Is there a new limit of 25,000 BRL for sending money from Brazil?
No, this limit doesn’t affect how much you can transfer per year. All it means is that if you want to send 25,000 BRL or more per calendar year, we must ask for additional documents before we can transfer your money.
Why is this verification necessary? Is it required by the Brazilian government?
No, this isn’t required by the government. Our banking partner in Brazil has requested this verification, in compliance with the foreign exchange market regulations in Brazil, particularly Law 4131, from September 3rd, 1962 and all its revisions.
All financial institutions authorized by the Brazilian Central Bank must implement verification policies and procedures in order to prevent money laundering, as it is stated by the Law 9613, from March 3rd, 1998.
I thought the limit was 9000 BRL per month. Did that change?
The monthly limit for transfers from Brazil is still 9000 BRL. The only difference is that now there is additional verification that must be completed if you wish to send more than 25,000 reais per year.
What documents do I have to submit in order to be verified?
You’ll need to upload 3 documents:
Proof of ID – we can accept a high quality photo or scan of the following documents: your identity card (RG), your driver’s license or your passport. You can read more about verifying your ID here.
Proof of address – this could be a bank or credit card statement, a letter from a financial or state institution, or a utility bill. It needs to be dated within the last three months and should show the following 4 things: your name, your address, the date of issue, and the logo/name of issuing entity. You can read more here.
Proof of income – this should be a copy of your 2016-2017 tax return with its filing receipt (both full documents are necessary). If you don’t have them, you can send your most recent payslips issued in Brazil, a document showing that you’ve sold some assets in Brazil, or any other document that shows that your income in 2016 was over 25,000 BRL (in addition, in case you can't provide your tax declaration with filing receipt, then we might also ask for copies of your recent bank statements).
How can I upload the documents?
You can upload your ID here, address document here and your proof of income here. Just let us know once you’ve sent them. When you click on the link above to upload your documents, you’re using an encrypted connection, which means no one can intercept the document as you send it to TransferWise. Your data is kept securely within the terms of the Data Protection Act 1998.
How long does it take for my documents to be approved?
In the majority of cases, verification takes up to 2-4 working days.
Do I only have to do this once?
Once we’ve approved your documents, your tax return will be good for all of 2017. That means in 2018, we’ll need to ask for your more recent tax return. Your proof of ID and proof of address will only need to be verified once.
What happens if I don’t send the documents?
You don’t have to send us the documents. However, if you want to transfer 25,000 BRL or more this year with TransferWise, this verification cannot be skipped.
What if my situation is a little bit different?
Please get in touch with our support team so that we can take a look at your specific case and let you know what documents we need from you.
You can get in touch from our contact page.