Having relatives in Brazil means you might have to send money to them at some point. Doing so can be difficult if you have a budget to adhere to, especially since so many methods have exorbitant fees. Finding out your best options to send money to Brazil can save you money, and can also ensure that your relatives get their funds as quickly as possible.
You should first know a little about the country. To send money to Brazil, you will likely need to know the banks available there, since most of the ones in the United States will send the cash to your relative's account. Some of the most popular banks there include Banco do Brasil, HSBC, Banco Nacional, Banco Real, Banco Bradesco, and Unibanco. Know that the Brazilian currency is the Real, and $1 USD equals about 1.72004 Reais.
Now that you know some of the banks in the country, you should decide which U.S. financial institution you will use to transfer the cash. If you use Bank of America, the fee is $45, and the money will be sent to Banco Bradesco, which is convenient if your relative has an account there. If they do not, they could pick up the cash from the bank anyway. If you both have accounts at HSBC, you could send the money there for $30, or from your HSBC account to another bank for $45.
If you need to send money to Brazil quickly, such as in the case of an unexpected emergency, you might not mind paying these fees. However, sending money regularly, such as each week, can ensure that these fees add up. You will be better off finding an alternative to using banks in this case.
One such alternative would be to use a prepaid debit card. You could mail it to your relatives, and then add funds to it whenever you need to. If you add money to it once per week, you will be spending $5 per week, since that is the flat fee per transfer. Your relatives will then spend less than 1.7 Reais each time they use it at retailers to purchase items, and about 5 Reais when they withdraw cash from an ATM.
Your final decision will likely depend on what bank you use. If you and your relative both use HSBC, that could be your best option when it comes to sending money fast in an emergency. However, if you or your relative either use different banks, or do not have an account at all, using a bank to transfer money could be difficult. In this case, a prepaid debit card could be perfect, especially considering the low fees and the fact that you can add money to it using a credit card.
You should first know a little about the country. To send money to Brazil, you will likely need to know the banks available there, since most of the ones in the United States will send the cash to your relative's account. Some of the most popular banks there include Banco do Brasil, HSBC, Banco Nacional, Banco Real, Banco Bradesco, and Unibanco. Know that the Brazilian currency is the Real, and $1 USD equals about 1.72004 Reais.
Now that you know some of the banks in the country, you should decide which U.S. financial institution you will use to transfer the cash. If you use Bank of America, the fee is $45, and the money will be sent to Banco Bradesco, which is convenient if your relative has an account there. If they do not, they could pick up the cash from the bank anyway. If you both have accounts at HSBC, you could send the money there for $30, or from your HSBC account to another bank for $45.
If you need to send money to Brazil quickly, such as in the case of an unexpected emergency, you might not mind paying these fees. However, sending money regularly, such as each week, can ensure that these fees add up. You will be better off finding an alternative to using banks in this case.
One such alternative would be to use a prepaid debit card. You could mail it to your relatives, and then add funds to it whenever you need to. If you add money to it once per week, you will be spending $5 per week, since that is the flat fee per transfer. Your relatives will then spend less than 1.7 Reais each time they use it at retailers to purchase items, and about 5 Reais when they withdraw cash from an ATM.
Your final decision will likely depend on what bank you use. If you and your relative both use HSBC, that could be your best option when it comes to sending money fast in an emergency. However, if you or your relative either use different banks, or do not have an account at all, using a bank to transfer money could be difficult. In this case, a prepaid debit card could be perfect, especially considering the low fees and the fact that you can add money to it using a credit card.