Transfer money from Brazil to UK

When you come to transfer money from Brazil to UK, whether for buying a property, repatriating profits from business trades, funding studies abroad or sending money to your family, it can be a very slow and bureaucratic process.

However, if you live and work in Brazil and want to wire money to UK, you have several ways to go:

The traditional way via inter-bank transfers:
Banking in Brazil is pretty expensive. Not only you have to pay high fees and poor exchange rates, but also it takes too long (5-7 workdays) for the money to get to the destination.
If you need to send money overseas from a Brazilian bank, you will need the swift code, IBAN number, receiver´s account details and bank information and to be present at the bank´s branch to sign the transfer documents.

Through Forex Brokers (FX brokers):
Foreign exchange brokers, also known as FX brokers, offer the cheapest international money transfer service. Once you opened an account with a broker, you have to fund it from your bank account or credit card (depending on the amount transferred).
FX brokers, not only offer you a customized solution for your needs and the best currency transfer rates, but also move your money faster and do not charge any fees.

Another advantage is the ability to do international money transfers online, at the time that suits you best, regardless of the time zone you´re in. Furthermore, FX brokers can help you when transferring large amounts of money (over $10,000), for which the payment company will need to notify the central bank, Banco Central do Brasil (Bacen).

MTOs (Money Transfer Operators):
Another method to transfer money from Brazil to UK is using money transfer operators (MTOs) such as: Western Union or MoneyGram. Sending money from Brazil through MTOs requires the sender to have a bank account with Banco Central de Brasil (for Western Union) or Banco do Itaú (for MoneyGram).
If you send up to $3,000, there is not much paperwork involved (minimal ID requirements). However, if you want to send more than $3,000, you have to sign an authorization document provided by the bank.
Transferring money through MTOs is considerably faster, but so much more expensive.

Brazil to UK transfers are quite expensive and difficult to make. The process is bureaucratic and slow, that is why is very important to get all the information you need on the methods to wire the money, which companies can provide these services and stay updated on the costs involved, before making any transaction.