Unlike South American counterparts such as Argentina and Ecuador, where U.S. Dollars are readily accepted, Brazil is quite closed as far as financial transactions are concerned. Only Brazilian Reais (BRL) are accepted countrywide, meaning that currency exchanges may pose somewhat of a challenge for the uninitiated. With a view to helping foreigners navigate Brazil’s banking system, the Central Bank provided a series of materials explaining the essentials on how to open a bank account and how to send money to and from Brazil. Here are some of the main topics.
Bringing money into Brazil
According to the Central Bank, there are three ways to receive money from abroad: payment orders, international cards (available for Brazilians living abroad) or via mail.
Payment orders must be made by way of financial institutions authorized by the Central Bank and the recipient will always receive the sum in BRL. Therefore, if the deposit is made in a foreign currency, the transaction is subject to foreign exchange rates, which vary from one financial institution to another.
It is important to include information such as the full name of the recipient in Brazil, alongside identity documents, addresses and the reason for the transaction. Brazilian banking data such as branch and account number and IBAN code are also necessary.
For transfers of up to BRL 10,000, the money can be received in cash or any payment instrument available. Transactions of over BRL 10,000 are done by way of...
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