Tips on Sending Money to Brazil
There are several ways to transfer funds from the US to Brazil. One of the simplest ways to do this is to begin a relationship with a US bank that is well represented in Brazil, such as Bank of America, Wells Fargo or Citibank.
If the receiver of the funds has an account with one of these banks, it is a great idea to open an account locally as well with the same bank, seeing as how account transfers within the same bank are often processed at a faster rate and with little or no extra cost. Bank transfers between two differing banks are also relatively simple; however, sending money from one bank to another can entail a waiting time of up to 5 work days with considerably higher processing fees.
charges can be extremely high for international wire transfers. If, though, the funds needs to arrive fast, this is the best feasable option.
Other than the bank transfer, another way to send money to Brazil is through the ATM debit card. In an emergency this may not be the best way, since it takes some time for the card to physically be sent to the person in need of money; but for those who may regularly send money to family in Brazil, the pre-paid debit card is a good choice.
Upon activation, sending a debit card with the PLUS or CIRRUS logo on the back will ensure that funds can be withdrawn from a gigantic and far-reaching network of ATMS located throughout Brazil and all over the world. If choosing to use an ATM card, you need to be confident that the cardholder is not retrieving funds without prior authorization, for these are not pre-paid and hold no exact limit.
A pre-paid debit card is loaded with a determined amount and cannot be overdrawn, making it a very protected option. If more money is needed at a later date, the card can be reloaded as many times as necessary.
In addition to these methods, online payment services are becoming the most popular way to send funds overseas. This method moves the funds swiftly and the fees are quite low, however, the recipient must have a banking history in Brazil in order to access the money.
One advantage of sending money this way is that the funds can be used to acquire goods and services electronically without ever needing to change the sent funds into physical cash. On the other hand, if the recipient does wish to turn these electronic funds into cash, it is more challenging than with other proven methods, due to processing procedures.
With any method you choose, fund transfer between the United States and Brazil is now an easy process. Be it via bank transfer, pre-paid debit card or online transfer, funds can be sent quicker than ever.
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