If you, like several others, are trying to look for the best way to send money to Brazil, know that there is no single alternative that works equally well for everyone. After all, just like people have different reasons for sending money to Brazil, they have different requirements as well. As a result, you need do some basic groundwork in determining which overseas money transfer company works best for you.
Transfer Money to Brazil
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What currency does Brazil use? The Brazilian real (BRL) is the officially used currency in Brazil. In April 2016, it became the 19th most traded currency in the world. One real is divided into 100 centavos. The money used in Brazil is denoted by a dollar like sign, although it comes with two vertical strokes instead of one.
If you wish to transfer money to a Brazilian bank account, you will need to provide the bank’s SWIFT code, along with other details. The table below lists SWIFT codes of some popular Brazilian banks.
|Banco Bradesco||Sao Paulo||BBDEBRSPBEX|
|Caixa Economica Federal||Sao Paulo||CEFXBRSPXXX|
|Banco Safra||Rio de Janeiro||SAFRBRSPRJO|
|Banco Itaubank||Rio de Janeiro||FNBBBRB1RJO|
Popular Currency Corridors
A considerable amount of money is sent to and from Brazil each year. In 2016, around U.S. $2.74 billion was sent in remittances from other countries to Brazil. Close to U.S. $1.65 billion made its way out of the country as remittances during the same period.
Check the corresponding tables to look at the popular incoming and outgoing currency corridors. The numbers provided are in U.S. dollars and are from 2016.
How Do I Compare Companies When Sending Money to Brazil?
You may want to send money to Brazil or transfer money from Brazil to another country. In any case, narrowing down on a suitable service provider requires that you address the same basic factors.
- Cost of the transfer. The fee you need to pay and the exchange rate you get affect the cost of your transfer. When transferring money to Brazil or out of Brazil, compare how much money the recipient stands to receive through different companies. This is the simplest way to arrive at the most cost effective alternative.
- Time taken to process the transfer. If you want to transfer money to a Brazilian bank account, bear in mind that the process may take two to five working days. In this case, the turnaround time depends on the company you choose and the receiving bank. The quickest way of sending money to Brazil is working with a company that has cash pickup centers in the country. Transfers to cash pickup locations tend to go through almost immediately.
- Paying for the transfer. The most common way to pay for a money transfer to Brazil is through a bank account. You might be able to pay using a debit or credit card depending on the company you select. Some money transfer companies let their customers pay through region-specific methods such as POLi, iDEAL, and SOFORT.
- Customer service levels. Find out what customers of popular overseas money transfer companies have to say about their services and customer service levels by turning to websites such as Trustpilot and Feefo. Some of the top companies provide phone support in multiple countries. However, support via chat or email is easier to find.
How to Transfer Money to Brazil?
You may start the process of transferring money to Brazil in different ways.
- Online. Several banks let their customers send money to Brazil online. However, since most banks fare poorly when it comes to cost effectiveness and speed, you might be better off using the services of a specialist overseas money transfer company. Some even provide apps for mobile devices so you may initiate your transfer on the move.
- Over the phone. Some companies let you transfer money to Brazil over the phone. Depending on the company you select, you might get access to a dedicated currency dealer.
- In-person. One way of sending money to Brazil in person is by visiting your local bank. Another is to use the services of a money transfer company that has an office or agent location near where you live or work.
Antonio had to move to the United States for work, while his wife and daughter continued living in Brazil. To make sure they kept leading the same lifestyle as before, he decided to send money back home every month. After using the services of a popular American bank for a few months, he decided to find out if there was a better way of sending money from USA to Brazil. He compared his options and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||$1 = BRL 3.218||$1 = BRL 3.302|
|Amount received for $2,500||BRL 7,964.55||BRL 8,255.00|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||BRL 290.45|
Turning to the money transfer company benefitted Antonio in multiple ways. For starters, his wife ended up receiving extra money, and it got to her account quicker than before. In addition, the company he selected let him lock in exchange rates for up to six months. He could even schedule his transfers ahead of time.
Cash Pickup Locations in Brazil
If transferring money to Brazil in a hurry is your top priority, consider getting the recipient to collect it from a cash pickup location. Some of the top names such as MoneyGram, Ria, and Western Union have agent networks in this country.
|MoneyGram in Brazil|
|Rio de Janeiro Ultramar Viagens, Avenida Rio Branco 120 Lojas 27 E 29 Centro Rio de Janeiro||Dantur Passagens E Turismo Ltda, Avenida Rio Branco 156 Centro Rio de Janeiro|
|Sao Paulo Ourominas Liberdade - #142, Praca Carlos Gomes 150, Centro Sao Paulo||Global Money Rua Conselheiro Furtada 309 Liberdade Sao Paulo|
|Ria in Brazil|
|Rio de Janeiro Banco Santander - Rio-Teleporto, Av Pres Vargas 3131 Lj C, Rio de Janeiro||Banco Santander - Estacio-CAP-RJ R Amoroso Lima Lj A, Rio de Janeiro|
|Sao Paulo Banco Santander - Central R Boa Vista 263 Sao Paulo||Banco Santander - Select Centro-SP R Quinze De Novembro 213 Sao Paulo|
Safety Tips for Picking up Cash in Brazil
Brazil has high levels of crime, especially robberies. Pickpocketing is also fairly common. If you plan to collect money from a cash pickup center, try to visit locations in malls or populated market areas. When collecting a large sum, consider taking someone with you. In addition, try to collect your money during daylight.
If you are threatened, do not resist and hand over your valuables immediately, because crime in Brazil often involves firearms. Do not visit beaches after dark. Take particular care of your belongings during carnivals and other festive periods.
Shanty towns, referred to as favelas, are prone to high levels of crime. Reconsider visiting any favela, even as part of an organized tour, because violence in these areas has increased in recent times. Avoid driving through favelas as well.
In Rio de Janeiro, pickpocketing and thefts are common in and around Ipanema beach, Copacabana beach, Santa Theresa, and Lapa.
What Information Do I Need to Transfer Money to Brazil?
If you wish to send money to Brazil, you need to provide different kinds of information, which varies according to the transfer method you select.
- Bank account. If you plan to transfer money to a Brazilian bank account, you will need to provide the recipient’s complete name, his or her bank account number, the receiving bank’s name, and the bank’s SWIFT code.
- Cash pickup location. The only information you need to provide in this case is the recipient’s complete name and the location of a cash pickup center. The recipient will need to provide a reference number along with an acceptable form of identification document to collect the money.
Regulations When Transferring Money To and From Brazil
The Banco Central do Brasil (the Central Bank of Brazil) is responsible for monitoring cross-border money transfers to and from Brazil. When transferring money to Brazil, you may send up to BRL 10,000 without worrying about foreign exchange regulations. If you want to send more than this amount, you have to provide additional information and complete some legally required paperwork.
Taxation rates for donations and gifts are different in the 26 states of Brazil, and it is the responsibility of recipients to declare any such occurrences in their annual tax returns. If a recipient does not pay tax on a large-value money transfer, the penalty imposed can be 20% to 75% of the unpaid tax. Increased fines are in place for repeat offenders, and they can even face six months to two years of jail time.
Bank accounts in Brazil can only be maintained in Brazilian currency. If a Brazilian importer wants to send money from Brazil to USA, the only legal way to do it is by purchasing U.S. dollars in the form of an exchange contract through a bank that is authorized by the Banco Central do Brasil.
Given that there are different ways to send money to Brazil, compare your options based on your individuals needs. For instance, do you want to pay for your transfer using a credit card? Do not forget to look for promotional offers as they can lead to monetary savings.
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