Cashiers check deposit vs SWIFT transfer

21POSTS

5 years ago

I returned to the US last week to obtain the money for the purchase of a home I contracted on in Cotia and have the money. My wife has a long standing account with Bank of Brasil we can SWIFT transfer through Schwab.聽 However, does anyone have experience with depositing a cashiers check into a BB account drawn on US Dollars?聽 It seems if it is possible I will save more than the amount of air fare back to Brasil to make the transaction over the fees for the SWIFT transfer for a USD $100,000 transaction.聽

Is Bank of Brasil Americas in Florida the same as BB in Sao Paulo?聽 Could we open an account with the BBA and just transfer the funds across accounts?聽

We tried to get answers from BB while in Sao Paulo last week but couldn't get a straight answer from the lobby agent who would not let us into the branch because of "covid". he just gave me the SWIFT and IBAN numbers and said to have my bank transfer the money.

Please let me know of your experiences.

james

1 member reacted to this post

See also

Banking in Brazil - Guide
Money Transfer - 24 Replies
Shipping US Check to Brazil?? - 11 Replies
Social Security direct deposit in Brazil bank - 21 Replies
International Santander transfers? - 3 Replies
Money Transfers - 26 Replies
Limitations on money transfers - 26 Replies

GuestPoster279 Guest

0POSTS

5 years ago

James-
BB has more than one operation in the States, but BB聽 Anericas - doublecheck their website聽 -聽 I believe they are a subsidiary of BB Brasil. Seems you in the States so you could just call them and ask your questions.
Please update how this works out.
Paul

1 member reacted to this post

Texanbrazil ViP

2744POSTS

5 years ago

BB US is not tied to BB in Brazil. You can open an account and wire money to BB, (check as to fees)
I looked into all the banks which were present in the US and Brazil and HSBC was the only one I could do a Bank to Bank transfer with no fees. HSBC Brasil sold to Bradesco. I can wire from HSBC (free) to Bradesco now, but Bradesco charges a wire fee when received,

1 member reacted to this post

abthree Brazil Expert

6453POSTS

5 years ago

When I called BB Americas in Miami with the same question several years back, they responded, as PaulDe said, that they're a wholly-owned subsidiary of Banco do Brasil, BUT, legally they're a US bank, so they could do wire transfers to BB like any US bank, but they couldn't move funds internally between BB international entities.聽 I'd follow PaulDe's advice, and call them for an update.

Your wife should call the manager of her BB branch asap to ask about depositing a USD cashier's check.聽 It may be possible in theory, but surprising them with it as a walk-in would probably cause consternation and delays.

How much are you being told the fees will be?聽 I don't have my details handy, but I don't聽 remember the fees on my transfer,聽 which was in the same ballpark as yours, as being close to the price of airfare.

1 member reacted to this post

Inubia Serial expat

293POSTS

5 years ago

I asked Santander (NYC) that question and they said no, it is not possible, the company in USA only has very high level connections with the company in Brazil, no easy exchanges for the little guy.
BoB in Miami only handles large commercial accounts, import/export, not little guys at all.
SwIFT fees are peanuts ....banks, on the other hand ....
and no, I'd avoid cashiers checks,聽 too archaic and too many fraudulent ones floating around ....

2 members reacted to this post

Californian.in.SP Active member

53POSTS

5 years ago

I'm not expert in this question and I have never had such experience but why don't you try Citi Bank?

Transfer from Citi Bank in the US to Citi Bank in Brazil? i know Citi Bank has branches in Brazil.

Texanbrazil ViP

2744POSTS

5 years ago

Brazil banking is totally different from the US or any country. Many Banks BB, Citi, Santander, and others have US banks, but under US regulations.
As I mentioned I looked into many and at the time HSBC had "bank to bank" transfers. I open an account with them. In the beginning, I had to show proof of income (even same bank), tax filing before I could transfer funds. Bradesco bought HSBC BR and had to do it again. I had help by going to the back-office and pulling HSBC's customer information. The funds have to be wired and at first, I had issues, but with BB's help, we got Bradesco up and running.
I would love to see the look of a BR bank's Cambio's home office seeing a cashier's check!聽 BR hardly uses checks anymore and to see a cashier check may be priceless and who knows what the fees would be if accepted.

1 member reacted to this post

Enprize Member

21POSTS

5 years ago

Greetings forum members聽聽its has become a nightmare trying to get Bank Of Brazil to accept a SWIFT transfer I sent ten days ago for the purchase of a home from Schwab. BoB is saying they are going to hold the money until 28 June and then return it to Schwab. We will forfeit our deposit on the house at the end of April.聽 The lawyer who is representing us in the purchase says he cannot help.聽 Can anyone send me a contact of a lawyer who might be able to assist?

abthree Brazil Expert

6453POSTS

5 years ago

Enprize,

Sorry to hear that you're having trouble.

It's not unusual for a large transfer to be held up for a while if it hit the bank by surprise, without any groundwork being laid beforehand.聽聽It is rather unususal for the funds to be held without recourse and returned, when the transfer is for an obviously legitimate purchase.聽 Do you have an account at BB? What is the reason that the manager at BB gives for there be no way to release the transfer?聽 (I would expect that additional paperwork, and probably some kind of fine, would do it.)聽 Finally, is Schwab doing anything at the other end to break it loose?

1 member reacted to this post

Texanbrazil ViP

2744POSTS

5 years ago

#10

I concur with abthree. I have made 2 large transfers.
Do you have an acct with BB? Does the seller/agent have BB account?
BB is kind of a clearinghouse if the funds were to go to another account. Central Bank has the final say, but BB is the momma bank.
I did one for condo purchase and the agent/seller provided the account where the final payment was to be sent. BB was notified by the seller/agent and myself and no problem with BB, Now the agent/seller's bank had a form for me to sign prior to wiring funds.

1 member reacted to this post

Vivimore Member

15POSTS

5 years ago

#11

Hi, What do you want to do it鈥檚 not possible. Even though it鈥檚 the same bank or not, you will have to pay all fees. I think will be better use an international bank, as Citi bank or other. BB support and costumer service it鈥檚 terrible. Other point of view too it鈥檚 the distinct ways to transfer the money and the taxs you will have to pay in each case.
I did many times international wires by Ita煤, but it鈥檚 not the best.
***

Moderated by Priscilla 5 years ago
Reason : free advertising is not allowed
We invite you to read the forum code of conduct

Texanbrazil ViP

2744POSTS

5 years ago

#12

BB should explain to your wife why it does not go into her BB acct.
Now it is very possible the amount raised an issue if over $10,000.00 U$D. She will have to prove where the funds are coming from (with your help) and the contract of sale to her.
There are various BR banking regulations as to writing checks (amounts and intent) by her.
As I mentioned. I used a lawyer/ agent and sent it to his acct (after filling out a bank form stating amt, why, where funds came from. Once it hit his acct, we then closed.
BB will hold funds until the issue(s) solved. Many times the wire information does not match her account info. ) Name, address, acct number, etc is different. (This missing info may seem silly to expats, but BR's money laundering regulations and wire transfers need to "dot the i's and cross the t's

1 member reacted to this post

Enprize Member

21POSTS

5 years ago

#13

Greetings fellow expats, looks like finally we can proceed with our purchase, much thanks to the people who have posted here and in older threads on this topic, thank you!聽 As it happens Fatima finally connected with a BoB branch that routinely processes SWIFTs and the staff there was able to help her branch with the documentation necessary for the Brasil IRS to approve all of our transfers.聽聽

That branch was at the University of Sao Paulo. What we learned was there is a division of BoB for high income clients and large dollar deposits, Bank of Brasil Estilo. The staff there was awesome!

When the central bank approved the release of the first two SWIFTS the rate we received settled at 5.44 after fees and taxes.聽 As the BRL has moved back to 5.75 at the 1405 pm settlement Sao Paulo time at Fridays close I'm hopefully it will continue the upward trend.聽 The difference between the two pays for our kitchen! So, I hope it stays up next week when we finally settled the transfer and close on the house. Although when we contracted for this property I budgeted at 5.0 by foreign exchange theory the actual value of the USD/BRL trade should be around 7:1 but the central bank tried to defend over the past several weeks.聽 Their stated goal is 4.70.

Thanks again to everyones comments.聽 It helped keep faith alive that we are goingto be able to achieve our dream of having a vacation home in Sao Paulo.聽 My next challenge is getting a 1981 BMW R100GS imported.

best regards,

James
@motorcycleBum

1 member reacted to this post

abthree Brazil Expert

6453POSTS

5 years ago

#14

Glad it worked out for you!聽 Thanks for letting us know.

1 member reacted to this post

Texanbrazil ViP

2744POSTS

5 years ago

#15

Congrats

evansgermanicus New member

9POSTS

4 years ago

#16

Hello to everyone,
I want to purchase a property in Santa Catarina, Brazil.
I have a nephew living there.
I have both nationalities American and Argentinian.
How can I send large amount of money, legally gained, to buy a condo there?
I will appreciate not the use or acronyms, because it confused me.
Should I have to open a HSBC international account here in New Mexico?
How about if I gave to the seller/s a Certified Cashier's Check?
Please I want to know the pros and cons.
Thanks

Julian

evansgermanicus New member

9POSTS

4 years ago

#17

Sorry I better said "is confusing me",,,

mooseheadlaw Active member

59POSTS

4 years ago

#18

I would like the answer to this as well. I want to buy an apartment in Curitiba to stay in when I am in Brazil on vacation. I am thinking about opening an account at Santander because it is online but people are saying the fees at Santander are not transparent.

rraypo Serial expat

776POSTS

4 years ago

#19

For smaller transfers, even for car purchases, I have just used Wise, declaring the larger transfers on my taxes in Brazil, showing where the money came from and that I have already paid US income tax on the money.聽 We have never had to pay additional tax in Brazil for this transferred money. For larger transfers, I recommend using an accountant, a lawyer, or a facilitator in Brazil.聽 I have a man in business in SP, who I trust, who has been doing all of these things for over fifty years.聽 Yes, he charges fees for his services, but he does everything the only way, the right, and legal way.

mooseheadlaw Active member

59POSTS

4 years ago

#20

can you share his email address or web site?

Texanbrazil ViP

2744POSTS

4 years ago

#21

evansgermanicus wrote:
Hello to everyone,
I want to purchase a property in Santa Catarina, Brazil.
I have a nephew living there.
I have both nationalities American and Argentinian.
How can I send large amount of money, legally gained, to buy a condo there?
I will appreciate not the use or acronyms, because it confused me.
Should I have to open a HSBC international account here in New Mexico?
How about if I gave to the seller/s a Certified Cashier's Check?
Please I want to know the pros and cons.
Thanks

Julian

Julian will be under Mercosur agreement? I am not knowledgeable as to real property conveyance under Mercosur .
Will the property be in your name? If it is you will need a bank in Brazil.
I am with HSBC and it no longer has banking in brazil. The only pro in using HSBC is if you qualify for premier banking, you would not be charged wire fees ( would pay fees in a BR bank)
I found all the banks in the USA which has banking in BR are separate institutions. ( Santander, BB and others) Meaning not govern under the same regulations.
Cashier checks are not accepted in BR.
I had an agent and lawyer and they set up an account (like an escrow). They cleared the transaction through BB and Central bank. Once all the documents have been signed the funds were transferred to the seller's account at closing.
You will have to show proof of funds and how you were taxed. (i had tax filings and a bank statement)

1 member reacted to this post

rraypo Serial expat

776POSTS

4 years ago

#22

mooseheadlaw wrote:
can you share his email address or web site?

_________

I will send you a private message with his information.

1 member reacted to this post

evansgermanicus New member

9POSTS

4 years ago

#23

Thank you Mr rraypo.
Under Mercosur, they have agreements, which is our advantage.
I have no problems to visit or stay in Brazil.
But to buy from US to Brazil, is another story.
That's the reason of my question.
Brazil, is a beautiful country. I love US, but I have no families
but my wife here. That is the reason for what I am thinking in
the future to acquire a property in Brazil, because I have my
nephew.
Argentina, is a nice country, but with the political issues they
have actually is a pain in the neck to live in peace there.

mooseheadlaw Active member

59POSTS

4 years ago

#24

Is it true that American citizens must form a company to buy a Brazilian property?

Texanbrazil ViP

2744POSTS

4 years ago

#25

According to Brazilian law, any foreign citizen can acquire urban property in Brazil. When it comes to rural areas, there are some limitations.
Take care where you buy. Some bought 10 years ago and the Real dropped. Many projects were built on the Real and sold based on Euros and U$D.

1 member reacted to this post

mooseheadlaw Active member

59POSTS

4 years ago

#26

Gotcha, thanks for clearing that up. I have read conflicting information so this means I can buy a city apartment in my name w/o the extra expense of first setting up a Brazilian company to buy it.

rraypo Serial expat

776POSTS

4 years ago

#27

mooseheadlaw wrote:
Gotcha, thanks for clearing that up. I have read conflicting information so this means I can buy a city apartment in my name w/o the extra expense of first setting up a Brazilian company to buy it.

______
For what it is worth, I have had no trouble in buying, owning, or in owning rentals in Brazil over the past 12 years having only a CPF; I only became a CRNM Permanent Resident this past December.聽 I am originally from Iceland, but a U.S. citizen.聽 Just be very careful of scams, that is why I use my own Brazilian agent.

1 member reacted to this post

evansgermanicus New member

9POSTS

4 years ago

#28

Thank you Mr. Rraypo.
However my doubt is, how can I send the money to Brazil.
Either with a Certified Cashiers Check, or Wire Transfer from
a Bank from USA?
Naturally, I will have to hire a real state agent in Brazil, and he
may be will be able to gave me the right response.
Anyway, thank you very much for your imput.
I know there is a lot of scammers all over the world.

Respecfully,

Julian