US Banks which will exchange dollars to Real on a larger scale?

9POSTS

5 years ago

Hi does anyone know of a US bank which will exchange US Dollars to Real on a larger scale to hold onto in an account while the Real is so weak? The Reals would be for an eventual property purchase
Thanks

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rraypo Serial expat

776POSTS

5 years ago

I'm not sure of your question. I believe any US bank will do your exchange, in any amount, with an exchange fee and a loaded exchange rate. If you are just looking to store the money, use a safety deposit box. Did that address your concerns?

1 member reacted to this post

Golsucks Active member

28POSTS

5 years ago

Do any banks convert USD cash to Reals?

1 member reacted to this post

Texanbrazil ViP

2744POSTS

5 years ago

HSBC did but has since sold assets in Brazil.

chistletoe Active member

34POSTS

5 years ago

Any large US bank will do it.
But you will get a better exchange rate from VISA and a much better rate in you do the exchange with a Brazillian entity such as a bank or even a travel agency.....

1 member reacted to this post

abthree Brazil Expert

6449POSTS

5 years ago

Global ATM networks have changed the face of retail exchange transactions, and only the big Money Center banks bother to maintain retail services anymore. If even a big regional bank accepts a transaction like this, it will probably just refer it to Chase, BofA, Citi, or maybe Santander - for an extra fee - so you might as well try dealing directly with one of them.

APATINAGE New member

9POSTS

5 years ago

I went to Chase Bank yesterday (my bank) and they advised me that they could only exchange $5,000 per customer. Then even if I did exchange it there, there would be the issue of having a HUGE amount of Reals that I would need to store in a safety deposit box and then eventually transport for the actual real estate transaction. I guess my question is there some international bank that I can open an account and change about 50K of my dollars into reals, store it in an account and then be able to send reals from that account to complete the real estate transaction when ready? This is all so difficult because of all the red tape of opening up a Brazilian bank account.

abthree Brazil Expert

6449POSTS

5 years ago

This may be of interest:

https://transferwise.com/us/blog/foreig … ccount-usa

1 member reacted to this post

APATINAGE New member

9POSTS

5 years ago

Yes - this is an excellent article! It definitely is something that I will be researching !! Thank you!

APATINAGE New member

9POSTS

5 years ago

#10

well, it seems as though transferwise will be a good option when sending money down to Brazil, but as far as converting and holding onto Real until ready, there are 50 currencies that transferwise allows people to hold and the Real is not one of them.

Mikeflanagan Serial expat

471POSTS

5 years ago

#11

i use worldremit for my transfers. 0 issues somedays its sameday transfers depending on when i initiate the transfers

MikeFlores_CLT New member

8POSTS

5 years ago

#12

I use Transferwise and they have been easy to deal with. I think the only thing they ask for everyone and then is my W-2 to see where the funds are coming from

sprealestatebroker ViP

1288POSTS

5 years ago

#13

You ought to further your search on this company before placing money on their hands....

This is what a quick DNS Search and Google gave me...

Domain Name: TRANSFERWISE.COM
Registrar WHOIS Server: [link moderated]
Registrar URL: [link moderated]/
Updated Date: 2020-11-23T12:53:59Z
Creation Date: 2010-11-26T09:37:42Z
Registrar Registration Expiration Date: 2022-11-26T09:37:42Z
Registrar: [link moderated]/
Registrar IANA ID: 1011
Registrar Abuse Contact Phone: +1.7604448674
Domain Status: clientTransferProhibited http://www.icann.org/epp#clientTransferProhibited
Registrant Organization: TransferWise Ltd
Registrant Street: 86-188 City Road
Registrant Street: 2nd floor
Registrant City: London
Registrant State/Province:
Registrant Postal Code: EC1V 2NT
Registrant Country: GB
Registrant Phone: +372.53543356

https://en.wikipedia.org/wiki/TransferWise https://www.bloomberg.com/profile/company/0777864D:LN

sprealestatebroker ViP

1288POSTS

5 years ago

#14

Oh , and btw, ....

With so much of the FED Policies in Quantitative Easing and Printing Trillions, I am not so confident the Dollar will hold its value long. IT has dropped in value against the real from R$5,50 to R$5.04 and rebounding this week at R$5,19.

You are set on purchasing your property in Brazil, better sooner than later.