Transferring Money US to Brazil to Buy Apartment

abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert01 June 2022 13:33:52

#81

6331

06/01/22 We are thinking of opening an account with Banco Rendimendo. Looks like they allow non-residence to open accounts and we can do a large transfer. Problem with Wise is the limits per transfer.
- @danielmurphy2035

Wise is just a middleman. Banco Rendimento is their transfer partner in Brazil. Most or all of Wise's limits and requests for additional documentation are based on passthrough requirements from either Banco Rendimento, the Central Bank of Brazil, or the US Treasury Department imposing FATCA-related requirements abroad. Large transfers to Brazil are not really difficult, but without plenty of advance notice to the various participants, they cause a lot of alarms to go off that cause delays.

For my own horror story with Banco Rendimento, see Post#36 in this thread: https://www.expat.com/forum/viewtopic.p … 41#5395445 They're no worse than any other bank, probably better than some. Banking in Brazil is still a pretty personal, face-to-face business for any but the most routine transactions, and setting up a banking relationship at a distance is just HARD.

If you go that route, please let us know how it goes.

mikehunter Serial expat

Member since 19 August 2021

mikehunterSerial expat01 June 2022 18:22:48

#82

358

@danielmurphy2035 Actually Wise uses Banco Rendimendo as their transfer agent in Brasil. As @rraypo mentions the transfer limits of Wise are quite high. Any delay is the result of Brazil laws regarding the transfer of money. Transfers over a certain limit need to be validated by Banco Rendimendo to ensure you aren't doing anything like money laundering or something like that. If that applies you'll get an email from Banco Rendimendo asking for additional information. It might delay your tranfer by a day or so. Typically, the turnaround for Wise transfers through Banco Rendimendo are quite fast.

jc1234 Active member

Member since 05 February 2019

jc1234Active member03 June 2022 05:53:31

#83

Wise fees are lower?

danielmurphy2035 New member

Member since 19 April 2022

danielmurphy2035New member03 June 2022 11:09:15

#84

@mikehunter Yes, and we actually tried the Wise/Rendimento process for our sinal payment to out seller. Rendimento required the seller to sign a procuração which is like a power of attorney. Well, our seller refused to do this and that was the end. We had to recall the transfer.

rraypo Serial expat

Member since 01 October 2020

rraypoSerial expat03 June 2022 11:47:05

#85

775

Wise fees are lower?
- @jc1234

Like a lot of us, I too transfer money from the USA regularly. For me and my transfers, I have found Wise to be the least expensive.

mikehunter Serial expat

Member since 19 August 2021

mikehunterSerial expat03 June 2022 16:22:24

#86

358

@danielmurphy2035 That is why I said it's a good idea to have your own bank account. You transfer the money from the US to your Brazilian bank account and then pay from it rather than a direct transfer from the US to the Brasilian seller. Yes, it's another step, but IMO it's safer and much easier to deal with.

danielmurphy2035 New member

Member since 19 April 2022

danielmurphy2035New member03 June 2022 20:01:03

#87

@mikehunter I think you are right. To do an international transfer to Brazil requires the seller to be fully cooperative with the process which involves a lot of steps and disclosure or personal info. In our case the seller brought the requirements to his bank and they recommended that he now sign the procuração. They are retired and don’t trust anything different. I think the only way to get this deal done is with a local bank account.

abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert03 June 2022 22:17:56

#88

6331

06/03/22 @mikehunter I think you are right. To do an international transfer to Brazil requires the seller to be fully cooperative with the process which involves a lot of steps and disclosure or personal info. - @danielmurphy2035

You've broken the code.

You're going to have to disclose all that personal information anyway to comply with both US and Brazilian money laundering regulations, but the advantage of having your own bank account is that you should only have to do it once, to your own bank, which has some confidentiality responsibilities to you as a client. And from then on, they're on your side, vouching for you even on large transactions if you keep them informed in advance.

danielmurphy2035 New member

Member since 19 April 2022

danielmurphy2035New member07 July 2022 16:41:21

#89

@abthree hi all, just a quick update to close out my question. We successfully closed on our apartment this week and received out signed ‘matrcula’. Last step is the ‘registrio’ which is in process. Thanks to everyone that responded to my question. It all worked out in the end, but was quite the process. Hope it helps someone in the future trying to do the same thing. Non resident account is the way to go so you can control the money transfer. We love the new place and have already started fixing things up.

All the best, Dan