| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Currency Solutions | GBP £1,575.69 | BRL61.20 | 0.1576 | 1-3 days | more... |
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Moneycorp | GBP £1,584.90 | No Fee | 0.1585 | 1-3 days | more... |
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Whether you are looking to move, study or send money to family in the UK from Brazil, being able to transfer money efficiently and with minimal fees is so useful. From importing, investing in the UK, repatriating income or profits, or funding overseas study, making overseas payments can result in hefty fees and poor exchange rates.
Sending money from Brazil to UK can be fast and inexpensive if you do your research, so take a browse of the top money transfer companies to find your best fit.
Brazil’s currency, the modern Brazilian Real (BRL) has been in circulation since 1994, and was the nineteenth most traded currency in April of 2022, proving its popularity amongst the Latin American currencies.
The British Pound Sterling (GBP) is one of the most popular currencies in the world to be traded, with long lasting historical use. While the GBP faced some volatility since the pandemic, the sky-high inflation in the UK is projected to drop by the end of 2023, hopefully stabilising the economy.
The Brazilian Real and Great British Pound are pretty simple to exchange although with large transfers be sure to check before sending, as Brazil regulates international money transfers closely. Sending money through a money transfer service can provide you with quick fee-free payments if you find the right company for you.Brazil and the UK have a longstanding relationship, with trade and investment being strong. Although a firm trade deal post-Brexit is still yet to be made, a double taxation agreement has been signed and trade remains high between the two countries. Exports from Brazil hit $3.7bn in 2022, with UK exports on a similar scale of $3.12bn, showing the importance of the two countries to one another.
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As of December 31st 2021, Brazil has signed a new legal framework surrounding the Brazilian exchange market. The key things to note from this coming into force are an increase in the threshold for declaring cash, the American dollar being a currency option for international agreements, and the relaxation of foreign capital registration. If planning on making large payments abroad, be sure to keep up to date with the laws and regulations and consult an expert first.
Big progress was made in November 2022 when the UK and Brazil signed a double taxation treaty. For UK nationals living in Brazil and Brazilian nationals living in the UK, this will prevent individuals having to pay income tax in both countries, and benefits businesses too.
With the effects of Brexit still rippling across international trade, there is always risk and uncertainty. Keep yourself updated with relevant information when it comes to UK tax. To learn more, you can read up on the Gov UK website.
For Brazilians looking to get a UK visa, be aware of the different types. Student Visas and Work Visas are amongst the most common, but your reason for moving will determine how long your visa will allow you to stay in the country. Many factors play into your visa application, so check your eligibility and the required documentation.
Similarly, for UK nationals hoping to relocate to Brazil, your reason for applying will determine the appropriate visa. Both temporary and permanent visas are available, as well as visas for work, study and family reunion purposes. Read more on the government websitefor Brazil.
With the number of expats moving to Brazil rising, and the country having enjoyed impressive GDP and income per head growth, the number of foreigners buying property has grown, whether for personal occupancy, vacation or investment.
While there are no restrictions on foreigners buying urban property, foreign buyers may be restricted when it comes to rural and beachfront properties. The lower costs and favorable exchange rates can be tempting for expats looking to buy or rent property. Being able to speak Portuguese will really help you here, especially when communicating with realtors.
When buying property in Brazil it would be advisable to seek legal advice, to ensure that nothing is missed that could result in hefty fees and fines.
Alternatively, if you’re Brazilian and looking to buy property in the UK, you will likely need a visa or some proof of residency in order to get a mortgage. Again, having some kind of legal advice for this will be beneficial. UK properties are generally costlier than in Brazil, and although property prices are finally falling since prices soared during the pandemic, the average house price in the UK is still a hefty £258,297.
Brazil makes for a fantastic option to study abroad. For students looking to learn a new language, spend some time in the sun, and expand their higher education experience, Brazil could be right for you. While most countries hike up tuition fees for international students, internationals are treated equally in Brazil.
For public universities, free public education is offered up until postgraduate level, although this makes for competitive positions. For private institutions however, fees often sit at around £1,500 to £7,300, but this still comes in at less than UK university tuition for UK nationals. For more information on studying in Brazil, take a read of this guide.
For Brazilian nationals looking to study in the UK, this makes for a popular choice, with nearly 700,000 international students studying in the UK in the 2021/22 academic year. However you should be aware of the costs, as international students face significantly higher fees than UK nationals.
Depending on the institution of study, fees can cost anywhere between £11,400 and £38,000 yearly, with further funding needed for living costs. The top end for cost of living will be especially high for students in London. Having a money transfer provider in place will help as fees will likely be less than when transferring money through your bank.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
