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Getting money out of Brazil

Getting money out of Brazil

Why is it so hard and expensive to bring or transfer money out of Brazil? Brazil as a country has a strict control over movement of money out of the country. Brazilian Real is fluxuating quite a lot, hence the spread between buy and sell prices is big in Currency Exchange Offices. Brazilian banks are cumbersome, slow and expensive. All this makes you loose a lot of money on currency transactions that involve Brazilian Reals.

Use Wise to send money from Brazil

There is a way to transfer money from Brazil to Europe or the United States with no bureaucracy, fast, great exchange rate and low fees. I have compared between Brazilian Exchange houses, European Exchange houses and bank transfers, Wise (previously TransferWise) will always beat the others. And the ease of the transaction is an added bonus. Here is how it works:

  1. Create your account in Wise (possible even to use FB connect:).
  2. Select the sum to send and create a boleto (type of Brazilian "invoice").
  3. Pay the boleto in your Brazilian (online) bank or in any Loteria Kiosk (this is where Brazilians pay their invoices).
  4. The money will be on your European or US bank account in 4-5 days.

It is really that simple, fast and as you will experience, cheap.

Tested and trustworthy money transfer

Wise is a startup from Estonia, that was founded in 2011 and has since raised over $100M in investments, including from big names like Peter Thiel, Sir Richard Branson and Ben Horowitz. 

I use their service monthly and have only positive things to say about Wise and their Brazil to Europe money transfer service. Don´t give your money to the Brazilian banks and at the same time go crazy with their bureaucracy. I´ve done that, and don´t want to lose time or money any more. There are better modern services out there.

Make your Wise account here