Brazil Banks

They all charge excessive fees for foreign transfers and then there is a federal tax (IOF - Imposto sobre Operações Financeiras) on top of that. You won't find any place that will be cheaper. The only difference between the banks for transfer of funds would be the length of time they take to do the paperwork, getting you in and out faster; or the level of courtesy with which they treat you.

Cheers,
James   Expat-blog Experts Team

Dear James,

Thank You Very Much for the information about Brazil Banks & the charges they levy for funds transfer.

I was thinking of opening account with Banco do Brasil, assuming that they will levy less charges being leading bank. But after reading your message there is no point in opening account in bank for funds transfer. So i am forced rely on Western Union.

Take Care

You'll still be paying about the same with Western Union, and don't forget that here in Brazil the Western Union is either Banco do Brasil or Bradesco, depending on the city you're in. They don't operate their own locations here in Brazil. Also, most of the charges involved in transfers of cash are set by the Banco Central.

Cheers,
James   Expat-blog Experts Team