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Looking to send money to Brazil but not sure where to start? Luckily for you, Canadians have a number of suitable options to transfer funds across the water. But what makes a transfer service stand head and tails above the rest? For starters, look for a service that offers the most return on your dollar, with the most competitive exchange rates and lower transaction fees.
The table below outlines some of the available options for transferring funds to Brazil. Feel free to use the table headings to sort products by fees, features and more.
Banks are great for a lot of things, but when it comes to international money transfers, they don’t quite take the cake. For one, they may charge higher exchange rates and tack on extra transfer fees. For this reason, it’s often worth your time and energy to compare your options. When it comes to transferring money overseas, it pays to invest in a dedicated transfer service, since they transfer large volumes of currency, and can often offer better exchange rates with lower fees than the bank.
Miguel, born in Rio de Janeiro, has recently moved to Vancouver to study architecture at the University of British Columbia. Once he’s settled in, he accepts a work-study position with his Faculty, and decides to send part of his paycheck home to his family in Brazil. Although Miguel has just opened a Canadian bank account, he is hesitant to use their money transfer services after his friends advise him of the hidden costs and fees. He decides, to be on the safe side, to do a comparison to see how much it will cost to transfer $1,000 with both his bank and an online international money transfer company.
|Canadian Bank||Money transfer service|
|Exchange rate.||1 CAD is equal to BRL2.04||1 CAD is equal to BRL2.55|
|Amount received for CAD$1,000.||BRL2,040.00||BRL2,572.99|
|Turnaround time.||1 – 3 days||24 hours|
|Transfer options.||Bank Account||Cash pick-up|
Miguel realizes, after making a quick comparison, that he can save approximately BRL533 (which is around CAD$207) in the exchange rate alone, with an additional CAD$7 savings in fees by selecting the online money transfer service over his bank.
Miguel learned a lot from his inquiry into his money transfer options. If you are comparing services, look for the following features and rates to find the one that offers the most value.
|Money Transfer Service||Transfer Fee (CAD)||Exchange Rate Markup||Total in BRL with fees deducted (from $1000.00)|
|XE Money Transfer||$0||$2.5739||2,574|
Rates current as of 18 February 2018
If you’re visiting Brazil and manage to misplace or lose your wallet, you can look into a couple of different options to replace or recover your hard-earned dollars.
Western Union and MoneyGram are located throughout Brazil, and offer a convenient and accessible way to get cash in hand, which can be particularly useful in an emergency. Make sure you have some form of ID, as well as a reference number and transfer details when you go to claim your money.
If you’re going to visit Brazil, the Government of Canada recommends that you exercise a high degree of caution (as of 18 February 2018). Foreign tourists are vulnerable to theft, including pick pocketing and muggings, so it’s important to be cautious of strategies that are intended to divert your attention. When you go to retrieve your cash, whether from a bank machine or a cash pick-up location, avoid showing signs of affluence and be aware of your surroundings at all times, particularly at night.Back to top
Before sending money to Brazil, you’ll need to provide some information to your recipient:
Save any documentation issued to you after you complete the transaction, as you may need to reference it should any problems arise.
As the largest country in South and Latin America, Brazil is a hot spot for Canadian tourists, boasting coral-fringed tropical islands, pristine white sand beaches and bustling metropolises, along with the largest street festival in the world, Rio Carnival. In terms of trade relations, Brazil is a priority for the Canadian government and is featured in the national Strategy for Engagement in the Americas as well as the Global Markets Action Plan.
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