There are a number of ways to transfer money to Brazil, but which one is the best? It really depends on how much you need to transfer, and how quickly.
Are banks your best bet?
While it is possible to send money to Brazil with the help of your bank, it isn't usually the best option - in fact it's a sure-fire way to make sure you get less value for money.
Banks charge hefty fees when wiring money overseas, meaning you are paying out a sizeable sum you can get for much less elsewhere.
If bank transfers were quick then maybe the banks could get away with charging more - but in some cases it can take up to a week for the money to move from one account to the other.
Not only do you pay the fee, but you also get hit by the fact that banks generally offer poor rates when you send money to Brazil from UK, which is essentially a hidden charge.
Turn to brokers for better rates
Thankfully there is an alternative to banks; currency exchange specialists deal solely with international transfers and provide much better, up to date rates that mean you get the most for your money.
FX brokers also move your money more quickly, many companies offer same day transfers - while the longest it should take is just a few days.
For better rates and faster transfers you'd probably expect to have to pay a large fee. However, some of these foreign exchange businesses don't charge an upfront fee (if you transfer at least a certain amount) - or if they do, it's still less than the banks.
That's why, for the best rates, it's best to approach brokers. By comparing money transfers to Brazil and getting quotes from a number of companies, you can be confident that you're getting a good deal.
Benefits of exchanging money online
The advantage that comes from sending money overseas and using online brokers is that you can do it at time that suits you - which is handy given the different time zones involved.
It also means that you're always getting the latest rates, though this can have an adverse effect if the rate suddenly goes against you. This is why it's a good idea to make a regular money transfer Brazil comparison to check what each company is offering.
Check the currency exchange market
Knowing what's happening in the exchange market can help you get an idea of when it's a good idea to make transfers and get the most for your money - whether that's from pounds into Brazilian real, or vice versa.
This is especially important if you're going to be regular payments, such as for a mortgage, as any fluctuation in the market can have a big effect on how much money you can get when you exchange it.
Be careful when buying in Brazil
In 2010 Brazil announced that it wanted to limit foreign ownership of land in the country, so if you're planning to invest or establish a company there it's very important that you check what the political climate is like and what the current situation is.
It's a good idea to get legal advice and make sure you're complying with regulations and the legal framework in Brazil, otherwise you could end up in a sticky situation.