If you’re looking for the best deal when sending money to Brazil, you’ve come to the right place. Keep reading to discover:
- How to get the best exchange rates and pay the lowest fees.
- How to send large amounts of money to Brazil.
- What information you need to make a transfer.
Brazilians around the world
According to the Brazilian government, just over three million Brasileiros were living overseas back in 2013. Of that figure, almost half were based in the United States. Additionally, there were significant Brazilian populations in:
From Tokyo to Valencia, Brazilians have been settling down and bringing their cultural influences to other countries for decades now. That means there’s a continuing demand for remittance services to send money to loved ones.
Remittances in Brazil
The official currency of Brazil is the Real, represented by the “BRL” abbreviation or the “R$” symbol. Thanks to modern technology, there are now several options for sending remittances directly to Brazilian bank accounts.
In Brazil, remittances in other currencies such as euros (EUR) and US dollars (USD) are also popular. Regardless of which currency your recipient gets, it’s essential to know the best ways to send it.
Get the best exchange rates when you sending money to Brazil
Exchange rates are an essential part of every money transfer. A good rate makes a massive difference to the amount of Real transferred to your recipient. Azimo’s rate alert feature will tell you when exchange rates are at their best, i.e. the ideal time to transfer.
So imagine you’re sending money from the UK to Brazil and £1 = R$ 7.15. If that’s not to your liking, you can set up an alert for when £1 = R$ 7.50. That way, you’ll be ready to make a transfer when you get your ideal exchange rate.
Pay the lowest fees on money transfers to Brazil
Great exchange rate? Check. So what’s next?
Well, you’ll need to complement your rate with a low fee to get the cheapest money transfers. However, when shopping around for low fees, always consider the transfer’s overall cost.
That’s because many banks and transfer companies love to advertise tempting “no-fee” transfers. Usually, offers like these are hiding poor exchange rates. And when you accept an unfavourable exchange rate, the provider pockets the difference.
Read our article about the mid-market rate to understand how this works.
Find out the actual cost of a money transfer by doing a bit of research. Sometimes you’ll discover that paying a small fee actually gets you a better overall deal.
Transfer money to Brazil securely
When you’re sending money to Brazil, use a trusted money transfer service.
Protect your money by choosing money transfer providers with 3-D Secure technology systems. Innovative technology such as Verified by Visa and CyberSource means your transfer is always in safe hands.
Send money to Brazil with Azimo
When it comes to transferring money online to Brazil, Azimo is a market leader in terms of cost, speed and safety.
Unlike some of its main competitors, Azimo’s pricing structure is clear and straightforward. You always get a great exchange rate and only pay a single, low, transparent fee. That means you’re usually getting the best overall deal compared to banks and other providers.
What information do you need to send money to Brazil with Azimo?
You can send money to Brazil with Azimo by either bank deposit or SWIFT transfer. You’ll need your recipient’s:
- Full name.
- Home address.
- Phone number.
- Cadastro de Pessoas Fisicas (CFP) number*
- Bank name, branch code and account number.
- Account SWIFT-BIC number. (SWIFT transfers only)
*Cadastro de Pessoas Fisicas is a Brazilian individual taxpayer 11-digit number unique to your recipient.
How to send large amounts of money to Brazil
If you’re sending a large payment like a house deposit, send it with Azimo.
When you register with Azimo, your first two transfers (five for Azimo Business) are fee-free. The first of your fee-free transfers also comes with a special, introductory exchange rate. All this makes your first transfers the perfect time to send lump sums to Brazil.
After that, use the award-winning Azimo app to set up currency alerts for the Real, so you always know the best times to send money.