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Wednesday, January 14, 2009

Sending Money to Brazil

By Chloe Banks

There are several ways to send money from the U.S. to Brazil, one of which is to have a relationship with a US bank that is also present in Brazil.

Money being sent between accounts within the same bank is often processed more quickly. Therefore it might be a good idea to open an account locally with the same bank so that the recipient can get access to funds faster.

Transfers between two banks are also pretty easy, but can take much longer with substantially higher costs.

Through banks, you can also initiate wire transfers to Brazil. A wire transfer gets the money to its destination quickly, but there needs to be a corresponding bank to receive the wire transfer. Fees can be very high for international wire transfers, but if the money needs to arrive quickly, this is a viable option.

Another way to send money to Brazil is through either an ATM card or a pre-paid debit card. In an emergency this may not be the best method, since it takes time for the card to be sent to the person receiving the funds, but for people who send money regularly to family in Brazil, the pre-paid debit card or ATM card is a good option.

Make sure you have a debit card that will ensure money can be withdrawn from a large network of ATMs in Brazil. If using an ATM card, make sure you trust that the recipient is not accessing funds without your permission. A pre-paid debit card is a safer way to ensure the recipient receives the exact amount of money intended.

In addition to these methods, online payment services such as ATM Cash are becoming a more popular way to send money to Brazil. The process moves the money quickly and the fees are relatively low. Online services allow you to send money 24/7 from your computer.

These are some of the safest and most efficient ways of sending money to Brazil.

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