Are you abroad and need to make a transfer? Find out the best rate and cheapest way to send money to Brazil
International money transfer is perhaps one of the most important issues for anyone living outside Brazil. With the dollar soaring in recent weeks, finding a viable alternative to sending financial remittances has become an even greater challenge.
Currently, there are several ways to send money to Brazil, but the task of finding the cheapest one is not an easy one. It is necessary to evaluate and understand about fees, transactions and sometimes bureaucratic conditions that lead us to waste time and, in many cases, money as well.
So what would be the best rate to send money to Brazil? Know everything to choose the most economical alternative and make your transfer right now.
Best rate to send money to Brazil
There are several ways to send your money from abroad to Brazil, through different institutions. Nowadays, it is possible to carry out this transfer even online, without having to leave the house. Each of the alternatives, however, charges different fees and taxes to carry out these transactions.
Therefore, before knowing the cheapest way to send your money to Brazil, it is necessary to better understand the fees charged by financial institutions.
The IOF is the acronym for Tax on Financial Operations, levied on all financial operations for both individuals and legal entities. In the case of international transfers, the IOF charged is 1.1% in case of sending money to an account of the same holder and 0.38% in the case of another holder. In addition, in the case of sending via cards (credit, debit and prepaid) the value increases to 6,38%.
Exchange is a term used to refer to the exchange of a value of a currency of one country for another of a different currency. The exchange rate, therefore, reflects the cost of one currency in relation to another, no matter what they are: euro, dollar, etc. Virtually all institutions will apply their own exchange rate over the commercial exchange rate to carry out the transaction.
To carry out transactions between different countries, currencies and bank accounts, the SWIFT (Society for Worldwide Interbank Financial Telecommunication) fee is charged. The charge may vary for each financial institution and deducted from both the sender and the receiver of the money.
In addition, banks and online providers that carry out financial transactions also charge a service fee. Each one determines its own values, so it is important to be aware of the best alternative. You can look up this rate by going to your bank's rate and fee table, which is usually available online.
How to send money to Brazil
But, after all, what is the cheapest way to send money to Brazil? Below, we will explain some options and the best rate to send money to Brazil so that you can evaluate, compare and choose the most interesting option.
Banks are not the best choice for anyone who wants to send money to Brazil. In addition to the IOF, they use the SWIFT fee system, charge a percentage of the amount transferred and exchange rates with a profit margin, which vary according to each institution. So, inform yourself very well before opting for this method.
currency exchange offices
Some exchange offices also carry out international money transactions. However, you need to be careful not to lose out, as most of these establishments use profit-margin tourism exchange rates in addition to the SWIFT rate. Values may vary and some houses offer the possibility of negotiation, but it is important to be aware that this may not be the cheapest way to send money to Brazil.
Currently, it is also possible to carry out transactions to send money to Brazil completely online, without having to leave your home. THE TransferWise is one of travelers' favorite companies and one of the cheapest shipping options. This is because they use commercial exchange, which is much more advantageous than tourism. The quote can be up to 8 times cheaper than by other means.
All you need is a checking account to receive the money in Brazil – and it doesn't even need to be in your name, allowing you to send it to friends or relatives. In addition, directly on the website you are already aware of the total amount you will transfer, with all fees and IOF, no surprises.
Online transfer: how TransferWise works
THE TransferWise offers the best rate to send money to Brazil because it works with local partners and is present in more than 62 countries and in 504 types of currencies. This makes the company lower its operating costs, making the transaction cheaper. Understand better how it works:
- access the website, Create your account and carry out the online quote without bureaucracy. The amount paid is transferred within the country and currency of origin to a local partner.
- This local partner performs the conversion based on the commercial (and not tourist) exchange rate, informing a correspondent in the destination country of the value of the transaction already converted.
- This correspondent in the country of destination is responsible for carrying out a second transfer, depositing the amount deposited by you in the recipient's account, that is, to whom you sent the money.
The transfer can be made by credit or debit cards, bank slip and bank transfer. Depending on which country you ship to and the payment method, the money may drop within the same day. the website of TransferWise also has its version in Portuguese, facilitating access for Brazilians.
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