A remittance of values from Brazil to abroad can be done in various ways, which will be presented below. Our aim is to show methods of transfer of values for those wishing to invest in real estate.

Each person must evaluate the options and conclude which is the most advantageous for their needs, taking into account the service fees charged. For example, the Financial Operations Tax (IOF) that will be levied on the total amount to be transferred.

Except for sending money in cash, other types of transfers usually involve the following sender (who will send the amount), the issue (which will be the form chosen to make the shipment) and the beneficiary (who will receive and use the money abroad). It's worth noting that the sender and beneficiary can be the same person, i.e. someone can send money from Brazil for themselves to use abroad.

The procedure for transferring money is easy. As foreign exchange specialist Juliana Scolari points out, "it's a very simple process. In order to be authorized to withdraw funds from the country, the financial institution will need to identify the origin of the resident's funds and the reason for the transfer. Basically, an individual in Brazil has the following options the basis for your most up-to-date income tax analysis. In other words, what each individual can take out of the country is already liquid and taxes have already been paid on that money."

Opening an international account

Remittances

Before getting to know the ways to send money, you need to think about whether or not it's worth having an international account.

A opening an international account can be advantageous in cases where you remit money frequently, if you need to manage a large amount in your account.

If you are traveling to the United States, the opening an account is simple and banks only require a valid passport.

A minimum deposit of up to 50 dollars is usually required (depending on the bank). Once opened, the client is entitled to a debit card and a check, in addition to the internet banking.

You will also have to pay the account maintenance (usually between 10 and 15 dollars a month). With the exception of cases in which a minimum monthly amount has to be moved or an amount previously determined by the chosen bank has to be deposited.

It is suggested that the choice of bank be based on the number of branches in the country. That way, wherever you are, you can easily find a branch where you can make a payment. movements in your account.

If you're still in Brazil, look for international banks that operate in the Brazilian market at the same time as the American market.

The best known are: Bank of America, Citibank and Chase Bank.

Cash

If you are traveling abroad, you can take the following with you cash. The IRS sets a limit of R$ 10,000 or the corresponding amount in foreign currency.

If you have funds in cash, the total value of which exceeds the above limit, you must fill in the Electronic Declaration of Travelers' Assets (e-DBV), available online on the Receita Federal website or via the "Travelers" app.

Before leaving the country, it is mandatory to present the declaration to customs, as well as proof of acquisition of foreign currency in a bank or authorized institution. 

If you don't declare amounts over the limit, you are subject to penalties, such as losing the amount you are holding or even being detained at the airport until you clarify the origin of your funds to the IRS.

It's not very advantageous, therefore, for people who want to transfer large sums of money, because of the bureaucracy with Brazilian customs and the lack of security in carrying them around. cash.

Ways of sending large-value shipments

For real estate purchases, investments in companies or any other type of need where you need to send large sums of money, here's a list of the best ways to go about it.

 

Bank transfer - Remittance by payment order

The sender will go to their preferred bank and request the international remittance by money order transaction. With this type of transfer, the beneficiary also needs to have a bank account abroad.

The sender must have all the beneficiary data required by each bank at hand, as well as the Swift (international standardization of codes between banks, through which the beneficiary will withdraw the amount). Both parties involved in the process will pay for this transaction.

In this modality, the transfers from Brazil to abroad must be made in foreign currency, as directed by the Central Bank. Exchange rates are negotiated between the bank chosen as intermediary and the sender, usually estimated by the value of the currency at the time of the transfer.

Remittance by an Institution Authorized by the Central Bank

Remittances can be carried out by duly qualified institutions by the Central Bank to act as an intermediary for foreign exchange transactions. In other words, in accredited stores of such institutions or even by companies that carry out their activities entirely digitally.

Moneycorp

This company specializes in the foreign exchange market, with the aim of transfer money without complications, quickly and securely. It is a company with an excellent national and international reputation. In the United States, for example, it makes thousands of transfers of great values every year for more than 30 years.

It has several benefits, such as exchange rates that exceed those of traditional banks, fast money transfers, protection of its clients' funds and a team of highly qualified professionals to provide guidance via the online platform to those who hire the service.

It is extremely reliable because it has a partnership with a foreign exchange broker, which is authorized by the Central Bank of Brazil to carry out foreign exchange transactions.

"Moneycorp is the only company in the sector that offers an international payment account for each client. In other words, the client can close a foreign exchange contract and, through their Moneycorp payments account, organize all their international payments. For example, a client is buying a house in Florida and will need to send funds to the builder for the purchase of furniture and decoration and eventually send funds to their bank account in the USA. Through the Moneycorp account, the client can distribute all these payments at no extra cost. They can also keep the funds in their Moneycorp account indefinitely until their decision is made," says foreign exchange specialist and Moneycorp's Brazilian market development leader, Juliana Scolari. 

Better ways

Now that you know the ways to send money, let's help you choose the right one. most advantageous method, making a comparison between them. 

 

Bank transfer - remittance by payment order

  • Fees: you need to check with the bank to find out, as each one has its own service fees, which can be high and disadvantageous, including the IOF (1.1% for those transferring funds under the same ownership and 0.38% for other ownerships). In addition, some banks limit the amount that can be sent per operation. If you need to send a great valueThe process can be slow and bureaucratic.
  • Amount transfer time: check with your bank.
  • Sending security: look for solid banks, as they tend to be completely reliable and safe for international transfers.

Moneycorp

  • Fees: the site has a currency conversion calculator you have for the currency you want. In a simulation we've done, if the sender wants to send R$100,000 to the United States, the amount received will be 31156.53 USD (exchange rate 0.3116). A advantage is that above USD 10,000, the transfer fee is zero. What's more, if you have other service fees incorporated into the amount, they will always be lower than the fees charged by traditional banks.
  • Transfer time: there are two methods, Standard and Express. In Standard mode, the fee is cheaper but takes longer (2-4 days). In Express mode, the fee is higher but faster (0-2 days).
  • Security: totally reliable, has a partnership with a foreign exchange broker authorized to intermediate foreign exchange transactions by the Central Bank of Brazil.

With this comparison, it is possible to conclude that Moneycorp has the best advantages for making your transfer in a short time, with appropriate rates and with total security for your funds.

Visit the website for more information: MoneyCorp

IMPORTANT

Companies and institutions that are not authorized by the Central Bank of Brazil or who don't have partnerships with those who are authorized, are part of the parallel market, i.e. they operate illicitly. Using this market has several disadvantages, which can lead to negative consequences:

- No guarantee of authenticity of the currency purchased;

- No receipt of purchase and legality of possession of the currency, when it is necessary to present it to the authorities;

- Money from the parallel market may have bad originssuch as drug trafficking, weapons and other illicit activities.

Always look for the best ways to get there security and peace of mind to carry out your financial remittances, always respecting the laws of the sending and receiving countries, in order to be able to realize your dream in a peaceful way for you and your family.

We are happy to answer any questions you may have. Count on our experts whenever you need it.