Cost of transferring funds to Brasil

Discussion in 'Brazil Property' started by JAndunes, Nov 13, 2011.

  1. JAndunes

    JAndunes New Member

    Hi, I purchased property in Rio de Janeiro and I need to transfer R$220,000 into a Banco do brasil account. Any idea if there are any charges for incoming funds (from the part of Banco do Brasil)?
     
  2. growler

    growler New Member

    If you are sending the money to your own account as Patrimonial ie your own personal money for your own personal use, there are little or no taxes (certainly no income tax, but maybe a very small Bank charge).

    If you are sending the funds directly to another party for your purchase, you may be subject to taxes. I am sure that some on here have a far better knowledge and will give you a more definite answer.

    I know that when I sold a couple of plots of land in January, the purchaser (from the USA) had to pay something like R$500 which I think was a Bank charge.
     
  3. JAndunes

    JAndunes New Member

    Well I'm sending the money from my own account to my own Brasilian company account but it goes via Banco Central. i'm referring to bank charges... any idea whether Banco do Brasil charges for incoming funds?
     
  4. growler

    growler New Member

    Like I said, if it is sent as "Patrimonial" then you may pay a few reais but not much, I seem to recall something like R$40 on my Bank contract which might have been a Bank charge but nothing else.
     
  5. growler

    growler New Member

    I also used Moneycorp and they were very good, and the rate was a little better than the Bank to Bank method. However, they do charge, £15 if I remember correctly, and they require several pieces of documentation.
     
  6. DGM42

    DGM42 New Member

    The Central bank charge 0.38% on money coming into Brazil.
    I am transferring money over to my wife for some land we just bought in Ouro Preto and that is what I got told.
    Moneycorp are good but you have to send minimum 25K UK Sterling and as Robh says lots of paperwork. Brazil are one of the hardest countries to transfer funds into, but yiur money should be safe as it is documented all the way.
     
  7. growler

    growler New Member

    I used them about 6 months ago and although I don't remember how much I transferred, it was under £25K Sterling.

    My accountant said "Bank to Bank is the easiest way to send money here"........well, I sent a small amount that way at a lower rate and it took me 3 weeks and 4 visits to the Bank before I received the money.

    With Moneycorp it was in my account within about a week.
     
  8. DGM42

    DGM42 New Member

    Hi Growler
    It is definatly 25k as I rang them today and that is what they said, they can do a couple of thousand to most other countries but because of the red tape in transferring money to Brazil they will not do it for lesser amounts.

    I have used Moneygram, not ideal either as Brazil rules will only allow 3k US dollars per transaction. I will have to do a transaction each day to get the amount required for the deposit, still cheaper than the UK high street banks that give at best 2.5 reais to the pound exchange rate plus a fee.

    Not a problem for the remainder as I have a Brazil bank account and I can transfer straight into that but my wife cannot take out a large amount without me being present, I'm not back in Brazil until April
     
  9. Peterhugh

    Peterhugh New Member

    I use a firm called Torfx, the money gets to brasil no problems but that's when the hassle and delays kick in. I'm still waiting, nearly four weeks now, for the funds to clear into the builders account, this time the local bank manager wants proof of my contract with the developers, proof that he had last time when i had to pay R$280 to register the contract. There doesn't seem to be an easy way, if anyone finds one please let us all know.
     
  10. debzor

    debzor New Member

    To receive any sizeable amount of funds into Brazil, you have to prove to the bank what these funds are for - for example a legal contract to purchase a property.

    Never hand over original documents. Take copies of each page, then go to the local notary office and pay to have each page authenticated, (which is a way to prove the copies are genuine copies of the original), and hand these over. That way you will always have the original for your future use...
     
  11. Peterhugh

    Peterhugh New Member

    Good solid advice.
    The only issue I have is the time it takes to clear funds and each time there appears to be a different problem, there's no consistency.
     
  12. debzor

    debzor New Member

    Unfortunately, Brazilian bureaucracy can be very subjective, rather than objective. Many times what you may be asked to provide depends on how the official in question interprets the rules and regulations.

    If you have the opportunity to make a good contact, then things can be a lot easier when you return the next time. So nuture and share these contacts! But the only rule to follow is to expect to be asked to provide more than you expect!

    I was at the Receita Federal (tax office) yesterday, and in the morning I was asked by one lady I did not know for numerous copies of documentation I did not have with me. I returned in the afternoon, and was seen by another lady I have dealt with before. She did not require any copies...
     
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