IOF for US$ incoming to Brazil

GuestPoster279Guest05 May 2021 03:07:28

Greetings:
I’ve read at a few websites, not sure how reliable, that there are two different IOF rates for funds coming into Brazil. I thought it was 0.38% in all cases. Now I am reading that if the sending and receiving account holders are the same( you sending money to your own account in Brazil) that the rate is 1.1 %. The lower rate only applies if the funds are destined to a third party account in Brazil.
Can anyone shed any light on this subject.
Thanks

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abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert05 May 2021 03:22:07

6410

Paul,
05/04/21

When I transferred the purchase funds for our apartment to myself, the IOF rate was 0.38%; when I was wire transferring funds monthly, I believe it was the same. IOF isn't charged on Wise (formerly TransferWise) transfers, which is one of the reasons I use them now.