The Brazilian real fell 8.85% against the Chilean peso on Monday, October 26, 2026, and closed at 182.67 pesos, according to Investing data cited by [La Tercera](https://www.latercera.com/pulso/noticia/el-real-tambien-se-desplomo-frente-al-peso-chileno-elecciones-brasil/). The previous Friday it had hit an intraday high of 200 pesos, a level not seen in at least a decade. For a tourist from Brazil, the effect is direct: a trip to Chile budgeted in dollars or pesos now costs about 8% more in reais, according to the calculation by Agustín Vargas, of Capitaria, in the same report.
The drop came one day after the runoff on Sunday, October 25, in which Luiz Inácio Lula da Silva was re-elected after defeating Flávio Bolsonaro, according to EFE. The market had expected Bolsonaro to win and reacted with sell-offs: the São Paulo Stock Exchange fell 13.88% on Monday, La Tercera reported.
How much the Brazilian real fell against the Chilean peso and the dollar
| Figure | Value | Date | Source |
|---|---|---|---|
| Intraday high of the real against the peso | 200 pesos | Friday, October 23 | La Tercera |
| Closing rate of the real against the peso | 182.67 pesos (-8.85%) | Monday, October 26 | Investing, via La Tercera |
| Selling price of the real at exchange offices in Chile | 205 pesos | Tuesday, October 27 | La Tercera |
| US dollar in reais (ECB reference rate) | R$5.0465 | Friday, October 23 | European Central Bank |
| US dollar in reais (ECB reference rate) | R$5.5884 | Monday, October 26 | European Central Bank |
| US dollar in reais (ECB reference rate) | R$5.3271 | Wednesday, October 28 | European Central Bank |
| US dollar in Chilean pesos | 988.05 pesos | Wednesday, October 28 (intraday) | La Tercera |
Sources: La Tercera (October 28), European Central Bank reference rates retrieved from the Frankfurter API and the dollar on October 28. The exchange-office price is what you pay to buy reais, which is why it is higher than the formal market rate.
On Wednesday the 28th, the real recovered part of its losses against the dollar, but it was still 5.3% weaker than on the Friday before the election, according to the European Central Bank reference rate (Viajando Chile calculation). For XTB, quoted by La Tercera, one of the causes was the unwinding of *carry trade* positions: Brazil's Selic rate is 13.75% and Chile's policy rate is 4.5%.
How much more a trip to Chile costs a Brazilian tourist
According to Sernatur's latest inbound tourism survey with a breakdown by country, a tourist living in Brazil spent an average of US$768 per trip in 2023, with a 7.4-night stay and US$103.3 per day, as we detailed in how much foreign tourists spend in Chile. The table shows how much that spending is worth in reais at each day's exchange rate:
| Exchange rate date | US dollar in reais | Average US$768 trip in reais | Difference from October 23 |
|---|---|---|---|
| Friday, October 23 | 5.0465 | R$3,876 | — |
| Monday, October 26 | 5.5884 | R$4,292 | +10.7% |
| Wednesday, October 28 | 5.3271 | R$4,091 | +5.6% |
Source: Viajando Chile calculation using Sernatur's spending per Brazilian tourist (2023) and European Central Bank reference rates. It is an estimate: it does not include the airfare or the fees for exchanging money or paying by card. Agustín Vargas, of Capitaria, made a similar calculation: a Chilean product worth US$100 that cost about 499 reais on Friday now costs about 541 reais, 8.4% more.
Does your hotel, agency or ski resort welcome tourists from Brazil? Reach them in Portuguese with Viajando Chile.
See advertising optionsWhy it matters: Brazil is Chile's second-largest tourism market
Brazilians are the second-largest group of foreign tourists arriving in Chile, after Argentines, and in the snow months they are the largest. In August 2026, Brazil overtook Argentina with 116,709 arrivals against 62,054. In 2023 they were also the market that brought the most foreign currency into the country: US$373.8 million, according to Sernatur.
| Period | Tourists from Brazil | Change |
|---|---|---|
| Year 2024 (record) | 787,036 | — |
| Year 2025 | 681,649 | -13.4% vs. 2024 |
| January to August 2025 | 499,146 | — |
| January to August 2026 | 510,492 | +2.3% vs. 2025 |
| July 2026 | 152,265 | +7.2% vs. July 2025 |
| August 2026 | 116,709 | +10.2% vs. August 2025 |
Source: Undersecretariat of Tourism and Sernatur, foreign tourist arrivals, October 2026 release with data through August. Changes: Viajando Chile calculation. Brazil is one of the few markets growing in 2026, while total arrivals are down 19.1% in the same period, as we explained in foreign tourists in Chile by country. The full series is in Brazilian tourists in Chile: statistics.
What could happen with Brazilian tourists this summer
The blow comes at the least damaging moment for Chile: the snow season, when the most Brazilians visit, has already ended at almost every ski resort, and in summer the flow from Brazil is much smaller. In February 2025, 23,511 Brazilians arrived, compared with 141,993 in July of that year, according to the same official series. That is why the most visible effect will show up in bookings for the 2027 winter if the real does not recover.
- For the Brazilian tourist: prices in Chile have not changed, but each real buys less. Compare your card's exchange rate with that of exchange offices before traveling.
- For hotels, agencies and ski resorts: the adjustment will be felt in winter high-season bookings, which Brazilians usually make months in advance.
- For the Chilean traveler: the effect is the opposite. Brazil has become cheaper for anyone paying in pesos, which may add competition for Chilean travelers during the summer.
Ana Elisa Pereira, of Universidad de los Andes, told La Tercera that the size of the effect will depend on Lula giving credible fiscal signals in the coming days and weeks, "which would help restore market confidence and stabilize the exchange rate". If you want to know when it pays to come, check when the snow season is in Chile and our guide to how much a trip to Chile costs.
Frequently asked questions
How much did the real fall against the Chilean peso?
On Monday, October 26, 2026, it fell 8.85% and closed at 182.67 pesos, according to Investing as cited by La Tercera. The previous Friday it had reached 200 pesos.
Why did the real fall?
Because of the market's reaction to the re-election of Lula da Silva in the October 25 runoff, which was not the outcome investors expected, and because of the unwinding of *carry trade* bets, according to XTB.
How much more expensive is a trip to Chile for a Brazilian?
About 8% more in reais, according to Capitaria. Using the average spending of a Brazilian tourist (US$768), the difference was 5.6% as of October 28, according to our calculation with the European Central Bank exchange rate.
How many Brazilians visit Chile?
In 2025, 681,649 arrived, and between January and August 2026, 510,492, according to the Undersecretariat of Tourism and Sernatur. The record year is 2024, with 787,036.
