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How to send money to Brazil
Take advantage of low fees and competitive exchange rates when sending money to Brazil.
Brazilians who come to Singapore often do so to earn enough money to make a business investment back home, or to send funds to their family. To be able to accomplish this, you must find a reliable means of sending money to the target Brazilian bank account.
Before embarking on this venture, be sure to look closely at your options for sending money from Singapore to Brazil. You don’t want to end up losing a significant amount of your intended investment capital in fees and low exchange rates.
International money transfers to Brazil: product and service comparison
The table below displays some of the options available for sending funds to Brazil. You can use the table headings to help sort products by fees, features and more.
Banks vs money transfer companies
Miguel moved to Singapore recently to continue his studies to become an architect. He also works part-time in order to support himself. With a large family in Brazil, they often ask him for help in paying bills.
Feeling like he was paying too much money in fees with his Singapore bank, he decided to compare other options available to him for sending money from Singapore to Brazil.
|Money transfer Service 1||Money transfer service 2|
|Exchange rate.||1 SGD is equal to 2.26 BRL.||1 SGD is equal to 2.45 BRL.|
|Transfer Fee.||$70 is charged for sending $1,000 SGD. This fee changes depending on the amount you are sending.||The sender is charged $3.99 for the transaction.|
|Amount received for $1,000 Singapore dollars.||2,261 BRL will be received by Miguel’s family.||2450 BRL when he uses this money transfer service.|
|Turnaround time.||With this money transfer service, the time to send the money within a few minutes.||The time it takes to complete the transfer is typically one working day.|
|Transfer options.||Your recipient will be picking up cash at one of the company’s locations.||Bank deposit|
What’s the difference?
Not only does Miguel’s family receive 189 BRL with the second service, Miguel pays $66 SGD less in fees for the transfer.
How to compare transfer companies when transferring money to Brazil
As you can see, there is a big difference in value between the two transfer companies that Miguel is looking into. Had he continued to use the first company without investigating his options, he would have lost a substantial amount of money over the time he spent in Singapore. You can save yourself from the same mistake by checking the following features of different money transfer companies before your move from Brazil to Singapore:
- Exchange rate. Currency values will make a big difference in the cost of a money transfer service. Do not overlook this important aspect when comparing companies.
- Fees. As you can see in Miguel’s case, there was a large difference in the fee charged for transferring money from Singapore to Brazil. Keep in mind that these fees generally go up with the amount of money you are sending.
- Pick-up options. Some transfer services will allow you to send cash to be picked up in Brazil, while most others will allow you to send funds from bank account to bank account.
- Turnaround time. If you are often called upon to send money in an emergency, you will want to find a company that transfers the money quickly.
- Transfer amounts. If you have plans on sending large quantities of money at a time, you will have to check the policy of each company you look into. Most have a limit on how much you can send per transfer and even per day.
How to send money to Brazil from Singapore
The Brazilian Real is not a common currency in Singapore, making your options limited in sending money from Singapore to Brazil. For this reason, you may find it difficult to find a bank in Singapore that will conduct the money transfer for you.
This means that you will most likely have to use an established money transfer service for the transaction. Here are a few options to look into when trying to find the best rates and fees:
- MoneyGram. This transfer service allows transactions between Singapore and Brazil. Your recipient will be expected to pick-up the funds at one of their locations.
- WorldRemit. With WorldRemit, you can initiate the transaction online using a credit or debit card. Your recipient can either pick-up the money at one of their locations or have a debit card recharged.
- Western Union. With Western Union, you also have the option of sending the money from any post offices or SAM. The recipient, however, will need to retrieve the money in person.
Emergency cash transfers in Brazil
If you are visiting Brazil and have lost your wallet, you may have a few options worth exploring to replace any cash that was lost:
- Your travel insurance. Depending on your policy, some travellers may be able to get emergency cash if they fulfil the correct requirements.
- Cash transfer services. Transfer services are not exclusive to residents of Brazil. So long as you are in possession of your passport, companies such as Western Union and MoneyGram can be used to send you money from Singapore to Brazil.
- Your credit card company. Many platinum credit cards now offer forms of complimentary traveller protection with the use of their card. You may be able to contact them and get funds sent to you if you are left without any money due to an unfortunate incident.
Western Union and MoneyGram Cash pickup locations in Brazil
Western Union – Rio De Janeiro
Bradesco R Constan Ramos URJ
R Constante Ramos 29a E 33
Rio De Janeiro, Rj 22051-011
Hours: Monday through Friday 10am to 4:30pm Closed Saturday and Sunday
Banco Do Brasil
Avnsrade Copacabana 1107
Rio De Janeiro, Rj 22060040
Hours: Monday through Friday 9am to 4pm Closed on Saturday and Sunday.
Western Union – Sao Paulo
Alexandre Almeida D Uraes ME
Av Giovanni Gronchi 5819 Terr
Sao Paulo, Sp
Hours: Monday through Friday 10am to 9pm Saturdays 10am to 4pm Sunday closed.
Banco Do Brasil
Rua Sao Bento, 465 Terreo
Centro Boulevard Sao Joao-sao Paulo
Sao Paulo, Sao Paulo 01011100
Hours: Monday through Friday 9am to 3pm Saturday and Sunday closed.
MoneyGram – Rio De Janeiro
Banco ITAU #8103
Praca Da Republica 70
Rio De Janeiro, 20211351
Hours: Monday through Friday 10am to 4pm Saturday and Sunday closed.
Avenida Passos 120 14 Andar
Rio De Janeiro, 20051
Hours: Monday through Friday 9am to 7pm Saturday 9am to 2pm Sunday closed.
MoneyGram Sao Paulo
Banco Itau #8206
Largo 7 De Setembro 74 82 LJ
Sao Paulo, 1501050
Hours: Monday through Friday 10am to 4pm Closed Saturday and Sunday.
OM DTVM Libero Badararo
Rua Libero Badaro 4000
Sao Paulo, 01008
Hours: Monday through Friday 8am to 5pm Saturday 8am to 12pm Sunday closed.
Tips for picking up cash in Brazil
According to the Singapore Ministry of Foreign Affairs, Brazil is generally safe to travel to. However, due to the deteriorating security situations in various states, Singaporeans are advised to avoid visiting “favelas” or shanty towns in Rio de Janeiro. If you are picking up money at a money transfer location you should take every possible precaution before heading out. Only go during the day and make sure you travel by reliable means with someone you trust.
How to send money to Brazil
You will need precise information for your recipient when sending money from Singapore to Brazil. Prepare yourself and them ahead of time by having the following information ready:
- Name. You will have to know the exact name on the recipient’s identification. Check the paperwork given to you before leaving the location to make sure that the agent has also spelt it right.
- Transfer number. At the conclusion of your transaction, you will be given a transfer number. The recipient will have to provide this number in order to pick up the money. Make sure that you can reach them easily to give them this number.
- Amount. The recipient will be asked for the exact amount sent along with your name, and possibly your contact information. Make sure that they know all of these before they go to the pickup location.
- Security question. In some cases, you can arrange for a security question to be answered by the recipient as further proof of identification.
You will receive documentation at the conclusion of your transaction. Make sure that you save this in the event your recipient has a problem with collecting the money.
Once you have found the money transfer company that gives you the best rates and fees, you will find that you can send even more money back to Brazil. Carefully conduct your investigation into all of the options available to make sure that you are getting the most value for your hard-earned money.
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