Money sent overseas doubles for Wealthy Brazilians

Dollar and Euro Currency

A new rule from the Brazilian Central Bank is allowing rich Brazilians to send double the amount of cash overseas.

This new rule allows money to be sent through brokerage firms and banks are continuing to increase the country’s overseas property buying habits.

According to a number of reports in the country’s newspapers, Brazilians are now sending more money abroad than ever before.

Helped by a strong and stable currency, overseas investors are showing interest in keenly-priced housing markets such as Miami and the Florida resorts.

Wealthy Brazilians are being allowed to spend abroad following the Central Bank’s decision to permit brokerage firms to accept transactions up to $100,000, which is up from $50,000 last year.

In 2009, the maximum amount to be sent abroad was $20,000.

Fernando Bergallo, a foreign currency manager said in the past “We had a pent-up demand because we had to reject all customer transactions over $50,000.”

“We had expected a maximum increase of 30%, but growth has exceeded our most optimistic expectations and we had a growth of 40% (of these transactions),”

He added: “We hope this figure goes to $200,000 soon. It’ll happen. It’s a breakthrough in Brazil.”

Brazilians are finding it easier to plan offshore purchases and investments, such as homes abroad, due to the sense of stability in the country.

The real has done well against the dollar in recent years, and has remained stable at around BRL1.83.

Transferring money to Brazil

If you are looking to invest in Brazil, think carefully about how you will be transferring money to Brazil. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Brazil – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Money sent overseas doubles for Wealthy Brazilians

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