• Author
    Posts
  • #277127

    bulgaro
    Member
    Dear Community,

    I am looking for an easy way for my family to send money back and forth from the USA and Brazil.

    Which banks does Paypal work with?
    Thank you,
  • #277134

    Andrewfroboy
    Participant

    Do want to go back and forth or in just one direction? I wouldn’t recommend paypal either way. Endless forum topics discussing money transfers. If you just want to send to Brasil and you really trust the person, the cheapest way is with a no foreign fees checking account and give them your debit card.

  • #277136

    bulgaro
    Member

    Andrew,

    Thank you!
    Yes I am looking to go back and forth.
    I need to send my mother in law money each month. She needs to send me money sometimes.
    Arthur
  • #277137

    Andrewfroboy
    Participant

    It’s much more expensive to send money from Brasil to the US because of taxes and bank fees. I would do my best to avoid that as much as possible. I know some people have used xoom.com and others have decided direct bank transfers are the best. I think the atm card angle still might be your best bet for US to Brasil transfers if you are doing them regularly, will save you a lot of money in bank fees. You could open a new account just for doing that.

  • #277139

    celso
    Member

    So the question remains, how do we send money to the USA without paying too much. Tens of thousands of Brazilians bought real estate in Florida including Joaquim Barbosa…So they found a way to send money out of Brazil.
    If they can, we canɉ˜ºGreatBallsoFire2015-08-25 10:41:16

  • #277153

    Cookie
    Member
    Exactly greatballs, this sub section has a lot of threads yet not one gives a reasonably priced method of sending money out of Brazil in large sums.
    I need to send R$300k out. If I send all in one lump sum I will have to pay 17.5% tax on it which is a disgrace.
    Exchange houses and banks only let you send 20k reals at a time without that harsh tax.
    Bank employees also seem clueless on the issue.
  • #277154

    celso
    Member

    http://www.comprarcasaemorlando.com.br/perguntas-frequentes-como-comprar-um-imovel-na-florida/
    Follow link. Tell bank manager you are buying a property. You get official rate plus .038 IOF. Is this real?

  • #277159

    GGTrek
    Participant

    [QUOTE=flamingringo]

    Exactly greatballs, this sub section has a lot of threads yet not one gives a reasonably priced method of sending money out of Brazil in large sums.
    I need to send R$300k out. If I send all in one lump sum I will have to pay 17.5% tax on it which is a disgrace.
    Exchange houses and banks only let you send 20k reals at a time without that harsh tax.
    Bank employees also seem clueless on the issue.

    [/QUOTE]

    You are not telling the whole story here, for example if the account outside Brazil is in your name and benefit or it is a third party one.
  • #277160

    Cookie
    Member

    [QUOTE=GGTrek][QUOTE=flamingringo]

    Exactly greatballs, this sub section has a lot of threads yet not one gives a reasonably priced method of sending money out of Brazil in large sums.
    I need to send R$300k out. If I send all in one lump sum I will have to pay 17.5% tax on it which is a disgrace.
    Exchange houses and banks only let you send 20k reals at a time without that harsh tax.
    Bank employees also seem clueless on the issue.

    [/QUOTE]

    You are not telling the whole story here, for example if the account outside Brazil is in your name and benefit or it is a third party one.

    [/QUOTE]

    It’s to a third party in the UK.
  • #277174

    GGTrek
    Participant

    Are you paying the third party to purchase some goods that are for your own benefit (house, car, …)? Better still, have you got an account in the UK or outside Brazil? Paying directly to a third party outside Brazil without any reason given will be subject to a withholding tax in lieu of income tax and CIDE, which can be as high as 25% put together!

  • #277175

    GGTrek
    Participant

    How to overcome the 20k limit? Wire the money to your account outside Brazil and then wire it to your third party outside Brazil (obviously I am talking an account in a “free” economy with no capital controls). If the 300k are for your own benefit, then get the paperwork to show the bank/broker in Brazil that the third party is selling you some durable goods outside Brazil (car, house, …). In such ways you will only pay a 0,38% IOF tax + FX spread.

  • #28619

    bulgaro
    Member

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