When you send money to Brazil, there are local and federal regulations that TransferWise needs to comply with. This means your recipient (or you, if your transfer is to yourself) will have to send us extra documents when they get a transfer over these amounts:
If you then receive more than 200,000 BRL in 365 days, we’ll ask you to send us more documents.
Once you set up a new transfer to BRL, we process the money and send it out to our banking partner in Brazil, Banco Rendimento.
Although your transfer will say it’s completed on the TransferWise page, Banco Rendimento still needs to comply with local regulations. So, if your transfer is higher than the above amounts, they’ll get in touch with you or your recipient to ask for additional documents.
Because of this, it’s very important that the phone number and email address you give when setting up your transfer are correct, otherwise your payment might be delayed.
When you’re sending a large amount to Brazil, we might ask you to send us some documents that show where you got the money you’re sending. Then, Banco Rendimento might also ask what your relationship is with the recipient, and a document that shows why you’re sending the money.
We’ll let you know which documents you’ll need to send us as soon as we get a request from the bank.
Banco Rendimento will first try to get in touch with you or your recipient directly, within 1 business day, to ask for any necessary documents. If they can’t reach you, they’ll ask us to help get the documents.
This procedure may take up to 3 business days after the payment is shown as completed on your TransferWise account.