Send money to Brazil using an international money transfer service and you could beat the bank's rates.
Brazilians who come to Australia often do so in order to earn enough money to make a business investment back home or to send funds to family. In order to do 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 Australia 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.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
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Banks vs money transfer companies
Miguel moved to Australia 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 Australian bank, he made the decision to compare other options available to him in sending money from Australia to Brazil.
| Money transfer Service 1 | Money transfer service 2 | |
|---|---|---|
| Exchange rate. | 1 AUD is equal to 2.11 BRL. | 1 AUD is equal to 2.01 BRL. |
| Transfer Fee. | $22 is charged for sending $1,000 AUD. This fee changes depending on the amount you are sending. | The sender is charged $60 for the transaction. |
| Amount received for $1,000 Australian dollars. | 2108.36 BRL will be received by Miguel’s family. | 2013.78 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 ten minutes or less. |
| Transfer options. | Your recipient will be picking up cash at one of the company's locations. | This is a cash pick-up service only. A member of Miguel’s family will need to present themselves to accept the money. |
What’s the difference?
Not only does Miguel’s family receive 94.58 BRL with the second service, Miguel pays $38 AUD more for the transfer.
Back to topHow 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 second company without investigating his options, he would have lost a substantial amount of money over the time he spent in Australia. You can save yourself from the same mistake by checking the following features of different money transfer companies before your move from Brazil to Australia:
- 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 Australia 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 Australia
The Brazilian Real is not a common currency in Australia, making your options limited in sending money from Australia to Brazil. For this reason you may find it difficult to find a bank in Australia 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:
- Citibank. This Citibank Plus Transaction account is an everyday bank account which can send funds to any account anywhere in the world for free, using the Visa exchange rate for the day.
- MoneyGram. This transfer service allows transactions between Australia 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 your computer. 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 Australia 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
Ag 2743
Rio De Janeiro, Rj 22051-011
Phone: +55-21-25484925
Hours: Monday through Friday 10am to 4:30pm Closed Saturday and Sunday
Banco Do Brasil
Almirante Goncalves
Avnsrade Copacabana 1107
Rio De Janeiro, Rj 22060040
Phone: +55-71-33512475
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
Morumbi
Sao Paulo, Sp
Phone: +55-11-37393737
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
Phone: +55-11-31181112
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
Phone: 1140044536
Hours: Monday through Friday 10am to 4pm Saturday and Sunday closed.
Pacifica #5
Avenida Passos 120 14 Andar
Rio De Janeiro, 20051
Phone: 1135299999
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
Centro
Sao Paulo, 1501050
Phone: 1140044536
Hours: Monday through Friday 10am to 4pm Closed Saturday and Sunday.
OM DTVM Libero Badararo
Rua Libero Badaro 4000
Sao Paulo, 01008
Phone: 1132180999
Hours: Monday through Friday 8am to 5pm Saturday 8am to 12pm Sunday closed.
Tips for picking up cash in Brazil
According to the Australian Department of Foreign Affairs and Trade Australians who choose to travel to Brazil should exercise a high degree of caution. 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.
Back to topHow to send money to Brazil
You will need precise information for your recipient when sending money from Australia 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 spelled it right.
- Transfer number. At the conclusion of your transaction you will be given a transfer number. The recipient will have to know this number in order to pick up the money. Make sure that you can easily reach them and give them this number.
- Amount. The recipient will be asked for the amount sent along with your name and possibly your contact information. Make sure that they know all of this 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 are able to 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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