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Sending money abroad: what do you need to know?

Sending money abroad is an increasingly common practice in a globalized world. In this context, it is essential to explore the various options available for making international transfers, taking into account factors such as fees, processing speed and transaction security. In today’s article, we’ll look at the various ways of sending money abroad, highlighting the advantages and challenges of each method so that readers can make informed and efficient decisions in international financial transactions.

Fees for sending money abroad can include several components, including exchange rate, SWIFT fee, and IOF (Tax on Financial Operations, in the Brazilian context).

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What fees are involved in an international transfer?

Financial institutions usually apply a margin on the interbank exchange rate, resulting in an additional cost for the sender. It is important to be aware of this margin when calculating the final amount of the transfer.

Some institutions charge an additional fee for international transfers using the SWIFT network (find out more in this article), especially when the transfer involves intermediary banks. This fee can vary between banks and services.

The IOF (Tax on Financial Transactions) rate for international transfers can vary and is generally higher for transfers not related to education and tourism. This tax is applied to the total value of the transaction and can influence the final cost of the transfer.

What is the limit for transfers abroad?

In the Brazilian context, the Central Bank of Brazil (BACEN) sets a limit of R$10,000 per day for international transfers without the need to prove the origin of the funds. However, amounts above this limit require the presentation of documents justifying the operation, such as Income Tax (IR).

How to transfer money abroad?

International bank transfers:

When using international bank transfers, it’s important to be aware of the fees involved, which can include not only those charged by your bank, but also fees from intermediary banks and the receiving bank. In addition, the exchange rate can vary, affecting the final amount received.

Send money online:

Online platforms offer intuitive interfaces and transparent fees. The exchange rate is usually presented clearly, allowing the customer to know how much will be converted. In addition, many of these services offer the option of receiving notifications about the status of the transfer.

Exchange offices:

Some exchange offices also provide international transfer services, allowing you to send money abroad. The costs associated with these transfers can vary and must be carefully checked.

Still having questions?

With Pryor Global’s foreign exchange management department, your company can buy, sell, and make international transfers in various currencies, as well as make payments to suppliers abroad or receive amounts in foreign currencies protected from exchange rate fluctuations.

Talk to our experts!

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