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Transferring money from Brasil to US

Transferring money from Brasil to US

Old Feb 25, 17, 2:08 pm
  #1  
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Transferring money from Brasil to US

I have moved back to the US and I have a good chunk of reais sitting in an account at Itau. They want to charge an arm and a leg (on the order of 7%) to convert and wire to my bank in US. It's highway robbery. Has anyone here moved non-trivial amounts of cash back to the US and not been robbed? I would like to do it in one transfer only so these apps that allow max 30k reais per month or whatever aren't a viable solution since I want to take advantage of BRL ~3.05. Feel free to pm me for privacy. Thanks in advance.
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Old Feb 28, 17, 5:02 am
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Have you looked at transferwise?
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Old Feb 28, 17, 12:51 pm
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Yes, max 25k reais per year.
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Old Mar 1, 17, 1:31 am
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I think that Remessa Online is an alternative, considering that you can seek approval for a higher limit:

https://www.remessaonline.com.br/
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Old Mar 1, 17, 4:26 am
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Wow, thanks that looks like a really good possibility! Have you used it or know anyone who has? I'm going to have to do some due diligence on it.
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Old Mar 1, 17, 7:41 am
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Originally Posted by Esmjb View Post
Wow, thanks that looks like a really good possibility! Have you used it or know anyone who has? I'm going to have to do some due diligence on it.
Well, they have been featured in several trusted media outlets.

Considering that the spread they practice has a threshold at 1.6%, you can test their services using the minimum amount. It won't cost you extra.

Though if you have a really high amount, I guess you could contact them directly to see if a lower spread is possible.
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Old Mar 1, 17, 6:14 pm
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we use transferwise, we do the max per month from Itau, we lose some on the transfer, but it's not terrible.
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Old Mar 4, 17, 5:29 am
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Many options are discussed on this site: http://www.moneysavingexpert.com/ban...rency-exchange
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Old May 18, 17, 12:41 pm
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I'm here to report I went with remessaonline.com.br and it is awesome. I made 3 small transfers at first of 3k each just to test it out. The spread they charge depends on the amount you send but at worst it is 2.something % and at best it is 1.6% and my 3k transfers qualified for that rate. So with brl at 3.1 yesterday I converted at 3.155 all in (including IOF) and my money will arrive tomorrow. I found nobody better or even equal to those rates. Transferwise is slightly more expensive but also good. I would say if you use anyone else besides these two you are throwing money away.

Unfortunately I just started the process to get my 10k/month limit raised yesterday and it takes a week so I'm getting blown out by today's move and will end up just leaving my cash there for another few months at least. So anyone out there who is going to need to transfer money at some point in the future I recommend getting everything set up now so when the time comes you can make it happen.
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Old May 17, 20, 7:37 pm
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Originally Posted by Palal View Post
Have you looked at transferwise?
i used transferwise to transfer 1000 USD to Brazil BRL 5778. I made the transfer on Wednesday and the money arrived on Thursday. I’m pretty impressed!

[Moderator edit]

Last edited by Ocn Vw 1K; May 19, 20 at 11:55 am Reason: Referral link not allowed per FT Rules 3 and 10.
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Old May 18, 20, 5:32 am
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boboqui if you are sending money from US to Brazil I highly recommend looking into bitcoin. Given that like all things stuff in Brazil costs more than elsewhere, including bitcoin, you can buy bitcoin on a US exchange and sell it on a Brazilian exchange and actually make money (or in other words get an even better exchange rate than the official rate). You can start with dollars and end up with reais in your Brazilian bank account the same day.
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Old May 18, 20, 7:11 am
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Originally Posted by Esmjb View Post
boboqui if you are sending money from US to Brazil I highly recommend looking into bitcoin. Given that like all things stuff in Brazil costs more than elsewhere, including bitcoin, you can buy bitcoin on a US exchange and sell it on a Brazilian exchange and actually make money (or in other words get an even better exchange rate than the official rate). You can start with dollars and end up with reais in your Brazilian bank account the same day.
Esmjb, thanks for the tip, I never traded in bitcoin, please post links to an US and a Brazilian exchange that you have used. Thanks!
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Old May 18, 20, 5:34 pm
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In the US I have used kraken and coinbase. They are both good. In Brazil I used mercado bitcoin (expensive fees) and foxbit. There are many others and each has their own fee structure so it’s worth clicking around to see who is cheapest.
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Old May 19, 20, 6:13 am
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Originally Posted by Esmjb View Post
In the US I have used kraken and coinbase. They are both good. In Brazil I used mercado bitcoin (expensive fees) and foxbit. There are many others and each has their own fee structure so itís worth clicking around to see who is cheapest.
tx
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