Banco Bradesco is among the largest banking institutions in Brazil. It was started in 1943 with the sole purpose of offering dependable services to its clients.
In this article, we review how Bradesco conducts its international money transfer services. Are they trustworthy? Which countries do they transfer to? What about the fees, are they reasonable? We look to answer these questions and more.
Bradesco prides itself on having the most expansive network of agencies and services in the private sector in Brazil. The bank promises hassle-free means to send and receive cash. Customers can remit foreign currencies through internet banking.
Additionally, Bradesco has partnered with major banks and remittance companies to offer comprehensive international money transfer services to its customers. These institutions include:
Western Union – With Western Union, customers can send and receive cash from any country. Transfers are allowed with any currency. Clients receiving funds can go to any Bradesco branch. To send money, clients can use the bank’s agencies all over Brazil.
The Daito Bank – Daito bank is based in Tokyo, Japan. The two banks have a mutual agreement that allows the transfer of money and assets from Japan to Brazil.
BBVA – Bradesco and the Ministry of Labor and Social Affairs in Spain have an agreement to make payments to Brazil. These payments are meant to assist pension beneficiaries.
New Bank – This is a bank based in Lisbon, Portugal. There is an agreement that enables the transfer of remittances and assets from Portugal to Brazil.
Fees – Bradesco does not make clear the fees they charge for their transaction. Considering they have partnered with other third-party institutions, customers will be charged for international remittance services. Some of the institutions offering cheaper services in Brazil include XE and Wise.
Exchange Rate – The rate change spread is a significant way in which remittance companies make revenue. However, unlike other money transfer services, Bradesco does not provide a schedule of rates or a percentage it charges its clients. For instance, if a customer wants to send money to the USA, there are no specific rates on the bank’s website. Here are some companies offering exceptional rates XE and HBSC
Additional costs – Although Bradesco has not indicated any extra fee, we know from our experience that customers will have to pay some other fees to complete the transaction. Customers will typically see the total cost of sending a request when they visit a branch or use the app.
With fully-fledged remittance companies, signing up and sending cash is easy. Customers can access widgets that help them determine the fees and rates they will be charged. For instance, when a client wishes to send money from Brazil to the UK, they can use XE, which charges no fees for the transfer
Bradesco has some upsides and outsides. Let’s see the details.
|Banco Bradesco Argentina S A||Argentina||Buenos Aires|
|Banco Bradesco Sa||Brazil||Belem|
|Banco Bradesco Sa||Brazil||Belo Horizonte|
|Banco Bradesco Sa||Brazil||Blumenau|
|Banco Bradesco Sa||Brazil||Brasilia|
|Banco Bradesco Sa||Brazil||Campinas|
|Banco Bradesco Sa||Brazil||Curitiba|
|Banco Bradesco Sa||Brazil||Fortaleza|
|Banco Bradesco Sa||Brazil||Franca|
|Banco Bradesco Sa||Brazil||Joinville|
|Banco Bradesco Sa||Brazil||Manaus|
|Banco Bradesco Sa||Brazil||Novo Hamburgo|
|Banco Bradesco Sa||Brazil||Porto Alegre|
|Banco Bradesco Sa||Brazil||Recife|
|Banco Bradesco Sa||Brazil||Rio De Janeiro|
|Banco Bradesco Sa||Brazil||Salvador|
|Banco Bradesco Sa||Brazil||Santos|
|Banco Bradesco Sa||Brazil||Sao Paulo|
|Bradesco S A Ctvm||Brazil||Sao Paulo|
|Bram Bradesco Asset Management||Brazil||Sao Paulo|
|Banco Bradesco Sa||Brazil||Vitoria|
|Banco Bradesco Sa||Cayman Islands||Georgetown|
|Banco Bradesco Europa Sa||Luxembourg||Luxembourg|
|Banco Bradesco Sa||Usa||New York Ny|
Opening a Bradesco bank account requires clients to present the necessary know your customer (KYC) documents. The customer can also open an ‘international account’ that assists them in remitting money to Brazil.
Once users open an account, they are issued a password to log into the app or e-banking platform. From these platforms, the client can initiate and receive international money transfers.
Apart from the digital platforms, once the account is opened, customers can visit the branches to send and receive money.
On Trustpilot, a reputable third-party review site, customers rate Bradesco bank 3.5 stars out of 5. However, only six reviews are available. These are a small number and do not offer a sizable representation to draw any comprehensive conclusions. The reviews available suggest that the services and customer support are okay.
If a customer needs a service with an excellent rating, they can use a money remittance company like XE.
Bradesco has partnerships with Western Union, New Bank, and Daito Bank. Using these partnerships, customers can credit any bank account.
Western Union enables customers to deposit to banks in over 200 countries. Daito is predominantly a Japanese bank; therefore, customers can credit and receive from Japan.
Bradesco’s partnership with Western Union is significant as it ensures that customers can quickly and efficiently carry out cross-border remittances. With this partnership, beneficiaries can collect their cash via mobile money, cash pickup, and bank transfers.
Customers should know that fees chargeable for their international transfers are not stipulated on the bank’s website. The customers will get the fees when inputting the transfer request or when receiving a money transfer order.
Finally, from our analysis, Bradesco is a trustworthy remittance partner. Although some things are not streamlined like a traditional remittance company, they have tried to develop solutions to make transfers smoother.