You need to verify your identity to begin the transfer process. A driver's license or passport will suffice. You will need your bank account or credit/debit card details to pay for your transfer. You will also need the recipient's Brazilian bank account details.
Residents of Brazil may receive international money transfers in different ways.
Receiving money from overseas directly into a local Brazilian bank account is typically the most affordable method. You can send money to a bank account in just about any Brazilian bank. Examples include Banco do Brasil, Banco Bradesco, Caixa Econômica Federal, Banco Santander Brasil, HSBC Bank Brasil, and Banco PanAmericano.
The information you need when sending money to a Brazilian bank account includes the recipient's full name, the reason for remittance, the recipient's taxpayer registry identification number (CPF/CNPJ), the recipient's International Bank Account Number (IBAN), the receiving bank's name, and the receiving bank's SWIFT code.
If you need to transfer money to Brazil quickly, your best method is for the recipient to collect it from a cash pick-up location. Some of the top names such as MoneyGram, Ria, and Western Union have agent networks in this country.
Remitly also provides a service for sending cash to Brazil.
|MoneyGram cash pick-up locations 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
Ourominas Liberdade - #142, Praca Carlos Gomes 150, Centro
Global Money Rua Conselheiro Furtada 309 Liberdade
|Ria cash pick-up locations 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
Banco Santander - Central R Boa Vista 263
Banco Santander - Select Centro - SP R Quinze De Novembro 213
Your service provider will need the recipient's full name and contact details as well as the location of a desired cash pick-up center. Collecting the transferred money requires a valid form of ID such as a driver's license or passport along with a reference/transaction number.
Brazil has high levels of crime, especially robberies. Pickpocketing is also fairly common. If you plan to collect money from a cash pick-up 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 hours.
Do not resist if you are threatened, 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 Teresa, and Lapa.
Topping up mobile airtime is another way to send money to Brazil. WorldRemit provides this service, as does Xoom. You may top-up credit for prepaid mobile numbers provided by most telecom service providers in Brazil such as Claro, Oi, TIM, and Vivo.
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 concern for foreign exchange regulations. If you want to send more than this amount, you have to provide additional information and complete legally required paperwork.
Taxation rates for donations and gifts are different across the 26 states of Brazil. It is the responsibility of recipients to make relevant declarations 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 can include jail time from six months to two years.
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.
Transferring money into the recipient's local bank account is the best way to send money to Brazil as it is the lowest cost. The turnaround time might vary based on the service provider you select, how you make your payment, as well as the receiving bank. The top companies that let you transfer money to Brazil include WordRemit, TransferWise and OFX.
The cheapest way to send money to Brazil is to transfer it into the beneficiary's local bank account. The most affordable way to pay for your transfer is via your bank account. Credit and debit card payments usually attract higher fees.
TransferWise is the best app to send money to Brazilian bank accounts as it is easy to sign up and verify your identity. The best app for mobile prepaid credit reloads is WorldRemit. The best app to send cash to Brazil in Minas Gerais is Remitly. However, this comes with extra hidden costs and additional fees.
The best way to send money to Brazil from USA is to transfer it from your bank account to the recipient's bank account. Consider using specialist money transfer companies instead of banks as banks tend to have higher costs. Some of your top alternatives include TransferWise, WorldRemit and OFX.
Yes, you can send money to Brazil using PayPal. However, the recipient needs to have a PayPal account, because the company only lets you transfer funds to another PayPal account. Recipients may then withdraw their PayPal balances into local Brazilian bank accounts.
Xoom, a PayPal company, lets you send money to Brazil. This service provider transfers money to Brazilian bank accounts, and it lets recipients collect cash from physical locations. You may also use its services for reloading prepaid mobile numbers that are part of Brazil's top telecom providers.
Yes, you can wire money to Brazil. However, wire transfers between banks can be expensive when compared to money transfers carried out by specialist companies.