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Cross-border remittances: what are they and what are their costs


Cross-border remittances, or international transfers, are exactly that: a money transfer between countries. They can be made by individuals and legal entities for various reasons, from importing products to investing abroad.


This type of transfer can be made to any location, except countries restricted by the FATF – Financial Action Task Force, which seeks to combat the financing of terrorism, money laundering and other threats to the integrity of the international financial system.


Are there limits for international transfers?


There are no minimum or maximum amounts, but the Central Bank of Brazil requires proof of financial capacity. For operations considered of small value (US$ 20.000), only the registration documentation, and above that, in addition to the registration documentation, the last income tax return or other document proving the origin of the funds. This legislation also applies to the case of receipts.


What fees are charged for making transfers abroad?


In addition to the IOF (tax on financial operations) which can vary between 0.38% and 1.1%, depending on the nature of the operation, or even being exempt as in the case of import or export of products, you may incur additional costs:


SWIFT – fee charged by banks to send and receive international transfers;

Shipping fee – costs charged by the banking institution to carry out remittances abroad;

Exchange rate – exchange rate charged by the institution, including a spread over the commercial exchange rate.

How long do transfers abroad take to be carried out?


The time may vary according to on the size of the operation, transactions with smaller amounts have less bureaucracy and, therefore, will be settled more easily.


Already, for example, transactions of millions can take weeks to have the complete presentation of the necessary documentation proven.


How to simplify and speed up the transfer process?


Having a specialized company is the way to go: FacilitaPay works with a payment ecosystem that is fully integrated with its customers, enabling the settlement of transactions even in real-time. In addition to offering complete foreign exchange advice and a highly qualified team, ensuring agility and safety in international operations.

Through an API that provides global reach with integration, the company accepts more than 50 payment methods around the world. Consult the experts and simplify your international transaction routine.


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