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Tuesday, February 24, 2009

How to Send Money to Brazil

By Chloe Banks

There are several ways to send money from the U.S. to Brazil, one of which is to have a relationship with a US bank that is also present in Brazil.

Money being sent between accounts within the same bank is often processed more quickly. Therefore it might be a good idea to open an account locally with the same bank so that the recipient can get access to funds faster.

Bank transfers between two different banks are also relatively easy, although moving money from one bank to another can entail a waiting period of up to 5 business days with substantially higher costs.

Through banks, you can also initiate wire transfers to Brazil. A wire transfer gets the money to its destination quickly, but there needs to be a corresponding bank to receive the wire transfer. Fees can be very high for international wire transfers, but if the money needs to arrive quickly, this is a viable option.

Another way to send money to Brazil is through either an ATM card or a pre-paid debit card. In an emergency this may not be the best method, since it takes time for the card to be sent to the person receiving the funds, but for people who send money regularly to family in Brazil, the pre-paid debit card or ATM card is a good option.

The money can be withdrawn from a large network of ATMs in Brazil if the debit card has the PLUS or CIRRUS logo on the back. Only use an ATM card if you trust that the cardholder is not accessing funds without authorization. A pre-paid debit card is a more secure way of sending the exact amount of money intended for the recipient.

In addition to these methods, online payment services such as ATM Cash are becoming a more popular way to send money to Brazil. The process moves the money quickly and the fees are relatively low. Online services allow you to send money 24/7 from your computer.

The above some of the most effective and safe ways of transferring money to Brazil.

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