Tips for Sending Money from Brazil to the U.S. and Vice Versa

Sending money between Brazil and the United States is common among immigrants, international workers, and families who support loved ones across borders. However, fees, exchange rates, and transfer speed can vary significantly depending on the method used.

To help you save money and send funds securely, this guide will cover the best ways to transfer money between Brazil and the U.S., highlighting cost-effective and reliable options.

1. Understand the Exchange Rate and Fees

Before sending money, it’s essential to compare exchange rates and check for hidden fees.

• Exchange rate: The rate at which Brazilian reais (BRL) are converted to U.S. dollars (USD) or vice versa.
• Transfer fees: Some services charge flat fees, while others take a percentage of the transfer amount.
• Hidden costs: Some banks and money transfer services offer “no-fee” transfers but apply poor exchange rates, making the transfer more expensive.

Tip: Use online tools like Google Exchange Rate, XE, or Wise Calculator to compare real-time exchange rates.

2. Best Money Transfer Services (Brazil to U.S. and Vice Versa)

Different services offer various speed, cost, and convenience options for international money transfers. Here are the best ones:

A. Wise (Formerly TransferWise) – Best for Low Fees

• Pros:
  • Uses mid-market exchange rates (no hidden fees).
  • Transparent pricing with low transfer fees.
  • Fast transfers (1–3 business days).
• Cons:
  • Requires a bank account to send and receive money.

B. Remitly – Best for Fast Transfers

• Pros:
  • Express transfers arrive in minutes (with higher fees).
  • Offers bank deposit, cash pickup, and home delivery.
• Cons:
  • Fees can be higher for small amounts.

C. Western Union – Best for Cash Pickup

• Pros:
  • Thousands of locations in Brazil and the U.S. for cash pickup.
  • Offers bank transfers, cash pickups, and mobile payments.
• Cons:
  • High exchange rate margins compared to other services.
  • Expensive fees for credit/debit card transfers.

D. PayPal – Best for Convenience

• Pros:
  • Easy to send money with just an email address.
  • Available in both Brazil and the U.S..
• Cons:
  • High fees and poor exchange rates for international transfers.
  • Both sender and receiver must have PayPal accounts.

E. Banco do Brasil & Other Banks – Best for Large Transfers

• Pros:
  • Direct bank transfers available for large transactions.
  • Secure and regulated by financial authorities.
• Cons:
  • High fees and slow processing times (3–5 business days).
  • Complex paperwork required for first-time users.

3. How to Send Money from Brazil to the U.S.

Step 1: Choose a Transfer Method

Decide whether to use a money transfer service (Wise, Western Union) or a bank wire transfer.

Step 2: Gather Required Information

To send money, you’ll need:

• Recipient’s full name (as it appears on their ID).
• Bank account details (if using a bank transfer).
• SWIFT/BIC code (for international wire transfers).
• CPF (Brazil) or SSN (U.S.) if required for regulatory purposes.

Step 3: Complete the Transfer and Confirm Fees

• Review the exchange rate and service fees before confirming.
• Always save the transaction receipt for tracking.

Step 4: Recipient Withdraws the Money

• If sent to a bank account, the money will arrive within 1–5 business days.
• For cash pickups, the recipient must present a valid ID.

4. How to Send Money from the U.S. to BrazilStep 1: Choose a Transfer Method

• For small amounts, use Wise or Remitly for lower fees.
• For large amounts, consider bank transfers for security.

Step 2: Gather Recipient Information

• Recipient’s full name (as on their bank account).
• Bank account number and agency (agência e conta).
• CPF number (mandatory for Brazilian transfers).

Step 3: Confirm Transfer Fees & Exchange Rate

• Compare different services to get the best exchange rate.
• Check for limits on how much can be sent per transaction.

Step 4: Track the Transfer

• Most services provide tracking numbers to monitor progress.
• Transfers typically take 1–5 business days, depending on the method used.

5. How to Avoid Common Mistakes and Scams

A. Watch Out for High Fees

• Some services offer “no fees” but use bad exchange rates.
• Always compare the final amount the recipient will receive.

B. Avoid Sending Money to Untrusted Sources

• Only transfer money to friends, family, or verified businesses.
• Be wary of online scams or “investment opportunities” that require money transfers.

C. Protect Your Personal Information

• Never share banking details with strangers.
• Use secure payment services that offer fraud protection.

D. Use a Reputable Service

• Stick to well-known services like Wise, Western Union, or Remitly.
• Check customer reviews and service reliability before sending large sums.

6. Tax Implications for Sending Money Between Brazil and the U.S.

A. U.S. Regulations

• If sending more than $10,000, banks are required to report it to the IRS (Internal Revenue Service).
• Large transactions may be subject to gift taxes if classified as financial gifts.

B. Brazilian Regulations

• Brazil has strict currency controls, and large transfers may require Central Bank approval.
• Money sent from the U.S. may be subject to IOF tax (Financial Operations Tax).
• Keep transfer receipts for tax reporting purposes.

7. Best Practices for Sending Money Efficiently

• Send larger amounts less frequently to reduce fees.
• Use services with real exchange rates to avoid hidden costs.
• Avoid credit card transfers to prevent additional charges.
• Monitor exchange rates and transfer when rates are favorable.

Conclusion: Save Money on International Transfers

Sending money between Brazil and the U.S. doesn’t have to be expensive. By choosing the right transfer method, comparing exchange rates, and avoiding unnecessary fees, you can save money and ensure your funds reach their destination safely and efficiently.

Whether sending money to support family, pay bills, or invest, these tips will help you maximize your transfers while minimizing costs.