International transfer: everything you need to know to send or receive money from abroad

Every year billions of dollars are moved between Brazil and various destinations around the world. To give you an idea, in 2021, money sent and received by Brazilians amounted to US$ 5.5 billion, 15.4% more than the movement carried out in the previous year. According to data from the Central Bank, of this total, US$ 1.6 billion was sent abroad and US$ 3.9 billion landed here. But after all, how to make an international transfer?

When looking at the figures you can imagine that international transfers are carried out only in large amounts or by large companies. But make no mistake, it is possible to send and receive any amount, as long as there is proof of the amount.

To help you understand how international currency sending and remittance operations work, the Ourinvest Blog has prepared a list of the most common questions on the subject and answers everything below. Check it out:

1. What is an international transfer?

An international transfer, which is also commonly referred to as an international remittance, is the act of sending or receiving money from one country to another.

2. Who can make an international transfer?

Any Brazilian with proof of origin of assets can send money abroad. This can happen for several reasons, whether to buy a good or service, to keep a child living outside of Brazil, to invest, or even to import or export products.

3. Are there minimum and maximum amounts for making an international transfer?

There are no minimum or maximum values, but there is a need to prove the origin of the amount sent or received.

4. How to make an international transfer?

It is possible to carry out the entire process online, through banks and accredited institutions, or in person by going to exchange offices, bank branches or even post offices - through the “International Electronic Postal Voucher”, if the country has an agreement.

Depending on the destination country, you will need the SWIFT code, IBAN or Routing Number, in addition to personal data. Check here for information about these codes.

5. What documents are required to make an international transaction?

In addition to personal data, for an international transaction to be successful, it is necessary to understand the reason for the transaction, including for taxes to be correctly collected, depending on the nature of the transaction.

“For example, presenting your child's enrollment at a college in Europe or proof of renting a house abroad,” says Bruna. In addition, the origin of the money is also checked.

Bruna explains that for each type of transfer there is a different IOF exchange rate. For individuals, the IOF is different from operations for legal entities or services. The Central Bank sets these rates.

6. To which countries can I make an international transfer?

It is possible to send money to any country in the world that has an institution that legally receives the amount, with the exception of those that have some restrictions from the Financial Action Group against Money Laundering (FATF), such as North Korea and Iran.

7. What are the risks of making an international transfer?

When international transfers are made by unspecialized people, there is a risk that the process may be slow and often erroneous: “This is because in each destination country, in addition to double taxation agreements, there are its own peculiarities. You need to know the laws and systems,” explains Bruna Dayan, International Business Manager at Ouribank.

8. How long does it take for an international transfer to be made?

This may vary depending on the medium chosen to perform the operation. At Ouribank, for example, operations are carried out within a few hours as long as the registration documents and proof of the origin of the money are correct. Basically, the shipping time only takes into account the time zone of the 96 countries in which the bank operates.

9. How to receive an international transfer?

In addition to sending money outside Brazil, many people need to receive amounts from abroad. The receipt process is also simple.

It is possible to receive an international shipment via a transfer or in order of payment. Almost all transfers can be made online and through different types of institutions: whether platforms specialized in international remittances, banks or exchange offices.

It is also possible to receive money from abroad by means of a money order. The person who is out there and is going to transfer the money must look for an institution that makes remittances to Brazil. In this case, the personal data, address and bank information of the person who will receive the amount are requested, in addition to the reason for the transfer.

10. How can Ouribank help with international transfers?

“In addition to helping with the transfer process, we provide advice to the client, following up on the best exchange time in a given deadline window that they have to send the order. For example, if you have to pay for your child's school by the 10th of each month and we verify a good rate for the period and have already contacted the client,” says the executive.

In addition, Bruna highlights foreign exchange hedging services and the ability to help with investments abroad. “We have complete, agile and secure solutions”, he concludes.