Have you ever needed to send money to Brazil? Whether you live and work abroad or hire services from Brazilian employees, you are not alone.
After all, technology paved the way for new opportunities worldwide, especially in the digital market. It’s easier now to build a well-paid career in a foreign country or even work remotely from anywhere. We can say the same about sending money to Brazil.
There was a lot of bureaucracy before and not so many options. However, thanks to technological advancements, the scenery is different today. From the US, Europe, or Japan, you can send money to your family in a few minutes.
The same goes for a company that needs to pay any employee based in Brazil. As long as you know the way, things can be pretty smooth, and you can focus on other tasks in your daily life or business.
If you are here, you made the first. With this article, you will find more information and finally learn how to send money to Brazil. Do you want to know the options available and the costs? So keep reading to find out!
How much does it cost to send money to Brazil?
Let’s start with the costs since it’s one of the reasons to consider while choosing the best option. The main tax charged is the IOF.
Probably, you already saw it. This acronym follows all international purchases with a credit card during a trip abroad. It stands for Tax on Operations of Credit, Exchange, and Insurance. In a few words, it’s a federal tax paid in any financial transaction by individuals and legal entities.
IOF includes a range of rates depending on the kind of transaction — foreign exchange, insurances, investments, or loans. It can also change at short notice. Basically, the tax can be 0.38% for transfer to third parties or 1.1% for transfers to the same ownership. In addition to the IOF, other charges might be applied, such as:
- Exchange rate: value for currency conversion, which can be commercial or tourism, and add an extra margin for administrative expenses;
- Transfer fees: based on how much you send, the delivery speed, or the service you choose;
- Swift: fee charged only by banks to handle internal processes.
So how can you send money to Brazil?
Now you know the main costs to pay attention to before sending money to Brazil, it’s time to learn about the main ways to complete this transaction.
Traditional methods include bank transfer, payment orders, and the post office. Thanks to technology, people, families, and companies are more connected than ever now. This leads us to a more simple, fast, and easy way of doing things through web platforms. Let’s see each one of them!
The most common method is doing an international bank transfer through traditional banks. It can be done online and also by going to an agency.
However, your money can follow a slow path until it meets your family account or the employee’s pocket. At least when we compare this process to the other options. Not to mention the costs. Apart from the IOF, exchange rate, and transfer fee, banks usually charge additional fees.
A wire transfer from abroad through traditional Brazilian banks, such as Itaú and Banco do Brasil, takes several days or even weeks.
If your family or employee lives in a small town, the time to release the funds might be longer because of the little to zero experience with international transactions. The better option to make things a bit faster is to look for banks specializing in currency exchange, such as Nubank and Banco Inter.
Payment orders are also a way to send money to Brazil from abroad. However, it follows the foreign currency before your family or employee receives it.
How so? Before reaching the person who will receive it, the money goes through an exchange operation between the beneficiary and the authorized institution, arriving here in reais. For this trade, some extra details are requested: personal data, address, bank info, and reason for remittance.
While the beneficiary will receive the money without an exchange operation in Brazil, the sender must find a financial institution authorized to trade in the foreign exchange market. Plus, if the amount doesn’t exceed R$ 10.000, it can be delivered in cash. Otherwise, the funds will be credited in the informed account, bank transfer, or check.
Post offices are also authorized to do this kind of service. Whether you want to send or receive money, the transfer is made by mail using an electronic postal order.
Note that it’s only possible between Brazil and countries with an agreement to keep going. You can check it and also other information, such as limits, rates, and deadlines, by visiting the post office website.
You need to go to an agency abroad and share the recipient’s data to send the money. After confirming the transaction, an Arrival Notice is sent. Then the beneficiary goes to the indicated agency with some documents and the postal order number to collect the amount.
From the traditional options, it’s time to learn more about a simple, fast, and easy way. Web platforms have innovated the financial market by turning international transfers into a quick and effective process. Not to mention the offer of the best conditions to meet any person’s needs, such as low fares, less bureaucracy, and the same security. Besides, the whole transaction can be done from your home.
Are you looking for a platform without secret fees and fast to hand over your money? Husky comes to save your day and simplify this process, by sending away any bureaucracy. Here you will find transparency, agility, fair prices, and commitment to building this bridge between you and your family or employees:
- Our communication is straightforward, including a chat to assist you;
- Your money arrives in one business day, completely fast and paying the lowest rates;
- You pay only 2% (or 1% with a coupon from other users) of the transfer amount, plus the IOF (0.38% or 1.1%).
If you made it this far, now you know the main options to send money to Brazil. Some of them can take a while due to bureaucratic processes, while others can offer you a fast and easy way to help your family or pay your employee.
Digital platforms stand out in the market, with lower fees and as shortcuts for international transactions. After all, you only need a computer, tablet or a phone, and a good connection.
Many companies and entrepreneurs already count on Husky to send money in a fast, safe, and smooth way. What about joining them? Get in touch to learn all we can do for you!