Have you ever needed to send money abroad and didn’t know how? This is a common headache for many people. The operation of transferring capital can happen between people and companies that need to pay or negotiate something in foreign currencies.
For example, making payments, organizing an exchange and sending money to family or friends. The need arises because of the need to involve the exchange rate whenever it is necessary to exchange different currencies, taking into account the current quotation of the currency.
That’s because if you’re going to send money to the United States, you can’t do it in reais. The same goes for any country in Europe. That is, it needs to be the currency received in the country. As well as receiving money from abroad, it also includes the exchange rate for the real.
Confused in the process? Check out more over here!
What we will see in this article:
What’s new?
Since December 30, 2022, sending money outside Brazil is easier and faster, all because the new foreign exchange law (14,286) has already started to apply. This legislation brought significant changes, for example, it facilitated the purchase and sale of foreign currency.
It also increased the value in cash that does not need to be declared by travelers entering or leaving Brazil (from R$ 10,000 to US$ 10,000). Another point is that carrying out the so-called “remissions” has been simplified. Now, “Remission” is the term used by the International Monetary Fund (IMF) to deal with low-value operations carried out between individuals or legal entities in various countries around the world.
According to Brazilian law, transactions of up to US$ 50,000 with a sender in Brazil and a destination elsewhere. According to the Central Bank, in 2021 there were around 11 million remissions made from the national territory, most of which in amounts below US$ 200.
How to send money abroad?
There are several ways to send money abroad in 2023, here are some of them:
- Bank transfer: this is often the most common way to send money abroad. It is possible to make the transfer through the bank or an online platform. This process can be a little time consuming and there may also be high fees.
- money transfer services: There are several companies that offer money transfer services, such as Western Union and MoneyGram. These companies usually offer lower fees than banks, on the other hand, the process can take longer.
- Cryptocurrencies: more and more people are using cryptocurrencies, such as the famous Bitcoin, to send money abroad. This is a quick and relatively inexpensive option, but don’t get too carried away, it can be a little tricky for those unfamiliar with the world of digital currencies.
- Prepaid card: there is the possibility of buying a prepaid card in dollars or another foreign currency and using it to make purchases or withdraw money in another country.
- Online payment platforms: Platforms like PayPal or TransferWise are good options for sending money abroad. These are platforms that are generally secure and offer competitive rates.
But be careful, it is important to note that each of these options has its own advantages and disadvantages, so researching and comparing rates and requirements before choosing the best option for you is more than essential.
Exchange remittance can be helpful
This is a common operation for people and companies that need to pay or negotiate commitments in foreign currencies. This is the case of making payments, organizing an exchange, sending money to family or friends, etc.
The need to involve the foreign exchange in this process whenever it is necessary to exchange different currencies. Anyone who sends an amount to the United States, for example, cannot do so in real. You must buy dollars — which will be the currency received in the country.
A simple way to make an international transfer is to rely on an institution that is duly qualified to intermediate these operations and has attractive commercial conditions – following all Federal Revenue regulations.
At BTG Pactual, for example, you can take advantage of the expertise and structure of the largest investment bank in Latin America to make your remittances.
Exchange operations are agile and safe, as they have their own team to take care of this sector. The processing of transfers also happens quickly, from the electronic signature of exchange contracts.
The bank’s staff can also help you organize the entire process and will inform you regarding the necessary documents – which are different for individuals or companies.
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