In the past few months, a lot of exciting things have been happening for Brazil.
We just lowered our fees to send money from Brazil, which means that 72% of our customers who transfer money abroad now pay less for this kind of transaction. The Brazilian government recently decided to increase the tax on self-transfers from 0.38% to 1.1%, so we hope our price drop makes up for that.
Unfortunately, to cover new costs, we had to raise prices for people who send to certain currencies and send under 1,000 BRL. You can read more here about the recent price change here.
Until recently, the only way to pay for transfers from Brazil was with a boleto, but now you can pay with a bank transfer. This is really good news because the money reaches us much sooner via bank transfer, so we can get it to your recipient much sooner. Some transfers will take less than an hour!
The option to pay with a bank transfer also means you can now send up to 30,000 BRL in one go, compared to the 9,000 BRL limit that comes with boletos. We’re now working on raising that limit even higher. We’ll also let you know as soon as you reach the annual transfer threshold that requires more documents, so you can keep sending money without delay.
Ever wonder why you see different logos on boletos? We use 2 banking partners to help move money in Brazil – Rendimento and MSB – so you’ll always see one of their 2 logos. No matter which one you see, your transfer will be as speedy and secure as always.
With growing demand to pay for tuition or buy property abroad, we’re going to launch new types of “recipients” to support these options. That means that, in the future, these kinds of transfers will be possible in Brazil.
Finally, if boletos or bank transfers are too slow or inconvenient for you, we have good news. Pretty soon you’ll be able to pay with your local card. It’s going to be a bit more expensive, but the transfer will be instant to receive on the Brazil side – great for emergencies.
– The TransferWise Team
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