How to send money to Brazil at the best exchange rate

by Rob Rawson
Christ the Redeemer, Brazil

How do you choose a bank or money transfer company when you send money abroad? Your choice is probably based on assessing charges and exchange rates.

If you work with a business partner in Brazil or often send money to a relative in the country, you should do a thorough examination of service fees – chances are that you’re not aware of their full scope. Some companies make lucrative promises but there’s more to the service than meets the eye.

Banks, online money transfer companies and other financial institutions make huge profits by having significant currency conversion charges. The hidden fee is the margin that they add to the exchange rate and that costs you a lot of money for a single transfer. The problem is that very often, you’re unaware of that hidden fee.

Let’s say you’re sending 1,000 dollars from the US to Brazil (Table 1) and choose Western Union (slow service). You’ll pay a five-dollar fee for the transaction and an eight-dollar hidden fee (as a result of the exchange rate), which adds to a total service charge of 13 dollars.

An exception is Wise, formerly TransferWise. They may have upfront fees but they are 8x cheaper than banks and their fees are transparent.

The tables bellow will help you familiarize yourself with taxes, hidden fees and the most common money transfer practices. Thus, next time you send money to Brazil from the US, UK, Western Europe or Australia, you’ll have a better idea about choosing the most cost-efficient service.

Table 1: Sending $1000 from the US to Brazil
Transfer method Fees to send $1000 USD Hidden currency conversion cost Total fees Time for the transfer to arrive
Ria Money Transfer (slow) $5 $2 $7 3-5 days
Wise, formerly TransferWise (recommended partner) $15 $0 $15 1-2 days
Ria Money Transfer (fast) $8 $7 $15 In Minutes
Transfast $5 $10 $15 1-3 days
Western Union (slow) $5 $10 $15 4-6 days
WorldRemit* $4 $20 $24 1-3 days
Sharemoney $3 $22 $25 In Minutes
Viamericas $5 $20 $25 3-5 days
Western Union (fast) $20 $8 $28 In Minutes
Enviouchegou $5 $23 $28 1-3 days
Xoom (slow) $5 $24 $29 1-3 days
Xoom (fast) $10 $24 $34 In Minutes
Wire transfer $25-40 $10-20 $35-60 3-5 days
MoneyGram (slow) 0$5 $36 $41 1-3 days
MoneyGram (fast) $10 $36 $46 In Minutes
Skrill $3 $69 $72 3-5 days
Travelex $0 $107 $107 3-5 days

Note:

WorldRemit allows to send a money transfer to selected countries from the following states: Alabama, Florida, Idaho, Indiana, Iowa, Kansas, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oregon, South Carolina, South Dakota, Utah, Washington, West Virginia, Wisconsin, Wyoming, District of Columbia and Puerto Rico. However all states can send an airtime top-up. Moreover for confirmation please check your availability of your US state with Worldremit.

Table 2: Sending £1000 from the UK to Brazil
Transfer method Fees to send £1000 GBP Hidden currency conversion cost Total fees Time for the transfer to arrive
Wise, formerly TransferWise (recommended partner) £15 £0 £15 1-2 days
WorldRemit £3 £21 £24 1-3 days
Azimo £1 £26 £27 1-3 days
Global Foreign Exchange £0 £34 £34 3-5 days
Trans-Fast £3 £34 £37 1-2 days
Small World FS £3 £34 £37 1-3 days
Exchange4free £0 £38 £38 3-5 days
MoneyGram £5 £34 £39 In Minutes
Western Union £15 £24 £39 In Minutes
Wire transfer £15-25 £10-30 £25-55 3-5 days
Skrill £2 £69 £71 3-5 days
Travelex £0 £73 £73 3-5 days
Table 3: Sending $1000 from the Canada to Brazil
Transfer method Fees to send $1000 CAD Hidden currency conversion cost Total fees Time for the transfer to arrive
Transfast $5 $8 $13 1-3 days
Wise, formerly TransferWise (recommended partner) $15 $0 $15 1-2 days
WorldRemit $4 $18 $22 1-3 days
Exchange4free $0 $38 $38 3-5 days
Skrill $4 $69 $73 3-5 days
Wire transfer $25-40 $20-30 $45-75 3-5 days
Western Union (fast) $40 $54 $94 In Minutes
Travelex $0 $103 $103 3-5 days
MoneyGram $50 $71 $121 In Minutes

Note:

WorldRemit can only send 995 CAD from Canada to Mexico.

Table 4: Sending €1000 from the Western Europe to the Brazil
Transfer method Fees to send $1000 EUR Hidden currency conversion cost Total fees Time for the transfer to arrive
Wise, formerly TransferWise (recommended partner) €15 €0 €15 1-2 days
WorldRemit €4 €19 €23 1-3 days
Western Union (slow) €16 €17 €33 1-2 days
Exchange4free €0 €37 €37 3-5 days
Azimo €3 €35 €38 1-3 days
Western Union (fast) €16 €38 €54 In Minutes
Small World FS €0 €58 €58 3-5 days
Skrill €3 €69 €72 3-5 days
Wire transfer €20-35 €20-40 €40-75 3-5 days
MoneyGram €13 €82 €95 In Minutes
Travelex €0 €166 €166 3-5 days
Table 5: Sending $1000 from the Australia to Brazil
Transfer method Fees to send $1000 AUD Hidden currency conversion cost Total fees Time for the transfer to arrive
Wise, formerly TransferWise (recommended partner) $15 $0 $15 1-2 days
WorldRemit $4 $20 $24 1-3 days
Exchange4free $0 $38 $38 3-5 days
Real Transfer $5 $43 $48 2-4 days
Western Union $22 $34 $56 Minutes
Skrill $5 $79 $84 3-5 days
Wire transfer $25-35 $30-60 $55-95 3-5 days
Travelex $0 $104 $104 3-5 days
MoneyGram $60 $64 $124 Minutes
Travel Money Oz $0 $185 $185 3-5 days

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