UK Regulations on Sending money to Brazil

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Member since 19 October 2017

bloomboyMember19 October 2017 15:18:44

Hi,
Moving to Sao Paulo for work and realising how difficult it is to find any company that can transfer money from a UK bank account to a Brazilian bank account. Why is this? They all quote 'tight regulations' as the reason why they dont provide such a service. I have tried many of the reliable providers / Post Office International Transfer / Virgin International Money / FC Exchange / All no go.. It looks like my only option will be to go with a Bank transfer that will incur a high charge and a low exchange rate, has anyone an idea why this is and what my best options are?
Thanks

keanos76 New member

Member since 24 November 2012

keanos76New member19 October 2017 16:23:26

Transferring money from UK to Brazil is expensive, however I usually find that having a UK bank account helps when withdrawing money directly from a Brazilian bank. Just take cash from the cashpoint machine. The exchange is much less for smaller transactions than going through the transfer process.
Depends on the amount or frequency of your transfers.

Mr Bacon New member

Member since 31 October 2016

Mr BaconNew member23 October 2017 19:16:10

Try TransferWise

bloomboy Member

Member since 19 October 2017

bloomboyMember23 October 2017 21:50:18

Thanks I will, transfer wise seems to be the best option outside of bank transfers. It still costs considerably more than most other transfers though, Foes anyone have an idea why? What are the regulations that make this exchange so costly? And is this a UK / Brazil issue, or is it just transferring from anywhere to Brazil in general ?

Mr Bacon New member

Member since 31 October 2016

Mr BaconNew member23 October 2017 22:50:31

Anywhere to Brazil is expensive. Not sure why, but I presume taxes is one, also the banking system is different, I.e no IBAN exists, so depending on currency, your money may get routed via elsewhere so this increases fees also.

lgunbun Member

Member since 21 April 2012

lgunbunMember06 November 2017 13:36:19

Speedfast are excellent and cost effective. Give them a call!

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