Send Money to Brazil: Cheapest Options and Essential Tips

Brazil supports multiple options for transfers from abroad. Most users go with international money transaction providers for a good reason to send money to Brazil, but here's how they compare to alternative methods.

Money Transfer Services

International money transfer platforms are the number one choice for sending money from Brazil. MTPs offer services in over 200 different countries, although the actual available options depend on the operator.

Although some providers also have in-store payments, international money transfer services have a digital focus. You can use websites or specialized mobile apps to send money to brazil, which requires registering and verifying an account.

Once you have a profile, you can use different payment methods to send money to Brazil. From credit and debit cards to bank transfers. The operators usually complete transfers on the same day, and the fees are reasonable.

Wire Transfers

Wire transfers are the classic method of sending money to Brazil. While you can send money from a wide range of countries, this option is slow and expensive. The money could take several business days to arrive, and you'll end up paying huge fees.

Bank Account Transfers

Brazil has over 150 commercial banks with 30,000 branches and 170,000 ATMs, but the estimation is that 46 million adults don't have bank accounts. While this Bank transfer method is convenient, check with the receiver that it is suitable. They should have an account with Santander, Bradesco, Safra, or other major banks. This method is considered to be one of the safest methods to send money to Brazil via major banks.

Challenger Banks

Challenger banks are primarily focused on digital services, but they don't offer a wide range of services like top Brazilian banks. Brazil is home to three of the most successful challenger banks, including C6 Bank, Neon, and Nubank.

Not all challenger banks offer international money transfers, and they usually come with higher fees. Due to limited solvency, this method is risky for large transactions.

Mobile Apps and Payment Services

Google Pay and Apple Pay are the two popular international services available in Brazil. While you can use these to pay in stores, these aren't the best method to send money from abroad.

It is better to go with international money transfer companies since they offer more payment methods and often lower fees for transactions from mobile apps and desktop devices.

PayPal

PayPal was founded in 1998, and it's among the pioneers in the e-wallet industry. It's a reliable e-payment option as a money transfer company, but one that can get quite expensive to send money to Brazil.

You'll find PayPal exchange rates to be unfavorable, which is another reason to go with international money transfer providers.

Money Transfers to a Pickup Location

Sending money from an agent location is an offline method of transferring funds to Brazil. While you can create an order online, it is necessary to head to a branch to pay for the transaction. Depending on the platform, this could come with higher fees than when using their online service. Money transfers from pickup locations are inconvenient for the sender since they waste time going to the agent.

International Money Orders

Brazilians living abroad can use international money orders via the Brazilian Post to send funds home. The main advantage to send money via this method is that the local post office has extensive coverage, and it's available in rural sections of the country.

But despite that, this fee is expensive and usually slower than using MTPs. Online international money transactions are also easier for the sender as the entire sending process doesn't take more than minutes.

What Do You Need to Send Money to Brazil?

The actual information required varies on the method chosen, but here's an overview:

• Your ID verification. This involves providing a valid document issued by your national government.

• Sending the amount in the desired payment method. You need to have the sum planned to send plus the fees required by the platform.

• Receiver's info. The platform could require only their name but also their physical address, phone number, tax ID, and other details.

• Bank details. If you pick a bank deposit, the bank name and branch, the SWIFT code, and the receiver's account number will all be necessary before you send money.

• Proof of funding. Either a salary statement, property sale contract, or another document will be required to confirm the source of funds you are sending.

Receivers have multiple options for receiving money in Brazil, including receiving it at a bank account or mobile or picking it up at an agent's branch. Here are the advantages and drawbacks of each method:

Location Cash Pick Up

Western Union has thousands of branches in different parts of Brazil, and other MTPs also have numerous agents, especially in large cities.

Cash collection for the receiver is a great option if they don't have bank accounts. However, it's risky to collect large sums and carry them around.

Direct Bank Deposits

There is absolutely no hassle for the receiver since they'll get the money directly to a bank account. They can use an ATM to collect the funds or head to the bank to get the money from the bank account.

Before you send money, make sure the receiver has access to a bank you picked for the transaction. It's best if they have a registered account, although some institutions will open one-time accounts for these transfers.

Mobile Money

Pix is a mobile payment system launched by the Brazilian Central Bank. It currently has 110 million users, and it's available with some international money transfer operators. Another consideration is that the receiver needs to have the mobile payment option available to receive funds.

What Do You Need to Receive Money in Brazil?

While discussing the transaction with the receiver, note that they might need the following documents:

• A valid ID. The name must match the one that you specify as the sender. An ID with a picture is necessary.

• Transaction info. Most will require the amount and sender's name, but they could also need a transaction reference number.

• Other details. Providing a tax ID might be necessary for applicable taxes, a bank account is needed for bank transfers, etc.

Remitly offers cash pick up and bank deposit options to receive money in Brazil. The platform works with Caixa, Banco do Brasil, and other reputable institutions. The registration and sending money processes are simple and fast.

3 Steps to Start Using the Provider

• Step 1: Visit Remitly's website and learn about your promotional exchange rate.

• Step 2: Choose the sending parameters and register an account.

• Step 3: Complete the transaction.

Best Alternatives

• Wise, Western Union, WorldRemit

With Wise, you can convert over 25 world currencies to BRL, and the fees are very reasonable. Transfers are secure and fast, with even instant transfers being possible. What's more, Wise's intuitive app makes it simple to send money from anywhere.

3 Steps to Start Using the Provider

• Step 1: Head to Wise's website and pick the desired parameters

• Step 2: Proceed to register an account

• Step 3: Finalize the transaction and wait for the money to arrive

Best Alternatives

• Remitly, Western Union, Instarem

Ria Money Transfer recently updated its website and app, but the old version is still available. Not only is the first transfer free, but you'll benefit from 0% fees on bank and cash payments. Even though the debit card charge is low, there's a USD 2,999 limit per transfer on all methods.

3 Steps to Start Using the Provider

• Step 1: Use the price calculator to assess the fees for sending money to Brazil on Ria.

• Step 2: After confirming the rates, register an account.

• Step 3: Finalize the transfer.

Best Alternatives

• WorldRemit, PayPal, Wise

The fastest platforms to send money to Brazil put the timeframe at 24 hours or promise to transfer funds on "the same day". Most transactions will be completed much faster, so usually the money is available in minutes with the following platforms.

The fastest platforms to send money to Brazil use different methods to charge for their services. Some have a higher fee when transferring large sums, while others lower the charges. There are no hidden fees, and you have a transparent cost overview before transferring the funds.

If you look at the overall picture, not many money transfer platforms are ready to give up on their fees for transferring funds to Brazil. However, some providers offer incentives to new and loyal customers, such as a free initial transfer. Others keep their charges low while offering favorable rates to send money to Brazil. Here are the best money transfer services if you want to get the best deal for your money on rates and fees.

The actual fees you'll pay might depend on the payment method used. Bank account transfers and debit cards are usually the most affordable, and some platforms might have additional charges for credit cards and in-store payments. If you want to learn more, we created the following guide on the cheapest ways to send money.

International money transfer providers must have licenses from the financial authorities of the countries where their services are available. But many add extra safety features to make their platform more trustworthy. Those vary from a fraud hotline and tips on how to avoid scams to measures against money laundering and other potential issues. Here are the safest platforms to send money to Brazil.

Some MTPs also acquire the ISO 27001 certification which proves the platform adheres to the rules of information security, maximizing the safety of your data and funds. Safeguarding your money means that the operator uses different accounts for clients' funds than those used to run the platform.

Sending money via an app is a convenient way to transfer funds to Brazil. The software quality varies, but the best apps need to work flawlessly and be bug-free. These apps have been tested for their ability to transfer funds to Brazil.

You need a valid internet connection and an app installed on your Android or iOS device to send money. The MTPs selected above offer the same features in the app and on the website. You can take advantage of different payment methods and fast transfers, as well as potential bonuses and incentives.

Financial regulation in Brazil is complex, but here are the two main authorities to understand:

• Banco Central do Brasil (BACEN). The Brazilian Central Bank authorizes financial institutions for business in the financial system. It supervises transactions and regulates foreign exchange markets.

• National Monetary Council (CMN). It's responsible for regulating the currency's internal and external values and monitoring financial institutions in the capital markets.

The sum you are sending to Brazil is important since you might need to report large transactions. If you are transferring money from the US, the banks will report any transaction over USD 10,000.

Local authorities don't limit the amount you can send to Brazil, but depending on the sum, you and the receiver might need to pass extra verification processes to send money to Brazil. Some MTPs offer reward programs and other incentives if you send large sums or transfer money frequently.

International money transfer providers earn money from transaction fees and exchange rates available. The processing charges vary – some platforms increase transaction fees for large amounts. Others take an opposite approach and lower charges if you transfer big sums.

Some MTPs won't charge for transactions, but they are more likely to earn from exchange rates. The rates could increase by up to 5% compared to the mid-market.

Personal payments from overseas are the top reason for sending money to Brazil. From helping out your family to sending a gift for a wedding, birthday, or another occasion, these transactions are all subject to taxes.

However, the sending process is different compared to business transactions. Most MTPs support both types, and there are some platforms dedicated to business transfers, such as VertoFX. Make sure to choose the right option for your needs.

BACEN issues a license to all money transfer platforms offering their services in Brazil. Each MTP mentioned on this page was thoroughly checked to ensure they are legit and trustworthy. Most MTPS also have certificates from the UK's FCA and other relevant financial authorities.

International money transfer providers do a lot to keep their servers safe from data breaches. Users want to know that their money is safe and will gravitate to trusted providers.

Brazil's taxation policy may change, but the current regulations are not too favorable for the receivers. As a sender, you don't pay anything, but recipients are subject to taxation on any transfer received from abroad.

The exact rules depend on the state. Some have a 4% tax, such as Rio de Janeiro, while others go up to 7%. You might find exemptions for small amounts on a yearly level in some states. It's best for the receiver to consult a local law expert to avoid paying fines.