Brazil’s Caixa Economica Federal Expands Services AbroadGood news for Brazilians living and working in the USA and Canada. Brazil`s federal bank Caixa Economica Federal is expanding its services through a strategic partnership with Portuguese bank Banco Comercial Portugus, better known as Millennium bcp.
The partnership agreement, to be signed later this month, will facilitate remittances to Brazil by Brazilian citizens living in the USA and Canada. It will also make it easier for these citizens to open accounts and carry out investments while living abroad.
The partnership will allow CAIXA to make use of Millennium bcp`s network of over 20 branches in Brazilian strongholds, such as New York and New Jersey, as well as seven other locations in Canada. Each branch will have at least one Brazilian employee to provide better service to immigrants.
With this new partnership any Brazilian citizen living in the US or Canada may remit values, even those who are not clients of the bank. They just have to present ID and information regarding the remittance beneficiary (bank, branch, account, full name and Individual Taxpayer Identification Number – CPF).
This is the second stage of CAIXA`s expansion abroad. In June of this year CAIXA started offering Brazilians, living in any country, the opportunity to make Internet-based remittances.
Brazilians living abroad can open an electronic bank account (e-account), by accessing the site www.caixa.gov.br and clicking on CAIXA International. Once the account has been set up clients can remit funds to Brazil, using an international credit card, and also acquire CAIXA’s products and services..
The only requirements are: to be a Brazilian citizen, whether born or naturalized, be located in any foreign country, have a CPF valid in Brazil and a VISA issued out of Brazil. For further information, such as values simulation, please access http://www.caixa.gov.br/_redirect/links/r_siloj.asp
CAIXA also decided to lower its remittance charges from 2.9% to 2.52%, which is well below the market average of 8.5% for this service.
Brazil is among the top 20 countries that receive most resources from remittances. According to data by the Inter-American Development Bank (IADB), including informal remittance means, the amount remitted to Brazil reached US$ 5.2 billion in 2003.
The market of remittance by emigrants is clearly expanding worldwide. Currently, over 2 million Brazilians are living abroad, distributed among 30 countries, mainly in the United States of America (800,000 emigrants), Paraguay (460,000), Japan (200,000) and Portugal (80,000).
The remaining countries from different continents account for 23% of the total number of non-resident Brazilians, according to the Brazilian Institute of Geography and Statistics (IBGE/2000).
With over 3.5 million clients, 1,038 branches and holding about 25% of the market in Portugal, Millennium bcp has always been an innovative group concerning with regard to meeting the needs of its clients. On different occasions it has set the pace for the banking sector in Portugal.
The partnership ceremony will take place on Oct. 22 at the headquarters of the United Nations Organization (UN) in New York, at 6:30 p.m. local time – 8:30 p.m. Brasilia time, with the presence of CAIXA President, Mr. Jorge Mattoso, and the Global Vice-Chairman of Millennium bcp, Christopher de Beck, additionally to the bcp bank Chairman for the United States and Canada, Mr. Pedro Belo.