Sending money remittances abroad

A value delivery from Brazil to abroad can be done in several ways, which will be presented below. Our objective is to show methods of value transfer for those who wish to invest in real estate.

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

Except for sending cash money, normally, in other modalities of transfers, the sender (who will send the value), the issue (which will be the way you choose to ship) and the beneficiary (who will receive and enjoy the amount abroad). It is worth pointing out that the sender and the beneficiary can be the same person, that is, someone can send an amount from Brazil for them to use abroad.

The procedure for transferring values is easy. As Juliana Scolari, a foreign exchange specialist, points out, "it is 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 basis of analysis your most current Income Tax. In other words, what each individual can take out of the country is already liquid and taxes have already been paid on that money."

International account opening

Before knowing the ways of shipping, you need to think about whether or not it is worth it to have an international account.

A international account opening can be advantageous in cases where one remits money frequently, if it is necessary to manage a large amount in one's account.

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

Usually a minimum deposit of up to $50 is required (depending on the bank). After the opening, the customer will be entitled to a debit card and check, in addition to the internet banking.

You will also have the duty to pay account maintenance (usually between 10 and 15 dollars monthly). Except in cases where there is a minimum monthly turnover or a deposit of an amount previously determined by the chosen bank.

It is suggested that the choice of bank be based on the number of branches in the country. In this way, wherever he or she may be, the customer can easily find a unit to carry out movements on your account.

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

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

Cash

If the person is scheduled to travel abroad, it is possible to take cash. The IRS sets a limit of R$ 10,000 or corresponding foreign currency.

If you have cash resources, whose total value exceeds the limit mentioned above, it is mandatory to fill out the Electronic Declaration of Travelers' Assets (e-DBV), available online at the IRS website or through the "Travelers" application.

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

If values above the limit are not declared, the person is subject to penalties, such as losing the amount in hand or even being detained at the airport until they clarify the origin of their funds to the IRS.

It is not very advantageous, therefore, for people who intend to transfer large amounts, due to the bureaucracy with Brazilian customs and the lack of security in carrying cash.

Ways of sending large value shipments

For real estate purchases, business investments, or any other need where you need to make large remittances, we list below the best way to go.

Bank Transfer - Remittance by Money Order

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

The sender needs to have on hand all the beneficiary data that each bank requires, in addition to the Swift (international standardization of codes between banks, by which the beneficiary will withdraw the amount). Both parties involved in the process will pay for this transaction.

In this mode, the transfers from Brazil to foreign countries need to be made in foreign currency, as advised by the Central Bank. The 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 transfer.

Remittance by Institution Authorized by the Central Bank

The remittance of values can be performed by duly qualified institutions by the Central Bank to act as intermediaries of exchange operations. That is, in accredited stores of such institutions or even by companies that exercise activities in an entirely digital way.

Moneycorp

This company is a specialist in the foreign exchange market, and its objective is Make value transfers without complications, with agility and security. It is a company with an excellent national and international reputation. In the United States, for example, it does thousands of transfers of great values annually for more than 30 years.

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

It is extremely reliable because it has a partnership with an exchange broker, which is authorized by the Central Bank of Brazil to perform exchange operations.

"Moneycorp is the only company in the industry that offers an international payments account for every customer. In other words, the customer can close a foreign exchange contract and through his Moneycorp payments account, and arrange all his international payments. For example, a customer is buying a house in Florida and will need to send funds to the builder, to buy furniture and decoration and eventually send funds to his bank account in the USA. Through the Moneycorp account, the customer will be able to distribute all these payments at no additional cost. He can also keep the funds in his Moneycorp account indefinitely until his decision is made," is what the exchange specialist and leader of Moneycorp's Brazilian market development, Juliana Scolari, points out. 

Better Ways

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

Bank transfer - delivery by money order

• Fees: It is necessary to consult the bank to find out, as each one has its own service fees, which can be high and disadvantageous, including IOF (1.1% for those transferring funds of the same holder and 0.38% for other holders). In addition, some banks limit the amount that can be sent per transaction. If you need to send a large valueThe process can be slow and bureaucratic.
• Value transfer time: check with your bank.
• Sending security: look for solid banks, as they tend to be completely reliable and secure for making international transfers.

Moneycorp

• Fees: the site has a calculator that converts currency you have for the currency you want. In a simulation we made, 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. Also, if you have other service fees incorporated into the amount, they will always be lower than the fees charged by traditional banks.
• Time of value transfer: there are two modalities, Standard and Express. Standard rate is cheaper but takes longer (2-4 days). Express mode has a higher but faster rate (0-2 days).
• Security: fully reliablehas a partnership with a foreign exchange broker authorized to intermediate foreign exchange operations by Central Bank of Brazil.

With this comparison it is possible to conclude that Moneycorp has the best advantages to transfer your money in a short time, with reasonable fees and with total security of your funds.

Visit the site for more information: MoneyCorp

IMPORTANT

Companies and institutions that are not authorized by the Central Bank of Brazil or that do not have partnerships with those who are authorized are part of the parallel market, that is, they act illicitly. The use of this market has several disadvantages, which can lead to negative consequences:

- No assurance of authenticity of the currency purchased;

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

- Money from the parallel market may have bad bloodThis is a very important issue, as is drug trafficking, arms trafficking, and other illicit activities.

Always seek the best paths that will provide you with security and tranquility to make your financial remittances, always respecting the laws of the sending and receiving countries, in order to make your dream come true in a peaceful way for you and your family.

We are at your disposal to clarify any doubt. Count on our experts whenever you need it.