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Sending Money Into and Out of Brazil

The following is a sponsored post from International Money Transfers; a site in which you can learn how to dodge big fees, cut delivery times in half and, best of all, how to get access to a better currency exchange rate for your currency. So ladies and gentlemen:

Let’s Talk Money

As I reflect on the first time I ever sent money home, I can honestly say that this almost feels like a whole lifetime ago. Brazil was one of the emerging BRIC countries back then with a strong currency. I remember useing a Brazilian bank to send my cash home the first time around. Although the fees seemed a little steep, I had no idea that I had other options available. Plus I was pretty happy with the amount of money I’d managed to exchange at the time, so these fees didn’t trouble my thoughts for too long.

I was also teaching students who were taking advantage of the strong real. I used to speak to SOOOO many who were taking holidays to the US. “We’re taxed so much on clothes and electronics over here in Brazil, so it’s actually not much more expensive to go over to the states for a holiday…then come back with new clothes and electronics!”

Many used to tell me that they’d take a half empty suitcase over to Florida, purchase new clothes, remove the tags and then come back with their suitcases full.

Well, little did we know that the economic crisis was lurking right around the corner.

As you can imagine, this has been a major game changer here. Nowadays there aren’t a whole load of my students travelling much outside of Latin America. Many don’t go to Europe at all and, sadly, America and Mickey aren’t nearly as accessible as they once were.

On more than one occasion last year, the US dollar exchange rate was a real water cooler moment for Brazilians. You see, in 2013 one dollar was being exchanged for 2.35 reais. Two years on, that rate was exceeding 4 dollars.

But this isn’t bad news for the foreigners in Brazil earning a salary in dollars, euros or pounds. But for a foreigner like myself who is earning the local currency…well, like a large number of Brazilians, I’m not going to be visiting Magic Kingdom any time soon!

Yet twice a year I consider myself lucky. When it comes to my birthday and Christmases, my family tend to send me money over. “You buy yourself something nice, son!” my granny will say each year. As the value of the pounds I’m receiving have almost tripled in value against the real in the last five years, I’m able to do just that! And last year my elderly grandparents paid for most of my ticket to Tomorrowland.

Tomorrowland That’s right, I was able to enjoy the sets of Hardwell and Steve Aoki thanks to both a weakened real and my sweet grandparents. When I told my Granny what I’d bought with her money, she said: “I don’t know what a Tomorrowland is son, but I’m glad you enjoyed yourself!”

Whilst buying things here with money from the UK is great, as many living over here will attest, the opposite has been true when sending money back to the UK. Now, more than ever, knowing which companies to use send your reals overseas with is pretty important for those of us who have to send money home.

As I am a member of a few expat groups on Facebook, I am used to reading people writing the following: Which company or bank should I choose to send money home? How do I transfer my money and avoid bad exchange rates and fees? What are my options for bringing large amounts of money into Brazil? Should I go with Western Union?

Well, the International Money Transfers site’s section on Brazil offers some well researched tips and advice. It lists some of the advantages and disadvantages of the companies you may be considering using when sending your money into and out of Brazil. I also like that it has a feature specifically on how to send money directly to a Brazilian bank account.

Just knowing that the site is out there could save you money a little further down the line.

To check it out, here is the link: http://internationalmoneytransfers.org/brazil/

Please note: Some posts on What About São Paulo will make me money, but I would never sacrifice the blogs integrity by allowing anything on this site that I don’t personally believe in.

Next Friday I’ll be further exploring the rules for the Brazilian house party.

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