Brazil info- Currency
Brazil currency news: Remittance of funds
Remittance of funds abroad in foreign currency at the commercial/financial exchange rate is restricted when such funds are not registered with the Brazil Central Bank, since the remittance of profits, repatriation of capital, and registration of reinvestment are all based on the amount of foreign investment registered.
The international transfer of funds in Brazilian currency between residents (including subsidiaries of foreign companies) and non-residents, provided that the transactions are carried out through banks authorized to deal in foreign exchange in Brazil, does not require prior approval.
Local currency transferred abroad is converted into foreign currency through a number of mechanisms, one of them being interbank transactions on the tourism exchange market.Brazil cheap hotels
The remittance of foreign currency abroad for investment purposes (up to US$ 5 million per year) is free from registration requirements. Transactions in excess of such value require preliminary approval of the Brazil Central Bank. In any event, it is required that remittances be made on the tourism exchange market, and carried out through banks authorized to deal in foreign exchange in Brazil. Certain formalities have to be complied with.