Find Out Interesting Facts That May Influence How You Send Money to Brazil
Find Out Interesting Facts That May Influence How You Send Money to Brazil
You probably already know that Brazil is the second largest recipient of remittances in Latin America. It shares the same pattern that many other countries have shown lately, which is a gradual increase of money transfers over time, followed by a more recent drop in remittances. This clearly impacts residents of the country, as more than half use money sent to them by relatives in order to pay daily expenses. Many have even recently used it to pay for higher education or to buy real estate. Therefore, many people still have a need to send money to Brazil, despite overall decreases in transfers.
It may be worth it to you to find out more about the typical person in Brazil who receives money from overseas. A study conducted for one month in the spring of 2004 shows that about 65 percent of money recipients in Brazil are female, and just over half of all recipients fall into the 18 to 35 age range. Additionally, the great majority of them, or about 60 percent, makes less than $10,000 USD per year. Clearly, the money is greatly needed. Not surprisingly, about half of the remittances come from the United States, with about 30 percent from Europe and 17 percent from Japan.
Before you choose a method to send money to Brazil, you should also get an idea of how often people in the country are sent money. You can then consider how often you need to send money to your relatives so that you know which pathway would be the best for you. According to the research done in 2004, about 44 percent of funds recipients get the money at least once per month, in which case a prepaid debit card might be helpful since money can be added for $5 each time. Additionally, the research states that only 8 percent of recipients get more than $1000 per remittance, so the $1000 limit on the prepaid debit card would be perfect.
Of course, a prepaid debit card is not necessarily the best route for everyone. About 35 percent only receive money once per year, so more traditional methods like using a bank or money transfer service may be easiest in those cases since the remittance would not be a regular occurrence. In fact, more than half of those surveyed claimed that their overseas relatives typically use banks to send money to Brazil. Clearly, you have several options and a lot to think about before you send any money.
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