Send Money to Brazil: Cheapest Options and Essential Tips

Compare rates and fees for transfers to Brazil

Who are the best providers to send money to Brazil?

The number of Brazilian immigrants in the USA rose 50% between 2010 and 2019, climbing to 502,000. This explosive growth has been partly fueled by economic instability in Brazil itself, which is also why it may be necessary to send money to Brazil to support friends or relatives living there.

After reviewing dozens of money transfer providers, MoneyTransfers.com has found that the best providers for sending money to Brazil include:

• WorldRemit: A popular choice due to its low fees and the ability to transfer money within minutes

• Wise: Allows users to transfer money within a single business day, though its fee structure can be steep for certain types of payment

• Global66: Has higher fees than competitors, but it’s balanced by a favorable exchange rate and a transfer time of one to two hours

How can I pay for my money transfer to Brazil?

With a money transfer provider, you’ll have an extensive selection of payment options available to you, including:

• Bank transfer: You can transfer money directly from your bank account; however, this method can take a bit longer than using a credit or debit card

• Credit card: Credit card payments can speed up the transfer process, but they can also attract additional fees, and some providers charge extra for using a credit card

• Debit card: A debit card also speeds up the process, provided you’re willing to pay the same fees as a credit card

• Digital wallet: Depending on your provider, you may be able to link a digital wallet like Apple Pay, Google Pay, or PayPal

What is the best way to send money to Brazil?

The best way to send money to Brazil is to take advantage of the services of a money transfer provider and use a bank transfer as your payment method. WorldRemit can complete a transfer quickly and affordably, and a bank transfer is also the cheapest payment option when using Wise.

A credit or debit card payment can accelerate the process. Just remember that some card providers may charge you additional cash advance fees or currency conversion fees that can add to your costs.

When possible, avoid bank transfers that rely on the SWIFT network. Despite its name, this banking network offers unreliable transfer times and unpredictable (often steep) fees.

How long does it take to send money to Brazil?

Your transfer time will be influenced by factors like:

• Your transfer method

• Your payment type

• The amount you’re sending (due to security protocols)

• Bank cut-off times (which can delay your transfer until the following business day)

Here are the transfer times of a few popular money transfer apps:

• WorldRemit: A few minutes

• Wise: The next day

• Global66: One to two hours

All estimates are based on a USD 2,000 transfer, so you may see delays with larger amounts due to the time it takes to clear security checks.

What is the fastest way to send money to Brazil?

Once again, money transfer providers are the fastest way to send money to Brazil. That’s because they skip the SWIFT network and depend on their own network of banks.

When paying by credit card, WorldRemit facilitates transfers within minutes. Global66 can also help you complete a transaction in one to two hours.

Paying with a credit or debit card can streamline the process. Just check the fee structure — apps like Wise charge more when you pay by credit card, and some credit card companies attach additional cash advances and currency conversion fees.

If speed is paramount, use a cash pickup. The recipient must be physically present, but apps like WorldRemit can help you locate a bank or local agent. Money will usually be available almost immediately after the transfer.

Use the search feature on MoneyTransfers.com to compare transfer rates and fees.

How much does it cost to send money to Brazil?

The cost of every transfer depends on both the transfer fee and the exchange rate — in this case, the cost of converting from the American dollar to the Brazilian real.

Some providers charge a flat rate, while others levy a percentage fee based on the amount you send. Still, others base their fee structure on your method of payment.

You can use the mid-market rate as a reference point when comparing exchange rates. This is the midpoint between the buying and selling price of foreign currency, and it gives you a baseline value for understanding the exchange rates of different money transfer providers.

Pay attention to both fees. For example, WorldRemit only charges a $2.99 transfer fee, but the app’s exchange rate is 4.6694.

If you send $2,000, the recipient only gets R$9,338.79. But even though Global66 charges a higher fee ($20), the exchange rate is exactly 1, which means you won’t lose money in the exchange.

What is the cheapest way to send money to Brazil?

In most cases, the cheapest way to send money to Brazil is through a bank transfer from a provider. Always compare the exchange rate and the transfer fee since the former may become more financially significant at higher dollar amounts.

While credit or debit card payments can streamline the transfer process but also create additional costs. And some providers, such as Wise, charge a higher transfer fee when using a credit card versus a bank transfer.

Wire transfers and international money orders are still possible, though the SWIFT banking network can cause your money to bounce between intermediaries, each adding its own fee. You’re better off going with a money transfer app.

To compare exchange rates, transfer times, and fees, use the convenient search tool found on MoneyTransfers.com.

What do I need to send money to Brazil?

To send money to Brazil, you’ll need to provide the following:

• Your personal info: When you create an account, you’ll be asked for your full legal name, your contact information, and a valid form of photo ID (such as a driver’s license or passport); your info will be stored in the app for future transfers

• Your recipient’s info: You’ll also need the recipient’s name, contact details, and banking info, including their SWIFT code (which identifies the bank) and IBAN — in Brazil, the IBAN is a 29-character code consisting of a two-character country identifier (“BR” for “Brazil”), two IBAN check digits, bank and branch identification numbers, and the recipient’s account number

• Your preferred method of payment: Most providers let you select a bank transfer, credit or debit card, or your digital wallet

What do I need to receive money in Brazil?

To receive money in Brazil, recipients will need to show a valid form of ID, such as their:

• Brazilian driver’s license

• Passport

• Brazilian ID card

Also, ensure the sender has your accurate SWIFT and IBAN codes to guarantee a safe, expedient transfer.

Do I pay tax on money transfers to Brazil?

Senders don’t usually pay tax on non-commercial transfers unless your gift exceeds the USA’s gift allowance ($17,000 or $34,000 for married couples filing jointly).

That said, you can expect to pay tax if any of the following conditions are true:

• You have a foreign bank account containing over $10,000

• You’re sending more than $10,000 from your business

• You exceed the gift allowance

Recipients are subject to the Imposto sobre Transmissão Causa Mortis e Doações (ITCMD). The exact terms vary from state to state, but gifts can be subject to as much as 8%, depending on the transfer amount.

Furthermore, any funds sent for commercial purposes will be taxed as worldwide income, meaning the recipient must report the money on their income taxes.

What reasons do people send money to Brazil?

With Brazilian immigration on the rise, it’s understandable that some individuals may need to send money to the country to support friends, family, or business associates.

You might send money to Brazil to cover things like:

• Family gifts

• Medical expenses

• Tuition or educational costs

• Outstanding debts

• Investments or business ventures

• Travel costs

Thankfully, bank transfer providers allow you to send money safely and securely, and MoneyTransfers.com can help you find a provider that fits your needs.

Sending money to major banks in Brazil

Brazil is home to many major banks, including:

• Banco de Brazil

• Caixa Economica Federal

• Central Bank of Brazil

• Itau Unibanco

• Banco Safra

• Santander

• Banco Bradesco

These banks make it easy to initiate transfers and find participating locations for a cash pickup for added convenience.

The USD to BRL exchange rate

What apps can I use to send money to Brazil?

You can send money to Brazil using the following apps:

• WorldRemit

• Wise

• Global66

• Western Union

• HSBC

• Capital One

• PayPal

And recipients can even receive money using any number of popular digital wallets, including:

• PicPay

• NuBank

• Mercado Pago

• PagBank PagSeguro

These digital wallets can be ideal for recipients who don’t have a bank account in Brazil or lack immediate access to their accounts.

Start by using MoneyTransfers.com to find a money transfer provider whose speed and costs suit your needs.

Useful links for Brazilians abroad

Brazilian expats might want to bookmark sites like:

• The Brazilian Embassy (Washington, DC)

• The United States Embassy in Brazil

• Brazilian-American Chamber of Commerce

• Brazilian Tax Information

And, of course, you can check out MoneyTransfers.com to learn more about money transfers, tax payments, and more.

Sending different amounts of money to Brazil

Are you thinking about sending money to Brazil? Here’s what you can expect when transferring various amounts.

Sending under $1,000 to Brazil

When sending small amounts, money transfer apps are your best option. WorldRemit can provide lightning-fast transfers, though Global66 offers a better exchange rate.

Sending $1,000 or more to Brazil

Most transfer providers are set up to handle transactions of $2,000 or less. However, WorldRemit will allow you to send up to $5,000 for each transaction, with a 24-hour limit of up to $9,000.

Sending $10,000 or more to Brazil

A transfer of $10,000 or more will exceed WorldRemit’s 24-hour transfer limit, but you can use Global66 to transfer $30,000 each month. Also, Wise allows you to transfer up to $15,000 when paying with a bank transfer.

Sending $100,000 or more to Brazil

You’ll find that most money transfer apps aren’t sufficient for large transfers. Your best option is to pursue an online broker like Currencies Direct or TorFx or find a way to break your payments into smaller monthly transfer amounts.

Send Money to an From Brazil With These Guides

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