How to send money abroad: main options

Discover the main options for sending money abroad and choose the option that will benefit you most when making the transfer.

Did you know that making the wrong choice when sending money abroad can cost you much more than necessary?

In short, sending money internationally is common nowadays.

This could even be to help family members, invest or pay for international services.

Therefore, there are several ways to do this, such as bank transfers, overseas accounts, specialized agencies, cash, exchange offices and online services.

Choosing the best option can save you time and money.

In this article, we'll look at the available options, their strengths and weaknesses, and the costs.

For example, online services like Nomad are a good choice for their competitive rates and speed.

Traditional banks can charge up to R$500.00 for an international transfer.

However, specialized services offer more economical options. We will show you the best way to send money abroad.

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Introduction

First, we will explore how send money internationally and choose the best option for your needs.

Globalization has increased the need to send money abroad.

Therefore, it is important to consider safety, costs and efficiency when choosing between shipping methods.

More than 40% of companies in Brazil are small and export a lot.

In 2018, they sold more than $1.24 billion.

In this sense, they are essential for the economy, representing 30% of Brazil's GDP.

The General Law of Microenterprises helps these companies to grow in the foreign market.

For example, platforms like Remessa Online offer fast delivery times and good rates for financial transfer abroad. They charge a exchange rate and there are no bank fees for amounts above R$2,500.

There are several options for financial transfer abroad, each with its strengths and weaknesses.

Therefore, fintechs such as TransferWise and Remessa Online are more economical than traditional options.

In fact, the registration approval time on online platforms can take up to 2 business days.

To send large amounts, you must meet certain limits and requirements. For amounts above R$1,000, you will need to provide proof of identity.

In short, it is also important to have your income tax updated and present it along with other documents.

Sending money abroad: Bank transfer by money order

One international bank transfer put payment order uses a bank account.

So this involves bank fees from various institutions, including IOF and SWIFT fees.

In 2021, Brazilians sent and received US$1.5 billion. This represents an increase of US$1.5 billion compared to the previous year. Of the US$1.6 billion sent, US$3.9 billion went to Brazil.

There are different IOF rates for individuals and legal entities.

In short, transfers are allowed to all countries except those in the FATF, such as North Korea and Iran.

The time for a international bank transfer varies. At Ouribank, it is fast, considering the time zone of 96 countries.

For example, transfers by payment order may take longer.

For Google AdSense earnings, the minimum is $100 per submission. Some institutions have limits on the maximum amount that can be submitted.

C6 Global Account fees are zero for payment orders.

The exchange rate spread is advantageous, saving on international operations.

Additionally, the cost of withdrawals via the Cirrus network is US$$5 or €5, depending on the currency.

The C6 Global Account allows you to schedule the purchase of foreign currencies.

In short, the higher the value, the lower the spread cost, making the transfer more economical.

Overseas account

Here, if you want open international bank account, is a great choice, it makes things much easier international transactions.

This way, sending and receiving money becomes easier and cheaper.

Nomad’s US account is a good option. It has low fees and is fast. To open it, you will need some documents.

But after that, it will be very useful for your finances abroad.

Nomad also offers many payment methods.

Additionally, you can use bank transfers, Google Pay, Apple Pay, debit and credit cards, and SOFORT for Eurozone countries.

This makes the international transactions easier.

If you are a Santander customer, you can send money abroad through the app. It is fast and secure, and free of charge. It is a good option if you need to make a lot of transactions.

Finally, think about security. Nomad protects your investments with SIPC up to $$500,000 and FDIC up to $250,000 per depositor. Choose a financial partner that offers good security.

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Sending money abroad: Agencies specializing in transfers

For fast transfers abroad, several international shipping agencies stand out. Wise (formerly TransferWise) and Remessa Online are great options.

This way, they allow you to transfer money in multiple currencies.

For example, Wise operates in more than 70 countries and does not charge IOF when sending to Brazil.

Remessa Online facilitates transfers to nine foreign currencies.

This even makes things simpler for those who need to send money.

Western Union has over 500,000 locations in 200 countries.

This offers incredible global access.

In turn, Global66 serves more than 312 thousand customers in Latin America, demonstrating its reliability and reach.

The Post Office is also an option. They charge a flat rate of R$ 35 plus 1.5% on the value of the shipment.

Wise allows you to use the exchange rate current or schedule the shipment for a better time.

In this sense, this makes it one of the best options.

See a comparison of some agencies international shipping and its services:

Cash when traveling

Carry cash in international travel it is legal and can be useful.

But it's important to know the rules.

For example, if you take more than $10,000.00, you need to declare it at customs.

Carry cash eliminates transfer fees. However, there are risks such as loss or theft. It is good to think about security before carrying a lot of money.

Additionally, the rate at which you buy and sell currency can change the cost of your trip. Buying currency in cash has a 1.1% IOF.

There are other options besides cash.

For example, digital accounts and prepaid cards are good options. They can be more economical, considering the IOF and other fees.

In short, for those who don't want to carry cash, digital accounts are a good choice. They offer good rates and low fees.

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Sending money abroad: Currency exchanges

Here, the exchange offices are a traditional option for international transfers. They offer both physical and online transactions.

They are widely available in many locations, which brings convenience.

It is important to keep an eye on the money transfer fees. Furthermore, the tourist exchange rate may be more expensive than the commercial exchange rate.

1. MoneyGram
   • Allows you to send and receive money to more than 190 countries.
   • Over 100 physical locations for on-site operations.
   • It has more than 350,000 service points worldwide.
   • Operations without the need for a bank account.
2. Travelex Confidence
   • Accepts identification documents such as Passport, Driver's License, ID, or RNE for transactions.
   • It allows you to send amounts ranging from 10 to 3,000 dollars.

The variety of methods to send money and the ease of access make exchange offices an attractive option.

Furthermore, services such as MoneyGram and Travelex Confidence demonstrate flexibility and efficiency.

But, it is crucial to compare the money transfer fees to choose the best option.

Nomad Remittance Shipping Service

The service of international shipping from the Nomad It's great for those who want speed and savings.

This way, you can send money from the US to many places around the world.

In fact, this is done using the commercial dollar quote, which helps save money.

For example, a big advantage of Nomad is the reduced IOF rate of just 1.1%. This is much lower than normal. Plus, there are no costs to open or maintain the account, which makes everything cheaper.

Nomad is also known for charging just US$$10 per transfer to US accounts.

In other words, this is very low, especially when compared to the big banks. They charge much more for transfers and exchange.

Digital platforms, like Nomad, offer more flexibility and better conditions.

For example, the money arrives within 3 business days, which is fast. In addition, you can use the service through the app, which makes it much easier.

Internet transfer services

The digital age has brought the convenience of digital shipping platforms The most widely used are Wise and PayPal. In this sense, Wise is known for its fair and margin-free rates.

It has over 229,888 reviews and a rating of 4.3, which makes it popular.

PayPal is widely used, but its fees can be high.

Therefore, for those looking for alternatives, Monese is a good choice.

For example, it uses wholesale exchange rates and is cheaper than banks. Over 2 million people use Monese.

Other options include WorldRemit and OFX. WorldRemit has no transfer limit and allows you to send up to £50,000. OFX has a minimum fee of £100.

Transfer company fees can vary. They may charge flat fees, percentages, or unfavorable exchange rates. It’s important to compare to find the best option.

To use digital shipping platforms allows you to choose the best service for you.

In short, consider fees, shipping time, and ease of use. online international transfers become easier, faster and more advantageous this way.

Common mistakes when sending money abroad

Sending money abroad is becoming more common among Brazilians. It is important to be aware of international transfer errors to avoid hidden costs. Here are some important points to consider:

1. Ignore the exchange rate: A exchange rate changes every day. Researching can help you avoid extra costs. For example, the dollar is at R$ 5.479 and the euro is at R$ 6.022.
2. Not checking service fees: Transfers may incur additional fees. Western Union, for example, sends to over 200 countries. Check the fees before sending.
3. Disregard the institution's reputation: Well-known companies are more trustworthy. Do your research before using to ensure safety.
4. Lack of adequate documentation: Information such as name, country, account number and specific codes are essential.

In short, when sending money abroad, observe the following: exchange rates, search hidden costs and choose a reliable institution.

Sending money abroad: Safety when sending money abroad

Sending money abroad requires care. The security of international remittances is very important. This is because several factors can affect the process.

It is crucial to choose accredited institutions by the Central Bank of Brazil. Travelex Bank is a good option. They offer secure and personalized services for your needs. Travelex Bank sends international money on the same business day for up to US$10,000.

It is important to know the fees charged by financial institutions. This includes administrative, exchange and SWIFT fees, as well as taxes such as income tax and IOF. SWIFT rate is vital for connecting banks around the world. It identifies the banking institution in the transfer and is between 8 and 11 characters long.

Provide correct banking information to avoid problems. Confirm fees and taxes before making the transfer. This will avoid unpleasant surprises. Keep an eye on exchange rates to get the best deal.

Communicate with the support team via email [email protected]. Never give out your account login details. And never send money to strangers.

Beware of scams, such as romance scams. They may ask for money under false promises. Sharemoney is not for paying for services or purchases. Verify the authenticity of online relationships to avoid being scammed.

Advantages and disadvantages of sending money abroad

Sending money abroad is common. But, shipping method comparison shows advantages and disadvantages. The choice of best shipping options depends on cost, speed and security.

Bank transfers are safe. BePay Bank has low fees, R$19.90 per transaction, and varying IOF fees. However, banks can charge from R$150.00 to R$1550.00 and take 2 to 5 business days.

Online platforms such as Remessa Online, PayPal and Wise are fast and cost-effective. They charge fees ranging from 1.2% to 8% and IOF from 0.38% to 6.38%. However, it is important to check the profit margins.

Cash It's practical for small amounts, but it's not safe. Transfer agencies are fast, but they charge more.

Nomad stands out, a fintech that facilitates international transactions. Fintechs are good for simplifying online processes and having advantageous rates.

Exchange houses allow you to exchange physical currency, but they are less secure and can cost more. It is important to consider these factors when choosing best shipping options.

When choosing, consider cost, security and speed. This way, you will find the best shipping options to send money abroad.

Conclusion

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Choosing the right method to send money abroad is very important. There are many options, such as bank transfers and digital services. Each has its advantages and can affect the efficiency and security of the transaction.

It’s crucial to consider factors like fees and processing speed. For example, online transfers can be as quick as a matter of minutes. Platforms like Wise are known for their competitive rates and ease of use.

Costs also vary greatly. For example, the IOF on PayPal can be as high as 6.38% for card payments. Remessa Online has a fee of 1.3%. It is important to compare these costs before making a decision.

Choosing methods that offer secure and efficient transactions is essential. This will make the process smoother and more cost-effective.

Andre Neri Updated October 3, 2024