You have 50,000 reais for a trip in 2027 and want to lock the exchange rate without leaving the money idle? There are six viable paths in Brazil in 2026 — XP/BB/Itaú currency fund, DOLB11 ETF, BDR of US ETF, Wise USD, Nomad/Avenue, and USDC/USDT stablecoin on Brazilian exchanges. Each has different tax treatment, different liquidity, and a hidden risk that only shows up at redemption. This guide compares all six with a final table and says which fits which profile.
14 min read
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.
What does NOT exist (and is sold as if it did)
TL;DRBefore any comparison, three products that show up in YouTube videos and do not exist: 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.
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.
The 6 real options — direct comparison
TL;DRBase 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.
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).
Currency fund — XP, BB or Itaú
TL;DRA 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).
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).
About the author
Curadoria Voyspark
2 years in the Voyspark editorial team
Time editorial da Voyspark — escritores, repórteres, fotógrafos e fixers em Lisboa, Tóquio, Nova York, Cidade do México e Marrakech. Coletivo. Sem voz corporativa. Cada peça com checagem cruzada por um editor regional e um chef ou curador local.
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