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  • #170794

    celso
    Member

    Please share with me how anybody has sent money out of Brazil. How did you do it? Were you happy with the results? Thanks!

  • #170975

    Hawakai
    Member

    My dad sent me money when I was in the USA 12+ years ago via Banco do Brasil using Bank of America’s local branch SWIFT code + account number. If I remember right there was a flat fee. Go to BB ask about it :√æ
    It was fast and easy afaik.
    They also represent Western Union in Brazil.

  • #172809

    onlygirl
    Member

    anyone know what the daily limit is to transfer money to exterior from B dB?

  • #172814

    Tedichi
    Member

    We had access to all our savings in Canada via the HSBC premiere account, I don’t know the limit, but we’ve taken out 10k at one time without issue… I believe you can access it essentially anywhere in the world and no fee’s..

  • #172815

    onlygirl
    Member

    cheers Brazillifestyle – HSBC sounds like the way to go alright for easy access to money at both ends – i’d already thought of that – still though if i can transfer 10k from B d B i’d be happy
    (btw like the ‘par de tetas’)

  • #173451

    dwyer1775
    Member

    I am moving to Brazil and if you want to transfer R$ in either €, $ or Swiss Francs I could be of help

  • #188898

    Nati
    Member

    My experience – it is relatively straightforward to send R$10,000 out of Brazil. Using Bradesco it took at least 3 weeks and the charges were debited from the account, not the R$10,000, but it did happen! On the other hand, I am trying to shift a larger amount now and that depends on all sorts of documents that I am waiting to receive… perhaps I’ll post again in 2012 with good news. Wish me luck, or, EUROpeans, let’s do a swap if you need BRL!

  • #190843

    syhlif32
    Member

    Hi, I have been doing some research on here trying to find out what is the best way to transfer money from Brazil to the states. The only postings I have found have been transferring smaller amounts of money but what I am looking for is for rather large amounts. (close to 200,000 U.S) I also read the postings from the UK people suggesting moneycorp.com and another similar service but I’m not so sure we can do this from Brazil. So if anyone out there has any suggestions we would like to know.
    Thanks!!

  • #190939

    sergiu
    Member

    I was told by a Brazilian that she opened an account with HSBC and transferred her money through them. I think you can even get a premeim account for 50,000 Reais. I would check with HSBC, but that is what she said she did.

  • #191591

    wtdknknm
    Member

    I used Moneycorp to bring money to Brazil and arranged everything from Brazil. They have assured me they can also arrange to send money back to the UK.

  • #195509

    The cheapest method is definitely using a bank transfer. We have accounts with Banco do Brasil, Santander and HSBC, and Santandar were the cheapest to use. You can move up to R$15,000 without going to a higher tax tier, with an upfront flat fee of US$50 + IOF if transferring to family, if it’s not family the fee will be higher (I think it’s around US$90). The exchange rate is around 7 pips above the current rate (at the time of exchange). Many bank employees really don’t help and have little idea of what’s involved. When we started moving money between UK and Brazil, it was very much a learning process for all involved with a number of unforeseen events which cost us, all because our bank manager didn’t know what he was doing. It’s better now and we’ve not had any problems in the last couple of years. It tends to take less than a fortnight for the money to leave the sender’s account and be received.
    I do not recommend Paypal or cash. HSBC (who I have an advanced account with in UK) charge more since you would really need to have the Premier account in Brazil, and since I’m already PAYING them for my account in the UK, I really don’t see why I should be charged again for the same service when HSBC call themselves the World’s Local Bank.
    Anyway, hope I’ve helped and if you need any more info, I’d be more than happy to help.

  • #221144

    Has anyone made a bank transfer using the Swift/Iban system through Banco de Brasil? How much do they charge? How long does it take?

  • #225667

    becky662
    Member

    I have had a lot of frustration sending money out of Brasil, to the USA. I have done it 4 times, all in the range of R$8-9000. (USD $4-5000). I use Banco do Brasil, and SWIFT transfers to a US bank account.
    Every single time involves multiple trips to the bank. The first trip I fill out the paperwork, the attendant says that everything is in order and that the transfer will go through within a few days. Then I wait a week or two in which nothing happens. Then I go back to the bank to follow-up, and the attendant calls some other branch which is supposed to be doing the processing, they talk for a while, and then occasionally I am given something else to sign or simply told that there was some problem but that now the transfer will go through. And eventually it does.
    The first three times the transfers went through after two visits to the bank each time. Now I am waiting for a fourth transfer, I have already been to the bank twice and been waiting nearly a month and my account has not yet been debited. so I think it is time for a third trip to the bank.
    Needless to say, this sort of incompetence and unprofessionalism is extremely frustrating. One would think that Banco do Brasil should be able to execute a simple transaction with a single visit to the bank.

  • #225669

    815
    Member

    I’ve used Western Union through Bacno do Brasil because that was the only way the manager at the Limeira branch knew how (and he figured that out after a day of “research”). I got prison shower raped with fees. It was around R$ 70 in total if I recall correctly for sending a few hundred USD!!!
    The Brazukas in the States could send up to US$10,000 for FIVE FREAKING BUCKS! My English School offered the service and I pocketed $1.50 every transaction. Paulistano USA2012-11-05 12:58:14

  • #225680

    f_bergallo
    Member

    You can refer me!!!! I need to send some mula to Brazil. How bad is the exchange rate? how reliable is the service?

  • #225688

    Liliqtozin
    Member

    [QUOTE=Paulistano USA]I’ve used Western Union through Bacno do Brasil because that was the only way the manager at the Limeira branch knew how (and he figured that out after a day of “research”). I got prison shower raped with fees. It was around R$ 70 in total if I recall correctly for sending a few hundred USD!!! [/QUOTE]
    I guess so. I sent a couple hundred bucks the a supermarket in the USA to a BdB for pick-up (not deposit) via Western Union and it only cost about US$6, I think, I didn’t cry much about it because it was fast and easy.

  • #229426

    [QUOTE=Ronte]Hi, I have been doing some research on here trying to find out what is the best way to transfer money from Brazil to the states. The only postings I have found have been transferring smaller amounts of money but what I am looking for is for rather large amounts. (close to 200,000 U.S) I also read the postings from the UK people suggesting moneycorp.com and another similar service but I’m not so sure we can do this from Brazil. So if anyone out there has any suggestions we would like to know.
    Thanks!!
    [/QUOTE]
    Ronte, were you able to determine the best method for moving large amounts btw US & Brazil?

  • #229428

    beach bum
    Member

    [QUOTE=Paulistano USA] I’ve used Western Union through Bacno do Brasil because that was the only way the manager at the Limeira branch knew how (and he figured that out after a day of “research”). I got prison shower raped with fees. It was around R$ 70 in total if I recall correctly for sending a few hundred USD!!!
    The Brazukas in the States could send up to US$10,000 for FIVE FREAKING BUCKS! My English School offered the service and I pocketed $1.50 every transaction. [/QUOTE]
    Earlier this year I used Western Union to send money. I believe my father in law sent it with a flat fee of R$17,00 for whatever value under 10k. There were no fees on the other end and I picked it up within 2 hours of him sending it through his account with BoB. No issues. I need to send another two sums and I hope it is equally as smooth and not incur the same problems you did!

  • #229466

    815
    Member

    Gringonovo-
    From where did you send the money (ie. city)? I sent it from Limeira SP which is a one horse town. They did’t seem to know what they were doing which might have been a factor.
    Let us know how it works out.

  • #230640

    Nati
    Member

    I need to transfer some Brazilian money back to the Eurozone in January.

    Previous tests (~R$2000) have shown that:
    – It is impossible to make a transfer. Hundreds of papers are needed and it’s taxed at 40% Ouch
    – It is possible to get travellers’ cheques nor visa travellers card, but both use a crippling exchange rate.
    If anybody out there needs to do the reverse transaction, please send me a PM.

  • #233588

    [QUOTE=palindrome]I have had a lot of frustration sending money out of Brasil, to the USA. I have done it 4 times, all in the range of R$8-9000. (USD $4-5000). I use Banco do Brasil, and SWIFT transfers to a US bank account.
    Every single time involves multiple trips to the bank. The first trip I fill out the paperwork, the attendant says that everything is in order and that the transfer will go through within a few days. Then I wait a week or two in which nothing happens. Then I go back to the bank to follow-up, and the attendant calls some other branch which is supposed to be doing the processing, they talk for a while, and then occasionally I am given something else to sign or simply told that there was some problem but that now the transfer will go through. And eventually it does.
    The first three times the transfers went through after two visits to the bank each time. Now I am waiting for a fourth transfer, I have already been to the bank twice and been waiting nearly a month and my account has not yet been debited. so I think it is time for a third trip to the bank.
    [/QUOTE]
    I wanted to ask you abut the problems you encountered with SWIFT transfers via Banco do Brasil.
    I am about to do a transfer, and I will be leaving Brasil shortly after that, so I will not have the opportunity to go back to the bank and check on them.
    What kind of things do I need to look out for, and what kind of things can go wrong?

  • #233669

    Marc Maserati
    Participant

    Has anyone sent money from Bradesco via Money gram directly into a bank account in the US? I’m thinking of setting this up to transfer funds every 3 months.
    -Marc

  • #238447

    tobias7912
    Member

    It seems like BdB is the smoothest option for wiring money out of Brasil. I currently have an HSBC Premier account but they limit me to $15K a month out of Brazil.
    Does anyone with a BdB account have experience sending $20K+ from Brazil to the US? I live in SP. If anyone has a reputable banking contact that can help me that would be very helpful.
    Thanks,
    Mark
    UNCTarheel2013-02-22 15:39:08

  • #238464

    [QUOTE=UNCTarheel]It seems like BdB is the smoothest option for wiring money out of Brasil. I currently have an HSBC Premier account but they limit me to $15K a month out of Brazil.
    Does anyone with a BdB account have experience sending $20K+ from Brazil to the US? I live in SP. If anyone has a reputable banking contact that can help me that would be very helpful.
    Thanks,
    Mark
    [/QUOTE]
    BdB? Here in Rio they quoted a 17% fee to send funds to the US. That was the end of that conversation.

  • #238468

    tobias7912
    Member

    I called BdB’s New York branch and they said it would be $100 + 1.66% + 0.38% to transfer from BR to the US. And that FX would be close to spot.
    Sounds too good to be true. Anybody have experience doing BdB BR to BdB US?
    They said if you transferred to an account owned by someone other then you, that you would incur a 20% fee.

  • #239228

    Nati
    Member

    To give you feedback of my experience, now over,

    I needed to get money from Brazil back into France.
    I got half in travellers cheques in euros from Bradesco’s central branch at av Ipiranga, which had not such a good rate but less than 3. These cost nothing to pay into my account suspicion free at my bank in France.
    I got another half in euros, again at a rate less than 3 on a Traveller Visa card. This charges on payments and withdrawals so is only worthwhile for certain levels of transactions, and is capped.
    The rest was cash.
    The alternatives would have been more grim.
    40% tax on a direct transfer out of Bradesco. Over R$3 to sell reais into euro in Paris.
  • #239230

    sergiu
    Member

    Wow! Unbelieveable! I was told if you did an investment visa, and you decide to take your money out that you brought in, you can do that without paying a tax. I was also told the same for buying and selling a house, that what ever you brought in would not be taxed on going out for the amount that is the same.

  • #239231

    Nati
    Member

    Ha! if only! In my case I wanted to transfer the money back to the exact same account it came from, I had all the paperwork, but no way José.

  • #239242

    Lately (~3 months) been working with Bitcoin (BTC) to move money into and out of the country. Smooth, minimal Bz bank intervention. HIGHLY recommend. On the other hand , just wired $3.6k from my CU to Itaú. Itaú is trying to do the Câmbio Extortion Dancewith the guy to whom I wired the money. All “taxes” and “fees” come up to nearly R$540. They are absolutely pathetic. I’m not sure this country will ever learn proper customer service.

  • #239266

    sergiu
    Member

    Hi VidaNascendo,
    Can you explain Bitcoin. I never heard of them, not sure where they are located. I am in a small city. So appreciate a little education on the matter, and what if your sum of money is quite large?

  • #239278

    [QUOTE=CJBaker]Hi VidaNascendo,
    Can you explain Bitcoin. I never heard of them, not sure where they are located. I am in a small city. So appreciate a little education on the matter, and what if your sum of money is quite large?
    [/QUOTE]
    You’ve touched on a new “pet subject” of mine, CJBaker. Bitcoin is not a ‘them’, it’s a ‘what’. Bitcoin is a digital currency that takes advantage of internet, encryption, computing and software technologies to create a secure digital medium of exchange. Do a search on Gringoes.com forum for the user “Progresso” as well as for “bitcoin”. He explains it’s operation succinctly, how to get set up, and how to begin to learn bitcoin basics.
    Here’s a wikipedia link for bitcoin, along with several excellent, detailed supporting sites.
    http://en.wikipedia.org/wiki/Bitcoin
    http://bitcoin-otc.com/
    http://bitcoin.org/
    http://bitcoinmagazine.com/
    https://blockchain.info/charts/market-price
    https://en.bitcoin.it/wiki/Getting_started
    http://www.weusecoins.com/
    It took me a few days to get set up; you determine the level you need to trade- certain steps offer unlimited amounts to be moved- others are semi-regulated and limited based on banking rules. For example when you buy bitcoin online you are limited by payment amount and method (typically USD 10k, direct deposit). If you pay attention however, it’s all deceptively easy.
    And oh yeah, compared to standard banking, fees are virtually non-existent.
    VN
    VidaNascendo2013-03-03 10:50:36

  • #239361

    And yes. I’ve used this procedure several times already.
    VidaNascendo2013-03-03 10:51:07

  • #239388

    dwyer1775
    Member

    How to set up your Bitcoin exchange
    On the various platforms I have now done a few hundred trades. Not a single one has given me an headache. The initial set up takes some time, but once you get this done transfering money is a no-brainer.

  • #244973

    sergiu
    Member

    Just wondering what you mean by a higher tax tier?

    It is my understanding that if I sold my house in Brazil, which I bought by sending money from the U.S. That I would pay around 15% tax on the capital gains.
    As for transfering that money out I am told it is a fee, which may be 160 reais now plus the 1.66% and 38%.
    Where do other people get this 40% of your money if it is higher. Is there something else I don’t know about. Can somebody give me an idea of what it really costs if your moving around 500,000 reais?
    Very confusing.
  • #246273

    cabron22
    Member

    There are different ways to transfer money from Brazil to other countries. There are some online services which are also available.Their is a service called ‘Transfer Mate’ which is useful for transferring money from Brazil to other countries.

  • #246281

    Anonymous

    Link? Address?

  • #246401

    This ‘Transfer Mate’ appears to not have services for Brazil. How are you able to use it?

  • #250299

    Anonymous

    so, bumping, i need to move smallish amounts out of BR [max a few thousand R at a time] over the next months.
    i had just assumed that i would set up a BR paypal and transfer to my US paypal account, but it looks like paypal BR doesn’t work the same way that paypal US does [transfers directly to individuals- instead it seems to be payments to stores]. can anyone corroborate this?
    it’s starting to look like the easiest way to move money will be bank transfer or just using debit card from abroad. which is fine, i suppose, but i have [brazilian] clients wanting to pay me with [brazilian] paypal. ugh.

  • #250352

    [QUOTE=3casas] i have [brazilian] clients wanting to pay me with [brazilian] paypal. ugh.[/QUOTE]
    Tell them to just deposit directly into your local account!

  • #250355

    Anonymous

    yes, that is certainly the alternative but i am lazy enough that making them do an extra step to get the money up north seems attractive! [also you may remember that i seem to have the weirdest clients WRT payment. where are all the SOBs who wanted to pay me in dollars now, rs]
    talking to people last night it really does seem that simply using the HSBC debit card abroad is the best way to go. Considering how often I’ve had card problems though, and their more or less random application [or multiple application, i should say] of fees i am a bit leery.

  • #250370

    [QUOTE=3casas] it really does seem that simply using the HSBC debit card abroad is the best way to go. Considering how often I’ve had card problems though, and their more or less random application [or multiple application, i should say] of fees i am a bit leery.[/QUOTE]
    If withdrawing from your HSBC account via an HSBC ATM, there are no fees. However, the rate will be lower, so in reality, there’s your fee. At least that’s how it is on this end. Never did a withdrawal in the US, because HSBC ATMs are geographically limited. You might want to access their US site to confirm ATM availability for where you’ll be.

  • #250379

    Anonymous

    the bank wench [here] states that it should be possible, and a friend who travels a lot has said that he found it to be the easiest [in SA, Aus, and the US]. however, again, considering the problems we’ve had, I’m not super confident.
    Oh well, worse comes to worse we send a transfer.

  • #250388

    Liliqtozin
    Member

    @3casas -this is a mess. The banks aren’t consistent. I assume you are talking about a Brazilian debit card drawn on a Brazilian Bank. I am pretty sure you don’t pay the high, new, extra IOF with a debit card. The standard IOF (tax) on all international cambio is 0,38%. On Brazilian credit card transactions (international) it is 6,38% or 10,38% (I can’t recall which). You save this but the banks can use the ‘turismo’ rate instead of the ‘PTAX’ on debit card saques. It is worth checking out, but they probably won’t know and then confidently make something up. Rates ‘now’ : dolar venda: comercial 2,1382, turismo 2,2700, PTAX 2,1314 … see the difference.
    I think Brailian HSBC has a R$11 fee for this type of transaction.
    On my BdB site there seems to be a provision to make smallish, Western Union sized, international wire transfers via internet. But frankly I have so much trouble with using the BdB site from CA that I wouldn’t rely on this.
    Best Luck

  • #250389

    Anonymous

    thanks for your input, and yes your assumptions were correct. crikey.
    i have also heard mixed reviews about BdB’s Western Union service [actually, more negative than positive].

  • #257505

    markf1971
    Member

    Thought I’d jump into this thread, inquire as to whether anyone has succeeded in finding a simple, cost-effective means of wiring somewhat larger sums of money abroad from Brasil without mountains of paperwork — and also follow-up on some of the info shared by members prior on this thread.

    I bank with one of the big banks in Floripa, known here on Gringoes for its high fees, free coffee and parking Wink. Having been subject (and outraged) by what VidaNascendodescribed as the Cambio Extortion Dancewhen I first opened an account and transferred funds intoBrasil, I was not looking forward to possibly going through the same torture to transfer money outof Brazil.

    My intention is to transfer about R$15K to a personal bank account in my name in the AsiaZone. The funds are Patrimonio— the recipient account clearly indicated on my Declaraìßão do Bens. I met with my Gerenteat the bank and she told me I could initiate the transfer online with the Central Cambio in SP and that the fees would only be R$40 plus the IOF @ ,38%, but — I would have to account for the source of the funds (paperwork) and prove the funds patrimonio(more paperwork). Though annoying, this part of the exercise is easily done. All supporting dox can be emailed to the Cambio in SP, though they’ll eventually need a sig on a hard copy of the contract.

    Far more stressful is having to “negotiate” the exchange rate again with the Cambio in SP. Last time I had to do this for my incoming funds, it took days and a lot of intense conversations on the phone — my arguing with the agents for quoting such a wide spread from the spot price. It felt like I was being robbed. Finally, in exchange for my consenting to let them “play” with my incoming funds for three or four days, I was able to negotiate an exchange rate within 5¬¢ of spot price. But the entire procedure took over two weeks and cost me plenty in phone fees (landline calls to SP).

    Given that (at least for the moment — unless you bank with Chase Wink)international wires from 1st-world countries take only minutes to execute, sem papelada or exchange contracts, and arrive at their destination within 3 days or so — transferring money in or out of Brazil via the banking system is like having a tooth pulled (without anaesthetic).

    Several folks mentioned private cambios both in SP and Floripa. Names like MoneyCorp, Garcoand Pioneer Corretorain SP, and TurCambioand Multimoneyin Floripa. I was wondering if anyone had definitively identifed a Cambio that provides international wire transfers with minimal paperwork, reasonable fees, and most importantly, within a few cents of spot price for the exchange. (converting to USD)

    I also noted the conversaton prior on this thread per VidaNascendoand Progresso, in regard to using Bitcoin to move funds abroad. It would seem that Bitcoin is best utilized for moving anything from a very small sum for online purchases or invoice payments, to sums of a few hundred or perhaps a couple of thousand dollars. But according to my research, it would appear that users moving larger sums of Bitcoins abroad, are either selling those coins to another user or housing them on an exchange like MtGox.I do not see a way for example, whereby one can purchase Bitcoins in Brasil, transfer those bitcoins to a foreign bitcoin exchange, sell the bitcoins on that exchange and have that exchange wire the funds to a bank account in a foreign jurisdiction — even if it is your own personal account. The Mt.Goxfine print states, “Funds deposited with Mt.Gox may only be withdrawn to an account held by the originator of those funds located in your country of origin.” Given that one is required to register one’s country of residence (national ID & proof of address) when opening an account with Mt.Gox, any cash derived from selling bitcoins would, in this case, have to be wired back to my bank in Brazil.

    It would seem that the purpose of Bitcoin is for transferring value, payments, etc. solely across a peer-to-peer network, to other Bitcoin users, or for online purchases and bill payment to businesses that accept Bitcoin. The other purpose is for currency speculation, day trading or investment. It would not appear to serve as a simple, effective method for “wiring” funds to a bank account in a foreign jurisdiction relative to one’s home jurisdiction — which actually makes sense considering its objective to serve as an alternative currency, independent of the banking system, rather than a middleman for the banking system. In retrospect, I imagine that given today’s political/economic climate, Bitcoin exchanges are likely prohibited from providing these services, by the international banking system and regulating authorities.

    Also of note, the Mt.Gox exchange appears to accept only USD, EUR or JPY, so if you want to send them funds, they have to be exchanged out of BRL into one of their accepted currencies. BitInstant — the company which made it easy and convenient to directly deposit Reis with Mt.Goxvia boleto, appears to have gone on hiatus. Several Bitcoin forum users posited they had terminated service to Brasil beforethey went on hiatus. Perhaps BitInstantservice to Brasil will resume when their website is again, active.

    MercadoBitCoincharges 1.99% plus a few reis to deposit reis with their exchange. On R$15K, that’s about R$300 — triple the fees I’d have to pay through my bank. Though there’s no actual exchange rate to deal with when buying Bitcoins, the spreads are sufficiently high in Brasil, relative to Bitcoin prices abroad, that it seems like a wash. Though the localbitcoinexchange charges no fees, there does not appear to be (as is the case with MercadoBitcoin), a way to transfer one’s bitcoins to an exchange that can sell those bitcoins and wire the proceeds to any bank other than the one that funded the account in one’s home jurisdiction.

    Though one can purchase goods and services internationally, and buy and sell bitcoins internationally, I’m not seeing a way to wire proceeds from bitcoin sales internationally. I cannot find any information on any of these Bitcoin exchange websites to the contrary. Though I can see how Bitcoin can and would be very useful for transacting business day-to-day, it does not really seem to serve as a reasonable means of moving low five-figure sums from one jurisdiction to another.

    If any experienced Bitcoin users can weigh in on this, I welcome the feedback and corrections to any mis-statements I may have made here. Unless I can locate a private Cambio with low fees that wires funds abroad for a reasonable exchange rate, I may have to go through this process yet again, with the bank. Angry

  • #257519

    Anonymous

    [QUOTE=coolbloo]Unless I can locate a private Cambio with low fees that wires funds abroad for a reasonable exchange rate, I may have to go through this process yet again, with the bank.[/QUOTE]
    Or consider the alternative that Wendy posted not too long ago: A personal exchange with someone who needs R$ and pays you dollars.
    It’ll of course require a certain level of trust. In my own case I was able to do it successfully because the other guy is a longstanding member of this forum who is also personally well-known in real life to other forum members, including some who’ve visited his home, could vouch for him, and who basically know him as a stand-up guy. The same holds for me, too, with forum members I’ve met in person and who know me in real life. (GF, you know who I’m talking about).
    In short: we were able to vet each other first and that really formed the basis for the trust that then enabled both of us to save a buck and not deal with the whole mess of getting screwed over by cambio departments.

  • #257520

    markf1971
    Member

    Thanks Pic, but if you take another look at my post prior, you’ll see that I’m trying to deposit funds in a bank account in the AsiaZone. Wendy’s strategy, though sound, doesn’t achieve that objective. On the other hand, it’s a beautiful day in Floripa! Smile

  • #257531

    Anonymous

    [QUOTE=coolbloo]Wendy’s strategy, though sound, doesn’t achieve that objective.[/QUOTE]
    It does, but of course you’d need to be the Wendy in this case. Whoever buys your R$ from you would then be the one doing the USD deposit: Regardless of whether those dollars are deposited by that person in the States, in Europe or into your account in Asia.
    Unless I read your post wrong I assume that your goal is to skip the high fees and the incredible amount of crapola that is part and parcel of dealing with cambio departments in Brazil.
    picolino2013-10-20 13:21:43

  • #257533

    markf1971
    Member

    I guess the key to that whole equation is doing the deal with someone I completely trust on the other end of the transaction. Not too keen on the idea of handing off several thousand dollars for someone to deposit on my behalf halfway around the world. That’s not quite adding up. What am I missing here?

    (Later that day…) Ahhh…. now I see what you mean Pic. Unfortunately, I do not know anyone in the recipient jurisdiction, well enough, or have sufficient levels of trust in that regard, to implement the strategy. Good idea though.

    coolbloo2013-10-21 07:50:00

  • #257557

    dwyer1775
    Member

    ¨@coolblo: To provide a more detailed response to your questions it might help if you give some more details. You mention to transfer money into the Asiazone. To which country exactly and what currency would you like to get?

    Your observations about the Bitcoin market in Brazil are pretty accurate. Fees at MercadoBitcoin are incredible high. Compare their fees with the many exchanges in Asiapac. There are a lot of exchanges there who just take a 0.15% fee.
    Most of the serious exchanges I know do fully comply with the key principles of clean banking, dictated by the US of A, meaning Know your customer (KYC), Anti-Money Laundering (ALM) and compliance with other parts of the famous Patriot Act. A few of the larger exchanges are refusing American citizens at all.
    For MTgox and MercadoBitcoin you have to provide full details of your accounts, citizenship and bank details. At MTGox you can send your money back to ANY bank account you have in any jurisdiction. I have several accounts in various jurisdictions and never have had any problems sending money from MTGox to these accounts (it only takes them a lot of time).
    Getting a good price for Bitcoins in Brazil is a massive challenge. Basically you have to choose between MercadoBitcoin and LocalBitcoins. The very positive thing about Localbitcoins is their escrow service. I have had a few disputes and all of them were resolved very fast.
    I don’t expect that governments will close any Exchange. They will realize that if they do the exchanges will go underground immediately. Now governments have an almost clear view on what is going on.
  • #257588

    markf1971
    Member

    Hi Progresso… thanks for your reply… check your inbox…coolbloo2013-10-22 11:18:44

  • #258534

    markf1971
    Member

    UPDATE:

    Bitcoin in Brazil does not seem like a viable, cost-effective nor efficient way to transfer R15K to a bank account in a foreign jurisdiction. The fees add up quickly in regard to currency deposits/withdrawls at the Bitcoin exchanges. That is not an indictment of Bitcoin, which is actually very cool for online payments and other things.
    As posted prior, I do not have sufficient levels of trust in any of my associates in the Asiazone to do the exchange mentioned prior.
    So I was left with the banks and/or private cambios. Just a reminder, I wanted to move money from a personal account in Brazil to another personal account in the AsiaZone, declared on my bens and therefore patrimÃ’nio.
    Banco Itau‘s online service costs as shared prior, only R40 plus the IOF (0,38%) if you accept their exchange rate which was a whopping R,14 above spot. Accounting for their fee and exchange rate, a transfer of R15K would end up costing a little over R1000 or 6,5%. ShockedScandalous!
    I inquired via phone at Itau’s central SP cambio about negotiating the rate down to something less extortive and he said they could negotiate but that the cambio fee would be R150 instead of R40. With a slightly better rate, the total cost to send R15K was a slightly better at R866, though still a usurious 5,77%! Ouch
    Phone calls to two private cambios with offices in Floripa and SP lowered the costs to an average of R550 or 3,66% per R15K wired out of Brasil. Stern SmileStill not great.
    Finally!â‚Ǩ¬¶ I found a private Cambio in SP (discussed earlier in this thread — make some calls) that charged a flat fee of R100 (plus IOF), AND, they’d do the exchange at only R,02 (2 centavos) over spot. Total costs per fees, IOF and exchange rate came to R225 or 1,5%. Well within the ballpark of reasonability. There was an initial cadastro (submitted via email) so their legal beagles could vet me, though I did have to send a proof of signature (firma) from the cartorio via correio. The cadastro didn’t take long to fill out and I was approved in a couple of working days. The ensuing contract exchanged again via email, went quickly and the cambio was initiated. I had to send signed hard copies again via correio but that did not delay the transaction at all. Of course, having the cadastro approved now, any future wires will transact more quickly. All told, from when they closed the cambio to delivery of funds abroad was only 3 or 4 working days. Reasonable fees. Excellent execution. Research the cambios mentioned prior in this thread and DYODD.

    coolbloo2013-11-14 15:26:40

  • #258535

    agri2001
    Participant

    Coolbloo, Glad you got it worked out, but Itau is geared for ripping off its customers, as you found out. I recently closed my account with them and when they asked me why I told them the truth and the guy at the desk all he could do is sneer.
    f**k them, never again

  • #259111

    portdallas
    Member

    Hello all, I need advice on the best way (and least cost in fees) to transfer USD $30,000 from Brazil to USA.

    I am a software developer in USA and my customer is in Brazil. They tried to do a wire transfer to our bank account in USA but the Brazil bank wanted some crazy 20-30% fees for a wire transfer of funds out of the country.
    How can Brazil do business with USA like this? Any thoughts or advice from your experience would be very helpful.
  • #259115

    [QUOTE=johnp32]I am a software developer in USA and my customer is in Brazil. They tried to do a wire transfer to our bank account in USA but the Brazil bank wanted some crazy 20-30% fees for a wire transfer of funds out of the country.[/QUOTE]
    Hopefully you haven’t already provided this customer with what you were developing for them. The 20-30% IS crazy, way above what even the max would be at one of the major banks. TBH, sounds like they’re trying to find an excuse to not pay you.
    Gringo.Floripa2013-11-19 16:09:25

  • #259133

    portdallas
    Member

    We have an account at the Bank of America (BoA) here in California and a wire transfer Swift code – all simple basic international business stuff.
    What is the best way to Swift Code wire USD$30K from Brazil Banco Santander to USA Bank of America with the lowest transfer fees?
    What would the typical fees be to do this? I assume < 10% total for all exchange and transfer fees — not 33%. Anyone have experience doing this?johnp322013-11-19 22:26:35

  • #259151

    basketba
    Member

    John,
    I just PMed you.
    B

  • #259153

    markf1971
    Member

    john32 et alâ‚Ǩ¬¶ Please keep in mind that my examples are based on the transfer of patrimÃ’nioversus payment in considerationof some product or service. These are completely different animals.

    What you seek requires more due diligence and planning BEFORE you embark on a transaction like this. Given that you have only two postsâ‚Ǩ¬¶ and are virtually unknown by any of the regulars on this board, unlikely established members will repond to PM’s.
    My suggestion is that you seek out forums like http://www.internationalman.com to better acquaint yourself with how to do commerce legally and within regulatory guidelines across international borders. You’ll find much better info over there on this particular subject.
    Good luck!
  • #259265

    jabomano
    Member

    [QUOTE=johnp32]… They tried to do a wire transfer to our bank account in USA but the Brazil bank wanted some crazy 20-30% fees for a wire transfer of funds out of the country…..[/QUOTE]
    Is that what your client says or the bank ?
    Probably it’s what your client says, Brazilians like to exagerate !!! Trying to get part (or all) of the fees back from you ! LOL
    Besides it’s typical for Brazilian businesses, they purchase someting overseas and when they have to do the payment they start researching and worring about how to do an international payment. Confused
    Besides, if it’s a comercial payment for a service or product purchased in the US, they don’t have no other option then a bank wire transfer. Otherwise it’s not registered with the Receita Federal and they can’t proof in their tax declaration where the US$ 30,000 went.
    They should check other banks, even if they don’t have an account there.
    Smile

  • #259823

    Marc Maserati
    Participant

    I contacted a western union company in Campinas called Lastro and am trying to begin sending 1000 USD to my bank in USA. They require I have a bank account (any), CPF, RG, IR and a comprovante de Endereìßo. I have most of that list though do not know what is the IR.

    Has anyone worked with Lastro in the past?
    Thanks,
    Marc
  • #260195

    Hi all,
    Would like to ask some info also on bank transferS out of Brazil to U.K.?
    I,m moving back to U.K. in Janary and my wife and i have sold a plot of land in a private condo and I will be sending some of the Money back to U.K. around R$100,000 Reais back to my Lloyds account.
    Now my wife has a Banco do Brasil account and the Money will be transferd from that account to my Lloyds account in U.K.
    How much will i be charged to send the oney and how much tax will i be charged in U.K. for having Money sent from Brazil?
    Any help would be much appreciated as i realy dont want to get taxed too much with bank fees and taxes as have worked bloody hard for this Money.

  • #260197

    sergiu
    Member

    I am told you can go to Banco du Brasil’s site and get that information.

    As for on the UK side. I would check with the bank there.
    The other option, you might consider a bank card, I think it is either a visa or master card that you can get, at least it works for the U.S. and it doesn’t cost you a lot in fees. So I am thinking they may have one for U.K. but don’t know for sure.
  • #260206

    [QUOTE=CJBaker]
    I¬† am told you can go to Banco du Brasil’s site and get that information.

     
    As for on the UK side.  I would check with the bank there.
     
    The other option, you might consider a bank card,¬† I think it is either a visa or master card that you can get, at least it works for the U.S. and it doesn’t¬† cost you a lot in fees.¬† So I am thinking they may have one for U.K. but don’t know for sure.

    [/QUOTE]
    Thanks CJBaker
    I have tried the Banco Do Brasil website, but with no joy. I have asked my bank in U.K. but until now no reply,maybe there not allowed to reply to questions about how much tax they will take off for incoming monies, i dont know.
    Keep seeing 40% for sending Money out of Brazil…i realy hope thats not true.
    Anyway thanks for your reply.

  • #260228

    Well just read this, so put my mind at ease a little…good read for any ex-pat returning to U.K.
    http://www.telegraph.co.uk/finance/personalfinance/expat-money/10230204/Ask-the-experts-Must-I-pay-UK-tax-on-my-savings-earned-abroad.html

  • #262185

    Gringo2012
    Member

    Based on everything I’ve been reading here, it seems like transferring money out of Brazil has been quite difficult for most everyone – and several options are rather costly (fee / tax %). It does not seem like there is a consensus on what is the best option. Even a bank-to-bank wire transfer sounds like it could take a lot of manpower – and a few weeks of your time. My bank in the US is actually a smaller bank and their international transfers must actually go through a “middle” bank (in the US) first. That’s before my bank even sees it.

    I’ve never had difficulty sending money TO Brazil, albeit I’ve normally just sent smaller amounts (sub $2k) via Western Union. It seems like the reverse is much more of a challenge, however.
    Has anyone used MoneyGram? They have locations in Brazil and I’ve not yet contacted them to learn all of the similarities they share with Western Union – or what makes them unique. Some of the location (in Brazil) appear to be private businesses, such as tourism businesses. The estimated fee online for sending about R$5k is roughly R$135. I’m not sure what taxes might be on top of that. It appears, although I’m not sure, that they may actually be sending it to your US PayPal account. Anyone tried them???
  • #262749

    Gringo2012
    Member

    In case anyone is interested for future reference re: MoneyGram.

    MoneyGram tells you what their transfer fee is via their website.
    You essentially need to find “agents” in both the US & Brazil, like with Western Union.
    The person in Brazil pays the transfer fee via the local agent.
    The local agent gives the sender a reference number that the receiver will need.
    In Brazil we used a local tourism office (private company) to send from.
    In the USA we used a major grocery store for receipt. They issued a money order (check).
    On the US side you essentially need to present your photo ID and a reference number.
    The transfer took minutes, not hours or days.
    No taxes on either end.
    A fee by the Brazil agent (tourism office) was about 6% (assessed as part of exchange rate).
    In short,MoneyGram charges a fee(see website) via the agent… plus the 6% agent charge. The agent is likely a bit flexible on the 6% charge in that our agent offered to “beat” another agent’s fee (another tourism office) by a tiny amount.
  • #262754

    JPsoon
    Member

    [QUOTE=JPJ2008]In case anyone is interested for future reference re: MoneyGram.

    MoneyGram tells you what their transfer fee is via their website.
    You essentially need to find “agents” in both the US & Brazil, like with Western Union.
    The person in Brazil pays the transfer fee via the local agent.
    The local agent gives the sender a reference number that the receiver will need.
    In Brazil we used a local tourism office (private company) to send from.
    In the USA we used a major grocery store for receipt. They issued a money order (check).
    On the US side you essentially need to present your photo ID and a reference number.
    The transfer took minutes, not hours or days.
    No taxes on either end.
    A fee by the Brazil agent (tourism office) was about 6% (assessed as part of exchange rate).
    In short,MoneyGram charges a fee(see website) via the agent… plus the 6% agent charge. The agent is likely a bit flexible on the 6% charge in that our agent offered to “beat” another agent’s fee (another tourism office) by a tiny amount.

    [/QUOTE]
    This.
    For smaller amounts of money, that is. The tourism office/money exchange that I went to uses Western Union. I sent USD 500 to the States and it cost around 80 reais in fees.
    If anyone is in Salvador, Bahia and needs this service, go to the third floor of Shopping Itaigara. I forgot the name, but it’s located there. The shopping center is not very big at all.
    expatinbrasil2014-02-01 06:17:43

  • #263423

    VanessaF
    Member

    Moneygram seems to offer only cash-to-cash service and their estimate on fees amounted to something close to 7% by the time you take into account the agency fee and their FX spread. Which is actually not too bad considering the IOF currently in force.

    Any ideas for sending a larger amount to a bank account, rather than collect cash at an agent? Has anyone used Moneycorp? I’m still waiting for them to call me back to explain their processes. I want to send money from my banco do brasil account to a barclays account in the UK.
    thx
  • #264447

    kaylor_R
    Member

    Dear Sir,I have personally used a company in London that charges usually less than 1% and offers a fair rate of exchange.They were so good that we now recommend them to all our clients.For more information,please email to philhammond@parklaneoffshore.com Cheers.

  • #264448

    kaylor_R
    Member

    Hello There !!! I personally used a company in London that usually charges less than 1% and offers a fair rate of exchange.They are so good that we now recommend them to all our clients.For more information email to philhammond@parklaneoffshore.com Cheers.

  • #264449

    kaylor_R
    Member

    Hello There !!! I personally used a company in London that usually charges less than 1% and offers a fair rate of exchange.They are so good that we now recommend them to all our clients.For more information email to philhammond@parklaneoffshore.com Cheers.

  • #264561

    Suiço
    Member

    Has anybody tried an outfit out of the UK and Cyprus called “Currency Solutions”?

  • #265448

    Rushen
    Participant

    I just want to say thanks to Coolbloo and GGTrek for the info posted in this thread and board. I recently did a Transferencia de Patrimonio using a Private Corretora in SP mentioned in this thread to the US. I have to say the process was very smooth and there were no surprises thanks to the info I got from here and the internet.
    A couple of months ago I sent R$7k to the US via Western Union. Talk about an Adrenaline Rush walking around with that much money in your pocket here. I wanted to avoid a Saidinha de banco so I was withdrawing money at various ATMs. A little safer, but very time consuming since my bank only allows a max withdrawal of R$2500 per week from the ATM. Even though Western Union is convenient for amounts up to $3k (plus you’re limited to R$15k a month); I just wasn’t comfortable with carrying that much cash and the time it took to accumulate it. So I decided to investigate the Corretora route.
    The Corretora sent me some forms in an email that I needed to fill out and send to them in the mail. I only needed to go to the Cartorio to authenticate my signature, everything else I just printed out at home. Once I was cleared by their lawyers I started to deal with one of their brokers. I was sent another form to fill out with my bank account info in the US and the amount I wanted to wire. They charged 100 USD (paid in BRL) for the transfer and were 2 cents above the current market rate with the quote, not bad at all.
    I needed to send R$10k to the US; the broker provided me a quote which included their fee, the rate of BRL to USD, IOF, the amount to be wired to my account in USD, when it should be deposited (48hrs), and how much I needed to deposit into their account all in an email.
    One of their accounts is in the same bank that I bank with so I did an intra-bank transfer of R$10k plus the $100 converted to BRL and IOF into their account. That same night I got a contract from them in an email confirming the amount to be deposited into my account in the US and all the other details of the money trail. The following day a Motoboy dropped off 2 contracts signed by them; 1 for me and another to be counter signed and sent back to them. After all that it was time to play the waiting game. I sent it out on Thursday afternoon and on Monday the following week it was in my account in the US.
    So I have to say for those of us that do not have an HSBC account or somebody willing to buy R$ you can trust, the Corretora’s are a good alternative. Make sure you do your research on the one you choose by checking the Banco Central site and the internet.

  • #265456

    manjula01
    Member

    Guys,

    Interesting to read some of the comments here about transfering money in and out of Brazil. I want to inform you all of a service that my company, Vila Nova Advisory, provides, which is simply the easiest and most cost effective you are going to find here. We can accomodate any amount, no matter how small or large, and will always endeavour to lock you in at a rate as close to spot as possible. The process is straightforward and transparent, can be done remotely without needing to carry buckets of cash around with you, and you will have a dedicated account manager to guide you through.
    Send me an e-mail to james@vn-am.comand I will help you to transfer your money to or from wherever you need.
    Cheers,
    James
  • #267073

    Can you please share the name of the private cambio you used?

  • #267608

    abercrombie
    Member

    I would avoid Moneycorp for transferences from Brazil to the US. They are quoting “about R$2.91 as of today” per dollar. The spot rate is at R$2.23, so they aren’t even close.

  • #269735

    Anonymous

    hello friend , i am going to brasil for helping my frined,can anybody help how there will survive without knowing anything in brasil

  • #269737

    sergiu
    Member

    Hello,
    I’m not sure of your question, but if you asking how you can do things without knowing the language, it is possible if you are a patient person. Communication can be done through body language, and if a computer is around google translate can help you. It may not be easy at first, but it will get easier as you go and my experience is most people will work with you and help you in any way they can. Just be sure to be polite and not get upset and you should do fine.

  • #269821

    KristaN107
    Member

    I want to know if anyone has any experience doing a SWIFT transfer on Banco do Brasil’s website. Nobody at the branches here no how to do a SWIFT transfer and everytime I put the REAL swift code and the REAL country into the website, it says “Record not found”.
    These banks really exist and have real swift codes. I’ve used them with other institutions but not BdB

  • #269848

    wtdknknm
    Member

    Welcome to Brazil, the place where nobody knows what they are doing! Smile

  • #269857

    KristaN107
    Member

    I was able to get to the next “screen”. Can you believe it! It was a lot like playing a very difficult computer game. I gave up when I started reading R$ 200 average for fees.
    Instead, I found a way that is 100% free. Ok, maybe I’ll have to pay ,38 IOF, but that’s no big deal. My goal is to get some money out of BrAZIL every month, not HUGE transfers, just consistent small amounts.
    Sorry, I can’t tell anyonebecause I don’t want my jeitinho to ever get shut down. Good luck everyone!

  • #269860

    wtdknknm
    Member

    [QUOTE=codestream]I was able to get to the next “screen”. Can you believe it! It was a lot like playing a very difficult computer game. I gave up when I started reading R$ 200 average for fees.
    Instead, I found a way that is 100% free. Ok, maybe I’ll have to pay ,38 IOF, but that’s no big deal. My goal is to get some money out of BrAZIL every month, not HUGE transfers, just consistent small amounts.
    Sorry, I can’t tell anyonebecause I don’t want my jeitinho to ever get shut down. Good luck everyone!
    [/QUOTE]
    So the point of your post is……….???

  • #269877

    KristaN107
    Member

    ^ The point is that wire transfer sucks. And sorry to plagarise someone else here:
    “You will get jail-house gang-banged raped if you use their services.”

  • #270104

    weston jinta
    Member

    I have an apartment in Brazil that is rented out, managed by a local law firm. Every few months or so, they send me money through the regular banking system to my bank account here in Chile. They tell me that the Central Bank of Brazil has to approve each transfer, which can take several days at best. We have always kept transfers at less than R$10,000 as they tell me that it is much more difficult to get approval for sums greater than this, which is obviously not a problem for me.
    However, I have been thinking about selling the apartment which, with recent increases in real estate prices, would mean a much higher figure to transfer. Does anyone have experience of selling property in Brazil and transferring sums in the R$100,000’s? Clearly, I can justify the origin of the money but does this actually solve the problem. Also, does anyone know if they would subject the transfer to any form of withholding tax, pending filing an annual return with the capital gain reported (and payable at 15%).
    Any advise would be much appreciated as I would like to understand the process before I decide whether to list the property for sale.

  • #270112

    sergiu
    Member

    From what I understand there is a 15% tax on anything over 440,000 reais and depending on how many years you owned it.
    Otherwise I believe if you have money set out, depending on what you brought in will determine any other gains. You may want to talk to an accountant if you have one in Brazil and find out what that may be. Otherwise I think all you pay is the IOF and one other tax and whatever exchange rate they give you. Let us know how you make out. Good luck!

  • #270132

    weston jinta
    Member

    CJBaker,
    I agree – I am at the limits of what my attorney can advise. He advises that the 15% Capital Gains tax is only paid later, as the tax is not due if the proceeds are re-invested into Brazilian property. He also advises that there is no withholding tax (as an advance on the future capital gains tax)……but that it is virtually impossible to obtain Central Bank of Brazil approval to take such a large sum out of Brazil..e.g. you are effectively obliged to keep the money in Brazil. I am not sure an accountant will be ale to advise on Central Bank of Brazil practices in such cases – I may need the help a banker. Your thoughts?
    HonoraryCarioca

  • #270133

    GGTrek
    Participant

    HonoraryCarioca, your lawyer obviously ignores the basics of FX legislation in Brazil. This is all the legislation you really need:
    http://www.bcb.gov.br/rex/rmcci/ftp/rmcci.pdf
    It is big piece of paper, but to summarize the central bank of Brazil will not perform a pre-check any of your wires outside Brazil, but your FX bank/broker will have to register after the fact any FX deal above 10000 USD equivalent with the central bank (which runs automatic algorithms to detect money laundering or “irregular” transfers). It used to be 3000 USD but in July this year the law has finally been approved that increases the limit to 10K USD:
    http://www12.senado.gov.br/noticias/materias/2014/07/22/elevado-para-us-10-mil-limite-de-transacoes-de-cambio-sem-contrato
    Selling a house and returning money to any country where you have a current account in your name is fully permissible and has nothing to do with Receita Federal Capital Gains Tax. The people that will check the house sale documentation and the source of the proceeds are the bank/broker back office and compliance employees, since they have to do it to respect the regulation above and avoid big penalties from the Central Bank of Brazil.
    It is laughable to think that you will have to deal personally with Central Bank of Brazil for a mere 100k USD transfer!!! TongueThe BCB only deals with regulated institutions! In case they spot a person/company doing dodgy transactions they will notify the Federal Public attorney to investigate.
    I have been working for Brazilian banks since 2008 and even supporting an FX desk the first few years, in addition I have been doing physical FX since 2008 here in Brazil and just two weeks ago when EUR dipped lower I wired outside Brazil 75k EUR without any issue + 2 months ago another 45k USD and I did not even sell my house. It is called “disponibilidade no exterior” or “transferì™ncia de patrimonio” and you just need to show your Brazilian Imposto de Renda together with proof that your account outside Brazil is in your name.
    Unfortunately most of the suggestions in this particular thread come from amateurs, please check this thread that I contributed to some time ago in this same forum together with people who know about international wire transfers.
    http://www.gringoes.com/forum/forum_posts.asp?TID=15730&KW=Pioneer&PID=189422&title=hsbc-premier-or-itau
    http://www.gringoes.com/forum/forum_posts.asp?TID=19491&KW=Pioneer&PID=225561&title=best-way-to-send-money-from-brazil-to-the-uk
    GGTrek2014-09-16 19:46:33

  • #270327

    weston jinta
    Member

    GGTrek,

    thank-you very much for your full response. I truly appreciate it.

    I have done my best, with my limited Portuguese, to digest the legislation you forwarded. As you say, the obligation is on my Forex bank to register the transfer after the fact. I think part of my prior difficulties arises from the fact that my transfers have been from my attorneys holding account to my father in laws bank account – and the bank had to gather adequate information in order to answer any subsequent questions. This would presumably be smoother if I had transferred into my own overseas bank account.
    In some countries the proceeds from the sale of property cannot be repatriated without a withholding tax being deducted (pending the filing of a tax return that reports the capital gains) but this does not seem to be the case in Brazil (although, of course, the obligation to file remains).
    Best, HonoraryCarioca
  • #270631

    wtdknknm
    Member

    [QUOTE=GGTrek]HonoraryCarioca, your lawyer obviously ignores the basics of FX legislation in Brazil. This is all the legislation you really need:
    http://www.bcb.gov.br/rex/rmcci/ftp/rmcci.pdf
    It is big piece of paper, but to summarize the central bank of Brazil will not perform a pre-check any of your wires outside Brazil, but your FX bank/broker will have to register after the fact any FX deal above 10000 USD equivalent with the central bank (which runs automatic algorithms to detect money laundering or “irregular” transfers). It used to be 3000 USD but in July this year the law has finally been approved that increases the limit to 10K USD:
    http://www12.senado.gov.br/noticias/materias/2014/07/22/elevado-para-us-10-mil-limite-de-transacoes-de-cambio-sem-contrato
    Selling a house and returning money to any country where you have a current account in your name is fully permissible and has nothing to do with Receita Federal Capital Gains Tax. The people that will check the house sale documentation and the source of the proceeds are the bank/broker back office and compliance employees, since they have to do it to respect the regulation above and avoid big penalties from the Central Bank of Brazil.
    It is laughable to think that you will have to deal personally with Central Bank of Brazil for a mere 100k USD transfer!!! TongueThe BCB only deals with regulated institutions! In case they spot a person/company doing dodgy transactions they will notify the Federal Public attorney to investigate.
    I have been working for Brazilian banks since 2008 and even supporting an FX desk the first few years, in addition I have been doing physical FX since 2008 here in Brazil and just two weeks ago when EUR dipped lower I wired outside Brazil 75k EUR without any issue + 2 months ago another 45k USD and I did not even sell my house. It is called “disponibilidade no exterior” or “transferì™ncia de patrimonio” and you just need to show your Brazilian Imposto de Renda together with proof that your account outside Brazil is in your name.
    Unfortunately most of the suggestions in this particular thread come from amateurs, please check this thread that I contributed to some time ago in this same forum together with people who know about international wire transfers.
    http://www.gringoes.com/forum/forum_posts.asp?TID=15730&KW=Pioneer&PID=189422&title=hsbc-premier-or-itau
    http://www.gringoes.com/forum/forum_posts.asp?TID=19491&KW=Pioneer&PID=225561&title=best-way-to-send-money-from-brazil-to-the-uk
    [/QUOTE]
    So if in the future I wanted to send around R$600K to the UK, this can be done?
    Also, can it be done through the regular banking system (bank to bank) or not?

  • #271580

    Anonymous

    Hi all

    I just found this forum on my way back from Banco do Brasil Novo Hamburgo, where I *barely* managed to stop them from executing my wire transfer to the US.. For sending $500 to my own Chase account (I need to pay my credit cards) they were charging me 7% plus a flat fee of $100 (!!). The good agent in the bank had only mentioned a fee of ‘about 1%’ ConfusedAdding also the fee that Chase charges me to receive international wires, which is about 20$, it would come close to paying 30% for transfer fees.. Outrageous.
    I have read all the posts here, but I am still not sure how to execute a small transfer like that from my Banco do Brasil to my Chase in Ohio. I cannot do a money order or Western Union as I would not be there to pick it up, and I cannot hire agents because the amount is small.. Any help welcome!
    Of course this would be more easily solved if I could find another way to pay my credit cards monthly from Brasil… But I haven’t been able to think of one yet.
  • #271582

    Andrewfroboy
    Participant

    Do you have any gringo friends? They could exchange money for you and make a transfer that way

  • #271583

    Rushen
    Participant

    I was in your situation when I lived there. I left an AMEX travel card with a trusted family member and deposited money on it from my Itau account. They would withdraw the money from it and deposit it in my Chase account. They had Chase as well so it would be a quick pay and was very convenient.
    However, with the AMEX travel card they get you on the exchange rate (normally 10-14 points above the current rate), IOF, plus you’ll have to pay $5 to withdraw it in the US. For small quick transfers it was convenient.

  • #271598

    ejboyd
    Member

    if only brazil can make this thing or all things easier, right!
    I thought Paypal could be a good solution for this, but if you have Reais on your paypal, they won’t let you transfer it to a non-brazilian account and convert it to other currency, in short – you can also use it within brazil!

    Bradesco charges about 2.3% per withdrawal (out of brazil) with a minimum of about R$600 per day (all fees inclusive on their minimum limit too!) we tried, several times, to request to increase the limit but they won’t. Even when we’re still in Brazil and wanted to use our debit card, they won’t increase the daily limit of R$2000. I don’t effing understand this, it’s a debit card and we wanted to use/spend more than R$2000 per day but they won’t let us.
  • #271600

    Anonymous

    [QUOTE=pantouflas]Hi all

    I have read all the posts here, but I am still not sure how to execute a small transfer like that from my Banco do Brasil to my Chase in Ohio.

    [/QUOTE]

    Update: I found the ultimate best way to do this, but it’s not going to be for everyone.. Basically, I contacted an old friend of mine who does the opposite thing – sending dollars to his son in Brazil. We arranged it so that every time he wants to send money to Brazil he puts dollars in my Chase account – and I wire Reais to his son’s bank. We also agreed on the Google exchange rate so we are both saving a good chunk of money…
  • #271601

    Rushen
    Participant

    Make sure he has a Chase account. Earlier in the year Chase changed their policy and will only allow cash deposits to accounts that are in the name of the depositor. If he has a Chase account he can use quick pay to get around it.
    http://www.huffingtonpost.com/mybanktracker/chase-stops-cash-deposits_b_5568830.html

  • #271607

    rushen, how does the chase bank thing affect people in Brazil wanting to xfer money out of Brazil? Is it possible to make a deposit in a cash machine here and the money shows up in the US account?

  • #271610

    Rushen
    Participant

    The Chase bank thing specifically affects Pantouflas’s solution to getting USD in his Chase account. Chase doesn’t allow deposits in cash to an account that is not in the depositor’s name.
    As far as I know they’re the only bank in the US that has this restriction.

  • #271633

    Anonymous

    [QUOTE=pantouflas]I found the ultimate best way to do this, but it’s not going to be for everyone.. Basically, I contacted an old friend of mine who does the opposite thing – sending dollars to his son in Brazil. [/QUOTE]
    This is how I prefer to do it, too. I earn in dollars, but need reais for my expenses in Brazil. I just exchange directly with anyone who is in the opposite situation: Whoever needs my dollars, in return for their reais.
    I usually only do it with others who, like myself, are also longtime established forum members because whenever money is involved trust obviously matters and reputation obviously matters, too. And so far it has worked out great for both of us.
    There’s nothing better than not being forced to put up with the bureaucratic red tape of corrupt Brazilian banks with their 5% commissions and $50 minimum fees.

  • #271697

    4 or 5 years ago, it was very difficult to get money out of Brazil. I say difficult because no one at any banks around here know how to do an international transfer. In big cities, they send me back to my local banks.
    Now, I found out that it’s not impossible. I was so happy.. then the real started tanking. That’s bad luck for ya.

  • #272024

    Anonymous

    Hey everyone, is there a conclusion on how best to do this? We need money out of Brazil into the UK and would really like to know the best way.

  • #19009

    shaunmw87
    Member
  • #275707

    SGImmigrant
    Member

    So based on previous comments, it makes more sense to use the corretora de cambios (some of the names mentioned were Graco, Pioneer) when dealing with significant transfers. Thanks for explaining this alternative as I was unaware of this.
    And it seems that for the transfer to be completed, the contrato de cambio is delivered to your address and needs to be signed.
    However, I’m currently living abroad and don’t have any procuraìßão in place.
    Does anyone know a way to send money out of Brazil while living abroad, without procuraìßão (power of attorney)?

  • #275710

    a6abeGGkz-0
    Member

    Daniel, it’s worth a try – have them Fedex the papers to you. Get their complete address, contact name and phone number and get a Fedex air waybill all filled out with your info – TO (your address) FROM ( their address) scan a copy and email it to your contact. Have them schedule the pickup, print 3 copies and the driver to bring an envelope. Make it convenient for them, so they are prone to go with it and there are no errors either. you can then trace it on line. It usually takes 3 – 4 days to get to you, provided customs didn’t stop for clearance. I do it all the time US/Canada at work. Good luck and hope there are better ways to do it.
    On a different note the fx is at 3.054 hmm last time I checked it was 3.10 perhaps it’ll insteadly drop further for you, good luck !

  • #275867

    TAPper
    Member

    I’m returning to the US in August and am looking to bring/send R$4000.

    What’s the cheapest way? I could carry the cash with me on the flight but it’s a little riskier than sending via bank transfer or putting onto pre-paid visa card.
    This is a company close to where I live. They currently are exchanging cash at $1=R$3.29 +0.38% IOF. For the pre-paid card it is at $1=R$3.26 + 6.38% IOF. This is a pretty big difference. Is there something else I may be missing because this seems like a really good rate for straight to cash? Should I just risk carrying the cash?
    Anyone have experience with Banco do Brasil wire transfers to CapitalOne or credit unions in the US? My gf has a BdB account and will look into it.
  • #275868

    ffm
    Member

    For that amount, just change it and carry it. It’s just a little over a grand.

  • #275949

    If anyone wants to transfer money, just transfer it to my bank account. Send me a PM for details.
    HEhehe.. I’m officially Brazilian.

  • #277250

    lianeliane
    Member

    You can try transfast stores in Brazil.

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