Individuals looking to remit money to Brazil for whatever reason will find that they are presented with a number of different options.
Choosing the right one can seem like a daunting decision, with each option offering a range of benefits dependant on your situation.
Whether you are looking to remit money to family in Brazil as a one-off, or transfer a pension to Brazil on a monthly basis, there are a number of costs involved. Some of these come with hidden charges - highlighting the need to undertake the necessary research into your options.
The main choices available to you when looking to send the Brazilian real to Brazil are bank services, via a Money Sending Bureau or using a specialist foreign exchange broker.
You may need to send to an account in Brazilian Development Bank, Espirito Santo Financial Group or the Central Bank of Brazil so going via your own bank to do the transfer is logical.
It is often viewed as the simplest and most convenient method, with your local high street bank possessing the tools to set up a transfer with just one phone call or visit.
However, you should be wary of the per-transfer fees which you are likely to incur through this method, which could soon add up if you plan to move money regularly.
Alternatively, you can utilise services offered by a Money Sending Bureau. These establishments can traditionally be found on high streets around the world. But, they tend to be poorly regulated and can charge per-transfer fees of as much as ten and 15 per cent.
That leaves a third option of transferring money to Brazil by using a foreign exchange broker, such as RationalFX to remit money to brazil.
Companies like this tend to offer very competitive currency exchange rates to consumers due to the sheer volume of currency their transfer every day.
RationalFX can assure you of a low fee service, significantly reducing your outgoings when you remit money to Brazil.
If you would like to know more and take a look at the actual foreign exchange rates on offer, then why not open an online account with us?