In the globalized world we live in, sending money to another country has never been easier, because of technological advances and the expansion of international financial services. At the touch of a button in an app or by filling in a few online forms, it’s possible to make transfers to friends, family, or business partners anywhere in the world.
Competition between the various international financial service providers has generated significant benefits for consumers, resulting in lower fees and transparent exchange rates. This has made international transfers more accessible and advantageous for an increasingly wide audience.
Those who have not yet made an international transfer may have doubts at first. Where should I start? What documents do I need? What fees are involved? We’ll answer these and other questions below.
1. Find a financial institution
To make an international transfer, you need to find an authorized financial institution that offers international remittance services. Recently, the Central Bank of Brazil (BCB) transferred responsibility for determining the documents required for each international transfer operation to the financial institutions themselves.
2. Determine the nature of the operation
It is necessary to state the nature of the transfer, as this affects how taxes are applied. Each type of international transfer is subject to a specific IOF (Financial Operations Tax) rate. By 2029, this rate will be gradually reduced to zero percent.
The new foreign exchange framework has simplified the classification of the nature of the operation, dividing transactions into two groups. The first group covers transactions of up to USD 50,000, which do not require daily registration with the Central Bank. The second concerns transactions above USD 50,000, which need to be registered daily.
3. Give details of who will receive the money
You will need to provide the details of the recipient of the transfer. In addition to the usual information, such as name and address, you will need to include the bank account number (IBAN – International Bank Account Number) and the SWIFT/BIC code (Bank Identifier Code) of the recipient’s bank. In some cases, it may be necessary to provide other details specific to the destination country.
4. Just wait!
The time an international transfer takes can vary depending on a number of factors, such as the country and the destination bank. In general, the money can arrive in the recipient’s account within two working days.
Here at Pryor Global, our foreign exchange consulting and management department helps clients to make international transfers in the main currencies, such as euros and foreign exchange, safely, especially with regard to exchange rate fluctuations.
Talk to our team and find out about the facilities we offer our clients!
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