Whether you’re a Brazilian living abroad and need to send money back to your home country to support your family or you’re moving to Brazil yourself and need to take your savings with you, comparing your options before your transfer can allow you to save a lot.
By using our real-time comparison engine, you can find the providers offering the lowest fees and the best exchange rates from the country you want to send money to and for the exact amount you need to transfer. This will help you get more Brazilian Reales for your money.
The solution which will be the best for your next transfer will basically depends on three factors. The sending country and currency, the amount you need to send and how you want the recipient to receive the money.
If the recipient has a bank account, the cheapest option will be to use online money transfer services such as TransferWise, TransFast or Xendpay, who are available from many countries and offer bank-beating exchange rates and low and transparent fees.
Should you need the money to be receive in cash, along traditional solutions like Western Union, other innovative providers like Azimo, WorldRemit or Small World are extending their network of agent locations in Brazil and usually offer more competitive pricing.
If you want to transfer a large sum of money to Brazil, we recommend making your transfer with a foreign exchange company, as their exchange rates tend to be better for big transactions. For transfers to Brazil, we recommend you request a quote from Frontierpay or Moneycorp.
When you send money to Brazil, your transfer will be subject to the IOF (Imposto sobre Operações Financeiras). The IOF is a tax applied to any foreign exchange transaction in or out of Brazil. The tax is usually included in the money transfer fees or currency exchange rate margin applied by the money transfer provider or bank.
Brazilian banks do not use IBANs to uniquely identifying bank accounts, and not all banks use the SWIFT network. This means you will usually need to enter the name of the bank, a branch code and the account number of the recipient in order to proceed to the transfer.
In addition, you will need a CPF number, which is the Tax Registration Number everyone living in Brazil receives from the Cadastro de Pessoas Físicas
In some cases, you will also need to specify the type of account to which you are transferring (checking or savings).
Brazil is historically an immigration country, with a lot of migrants from all the world living and working in Brazil. In contrast, less than 1% of Brazilians are living outside Brazil, but with a country this size, Brazilians living abroad still represents a large group of between 1.5 and 2 million people. Most of Brazilians forming this diaspora migrated in the last three decades, mainly driven by economic opportunities abroad, with the majority of them moving to the United States.
Other countries with important Brazilian communities include Japan, Paraguay, Portugal, Spain, France, United Kingdom, Italy, Switzerland and Angola.