Establishment of diplomatic relations between the UK and Brazil took place in 1826. They fought as allies against Italy in the Second World War. The population of Brazilians and Brazilian descendents in the UK forms the single largest Latin American community in the region.
The Brazilian community in the UK has grown significantly in the recent past, with there being an increase of around 700% from 1991 to 2009. The 1991 Census accounted for 9,301 Brazilian born people in the UK. In 2009, the Office for National Statistics estimated that around 60,000 Brazilian-born people lived in the UK.
The two regions have a healthy trade relationship. In 2008, Brazil ranked 16th amongst UK’s export markets, with exports of around USD2.5 billion. At the same time, the UK ranked 15th amongst Brazil’s export markets, with exports from Brazil amounting to around USD3.7 billion.
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Given the relations between these two regions, instances of people who wish to send money to Brazil are on the rise. This guide gives you information that can help you choose an option that suits you best.
Nicolas Carvalho moved to the UK as a student. Once he completed studying he looked for a job here and ended up finding one that he liked. At that point, he decided he could start sending some money to his parents, who lived in Brazil. He earned around GBP2,600 a month, of which he planned to send GBP1,000 to Brazil.
At first he figured he could use the bank he had an account with to go through with the transfers. Then, he decided to compare his options. This is what he found.
|UK Bank||Money transfer service 2|
|Exchange rate||GBP 1 = BRL 5.181280||GBP 1 = BRL 5.7271|
|Amount received for £1,000||BRL 5,169.27||BRL 5,686.58|
|Transfer time||One to three days||One to three days|
|Transfer options||Bank account and cash pick up||Bank account|
|Difference of||BRL 517.13|
Nicolas’ father has a bank account so he did not have to worry about cash pick up options. Of the two alternatives, the second turned to be better, even though it charged a transfer fee. The difference was owing to the better exchange rate offered by the second money transfer company. If the company keeps offering better rates, it is only natural that Nicolas will continue using it in the long run.
How do I compare transfer companies when transferring and receiving money via Brazil?
Comparing money transfer companies requires that you pay attention to different aspects. Here’s what you should look at:
- Exchange rate and fees. A good exchange rate does not necessarily indicate that a money transfer company is offering a better deal when compared to its competitors. This is because you may have to pay a fee to use its service. When you’re comparing your options pay attention to the exchange rate as well as the fees. A simple way to find out which one’s the more lucrative option is to look at the total amount the recipient stands to receive.
- How can you send money? Banks let you initiate overseas funds transfers in person, as do money transfer companies that have physical outlets. While most let you transfer money using the Internet, some businesses limit their presence to the online world. Some let you transfer money over the phone.
- How can the recipient receive money? If the recipient has a local Brazilian bank account you can transfer money directly into the bank account. If not, the option of picking cash by visiting a physical location exists.
- Transferring using the same bank. If you use the services of a bank that has a presence in both, the UK and Brazil, you can save money in the form of fees. You can also benefit through quicker turnaround times.
- Processing times. This aspect requires your attention if the recipient is in quick need of the money. Know that while transfers that involve cash pickups can take place on the same day, bank account transfers can take one to seven or more business days.
- Minimum transfer limits. Someservice providers require that you transfer a minimum of £500 or £1,000. Some others have no such requirement.
- Transfer options. If you have to send money periodically, find out if the service provider lets you make regular scheduled payments. Some offer forward contracts and market orders as well.
How do I send money to Brazil from the UK?
You can send money from the UK to Brazil in different ways, which include:
- Banks. An easy way to send money to Brazil is to contact your local bank. Don’t forget that banks tend to charge fees for their services. Besides, the bank you choose has a bearing on the time the transfer takes to complete. If you have access to a chequebook, you can send a cheque via mail. You can purchase money orders from banks, which you can also send via mail.
- Non banks. Popular money transfer businesses such as MoneyGram and Western Union have physical locations in the UK and Brazil. You can use their services to send money to Brazilian bank accounts and recipients have the option of collecting collect cash. These companies let you send money online and in-person. PayPal lets you send money to Brazil. In this case you and the recipient should have PayPal accounts, which you use for the transfer. Once the transfer is complete the recipient withdraws the funds into a bank account.
How do I receive money from Brazil in the UK?
If you wish to receive money from Brazil to the UK, your options include:
- Banks. If you have a bank account that allows electronic credits you can get the money to transfer into your account. This may require that you pay a fee to your bank. You can also receive cheques and money orders by mail.
- Non banks. Service providers such as Western Union and MoneyGram let you collect cash from physical occasions. They can also transfer money into your bank account directly. If you and the sender have PayPal accounts, you can receive funds electronically. Transferring funds from your PayPal account to your bank account is simple.
Emergency cash transfers in Brazil
Losing your wallet and cards is never good, let alone in a foreign land. Fortunately, if you find yourself without money when travelling to Brazil you can think about getting access to emergency funds in different ways.
- Cash pickup. Get a friend or a family member to use a money transfer company to send you some money. Before you do, find out a convenient cash pickup location. Pass this information on to the sender. You’ll have to provide an acceptable form of ID to collect the transferred cash.
- Money through credit card provider. Financial institutions in Brazil have affiliations to global credit cards issued by American Express, Visa and MasterCard. If you lose such a credit card when you’re in Brazil you can get emergency cash by visiting a local participating financial institution. The money you receive adds to your credit card account in the UK.
- Travel insurance. When travelling overseas, getting suitable travel insurance can be a good idea. You can find cover that provides cash to deal with situations such as flight delays and cancellations, medical emergencies, as well as lost and misplaced baggage.
Cash pickup locations in Brazil/ Western Union / MoneyGram branches in Brazil
If you’re looking at collecting cash in person when in Brazil you can turn to Western Union as well as MoneyGram. When you’re going to collect cash, you’ll need to take an acceptable form of identification document with you, which can be your passport or driver’s license. If you plan to collect a large sum, call ahead of time to make sure the provider has enough cash. Here are some cash pickup locations in Brazil.
- Banco Do Brasil
Av. Antartica, 380 Bloco A -terreo-sa AguaBranca West Plaza ShoppingSao Paulo 05003020+55-11-38713231Open 10:40am to 3:00pm Monday to Friday, closed on Saturday and Sunday
- Banco Do Brasil
Av. Jandira, 1002 Esquina C/ Av.moreiraIndianopolis Rubem BertaSao Paulo 04080005+55-11-50557199Open 9:00am to 3:00pm Monday to Friday, closed on Saturday and Sunday
Rio de Janeiro
- Banco Do Brasil
Rua Gal Polidoro, 99 – 4o. andar Entr.serBotafogo TelemarRio de Janeiro 22280001+55-21-31315031Open 9:00am to 3:00pm Monday to Friday, closed on Saturday and Sunday
- Banco Do Brasil
Av. Das Americas, 13733Recreio Dos Bandeirantes Recreio DosndeiRio de Janeiro 22790700+55-21-4378720Open 9:00am to 3:00pm Monday to Friday, closed on Saturday and Sunday
Rua Anchieta 18 12 Andar SeSao Paulo 01016030+55-11-32423999Open 9:00am to 6:00pm Monday to Friday, closed on Saturday and Sunday
- Banco Itau
Largo 7 De Setembro 74 82 LjCentroSao Paulo 1501050+55-11-40044536
Rio de Janeiro
- Banco Itau
Avenida Marechal Camara 370Rio de Janeiro 20020100+55-11-40044536Open 9:00am to 4:00pm Monday to Friday, closed on Saturday and Sunday
- B&T Corretora
Rua Do Mercado 11 14 AndarRio de Janeiro 20010120+55-21-32191000Open 9:00am to 6:00pm Monday to Friday, closed on Saturday and Sunday
Tips for picking up cash in Brazil
The Foreign and Commonwealth Office states that protests take place regularly in various Brazilian cities, often without warning. This makes it important that you don’t wait to pick up cash and do it at the first available opportunity.
Crime levels are high in major cities. You should exercise particular caution before and during the Carnival and holiday periods. Avoiding carrying large sums of cash is in your best interest, as is wearing expensive watches and jewellery.
Thefts at public beaches in Rio de Janeiro are common, so pay due attention to your belongings. If threatened, be ready to part with your valuables because your attackers may be armed.Back to top
What are the steps to send money to Brazil?
What you have to do when sending money from the UK to Brazil depends on how to choose to go about the process.
- Transferring to a bank account. In this case you will need the recipient’s name as it shows on the bank account along with the bank’s name, the account number and the bank’s SWIFT code. If you’re sending money online using a money transfer company you’ll also have to submit details of your bank account.
- Cash pickup. If the recipient plans to collect cash you’ll have to provide a cash pickup location along with the recipient’s name. First-time users of online service providers might have to register by submitting personal details and contact information.