Information on How to Transfer Money to Brazil
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There are numerous ways to send funds from the US to Brazil. One of the easiest ways to do this is to establish 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 monies has an account with one of these banks, it is a great idea to open an account locally as well with the same bank, seeing as how account transfers within the same bank are repeatedly processed at a sooner rate and with little or no added cost. Bank transfers between two different banks are also relatively simple; however, transferring funds from one bank to another can require a waiting phase of up to 5 business days with significantly higher processing costs.
Costs can be quite high for global wire transfers. If, however, the money needs to arrive quickly, this is the best possible option.
Other than the bank transfer, another way to send money to Brazil is through the pre-paid debit card. In an emergency this may not be the best means, since it takes some time for the card to physically be sent to the person in need of money; but for those who possibly regularly send money to family in Brazil, the ATM debit card is a great alternative.
Upon activation, sending a debit card with the PLUS or CIRRUS logo on the back will certify that funds can be withdrawn from a gigantic and far-reaching system of ATMS located throughout Brazil and all over the world. If choosing to use an ATM card, you need to be confident that the cardholder is not retrieving money without prior agreement, 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 popular way to send funds overseas. This method moves the funds quickly and the fees are quite low, however, the receiver must have a banking history in Brazil in order to access the money.
One benefit of sending money this way is that the funds can be used to purchase goods and services electronically without ever needing to change the sent money into physical 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 procedures.
With any method you choose, money transfer between the United States and Brazil is now an easy process. Be it via bank transfer, pre-paid debit card or online transfer, money can be sent faster than ever.
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