Sending money out of Brazil

[growler]

Does anyone have any experience of sending money out of Brazil, preferably to the UK?

There are a number of companies like Trans-fast who will send money to Brazil at a much better rate than the Banks, but I have yet to find a similar company in Brazil to send money out of the country.

I know I would need to show my taxes are up to date etc.

1. If I wanted to send say R$500,000 out what are my options?

2. Are there any other options for smaller amounts without all the usual hassle?

I believe Western Union are an option although apparently have high charges, and I believe it usually goes via Bank of Brazil.

Any thoughts, ideas or personal experience welcome.

 

[debzor]

Hi Growler

Much depends on how you brought the funds into Brazil in the first place. If through the Central Bank of Brazil, then Moneycorp can help repatriate them. If you used Transfast or similar, then you need to find other routes, such as an overseas buyer for your property who can (legally) pay you abroad if you are both non-resident in Brazil. You could still use Moneycorp, but I think you will be liable for CGT on the whole amount.

As you point out, in any event, quite naturally you will need to pay your taxes up to date.

 

[growler]

Hi Debzor, what is the difference between Trans-fast and Moneycorp, as far as I am aware, both send the money the correct way?

When I bought my house in Brazil the owner was living in Brazil but didn't have a Permanent Visa at the time. The property was registered with the authorities.

I am building a couple of properties at the moment using money which I bought over here as part of the Investors Visa requirement and some personal money which I am about to send using Trans-fast.

 

[debzor]

Hi Debzor, what is the difference between Trans-fast and Moneycorp, as far as I am aware, both send the money the correct way?

When I bought my house in Brazil the owner was living in Brazil but didn't have a Permanent Visa at the time. The property was registered with the authorities.

I am building a couple of properties at the moment using money which I bought over here as part of the Investors Visa requirement and some personal money which I am about to send using Trans-fast.

Moneycorp use the Central Bank of Brazil, Trans-fast do not, but with Trans-fast you get a better exchange rate, and it arrives quicker, although with the risk of 100% CGT assesment later. To be honest you need to speak with your accountant and attorney in Brazil to make sure you get it right, as these things are complicated and specific to each individual.

Good luck, and let us know how you get on!