We are on the Brazilian Forum?
NO NO NO. You cannot fix the rate buying forward.Please read the threads and you will see that Brasil unlike other countries is not a traded currency (yet). They do not even accept sterling or euros! In the transaction of remitting money to Brasil it first is changed into dollars (US$). The recipient then changes it to reais after registration with the central bank of Brasil.
Michael;
You are right, the real is not a traded currency, but you are incorrect when you state that Brazil does not accept sterling or euros. When one sends a "western union" their currency, if not dollars, is converted into dollars, then reais. That's western union's policy, not Brazil's.
If one sends a bankwire, it doesn't matter the currency they send, it will arrive to banco central in the currency they send, euro, sterling, dollar, yen.....it doesn't matter. Then normally banco do brasil converts that currency into reais at the market rate at that moment, actually at the moment they receive all the documents that the receiver will need to provide to banco do brasil, which at times can take days, or even longer. I have received millions of reais in sterling, and it arrived in sterling, I have the documents to prove it. Also in banco central's system, which I have downloaded into my computer, PASCS10-SISBACEN, I have access to all international monetary transactions that my brazilian business has performed via Banco Central's system, I can see the amount of money that arrived, the currency type that arrived, the liquidation date, and the exchange rate at that time and the resulting amount in reais. I just received a bankwire (swift) in sterling this past monday. I have also received numerous transfers in euro, and naturally many in dollar. Brazil receives all currencies via bankwire, just not western union, but that's the way WU is in all countries.