Originally posted by agri2001 Originally posted by ganeshrkara  If the original currency is USD, Euro, Pound, CAD ( currencies with direct conversions to $R) you will get a good rate...if not you will lose around 5-7 %  on exchange rate plus IOF tax !  check here and other money transfer topics for details   http://www.gringoes.com/forum/forum_posts.asp?TID=12361&PN=2 Can you tell us which banks here in Brazil give " a good rate" because i just did a transfer last week with Itau and they got me for 7% + B$105.00 bank charges + IOF tax That was from Euros to Reals. I would like to know .

     I am not sure regarding Euro to Reais transfer.
   When I did HSBC online transfer from India to Brazil , I was losig 5-7% on mid market rate but while did from India to UK , was losing around 3%. (maybe because India to UK, currencies have direct conversion while India to Brasil have one first conversion to $ and then to $R )
 
  other things came to know from this forum are...

   Between US and Brazil, there are many good options with good rate/less charge.
     Gringodude's HSBC transfer from Canada and Brazil costing couple hundred dollar for 10k...means  around 2-3%

  For Meredith , using HSBC from BR to US   R$14,52/transfer, regardless of how much money  transferred

  For Caesar from AUD to $R , 7% on mid market rate. 

   There is one member finrudd with HSBC in 3 different countries...check with him..maybe he has experience of doing Euro to Reais transfer

    http://www.gringoes.com/forum/forum_posts.asp?TID=12830&KW=&PID=158047#158047

        I am also in the process of finding a better combination...waiting for my CIE to be ready.

I'm preparing to do a transfer soon using outside funds to purchase a piece of property in Brasil.  I was certain this 7% tax that keeps popping up in the convo has only to do with Brasilians using their cards outside of the country, and has nothing to do with international wire transfers and the forex necessary to convert your dollars, euros, whatever, into reais.

Yet just on a whim, I emailed Banco do Brasil in NYC last night to confirm this, and believe it or not have already received an answer this morning.  Below is what they informed me.

There is an 6.38% IOF tax regarding foreign use of brazilian credit cards.  Regarding Wire Transfers, there is a much smaller IOF tax rate of 0.38%, when dollars are converted to Brazilian Reais.

Obviously, the bank(s) will also levy a fee (a set fee, not a percentage), but as someone has already mentioned, it's nominal.  As far as any income tax one may face because of the money coming in (to your personal account), that's another subject.  AFIK, if the funds are labeled patrimônio, then there is no "income" issue.  But yes, any outside accounts, and their balances, should have been declared with the BC when one became a resident.




Edited by Gringo.Floripa - 20 March 2012 at 08:07

Will be talking to HSBC today, but wanted to follow up on that last comment.

I am declaring my taxes in Brazil now and have to list assets in the states (patrimonio).  If intend to get a loan to finance some property here, should/do i need to declare that even I dont have it yet?  If I do get the loan eventually, is that considered a legitimate source from the central bank's perspective? Ie, I am not going to have to pay extra taxes on that?

Thanks,

Following up again.  Finally transferred some money.  Commercial rate at the time was ard 2.0275 and they gave me 1.9900.  Far from what I was hoping for - nearly 2% off the commercial.  Plus, the IOF of 0.38.  On the same day I was able to get 2.03 from my Citibank act using those 24 ATM machines.  Smaller amounts.  So far not very happy with HSBC.  Only reason I am going to stick with them is that they opened an account in the US for free and I am not able to use 1 bank and transfer between the two without any fee.

I hope this helps as this is the kind of info I was initially looking for months ago.

Cheers,

tried to transfer more today and they, Hsbc, were giving me a quote of 3 % off of the commercial rate.  I am opening an account with an SP broker, Pioneer, http://www.pioneercorretora.com.br/telas/contato/default.asp.  Anyone have any experience with them.  They were going to give me a much better rate.

Again, hope this helps.