How to receive money from outside Brazil and what is the maximum amount?

Do you know how to receive money from outside Brazil and if there is a maximum amount? Read the text and find out!

The number of Brazilians leaving Brazil and not returning is the highest in 11 years. Among the chosen destinations, the USA is the main one

One piece of evidence of this practice is the remittances sent to Brazil. Revenue from annual transfers reached US$1.4 billion in 2021, according to data from the Central Bank and the Ministry of Justice.

A large part of Brazilians have always dreamed of leaving the country in search of a better life. 

However, last year, due to the economic crisis and the release of vaccinated people into other countries, this practice gained full force.

People who left the country in search of a better life also left behind family members and the hope of providing them with a better life here in Brazil.

So, in today's text you will discover How to receive money from outside Brazil and how to do it. 

Don't miss out!

What is the maximum amount I can receive from abroad?

According to the Central Bank, it is possible to receive up to R$1,400,000 without bureaucracy. However, for higher amounts, it will be necessary to declare Income Tax. 

Some institutions responsible for transferring remittances may have daily or monthly transfer limits, so it is important to check the rules of each one before choosing. 

How to receive money from outside Brazil?

Currently, you can receive or send money from outside Brazil in different ways and without needing to request any type of government authorization.

The most common way is through currency exchange offices or online international transfer platforms. 

Furthermore, there are already some digital accounts where it is possible to send or receive money from abroad. 

The first step is to choose where you want to receive the money. In this text, you will find some suggestions for safe institutions to receive money from outside Brazil.

You will then open an account and provide the sender with your account details. 

If you choose to withdraw money from a currency exchange, you will need to have a transfer code provided by the sender, that is, by the person or company transferring the remittance.

Do I have to pay a fee to receive money from abroad?

Yes, they can vary depending on each company and even depending on the currency. In short, you will be required to pay IOF, Tax on Financial Transactions. 

This is a federal tax charged on any financial transaction, even international transactions. 

The percentage may be 0.38% on the value in the case of transactions to third-party accounts and 1.1% in the case of transactions between accounts with the same holder. 

In addition, there are other fees charged by companies, for example, the exchange rate. 

However, they will be paid by the person sending the money and not by the person receiving it, but the discount will be made on the amount sent.

In short, you will receive the amount converted to reais, minus the fees. 

Before choosing where you want to receive your money from outside Brazil, it is also essential to check which company charges the lowest fees and rates. 

What is the best way to receive money from abroad?

The best way to receive money from abroad is through online international transfer platforms or through a bank, especially digital ones. 

With these alternatives, it is possible to receive money more conveniently, conveniently and paying attractive rates.

So if you are looking for how to receive money from outside Brazil, Discover the alternatives we have selected for you. 

#Nonline Shipping

Remessa Online is one of the best online platforms for international transfers in Brazil. 

With this platform, it is possible to send and receive money from abroad in a simple way and with reduced fees compared to traditional banks. 

Among the main advantages it offers, we can highlight, for example:

• Easy to use and intuitive platform;
• Safe, reliable company accredited by Bacen;
• Transparent company;
• Money in the account within two business days after payment identification;
• Uses the commercial exchange rate
• The customer follows all stages of the transaction.

The Online Remittance note on Complain Here until 23.09.2022 is 8.3/10, that is, considered an excellent evaluation. 

This platform uses the following calculation for remittances: commercial exchange rate + administrative fee + IOF + bank fee = price.

The administrative fee for the transaction carried out by the platform is 1.3% of the amount sent on most transactions, including the euro.

However, for currencies such as dollars from different countries and pounds, the fee charged is progressive. 

The amount of the bank fee depends largely on the amount sent. The cost is R$5.90 for amounts up to R$2,500, or the equivalent in another currency.

From this amount, the bank fee is free. 

To know more details about how to receive money from abroad via Remessa Online, access your website.

#How to receive money from outside Brazil via Nubank

You can also receive money from outside Brazil from your Nubank account. 

However, this service is the result of a partnership between this fintech and Remessa Online, therefore, the rules mentioned in the previous topic apply. 

Customers who make these transactions from the app Nubank, pay a lower administrative fee, currently the discount is 15% per shipment. 

When accessing the Nubank app, you will click on the “Transferir Internac” icon and then click on “Receive”.

Read the information and click on “Go to Online Remittance”, if you are not registered on the platform, don’t worry, you can create one quickly.

There are two registration options: simple and complete. The first option is for those who will earn less than R$1,400,000 per day and can be completed with just an ID or driver's license.

Full registration is recommended for people who will receive amounts greater than R$50 thousand per day or R$100 thousand per year. 

The full registration requires more documents and also the IR Declaration. Get more questions about this registration on the Remessa Online website. 

Once you are logged into the platform, simply enter the currency and the reason for receiving it. 

Finally, copy the bank details that will be provided by Remessa Online and send them to the person who will send you money from abroad.

After confirming the transfer on the platform, the money will be available in a maximum of two business days, according to the platform. 

You can then withdraw the money from your Remessa Online account and transfer it to your Nubank account, for example. 

#Wise

Wise has one of the lowest fees on the market, with this option you can send or receive money from abroad more economically. 

It does not charge a receiving fee and uses the mid-market exchange rate, at no additional cost.

Furthermore, it does not charge Swift and there is no intermediation from other banks, so the transaction is faster and without extra costs.

Anyone who decides to send money through Wise pays only one fee, which includes IOF. The recipient does not pay any additional fees.

So if you want to find out How to receive money from outside Brazil with great savings, be sure to get a quote at Wise.

In addition to the alternatives mentioned above, you can receive money from abroad through:

• Western Union;
• MoneyGram;
• Xoom;
• PayPal;
• Ria MoneyTransfer.

How to receive money from abroad with global accounts?

Global accounts are also great alternatives for those who want to receive money from abroad while saving a lot. 

Among the available alternatives, we can highlight Wise's multi-currency account, Borderless.

With it you can have local bank details in 5 different currencies, this means that you receive money in 5 different currencies, they are: 

• Euro;
• US Dollar;
• Pound;
• New Zealand Dollar;
• Australian dollar.

With C6 Bank you can have an account in dollars and euros to send or receive money with great savings and convenience. 

Banco Inter also offers a global account for its customers. These accounts are great alternatives for those who want to develop a global financial life. 

In addition, they have an international debit card that is very advantageous for those who travel frequently. 

Which banks receive money from abroad?

If you are a customer of a traditional bank, you should know that they also receive transfers from abroad. 

However, the rates applied are higher and the receipt period may be longer.

One example is Caixa Econômica Federal. It receives money from abroad through a correspondent outside the country. 

Anyone who receives money from outside Brazil through Caixa will have to go to a bank branch to withdraw the amount. 

In addition to Caixa, another traditional bank alternative for receiving money from abroad is Banco do Brasil. 

In this case, customers can receive the money in their current or savings account or withdraw it at the branch.

Data required to receive money from abroad

To receive money from abroad safely, you must provide the following information:

• Full name of the person receiving the money;
• Bank name;
• Account number and branch;
• Swift Code;
• Account type.

This is the data you must send to the sender, that is, the person who will send the money. 

Conclusion

Receiving money from abroad is no longer a big deal. You can do it very easily, without leaving your home. 

However, to save money, it is important to compare the rates and fees charged by each company, even if this process can take a while.

Compared to most online international money transfer platforms, Wise comes out on top when it comes to savings.

So, be sure to find out about their rates and services. 

Then, Did you enjoy finding out how to receive money from outside Brazil? 

In our blog you will find other content that can help you with your finances. Don't forget to check it out!