Banco Do Brasil International Transfers & Exchange Rates
This banking organisation offers financial services to customers in Brazil, from their headquarters in Brasilia. In this review, we present the finer details of Banco Do Brasil international bank transfers, by analysing the types of fees, customer reviews and transfer speeds, to establish whether this bank is a reliable global transfer provider.
About Banco Do Brasil
Banco Do Brasil (BB) is the second-largest banking organisation in Brazil, and its' essential product range includes services for both personal and business clients, such as tailored solutions for entrepreneurs, investment accounts and corporate banking, as well as private financial support. In addition to more than 500 branches in Brazil, the bank has established a strong presence elsewhere around the globe, primarily in Europe and Latin America.Customers in these countries receive specialised services thanks to the bank’s strategic network.
Banco Do Brasil has developed a digital platform that supports international transfers, as well as a mobile banking application optimised for both individual and business customer use.
Can I Use Banco Do Brasil Bank for International Bank Transfers?
Yes, BB facilitates international bank transfers through its correspondents abroad via the SWIFT system. The bank can credit other international bank accounts or, alternatively, if the recipient lives in a country with Banco Do Brasil branches, they will be able to walk in and collect funds as cash.
Banco Do Brasil Exchange Rates and Fees
Fees and exchange rates are at the core of the money transfer business, and competitive prices give customers more for their money.
Exchange Rates
Banco Do Brasil retains the right to set the exchange rate for all international transfers. The bank applies the foreign exchange rate dubbed “Currency list for BB bank.” It is usually on the display counter each day at the branch.
Clients holding USD denominated accounts can transfer funds internationally in currencies such as Australian dollars, Canadian dollars, Mexican Pesos, Pound sterling and Brazilian Reals. The rate for currency conversion will only be available at the time of transaction.
Transfer Fees
BB offers individuals from Germany and Austria a personalised service known as BB Remessa. The service is exclusive to individuals with bank accounts in these countries and intends to transfer relatively small amounts to Brazil. The fees in Euros are as follows:
| BB Remessa Charges |
| €10 for amounts up to €100 |
| €20 for amounts ranging from €500.01 to €2,000 |
| €30 for amounts between €2,000.01 to €7,500 |
| €40 for amounts from €7,500.01 to €15,000 |
Banco Do Brasil customers in the USA can transfer cash to Brazil free of charge.
For transfers between BB bank branches in Europe, clients are charged a fee of €1.00 for outgoing transfers. Outside the EU, transfers are charged €18.
Fees sending from Japan are as follows in Yens(¥): ¥990 for amounts up to 10,000 / ¥1500 for amounts from ¥10,001 to ¥50,000 / ¥2000 for amounts from ¥50,001 to ¥100,000 / ¥3000 for amounts from ¥100,001 to ¥200,000 / ¥5000 for amounts upwards of ¥200,001.
The fees vary from one country to another depending on the amount and urgency of the transaction.
Additional Costs
There are additional fees for any transfers with attachments: charges for these transfers will cost a further €5. Customers are also penalized €3.5 for incomplete or incorrect instructions on their transfer requests.
How Do Banco Do Brasil Bank Transfer Fees Compare to Using a Money Transfer Provider?
Bank transfers within Europe are competitive at €1, although leading providers such as OFX do this for free. When customers from the EU want to transfer outside the EU, they pay a flat rate of €18. Compared to other remittance companies, this is extremely expensive. Players like WorldRemit and Remitly offer transfers to Brazil at less than €6.
Fees for Germany and Austria transfers range from €10 to €40, which is still quite expensive. The fees do not come close to matching the top money transfer companies.
The additional charges levied on a client for incomplete transfer instructions are also very pricey.
Banco Do Brasil SWIFT codes
Banco Do Brasil Pros and Cons
Being a bank with a vast network, BB customers enjoy the ability to send money across different countries easily. From our analysis, here are some of the top advantages and disadvantages of BB bank in relation to international money transfers.
Pros
Cons
How to Open an Account and Transfer Money With Banco Do Brasil
A prospective client can open an account with BB bank across all branches. This includes all countries where BB bank has representation. For instance, in New York, customers need to present all their KYC documentation. Additionally, they have to wait up to 7 days for the account to be opened.
The steps involved in opening the account include:
Step 1: Provide the necessary KYC documents can either be a passport, ID, or driver’s license. Users might also require to provide proof of residence.
Step 2: Deposit an initial amount of $3000 in the USA. In Portugal, customers need to deposit at least 5,000 Euros.
After your account is set up, customers can walk to a branch and fill in the money transfer order form. Otherwise, customers can download the app or use the online platform to facilitate international money transfers.
Customer Service Details for Banco Do Brasil Customers
Feedback for customer service seems to be neutral. Some customers say they have had nice experiences getting their issues sorted. Others admit that services were not that great.
Customers say that sending small amounts to Brazil using BB bank is advantageous. On the app store, the apps are rated highly at 4.4, with many customers satisfied with the support.
However, customers should note that service may differ considerably considering the bank operates in different regions globally. Some customers in the Miami branch say that they do not get prompt responses from the branches. A common complaint is that a third-party service provider only picks calls and then directs the calls to the branch who never picks calls.
Summary
From our analysis, Banco Do Brasil is a relatively reliable remittance service provider, with an impressive global network across multiple major countries. Customers can access sending and receiving international transfer services in-person, online or via the mobile app, direct to their bank accounts. Fees charged for transfers will vary depending on the country where the request was initiated, but the transfer speed is quite competitive.
This being said, we encourage users to venture outside of the confines of international bank services, considering the options available with money transfer operators such as Wise, PaySend and OFX. Check out our comparison engine to find out what options are the best for your transfer needs.
