Learn How to Send Money to Brazil Before You Move

Learn How to Send Money to Brazil Before You Move

Although like much of the world, Brazil's economy is not poised for tremendous growth right now, it is steadier than many other countries. Whether or not your move has anything to do with finances, it's good to know. Its market is still developing, which means it does not have as much debt as countries like the U.S. This, combined with the stable gross domestic product and myriad natural resources, could make for a faster recovery from the economy.

Learning a little about the currency is also important before you move. The currency is the Real, and is divided into 100 centavos. The exchange rate changes constantly, but you can expect to it be about 1.87 to 1 USD. This means you can get more Reais for your dollar than in some other countries with less favorable exchange rates.

You should also be aware that Brazilian businesses do not accept foreign currency, including USD, so be sure to change your money before you try to spend it. Even traveler's checks are restricted, and all businesses are required to show only Reais on receipts and bills. There are Casas de Cambio in every city that deal solely with exchanging money.

If you want to open a bank account soon after moving, you can do so, but there are several requirements. You are not allowed to have U.S. dollars in your Brazilian account, so keep this in mind before you send money to Brazil. You will need a Cadastro de Persona Fisica, or CPF, which is basically a tax identification number that can be obtained at a bank like Banco de Brasil. You will need to pay a small fee and fill out an application. You will then need to go to the Receita Federal, or tax office, to show your passport before you can get your number. You will also need proof of address to open a bank account, so finding a residence is important before you even try to open an account.

Clearly, you will not be able to have access to a local bank until you are moved in, but meanwhile you will likely need some money. Rather than paying fees to exchange your USD to Reais, you can obtain a prepaid debit card. You can simply select a company to go through, send a card to your current U.S. address before you move, and then add money to it. Once you get to Brazil, you can take money out of the ATM in Reais for a fee equal to a few dollars, or you can simply use it at the ATMs that are present in most cities.

The ability to send money to Brazil before you move is not as easy as it is in some other countries, since you have to be settled in a home before you can open a bank account. But this doesn't mean you simply have to carry cash or have no money upon arriving. A prepaid debit card until you open an account could be a lifesaver when you move to Brazil.

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