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Ways to Transfer Money to Brazil
There are many ways to transfer money from the United States to Brazil. One of the simplest ways to do this is to develop a relationship with a US bank that is well represented in Brazil, such as Bank of America, Wells Fargo or Citibank.
If the receiver of the funds has an account with one of these banks, it is a good idea to open an account locally as well with the same bank, seeing as how account transfers within the same bank are frequently processed at a sooner rate and with little or no extra cost. Bank transfers between two differing banks are also relatively unproblematic; however, transferring funds from one bank to another can entail a waiting time of up to 5 work days with considerably higher processing costs.
Fees can be very high for international wire transfers. If, however, the funds needs to arrive rapidly, this is the best viable option.
Other than the bank transfer, another way to send funds to Brazil is through the pre-paid debit card. In an emergency this may not be the best method, since it takes some time for the card to physically be sent to the person in need of money; but for those who may often send money to family in Brazil, the pre-paid debit card is a good alternative.
Upon activation, sending a debit card with the PLUS or CIRRUS logo on the back will ensure that funds can be withdrawn from a gigantic and far-reaching network of ATMS located throughout Brazil and all over the world. If choosing to use an ATM card, you need to be certain that the cardholder is not retrieving funds without prior consent, for these are not pre-paid and hold no specific limit.
A pre-paid debit card is loaded with a fixed amount and cannot be overdrawn, making it a very protected option. If more money is needed at a later date, the card can be reloaded as many times as required.
In addition to these methods, online payment services are becoming the most well-liked way to send money abroad. This method moves the money quickly and the fees are fairly low, however, the recipient must have a banking history in Brazil in order to access the money.
One benefit of sending money this way is that the money can be used to purchase goods and services electronically without ever needing to convert the sent funds into actual cash. On the other hand, if the recipient does wish to turn these electronic funds into cash, it is more difficult than with other proven methods, due to processing rules.
With whichever method you choose, fund transfer between the US and Brazil is now an easy process. Be it via bank transfer, ATM debit card or online transfer, funds can be transferred faster than ever.
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