Send Money To Brazil
Officially known as the Federal Republic of Brazil, Brazil is the largest country in South America and is the fifth largest country in the world, in terms of both area and population.The Brazilian economy is the seventh largest in the world, and is a member of the BRIC group of countries. A founding member of the UN, the G20, the Union of South American Nations, and the Latin Union, Brazil is a regional power in Latin American and a middle power in world affairs. The country has also been identified as an emerging global power. With its breathtaking natural areas such as the Amazon Rainforest, its sun kissed beaches, and cultural hotspots, it is perhaps unsurprising that tourism is Brazil’s key sector.
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Currency and Foreign Exchange
The currency used in Brazil is known as the Real (BRL) and is
represented by R$. The term translates as ‘royal’ and ‘real’. One Real
is made up of 100 Centavos. Banknotes are issued in values of R$2, R$5,
R$10, R$20, R$50, and R$100, whilst coins are minted in values of 5, 10,
25, and 50 centavos and R$1. The present day Real was introduced in
1994, when the country underwent a major monetary reform in an attempt
to end the rampant inflation that had impacted upon the nation’s economy
for three decades. When it was introduced, the currency was intended to
have a fixed exchange rate with the US Dollar of 1:1, however it has
since de-valued to approximately 2:1.
Money Transfer Regulations in Brazil
You’ll be pleased to hear that there are no restrictions when it comes
to sending money to Brazil, which should make the process relatively
straightforward. Although there are restrictions on the sale and
purchase of large amounts of foreign currency in Brazil, transferring
small amounts of local or foreign currency into or out of the country,
is very easy, regardless of whether it is done in cash or through a bank
or broker. When transferring sums of up to US$3,000, there are minimal
ID requirements and the transfer does not usually need to be declared.
If you’re transferring amounts over US$3,000, the transaction will need
to be declared to the Banco Central do Brasil, the country’s Central
Bank. Any foreign nationals who are residing temporarily in Brazil are
able to maintain foreign currency accounts (subject to certain
restrictions). These accounts can only be funded by transfers from
When sending money to Brazil, there are a number of payment methods and options to choose from. Of course, the best option for you will depend upon several factors including the amount you wish to transfer, how regularly you will be making transfers, and how quickly you want the funds to reach their destination. For international transfers, wire transfer is the most popular method of payment. If you are sending money to Brazil via wire transfer, there are two main options available to you – transfer via a high street bank or through a specialist international money transfer company such as the Western Union.If necessary, you can also send money to Brazil using a cash payment transaction via a service such as MoneyGram. Cash collection services such as this allow money to be transferred from your bank account to the recipient in Brazil, and can be collected in cash – you can even include a message to the recipient. Compared to bank-to-bank transfers, cash collection transfers can be a relatively expensive option and are generally best reserved for instances where you need to move money quickly or if the recipient doesn’t have an accessible bank account in Brazil.
Potential Difficulties of Sending Money to Brazil
It’s understandable that, for many, the process of sending money abroad can be daunting, especially when it comes to finding the quickest and most affordable solution. The good news is, this doesn’t have to be the case. Unfortunately, fees and charges tend to be unavoidable when sending money abroad. However, with the right approach, it is possible to keep them to a minimum and potentially save yourself thousands. By using a comparison service such as sendthatcash.com, it is quick and easy to find the best rates available and ensure that you pay the lowest possible fees and charges.Finding the best currency exchange rates can cause further problems. With rates changing constantly throughout the day, and different rates being offered by different service providers and institutions, it’s perhaps not surprising that many people are unsure whether they are receiving the best deal or not. Although the currency rate is out of control of you or your service provider, avoiding the high street banks can often save you money when sending funds to Brazil. Using a comparison service will allow you to check a range of rates and chose the one that best suits your transfer needs.
Why use sendthatcash.com?
The process of transferring money abroad, or maybe sending it home from abroad, can seem somewhat daunting, complex and expensive. That’s where sendthatcash.com comes in. We are a trusted money transfer and foreign exchange comparison website. We take care of all the hard work for you, allowing you to compare the fastest and most reliable international money transfer providers and foreign exchange firms that will allow you to send money to Brazil quickly, efficiently, and cheaply. Whatever your reason for sending money to Brazil, we will help you to find a great deal with a regulated, secure money transfer provider, making the whole process as simple and straight-forward as possible.