6 May 2021
6 June 2022
Money Transfer to Brazil
Brazil has a huge problem with corruption so transferring money from and to Brazil is closely monitored by the authorities. Therefore, it can be a real pain in the arse to get money transferred, especially large sums.
It is difficult to establish a Brazilian bank account unless you are a permanent resident. If you do have a Brazilian bank account here, you can transfer money from your home country directly into that account. That will take a while and the cost can be quite high, depending on your bank’s charges and fees as well what your Brazilian bank will charge. It is also likely that you must attend your bank here in person and proof where the money is from. And attending any bank in person here in Brasilia is a time-consuming affair.
The best way to transfer funds into Brazil are money transfer services like Wise, formerly known as Transferwise. You can open an account online, which needs some time, and you have to provide several documents and security checks. But once that is done and you are set up it is all easy breezy.
With Wise you can only transfer money from your own bank account overseas into your Brazilian bank account. So if your family and friends want to send you money from their accounts that will not be possible. In that case better use transfer services like Western Union.
UPDATE: Wise allows you now to get a bank account with Wise in your home country. This includes a BSB and account number and works just like any bank account. This account can be used for family and friends to deposit money into it and you can than send it to people to anywhere in the world that have also a Wise account.
Once you initiate the transfer through Wise you have to transfer the money from your foreign bank account into a Wise account and about 2 days later it will land in your Brazilian account.
Please note that you will not have a problem transferring US $10.000 a year from your overseas account to Brazil. Once you go over US $10.000 Wise might ask you for some more information.