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The best way to make an International bank transfer to BrazilPosted 29/10/2020
When looking to make an international transfer at low cost, the banking option is far from the most advantageous. Companies such as TransferWise set out to provide the solution by offering consumers much more attractive rates.
We often believe – wrongly! – that only the exchange costs apply for an international transfer.
However, it is a real sum of bank charges that must be added to the bill. In addition, the rates charged by banking institutions are quite far from the average rate observed on Google or Reuters. Also, it is essential to carry out some research to find the best offer in this area.
Our article intends to present the advantages of using a money broker as an alternative to the banking option for your international bank transfers.
You’re planning to start a new business in Brazil and need advice to optimize the launching and management of your activity ? Feel free to contact our team of experts on the brazilian labour market.
The costs of an international transfer
When you’re looking to send money to another country such as Brazil, and even more so in another currency, you should know that several fees apply : the initial fees and the exchange fees.
Despite the seemingly tempting commission offers from different banking institutions, additional costs may apply. What appears to be a good deal then becomes much less beneficial.
To avoid getting trapped, you will need to be vigilant on one point in particular : the exchange rate.
Did you know that the rate communicated by your bank does not reflect the reality of the average market exchange rate?
It is only through this that you will be able to know the average market exchange rate – in other words the real rate – corresponding to the midpoint between the buying and selling rate in the global currency markets.
Banks effectively base their rates on the market rate, but may add a greater or lesser margin.
An annoying loss in the case of a one-off transfer, which can quickly become very problematic in the event of a regular money transfer .
The most economical way to transfer money abroad
We just saw that the banking option for transfers abroad should be avoided. So how do you go about ensuring a fair currency exchange?
Luckily, alternatives exist, and allow you to get by at lower cost.
This is the case of TransferWise which, in addition to positioning itself as close as possible to the real exchange rate, is showing refreshing transparency as to the fees that apply.
Starting from the observation that transfers in different currencies should not be more complex and expensive than traditional transfers, the ingenious of TransferWise make speed and transparency their battle horses.
Is money safe when you send it overseas ?
This is necessarily one of the big questions when we send money several thousand kilometers. However, there is no more to worry about than in the case of a SEPA transfer within the euro zone.
Also, to ensure that movements are perfectly secure, TransferWise is regulated like a bank. This means that your data is in a safe place, and that your money passes through ultra-secure channels guaranteeing you the peace of mind you crave.Any question about creating a new business in Brazil ? Need administrative or financial support to set-up and launch your local or international activity ? Our customer advisors will deal with you personally and give you exactly the right advice for your needs.Author's post: Europartner Accounting