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Brazilian banks to improve availability of off-us ATMs

The new agreement among Brazilian FIs will improve ATM access for travelers attending the 2016 Olympics in Rio de Janiero.

July 25, 2014

It comes too late for World Cup tourists, but it could make life a lot easier for vacationers traveling to Brazil for the next summer Olympics. Seven of Brazil's largest banks announced last Friday that they will implement a new agreement to expand their shared ATM network, Banco24Horas, which is administered by Tecnologia Bancaria.

According to a report by Reuters, network members will convert some  standalone ATMs to Banco24Horas ATMs over the next four years.

The banks include:

• Banco Bradesco SA
• Banco do Brasil SA
• Banco Santander Brasil SA
• Caixa Econômica Federal
• Itaú Unibanco Holding SA

Local divisions of Citigroup Inc. and HSBC Holdings PLC also are participants in the Tec Ban agreement.

The announcement followed the Brazil-hosted 2014 FIFA World Cup soccer tournament. In the run-up to the event, travelers to Brazil were warned by their home governments that limited ATM networking in Brazil could make it difficult to find a machine that would accept their ATM, debit or credit card, thus limiting their access to cash.