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Quer enviar dinheiro para casa no Brasil? Nós temos você coberto. Confira em Sendrater! As recentes mudanças nas leis de câmbio (FX) do Brasil tornaram o envio de dinheiro internacionalmente mais simples e eficiente. Seja apoiando a família ou realizando transações comerciais, entender essas mudanças é essencial. Brazil has recently transformed its foreign exchange (FX) laws,  improving the process of sending money internationally. These changes are important whether you’re providing family support or conducting business transactions with Brazil.

TL;DR:

• Brazil's 2022 FX law changes simplify money transfers.
• Reduced paperwork, increased fintech roles, and digital asset classifications.
• Enhanced autonomy for individuals and institutions in FX transactions.

Brazil's FX Regulations - a (hopefully simple) Summary

• Simplified Transactions: The 2022 changes have streamlined the process for both individuals and companies. Non-resident bank accounts now have similar treatment as resident accounts, enhancing ease of transactions​​. Good news for students!
• Relaxed Documentation Requirements: The requirement for guarantee documentation for transactions over US$3,000 has been relaxed. Each institution can now define necessary documents and their risk policies​​.
• Reclassification of FX Transactions: Classification of transactions up to US$50,000 has been simplified. Users are responsible for indicating the purpose of their FX transaction, with a significant reduction in classification codes from 180 to 10​​.
• Fintech Involvement: Fintechs are now more involved in the FX market, with the ability to handle transactions up to US$100,000, enhancing the digital transfer landscape​​. This is a major change. 
• Cryptocurrency and Digital Assets: The new rules specifically classify cryptocurrencies and digital assets like NFTs, aligning with Brazil's crypto market regulations​​. See our article on using crypto to send money for more detailed analysis. 
• Increased Autonomy for Individuals: People can now manage international currencies more freely, with the ability to trade up to US$500 in foreign currency. Travelers can carry up to US$10,000, an increase from the previous R$10,000 limit​​.
• Payment Account Inclusion: Payment accounts can now be directly linked to FX settlements, a shift from the earlier restriction to checking accounts in traditional banks​​.
• Boleto for International Services: The boleto payment method is expanded to cover international services, benefiting sectors like digital services and streaming​​.

What is Boleto anyways?

Boleto Bancário, commonly known simply as 'Boleto,' is a widely used payment method in Brazil, functioning as a financial document or a 'ticket.' It is a versatile tool, allowing for various transactions ranging from rent payments to eCommerce purchases. Each Boleto comes with a unique barcode, payment details, and customer information, and can be either printed or digital. The widespread network of over 40,000 processing locations across Brazil, including ATMs, digital banks, post offices, branch banks, and convenience stores, makes Boleto highly accessible for the vast majority of the population.

Approximately 55 million Brazilians do not possess a bank account, and there's a general reluctance among many to share payment information online. This has led to a preference for alternative, more secure payment methods like Boleto. Introduced in 1993 and regulated by the Brazilian Federation of Banks, Boleto has established itself as a trusted and reliable means of payment, facilitating both the sending and receiving of money for a substantial portion of the Brazilian populace.

Choosing the Right Provider:

With the new FX landscape, selecting the right provider is crucial. Sendrater offers real-time comparisons of a wide range of providers to find the best fit for your needs.

Action Plan:

• Use Sendrater for informed decisions in light of the new FX regulations.
• Ensure compliance with Brazil's updated FX laws for all transactions.
• Select providers based on transfer speed and location requirements.

These exciting changes in Brazil’s FX laws open up new possibilities for sending money to Brazil, making it more flexible and user-friendly.

Today's (06 Oct 2024) most favourable exchange rate for sending money from United States to Brazil in USD is offered by TapTapSend at a rate of 5.42 BRL. Including all the fees the recipients will receive 542.00 BRL for your 100 USD. For other currencies, please visit our rates page.