If you’re looking to send money to Brazil, there are a number of options available to you. The total cost of your transfer can vary greatly depending on who you use, so being informed about your choices is a sensible step to take. In this guide, we’ve broken down the various ways you can send and receive money to Brazil, including the cheapest, fastest, and overall best options for your specific transfer needs.
Sending money to Brazil is simple and easy. Follow these steps to get started.
Step 1: Compare providers to find the best service for you
The cost of your international transfer to Brazil can vary greatly depending on which provider you use, so comparing all the options available to you should be your first step. Our comparison form provides an unbiased, transparent look into the best money transfer providers for you, comparing rates, fees, transfer times and more.
Step 2: Register with your chosen provider
Most providers will be completely free to sign up to, simply requiring your name, address and contact information. You may also need to upload a picture of a valid photo ID to verify your identity. It’s important to make sure that the provider you are using does actually support transfers to Brazil from the country you are located in.
Step 3: Start your transfer
Set up your transfer by providing your recipient’s information (name, contact details, and bank account information if you are selecting this payout method), the sum you are sending, the currency you are converting to, and your payment details. You should be given an estimate of how long your transfer will take to reach your recipient.
There are multiple ways to easily send and receive money in Brazil but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
Some of the busiest transfer corridors to Brazil include money being sent from Japan, the United States, Portugal, Spain, and Italy. Therefore, it helps to know how money moves in these corridors and the preferred ways of sending to Brazil from these countries plus any other you may be sending from.
The Brazilian financial system has a total of 174 banks consisting of 153 commercial banks, 12 investment banks, four exchange banks, and four development banks. The banks operate over 30,000 branches and approximately 170,000 ATMs.
Most of the banks in Brazil allow for SWIFT transfers from remitters abroad. However, some of them may work through correspondent banks, making transfers costly and slow. The standard processing time for international wire transfers to Brazil from countries in Europe and North America is four business days.
It is also important to point out that time differences, working hours, banks verifications and approvals, and wire amounts can affect the transfer process. With that said, interbank transfers can be done either in person at a branch or through the online platform.
Very few banks allow customers to give instructions on the phone when doing transfers. However, customers with good bank relationships can call their account managers and transfer money to Brazil.
Brazil has witnessed a transactional change in its remittance corridors. Traditional money transfer platforms such as banks are paving the way for digital platforms like Money Transfer Operators (MTOs) offering lower fees and faster transfer times. We’ve created a comprehensive guide to showcase the difference in fees between banks and MTOs.
Small and medium money transfer service providers have increased their footprint in the Latin American country. However, the big international providers like Western Union, MoneyGram, Xoom, Dolex, WorldRemit, TransferWise, and Transfast are still the dominant players.
For you to send money through MTOs, you need to sign up for an account, pay for your transfer using a debit card, credit card, or bank debit and send. You can sign up on their websites or through a downloadable mobile app.
Sending money can be done in different ways including visiting a physical store, filling in forms and depositing the cash; sending online or starting the process online and finishing it up at a physical store. There are three main ways you can send money to Brazil through the MTO platform.
This process is similar to interbank transfers. The difference is that the bank transfers are from the MTO platform. They also cost less and take a shorter time to complete. MoneyGram, WorldRemit, and Xoom can send to your bank in less than two working days. TransferWise launched transfers to Brazil in 2016.
Some providers have partnered with major banks in Brazil like Banco do Brasil, Banco Bradesco and Caixa for even faster transfers.
This mode of sending is almost instant. Your loved ones can receive the money in under an hour from agents in the payout network. Xoom has 250 pickup locations across Brazil including System of Credit Unions of Brazil. If you are sending from the United States, Western Union has over 42,000 physical agents you can visit. Also, you can send up to $5,000 with Western Union.
You can send money directly to Brazil through MoneyGram mobile wallet transfers. All you need is the recipient’s phone number and the international country code for Brazil to send. This method is fast and convenient.
Correios, the Brazilian Post, offers this international financial transfer service for Brazilians in the diaspora to send money home. It is a faster, cheaper and safer way to send money to remote parts of Brazil, thanks to the extensive postal network.
Brazilians can access money in over 6,000 accredited post offices across the country. The Central Bank of Brazil and the Ministry of Finance regulate the postal money transfer service.
When sending money to Brazil, you’ll be required to provide information to help in the smooth transfer of your money. The information may vary per provider and the prevailing circumstances. However, the following is just about all the information you will need to send money to Brazil.
Cases of money laundering and criminal network financing have increased globally. Therefore, you may be required to provide additional information such as the source and purpose of the funds.
There are several ways of receiving money in Brazil including direct bank deposits and cash collections. The choice of the receiving channel largely depends on the proximity, convenience and other personal preferences. The following are the ways through which you can access money sent to you from abroad.
If the sender has deposited money into the recipient account either through the MTO platform or via a SWIFT transfer, the recipient may have to wait for up to five days to receive the money. When receiving large amounts of money, this method is the safest.
Direct bank deposits are not very common in Brazil because close to 40 per cent of the population is unbanked. In rural areas, the percentage could be higher, thus locking out rural Brazilians from the mainstream financial services.
Amounts up to $5,000 can be comfortably received through this method. However, you should go with a family member, relative or friend when collecting large amounts for security reasons. If the agent is closer to a bank, you could immediately deposit the money. The same applies to money order cash collections.
When your money finally arrives in Brazil, you’ll get an SMS notification or an email depending on the details the sender filled in. As you prepare to go and collect your money, you’ll need to put together the following information.
Providers such as MoneyGram may require that you fill out a form giving more details. Also, large amounts of money may attract scrutiny from the authorities and require additional documents such as source of funds and source of income.
The best way to send money to Brazil will almost always be by using a money transfer operator that supports transfers from your sending country. Money transfer operators not only have lower rates and more competitive exchange rates than banks but also offer a number of different payment and delivery options.
In Brazil, it estimated that around 45 million people are unbanked. This amounts to nearly one-third of the adult population without access to banking services, including money transfers via a bank account. When sending money to Brazil, therefore, this needs to be a key consideration when choosing the best service for you. A few other factors that may affect your choice include:
Ultimately, the best way to send money to Brazil depends on the individual circumstances of your transfer: there is no one-size-fits-all answer. Use our innovative comparison engine for a real-time breakdown of the best money transfer providers available for your specific transfer needs.
The two main costs you need to be aware of for any international transfer are:
The cheapest way to transfer money to Brazil will depend on where you are sending from (not all money transfer operators support transfers between every currency corridor) as well as the payment method you choose.
For example, if you were sending with WorldRemit from the US to Brazil, you would find lower fees for an airtime top-up transfer than for a bank transfer.
It’s also worth bearing in mind that the cheapest money transfer option is not always the fastest, so knowing your priorities beforehand is important. To find out more, we’ve written a guide to help you find the cheapest ways to send money abroad.
There are several ways to transfer money to Brazil very quickly. Most money transfer operators are capable of processing your transfer and getting your funds to your recipient within an hour or two, sometimes even faster. Companies such as WorldRemit, Azimo, TransferWise, and Xoom are all capable of transferring your money on the same day you initiate your transfer, although you may find that different payment methods affect the speed of your transfer.
In most cases, for example, a bank transfer will normally take a little more time to process than a cash pick up or a card payment because of the additional checks required.
You should note, in addition, that in many cases, the fastest option is not always the cheapest option. You will often pay a higher premium for a money transfer companies more rapid service, so it may be worth considering a slightly slower transfer option if lower fees are more important to you
Brazil is an influential BRIC (Brazil, Russia, India, and China) economy and the largest in GDP in the Latin America and the Caribbean region. Between 2003 and 2014, Brazil lifted 29 million of its population out of poverty. However, when sending to Brazil, you might want to take note of the following.
The Brazil remittance corridors are getting busier and lots of money transfer players are coming in. Therefore, knowing the nitty-gritty when sending money home will help you transfer your money faster, safer, and cost-effectively.
Sending money anywhere else in the world is as easy as sending money to Brazil. If you’re looking to send money to another country, here is the list of the most popular destinations.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com