Activities News

6 ways to send or receive money from abroad

Make more money is usually the goal of most Brazilians who decide to live abroad. But who leaves the country normally maintains financial ties to the family members left behind. Aite Group consulting data show that, worldwide, remittances from foreigners to their countries of origin should reach 374 billion dollars in 2010. To get an idea, the number exceeds the revenues recorded last year by the 15 largest companies publicly traded in Latin America. Although the reverse path is also possible, the volume transferred out is significantly lower than the one that brings in Brazil. In 2009, $ 2.2 billion came to the country while 669 million were sent out, according to the Central Bank. The Inter-American Development Bank (IDB) discloses a number twice as high for the money entered the country by also consider remittances through the parallel market. Is in the interest of receiving or sending resources, know the most common ways to make money circulate across national borders without infringing the legislation:

1. Western Union

Quickly and bureaucratic clearance characterizes the money transfer by the Western Union, the best known of the world shipping company. Founded in 1851 as a cables company in New York, the only Western introduced money exchange service in its portfolio twenty years later. Today, the service is by far its main business: only transfers of “consumer to consumer”, which cover migrant remittances to their countries of origin, earned 4.3 billion dollars to the company in 2009 – or 85% of the total collected in the year. Success is based on tradition which spans centuries, the vast network of authorized points, but above all the ease of recovery of the remitted funds.
In this type of operation, the recipient does not pay any fee to withdraw the amount. The costs are borne by the applicant, who must fill out a form specifying the location, the amount and the name of who will receive the money. Then a number of Money Transfer Control, better known by the acronym MTCN, which allows tracking of the process through the Internet will be issued. The big advantage is that you do not need a bank account to recover the amount. Less than 24 hours later, the money can be withdrawn at one of the 410,000 authorized agencies across the globe. In fact, the Western promises to complete the operation in a matter of minutes. Here, the service is offered in the Bank of Brazil and exchange agencies and tourism Action, Encounter, Fitted, Fair, Ballast, New World, Ourominas, Renova, Turiscred, Turismo10, and Treviso.
Such efficiency is priced and some say that in a growth scenario of the use of credit and debit cards abroad, the cost of the service can not compensate.According to research from Pro-Test, consumer NGOs, sending money through Western Union Bank of Brazil of $ 21 for transfers of up to 200 dollars and comes to 287 dollars for shipments above 10,000 dollars. Simply put, the lower the value, proportionally more expensive the service, and the fee can reach 10% of the remitted amount. In addition, payment in kind is only available up to 4,000 reais. If you want to collect more than that, the recipient must attend 48 hours in advance to the agency where they will take money to make a notification. Finally, over 10,000 real values only arrive in Brazilian by the deposit in checking or savings account at the Bank of Brazil.

2. Transfer by money order

Those who choose to send money from abroad through a bank transfer you can use just about any agency to do so. Just go to the financial institution of your choice and request the deployment of resources through the call money order.The main feature of this operation is that the recipient must necessarily have a bank account. Furthermore, both institutions will charge for the service. So who are abroad will pay a fee so that the money reaches its intended destination, although not the bank account holder contacted. The rate is known as issued money order. Once in Brazil, the agency that received the amount also deduct a certain amount of money that will be made available to the customer.
The process is the same for those who want to send money out. Basically, you must enter the data of the person who will redeem the money and the bank code where the funds will be drawn, known as SWIFT code. To speed up the operation and encourage receipt of remittances through its institutions, most banks already offers semipreenchidos forms on their websites, with the Swifts duly indicated.

The patent disadvantage operation is charging costs on both sides of the chain.According to Roger Ades, Director of the Bank’s income remittances, banks abroad usually charge 20 to 40 dollars to make the shipment of money, but the operation also has a cost to the institutions here. In Brazil, the received payment order Slaughter 20 to 100 dollars the amount that reaches the country, an amount that varies depending on the amount transferred. “The bank transfer is more advantageous to higher values. Often remittance agencies do not have a policy of sending more than 10,000 dollars abroad to prevent money laundering, “said Ades.

Know the costs charged by the major Brazilian banks to send and receive money via bank transfer:

Institution Fee for sending Discounted rate of receipt
Bradesco Up to $ 100 Up to $ 100
Itaú Unibanco 200 reais 140 200 reais
Federal Savings Bank 1% of the transfer fee, with a minimum $ 30 and maximum $ 100 1% of the transfer fee, with a minimum $ 20 and maximum $ 100
Bank of Brazil 1% of the transfer value and the actual minimum of 50 and maximum of 250 actual 1% of the transfer value and the actual minimum of 50 and maximum of 250 actual

3. Account abroad

Open account in another country follows the same requirements in Brazil: presentation a proof of income, residency, and documents. The Brazilian client of a foreign bank, it is obliged to report annually to the Central Bank on the assets held abroad if they exceed 100,000 US dollars. But if the goal is to transfer money, the account opening is only worthwhile if the migrant needs the bank for other purposes. This is because sending money from one country to another follows the same logic of a bank transfer made by order, with the only difference that in the latter case both the recipient and the sender have an account in financial institutions.So in addition to affording the costs of itself, the customer will bear the burden of account opening, with the collection of all fees in foreign currency.

Precisely for this reason, the process does not make up for an exchange student, for example, that will not work nor receive any remuneration out there. So that the money reaches your account, your parents should carry out a payment order and the cost of the process is the same with the subject any relationship with the bank or not. The expert consultant in the financial system José Luiz Rodrigues, JL Rodrigues office, Carlos Átila & Associates, argues that maintaining an overseas account in order to receive or send money to the country only pays off when the account holder has great values to administer. “Normally it is to have to do the management of money by having property, business, and investment,” he says.

The exception is banks in Brazil that offer account opening ability at the same institution outside. HSBC Premier customers – with monthly income higher than 7000 actual or investments of a minimum of $ 50,000 invested in the bank – can send amounts for different countries through internet banking. The account of the monthly costs between 45 and 49 real and there are no fees for transfers between accounts of the same title.

4. E-bill

If you already have a credit card with a Visa issued overseas, the immigrant can open an account via the internet at Caixa Economica Federal to send money to Brazil.The fee for the transfer is 2.5% of the remitted amount, and the amount is charged to the user’s credit card. To open the E-call account, you must be of age, reside abroad and have CPF. Although it can be created on the web through a simple registration, account activation will only be made after the customer forwards a copy of the identity document or passport to CEF. This process should be completed in a maximum period of 30 days. From there, the money can be transferred to any account of the case in Brazil or even be available for withdrawal at a bank branch previously selected, so that the beneficiary need not be an account holder of the institution. The threshold for monthly shipment is 30,000 reais and each operation can not exceed the value of 10,000 reais. The values reach the recipient within two business days.

5. Electronic money order

The Post Office also perform sending and receiving values for 41 countries, always in dollar or euro, through a service called Electronic Postal Valley. The money is sent or drawn in accredited post offices abroad and the transfer is completed within a period ranging between 5 and 15 working days. The ceiling on remittances varies depending on the agreements between the nations. In Madagascar, for example, consignment ceiling is $ 300, while the value rises to 5,000 euros if the target is Poland. The receipt of money in Brazil is a maximum of 3,000 euros, which also varies according to the policy agreed between countries.Remember that the service is not available to receive money from the United States, where it leaves the largest amount allocated to Brazil – 894.5 million dollars in 2009, or 40% of the total that entered the country. Whatever the place of destination of the transfer, the transaction price is 35 reais plus 1.5% of the shipment value. Therefore, the higher the amount, the more advantageous is the shipping option to the Post. With the euro to 2.25 reais, for example, sending 100 euros to Spain leave to 39 reais or 17% of the remitted money. On the other hand, the rate drops to 2% – or real 136.25 – the consignment is 3,000 euros.

6. Cash money

If the goal is simply to have money for a trip abroad, the Brazilian can take a significant amount of cash himself. Carrying up to 10,000 reais in cash or the equivalent in foreign currency, will not have to inform the authorities about the amount charged. If you want to carry more than that, you need to make the call Currency Carry Declaration (DPV) at customs. Importantly, there is no limit to the amount of money taken to other countries. It also does not affect taxes or fees on the money. Just meet the requirements of the Internal Revenue Service, which guides the passenger to complete the form in advance at the address available on the Internet.

Anyway, only the questionnaire does not claim that the money was properly declared. You must attend to customs to present him with the pass, passport, and currency of the contract if this is the case. The informed amount will then be checked ballot the ballot so that the shipment is finally legalized. The procedure, which lasts around ten minutes, is repeated on arrival in the country. Recalling that the customs are always made on the first landing of the plane, in the case of passenger be coming to the country, and at the last airport in Brazilian soil, if you are leaving. So no use to present the statement in Brasilia is still lacking a connection to international flight. Similarly, if the migrant intends to bring money to the family in Minas, he must make the statement in Guarulhos (SP), assuming that this has been your arrival airport in Brazil.

“Money is very welcome anywhere in the world. Many people are under the impression that it is forbidden to travel with a higher value, which is not true. The problem is the lie or omission, “says the lawyer Andrea Dumont out de Mendonca, author of” International Exchange and Business “. Anyone caught with more than 10,000 undeclared real money and will be seized by the Federal Police will be indicted for tax evasion.

  • Western union is the fastest way to send money but they charge more than other company’s. almost 5%

  • I think cash money is the best way to send money abroad. No risk on it

  • It’s better not to go abroad and save my money in my own country

  • Is there any way to send money without any charges?

    • No way. Company does not open for social works…