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LM1024
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Quote LM1024 Replybullet Topic: Sending Dollars to USA
    Posted: 20 August 2012 at 20:17
I will like to know if anybody is familiar on process to transfer dollars from a local bank in Brazil (maintained in reais) to a personal bank account in the US (in dollars).
Basically, if there are any regulations, taxes, fees and limits.
 
Any info will help.
 
Thanks
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Steven
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Quote Steven Replybullet Posted: 20 August 2012 at 21:37
First of all, there is an entire topic called "Money Transfers".  I think that you should spend an hour looking at old posts on that topic because there is a wealth of information.
 
However, from my standpoint, here is the process.  First, you need to send your Brazilian Reais to someone reliable who can convert them to dollars and send them to an account in the U.S.   I have done this on many occasions and used a "corretora".  I can recommend one but there are several and everyone on the Forum has an opinion or recommendation.
 
You will then do a transfer to their account and they will convert the money from Reais to dollars (they make a profit on the rate they will give you ) and then they transfer to your account in the U.S.   There is a tax charged by the Brazilian government of 0.38%.  The U.S. bank will probably charge you a wire transfer fee of around $25. 
 
All in all you lose about 2-3% of your money in the transfer to pay the various fees.  Unless you are careful you could lose up to 7% due to excessive fees so you really need to shop a little bit.
 
Of course, it all depends on how much you are transferring.  Little fish- big fees, big fish - little fees. 
 
As I said - go back through the Money Transfers posts and educate yourself.
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