How to send money from Europe to Brazil? There are various ways to remit from euros to Brazilian reals, but, obviously, most convenient of them incorporate PIX. In this article, we will dwell on international money transfers to Brazil, explaining why PIX is that popular and how to choose the best remittance option.
What are PIX payments
PIX advantages
Remittances from Europe
Money transfers from euros to Brazilian reals
How to choose the right transfer service
What are PIX payments
PIX is an instant payment solution curated by the Brazilian Central Bank (Banco Central do Brasil, or BCB). It was released on November 5th 2020, taking everyday financial operations in Brazil to a completely new level. Eleven months later, in October 2021, Bloomberg reported that PIX had 110 million users (some 51% of Brazil’s population at the time). With PIX, the number of daily payments by individuals in Brazil increased significantly. PIX payment solution has a range of advantages which explain its popularity among people in Brazil.
PIX advantages
Convenient
Brazilians use PIX for sending and receiving money, as well as for carrying out a variety of payments. PIX offers a fully-functional ecosystem available for individuals, companies, and the government. All of the above can exchange payments without unnecessary hassle.
Fast
One of PIX’s main pros is its speed. PIX money transfers, as well as PIX payments, are processed instantly. What’s more, the delivery time does not depend on banks’ working hours – so instant indeed stands for instant, no matter when the payment is performed. With bank transfers in the pre-PIX era, people and businesses had to stick to the banks’ working hours, as well as to the bank holidays calendar. In addition to that, PIX is supported by all the financial institutions licensed by the Central Bank of Brazil.
Easy
Using PIX is easy. While traditional bank transfers require a huge amount of payment details, for a PIX payment there is just one piece of information needed – the PIX key. One can choose:
- The phone number
- The email address
- The CPF number (Brazilian tax ID).
This simple number is the only piece of data required to complete a PIX payment or to send money via PIX. A Brazilian does not need to carry cash or bank card with them – all the usual financial operations can be performed using a mobile phone.
Affordable
PIX is generally cheaper than other payment methods available for Brazilians. Furthermore, PIX is less costly for retailers (according to data obtained by Reuters, a PIX transaction costs 0.22%, while the fee for a debit card transaction exceeds 1%, and for credit one – 2%). Such a difference in fees makes PIX even more popular for individuals’ purchases and contributes to its overall spread in Brazil.
Safe
Last, but not least: as a service provided by the Central Bank of Brazil, PIX complies with the necessary safety requirements. However, safety concerns arose with the launch of the new financial service – and for a good reason. With PIX, stealing money from one’s account became more simple than ever, making ordinary Brazilians more likely to become the victims of scammers. If a criminal got access to someone else’s phone, they could steal assets via PIX – and new data retrieving schemes spread over social media soon after PIX was launched. Even though PIX’s simplicity makes it vulnerable for phishing and other forms of scam, the Brazilian government introduced additional measures to prevent those, such as harder punishments for crimes involving PIX. Therefore, both individuals and companies do not have to worry about the security of their assets.
Remittances from Europe
According to recent statistics, the number of Brazilians living in Europe exceeds one million. Portugal, Spain, the United Kingdom, Italy and France are among the most popular destinations for expats from Brazil. Many Brazilians settle in European countries in order to improve life quality, to earn more money – and to support their families back in the Western hemisphere.
Moreover, for Brazilians abroad, money transfers are way more than just a means of financial support. Due to the strong connections between family members, moving abroad and separating from the loved ones may be a real challenge for expats. They need to put effort into staying connected, coping with adaptation in the new country at the same time. The big difference in the time zones between countries like the UK or Italy and Brazil is another obstacle the expats come across. Therefore, a remittance – even a small one – is a way of keeping the bonds with the nearest and dearest strong.
Sending money via PIX seems an obvious choice for expats in Portugal or Ireland. However, picking the best remittance company to send money transfers to Brazil may be tough as there are numerous offers available.
Money transfers from euros to Brazilian reals
When sending money from Europe to Brazil, one needs to take a closer look at the currency exchange rate. Various services and applications offer different rates. At a glance, the difference between the exchange rates of two providers may seem small and irrelevant. Nevertheless, if an expat from Brazils sends money to their family every month, they could lose (or save) a significant sum over the years. Even when it comes to a single transfer, a small purchase, like an extra icecream for one’s nephew or a small gift for one’s Mum could mean the world for those at home. Therefore, choosing the best exchange rate from euros to Brazilian reals is good both for one’s budget and for empowering a meaningful connection with one’s family.
How to choose the right transfer service
To choose the right service to send funds to Brazil via PIX, one needs to take a closer look at certain characteristics. As an example, we will analyse Profee – a remittance service that has recently launched transfers to Brazil via PIX.
Affordability
Profee’s terms align with PIX’s policy. The service emphasises that it makes transfers to Brazil via PIX not just affordable, but beneficial. As of July 2024, Profee does not charge service fees for transfers to Brazil. Additionally, it ensures the best exchange rates to Brazilian reals – from euros, UK pounds or other currencies available. Profee’s rates are indeed beneficial for the clients thanks to an in-house monitoring system which compares the terms of several popular providers. What’s more, Profee offers a special promo rate for its new clients, allowing them to send even more reals home for the same amount of euros or other currencies.
Safety
Profee is a Cyprus-based company with a licence from the country’s Central Bank. It complies with the security standards established for the financial institutions and pays a lot of attention to digital safety. In particular, Profee undergoes PCI DSS certification on a regular basis and implements its own solutions to prevent fraud and money laundering. Profee is transparent about its terms and only charges the client’s money after the transfer confirmation.
Convenience
Profee transfers to Brazil are simple both for the sender and for the recipient. Creating a Profee account does not take too much time. The service asks for the basic information only, ensuring a seamless registration that only takes a few minutes. Another advantage of the service is its accessibility: its clients may access their accounts either via the profee.com website or via the mobile apps for Apple and Android. Profee customers may send money 24/7. The transfer process is simplified, so that it does not require extra effort or too much time.
As for those who receive money transfers in Brazil, the procedure is even simpler for them. They are not obliged to create a Profee account or to get any details, like the transaction number. After the sender remits the money, it will be simply credited to the recipient in Brazil via PIX!
Speed
As mentioned before, Profee does not add extra steps to the transfer process and keeps it completely transparent. With Profee transfers to Brazil via PIX, the money is credited from a card issued in Portugal, the United Kingdom, Spain, France, Italy, or any other country in Europe instantly. Profee also offers sending money via Google or Apple Pay – in this case, the transfer is also delivered in a blink of an eye. Sending money to Brazil from a bank account in Europe is also possible with Profee: SEPA and Sofort are among the available payment methods. Such transfers may take longer than the ones send from a bank card, but some clients consider them as a convenient option for sending money to Brazil via PIX.
PIX is an instant solution for financial operations set to revolutionise Brazil’s financial sector. Its impact on the country’s economy is huge, but – and perhaps more importantly – it changed the daily lives of millions of Brazilians. When choosing a website or app for sending money from Europe to Brazil via PIX, it is vital to find a service that keeps up with the high standards of the PIX payments. The Profee cross-border transfer experience makes it possible – thanks to its simplicity, speed, security, and beneficial terms.
