US Soc. Sec. income

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Member since 22 May 2010

ghuddles1New member22 May 2010 19:18:56

Are there any expats here living in larger metropolitan areas who receive Soc Sec income? Do you have the funds deposited in the US and then transfered or will they deposit to a Brazillian bank with an office in the US. How much do you loose in the transition to usable funds in Brazil (not considering fluctuations in exchange rates) is there a percentage?
I understand funds can be withdrawn at ATMs but there are a lot of fees involved in those transactions and limitations of the amounts able to withdraw. It will be a couple of years before i make the transition, but I want to start getting the facts straight now.
I aloso understand that the government uses the banks deposits and withdrawals as a tax base for each transition. How much is that going to cost me.

malloryelise Active member

Member since 22 October 2009

malloryeliseActive member26 May 2010 12:16:02

sounds weird, but best advice i could give (i don't get social security but i do get paid by an american company in USD in my US bank account) is to open a brazilian bank account (you need a CPF for that) and then transfer your money from your US account to paypal (it's free) and then from paypal to your brazilian account (also free). you lose a little in conversion as a fee to paypal, but you have no bank fees to pay. that's what i do anyways

as for paying taxes on your bank deposits, you will need to do that but it will depend on how much money you make just like any other citizen or resident has to pay. your money is an income and the government treats it as so, and since it is a conversion it will be more valuable. you may need to look up tax charts since they change, and if you are living alone without any dependents, that can be a problem too. i would say talk to an immigration lawyer who understands international tax as i would say that there is likely NO ONE on this forum who would be able to tell you the specifics on US social security taxes in brazil.

jimeluiz Active member

Member since 16 August 2009

jimeluizActive member27 May 2010 10:18:23

Very clever money transfer idea!! We have had friends pack cash over the border (within legal limits, of course) then convert locally.

I will definitely put your idea into practice!

ghuddles1 New member

Member since 22 May 2010

ghuddles1New member27 May 2010 10:50:37

Thank you Mallory, that is what I wanted to know. I think it will work for me. Now to wait and see if there are any retirees doing this and the impact on their lives.

racheljapi New member

Member since 17 June 2010

racheljapiNew member22 June 2010 20:11:09

You should also check with the US consulate closest to the Brazilian city you'll live in (or live in), if possible. I heard once of someone collecting checks from the consulate. This was years ago and could be wrong information. I've also seen people at the consulate doing SS stuff. I don't know exactly how it works but they can give you the exact low down. You can send email inquiries. Go to this link http://www.embaixada-americana.org.br/i … temmenu=58

From what it said on the page, I think they can help you receive your payment here...

ghuddles1 New member

Member since 22 May 2010

ghuddles1New member24 June 2010 00:25:27

Thank you Rachel, I will check there after I arrive.

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