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Currency Broker For Brazilian Real

Discussion in 'Brazil Property' started by Polvo, Jul 8, 2007.

  1. Polvo

    Polvo New Member

    Does anybody know of a currency broker in the UK who trades in the real?

    As well as transfering money I want to be able to lock in my currency but I am having great difficulty in finding a broker who trades in the real.
     
  2. robh

    robh Administrator Staff Member Premium Member

    Try HIFX I think they do.
     
  3. Polvo

    Polvo New Member

    Thanks for the reply but I have tried them and they don't. :(

    I have tried umpteen different brokers and none of them trade in the real at the moment.

    What do people on this forum do about their currency? We are potentially losing thousands because of this.
     
  4. MarikaAR

    MarikaAR New Member

    The problem with transferring currency into Brazil is that you do not transfer actual Reais into the country.

    Currency brokers will convert your money into dollars or Euros for the equivalent amount in Reais. This will be converted into Reais by the Brazilian Banco Central.

    We do work with HiFX and have a specific broker there that knows the process. As far as I know nobody can trade Brazilian Reais directly.

    Send a message to my inbox if you would like his contact information.

    Marika
     
  5. Janoulaki

    Janoulaki New Member

    Hi there,

    marika is right, none of the currency companies can trade in Brazilian Reais

    Smart currency exchange is sending money to Brazil in dollars and then it is converted in Brazil Bank.

    Get you free currency quote at:

    Smart Currency Exchange : Contact us


    Regards,
     
  6. Polvo

    Polvo New Member

    Thanks for replies but dollars don't help me.

    I don't want reais to transfer money for a house purchase - I know you do this by sending dollars. I want them to lock in the exchange rate proir to emigrating. It appears that this is not possible.

    The exchange rate has fallen from almost R$6 to R$3.50 since I first started to try to do this a few years ago. Ouch!
     
  7. robh

    robh Administrator Staff Member Premium Member


    Polvo,

    It sounds like you should go to a forex broker and buy an option on some reais for future delivery at x exchange rate. Your only problem will be the amount of money you are talking about locking in.

    For smaller amounts like 200k you will probably need to go to your bank and talk to their commercial department. They usually operate a forward buying and selling system for importers and exporters, so you could use this.

    Try xe.com, they might also do what you want.

    Hope that helps.

    Regards,
    Rob.
     
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