Money transfers

How to transfer money in Brazil and abroad

Money transfers

Money transfers in Brazil are very convenient, but also very expensive. You can pay most of your bills online or use the wide network of banking service points to perform your banking transactions.

If you want to transfer money, e.g. pay your bills, you can also make your payment at the cashier in your local Brazilian bank, instead of using the internet or the ATMs. However, many Brazilians are still choosing the “personal” way of paying their bills so prepare for long queues at the tills.

Money transfers within Brazil

Banking is quite expensive in Brazil. Apart from high interest rates you have to pay government imposed taxes on every transaction. These include a portion of 0,038% and a commission fee of 2% of the amount you are transferring. When transferring money abroad further costs come on top of that.If you make regular payments, such as rent or utility payments, it is recommendable to arrange a standing order (débito direto). The amount will be transferred automatically from your account.

International money transfers

When transferring funds abroad from your Brazilian account you must be present at the bank branch to sign the foreign exchange contract that states the conversion rates for the transfer. The same procedure applies when receiving international transfers in Brazil.

In order to perform an international bank transfer you have to provide the name of the receiving bank, the account number and the account holder, the SWIFT code and the IBAN number of the receiving bank. Such a transaction usually takes 5-7 workdays.

A considerably faster, yet much more expensive, service is provided by Western Union (via Banco do Brasil) or Moneygram (via Banco do Itaú).

Importing and exporting money

You are permitted to import and export any amount of money to and from Brazil, but amounts over R$ 10,000 must be declared.

Further reading

Does this article help?

Do you have any comments, updates or questions on this topic? Ask them here: