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 beneficiary of the funds has an account with one of these banks, it is a wonderful idea to open an account locally as well with the same bank, seeing as how account transfers within the same bank are often processed at a sooner rate and with little or no added cost. Bank transfers between two different banks are also relatively simple; however, sending funds from one bank to another can require a waiting period of up to 5 business days with significantly higher processing fees.
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 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Upon activation, sending a debit card with the PLUS or CIRRUS logo on the back will certify that funds can be withdrawn from a gigantic and far-reaching system of ATMS located throughout Brazil and all over the world.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 safe option. If more money is needed at a later date, the card can be reloaded as many times as necessary.
In addition to these methods, online payment services are becoming the most popular way to send money overseas. This method moves the money quickly and the fees are relatively low, however, the recipient must have a banking history in Brazil in order to access the funds.
One advantage of sending funds this way is that the funds can be used to buy goods and services electronically without ever needing to change the sent funds into actual cash. On the other hand, if the receiver does wish to turn these electronic funds into cash, it is more difficult than with other proven methods, due to processing guidelines.
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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