How to send and receive money to and from Brazil

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Sending and receiving money to and from Brazil could be very bureaucratic and expensive process if done by regular bank transfer. authorities take great precautions against money laundering and regular bank transfer usually involves lots of paperwork and explanations. Banking fees are also highly abusive and sometimes you will pay more as service fee than the money sent or received, especially when the amounts are small. Fortunately, there are alternatives to the banking system – I have been using them for years and below are my recommendations.

Payoneer – Payoneer is a financial services business that provides online money transfer and e-commerce payment services. Payoneer is a registered Member Service Provider of MasterCard worldwide.

If you are already in Brazil, you can apply for Payoneer account online and have it open within 24-48 hours. The account will allow you to:

– Apply and receive Payoneer Prepaid MasterCard® Card, free of charge, at your home address within 15-20 days. You can use the card to receive payments from companies all over the world, withdraw the money from an ATM, and buy products and services online and offline.

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– Have Bank of America checking account to which you can receive money from any person or company in the USA or anywhere in the world. You will have access to your money through the Payoneer Prepaid MasterCard® Card.

– Send and receive money to and from other Payoneer accounts via your Back Office.

Payoneer is one of the best ways to send and receive money to and from Brazil and I have been doing it for years. To sign up for FREE Payoneer account, CLICK HERE.

PayPal – PayPal is an American, international digital wallet based e-commerce business allowing payments and money transfers to be made through the Internet.

Another excellent way of sending and receiving money to and from Brazil. Your PayPal account could be linked to a bank account or credit card thus allowing you to fund it and receive your money both ways. Similar to Payoneer, funds can be transferred between PayPal accounts with no need of third financial party involved.

Western Union – The Western Union Company is an American financial services and communications company. Its North American headquarters is in Meridian, Colorado, though the postal designation of nearby Englewood is used in its mailing address.

This money transfer method is somehow restricted in Brazil, but could be a good alternative in many cases. Western Union in Brazil is not a stand-alone service like in other countries. It is exclusively available through Banco do Brasil offices and can be used only for personal needs, not business.

In order to send or receive money through Western Union in Brazil you need to go to a Banco do Brasil office where the service is available and have with you picture ID (RG, RNE or passport), CPF (if you have one) and proof of address. In case you are receiving the money, you should also bring the transaction number. You don’t have to have Banco do Brasil account, just bring the money you will be sending abroad in cash.

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MoneyGram – MoneyGram International Inc. is a money transfer company based in the United States with headquarters in Dallas, Texas. It has an operation center in St. Louis Park, Minnesota and regional and local offices around the world.

This one is very similar to Western Union, but is mainly available through Banco Itau and other independent currency exchange offices and travel agents. Again, you need your personal ID documents and proof of address in order to send and receive money and, as with Western Union, MoneyGram is only available for personal, not business transactions.

If you know of other ways to send and receive money to and from Brazil, please comment below!