day. A large order (above 100,000 reais) moves the price.
• The 35,000 reais/month exemption does not apply. BDRs and ETFs pay 15% on net gain always, regardless of sale amount. Whoever told you otherwise confused it with a Brazilian stock.

When it makes sense:

• Portfolio that already holds other B3 positions (you are in the home broker anyway).
• Investment above 30,000 reais (dilutes the spread).
• You want to rebalance over the 18 months (sell high, buy low).

When it does not:

• Single 5,000-20,000 reais investment for a specific trip. Wise or currency fund is better.

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Wise USD — for those who only want to lock the rate

Wise is not an investment. It is a multi-currency account with near-interbank exchange. You convert BRL to USD via Pix, pay 0.4-0.6% spread plus 1.1% IOF, and the USD balance sits idle in the account.

The real math:

• Converting 50,000 reais at 5.68 per dollar gives 8,717 USD net (after spread plus IOF).
• 18 months later, with dollar still at 5.68: you have 8,717 USD equal to 49,512 reais.
• You lost 488 reais (entry spread plus IOF).
• If dollar went to 6.30: 8,717 USD equals 54,917 reais. Currency gain 4,917 reais.

Wise is for locking the rate, not for earning. You give up about 5% per year of yield (which you would have on a T-Bill) in exchange for total simplicity — balance already in USD, global debit card, zero tax, zero declaration.

Who it is for: A Brazilian traveling in 30-90 days with up to 30,000 reais who wants to lock the rate without worrying about fund, tax or exchange. For 18 months it is too high an opportunity cost.

We compare Wise vs Nomad vs C6 vs Avenue in detail at /wise-nomad-c6-avenue-comparacao-real-2026.

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Nomad and Avenue with T-Bill balance — the real gain

Nomad and Avenue are Brazilian accounts at US brokers. Nomad is fintech (simpler), Avenue is full broker (more options). Both offer the key product for this case: automatic allocation into short-term Treasury Bills (T-Bills).

T-Bills are US Treasury securities of 4, 8, 13, 26 or 52 weeks. They yield around 4.8% per year in USD today, are considered the safest asset in the world, and are taxed as fixed income in the US (but for a Brazilian it is capital gain at redemption).

Brazilian taxation:

• Currency gain plus T-Bill gain at redemption: 15% on net gain (variable income outside Brazil), paid via DARF by the last business day of the month following redemption. The 35,000 reais/month sales exemption applies (foreign asset rule).
• T-Bill coupon (if any, rare on short T-Bill): monthly carnê-leão, progressive table (up to 27.5%).
• Mandatory declaration: balance above 1,000 USD (5,680 reais) on December 31 must go in DIRPF (assets and rights).

Why it is the best for 18 months:

• Yields 4.8% per year in USD (26-week T-Bill) — equivalent to around 3.5% per year after tax.
• On 50,000 reais converted: around 8,700 USD today, around 9,350 USD in 18 months, equal to 53,108 reais (with stable dollar) or more if dollar rises.
• SIPC protection up to 500,000 USD (Nomad and Avenue are members).

Cost:

• Nomad: 0% custody, exchange spread around 0.9% (see table at /wise-nomad-c6-avenue-comparacao-real-2026).
• Avenue: 0.10% per year custody plus exchange spread around 1.5%.

For a single investment with a 12-24 month horizon, Nomad beats Avenue on cheaper exchange. For someone already investing in US stocks, Avenue is worth it for integration.

Stablecoin (USDC, USDT) on Brazilian exchanges — the controversial path

A stablecoin is crypto pegged 1:1 to the dollar. USDC (Circle, US-regulated) and USDT (Tether, offshore) are the two biggest. On Brazilian exchanges (Mercado Bitcoin, Foxbit, Binance BR), you buy USDC with BRL via Pix and it yields 4-7% per year in the exchange's internal yield program.

How the yield works: The exchange lends your USDC to market-makers, funds, or applies it in DeFi (Aave, Compound). It pays daily interest, net (the exchange already withholds US tax if applicable). You watch the balance grow.

Brazilian tax:

• Crypto capital gain: 15% on net profit, 35,000 reais/month sales exemption (yes, it applies to crypto — IN RFB 1.888/2019).
• Monthly DARF by the last business day of the following month.
• Mandatory declaration if balance over 5,000 reais on December 31.

The risks no one mentions:

1. No FGC, no SIPC. If the exchange fails (FTX, Celsius, Voyager), you lose everything.
2. Banco Central regulatory risk. The Central Bank can change crypto rules at any moment (Crypto Legal Framework 14.478/22 grants broad powers).
3. USDT (Tether) is not 100% backed in USD. It is around 70% Treasury, 20% commercial paper, 10% other. It already fell from 1.00 USD to 0.95 USD in 2023.
4. Exchange yield can stop. Mercado Bitcoin already cut USDC yield from 6% to 4% in February 2026 without notice.

Who it is for: A risk-tolerant Brazilian with 5,000-30,000 reais who understands they can lose everything if the exchange fails. Not recommended for a specific trip with a set date — if the exchange freezes withdrawals the week before the trip (has happened), your money becomes a problem.

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The optimal mix — 50,000 reais, trip in 18 months

Practical summary for a Brazilian with 50,000 reais wanting to travel in 12-24 months:

%	Where	Why
60% (30,000 reais)	Nomad in 26-week T-Bills	Yields 4.8% per year in USD, SIPC protection, best risk/return
30% (15,000 reais)	XP DI Cambial currency fund	D+1 liquidity in Brazil, fallback if T-Bill takes time to redeem
10% (5,000 reais)	Wise USD	Operational spending 30 days before the trip (Uber, coffee, ticket)

Why this combination:

• You capture around 4% per year net real yield in USD (T-Bills) on the bulk.
• You have D+1 liquidity in Brazil for emergencies (XP fund).
• You have immediate dollars on the Wise card for first expenses without waiting for remittance.
• You diversify risk: US broker plus BR fund plus UK fintech.

What NOT to do:

• Put 100% in USDC for yield — binary risk.
• Put 100% in Wise — you lose 5% per year in opportunity.
• Put 100% in BB Cambial fund — 1.5% fee destroys returns.
• Buy DOLB11 with 5,000 reais — spread eats the gain.

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Rebalancing — when to move

For an 18-month horizon, rebalancing only makes sense if the dollar moves plus or minus 10% from the entry point. Otherwise, transaction cost (tax, spread, conversion) eats the gain.

Real scenarios:

Dollar rises 15% (from 5.68 to 6.53):

• Realize 30% of the T-Bill at Nomad. Pay the 15% tax (around 1,300 reais on a 8,700 reais gain).
• Convert to BRL via Pix Nomad.
• Wait for correction to re-enter.

Dollar falls 10% (from 5.68 to 5.11):

• Additional investment. Buy more USD at Nomad with free BRL.
• Do not realize the currency loss — you still need USD to travel.

Sideways dollar (plus or minus 5%):

• Do not move. Let the T-Bill yield. Take profit on the currency fund in May 2026 (before the May 31 come-cotas) to realize profit with lower tax.

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The most expensive mistake — choosing by influencer

The 3 recurring mistakes I see in finance and traveler groups:

1. "The influencer said Avenue is better." Avenue is better for investing in US stocks, not for reserving travel currency. Avenue exchange is 0.6 points more expensive than Nomad.

2. "I will put everything in USDT yielding 8%." The 8% exists in non-custodial DeFi (Aave), not on Brazilian exchanges. On Brazilian exchanges it is 4-6%, and the risk is greater than the 1-2% extra gain compared to T-Bill.

3. "My bank's fund yields more." It almost never does. Big bank fee (1.5-2% per year) plus come-cotas plus manager's exchange spread destroys the brochure's "gross yield".

The difference between choosing right and wrong on 50,000 reais over 18 months is 3,000-4,000 reais net. That is an extra night in Paris.

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When ETF actually pays off

DOLB11 (or similar) only makes sense in 3 specific profiles:

1. Single investment of 50,000 reais or more with horizon of 24 months or more. Bid-ask spread dilutes.
2. Portfolio that already holds Brazilian stocks — you already pay zero brokerage, you already know how to declare variable income, it is just another ticker.
3. You want intra-day sale flexibility. ETF opens 10am, closes 5pm, sells in seconds. Currency fund is D+1.

For someone opening an XP/Inter account now just to buy DOLB11 for a trip, it is not worth it. Go straight to Nomad or XP DI Cambial fund for simplicity.

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What changes between 12 vs 24 months

12-month horizon: Wise plus XP currency fund. End of story. The T-Bill gain in 12 months (around 4.1% net) does not justify tax paperwork for someone going abroad once.

18-24 month horizon: 60/30/10 combination above. The T-Bill generates enough net yield to justify the paperwork.

24+ month horizon (trip only in 2028): Reassess every 6 months. Over 2 years, US rates may fall (Fed already signaling cuts), making T-Bill less attractive. Then shift weight to US fixed-income ETF (BIL, SGOV) via Avenue.

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Two prerequisites before any choice

Before operating any of these products, two critical points:

1. Your remittance is outside the traditional source. If you still buy dollars at an airport exchange or bank branch, the 4-6% spread has already taken more than any T-Bill yield cancels out. See first /onde-comprar-dolar-mais-barato-brasil-2026.

2. Your global account is chosen. Wise, Nomad, C6 Global and Avenue have different propositions — confusion leads to duplicated cost. Compare at /wise-nomad-c6-avenue-comparacao-real-2026.

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Practical appendix

Required documentation by product:

• XP/Itaú/BB currency fund: account at bank/broker, moderate/aggressive suitability profile (currency funds usually require aggressive).
• DOLB11: B3 broker account (XP, Inter, Clear, Rico — all with zero brokerage on BDR), moderate suitability.
• Wise: CPF, RG/CNH, proof of address, selfie. 100% online signup, account open in 24-48h.
• Nomad: CPF, RG, proof of address. US account open in about 7 days. Native Pix.
• Avenue: CPF, RG, W-8BEN form (non-US-resident declaration), proof of address. Account in about 10 days.
• Exchange (USDC): CPF, KYC (selfie plus document), account open in hours.

Estimated total cost over 18 months (50,000 reais):

Combination	Projected net return (stable dollar)	Risk
100% Wise	0 reais	Low (no return)
100% XP DI Cambial fund	around 1,300 reais	Low
100% Nomad T-Bills	around 3,300 reais	Low-Medium (tax paperwork)
100% USDC at 5% yield	around 3,500 reais	High (exchange plus regulatory)
60/30/10 (T-Bill/Fund/Wise)	around 2,500 reais	Low-Medium (diversified)