Most of those people who use the internet to wire cash to Brazil are either sending from either the United States (42%), Japan (32%), or Germany (16%). Behind Mexico, Brazil is the second-highest recipient of remittance from immigrants working in Latin and South America. The Central Bank of Brazil claims over $ 2.8 is sent through formal corridors, and thanks in big part to funds transferred through the web, it is becoming easier to accurately estimate that figure.
The dispersion between Japan and Brazil went on for decades, and today, the newest generation of Brazilians now have dual citizenship in both countries. These people also send roughly $ 600 a month to Brazil. Back in the United States, however, people send an average of $ 400 to relatives back in Brazil. Either way, many economists stress the huge importance this has on the Brazilian economy as it noticeably minimizes the gap between the rich and poor.
If you look at the underprivileged regions in Brazil you will find people can barely afford food, clothes or housing. But when remittances run high, the levels of poverty are drastically lowered.
Back in the day migrant workers paid a nice chunk of change to cover transfer fees, but nowadays more people are turning to online services to avoid the hassle of the regular postal mail – also known as “snail mail,” or wire services – which not only are tough to track but are high in cost. Here are some other reasons why online transfers are the way to go:
1. Simple to Track Either member of the transfer can get online at any point after the money is transferred to check the status.
2. Sense of Security By using the web, you will avoid crimes many mail couriers must deal with since the ATM card comes with a secret PIN code. Not only that, the web offers discretion and is less affected by crime than other methods.
3. Cheaper than the Rest Since different online companies battle each other to draw in customers, the fees are much lower than other services. In addition, the overhead of online remittances pushes companies to better rates than more traditional banks or other financial institutions.
4. Quickest Around There’s no waiting since the cash is transferred immediately after a debit card is delivered directly to the recipients door via FedEx.
Need to add more money? At any time the sender can jump on the phone or web and just like that the funds are replenished and may be withdrawn at any ATM in Brazil.
Concerned about finding an ATM? Have no fear, ATM machines run rampant in Brazil now that it’s considered a major player in the world’s economy.
The 21st century has drastically changed with the online money transfer boom. And with the process getting easier by the day, more families move overseas to work, making more lower-class families in Brazil recipients of remittances. Many even look to lowering of fees as a homegrown effort to help ease poverty.
By karygrabovski from Pixabay