Due to the implementation of a new Brazilian banking law, since November 1, 2018, Brazilian citizens have been able to receive international wire transfers in Reais, instead of international currency that needs to be exchanged.
Previously, not only would the recipient be required to exchange the foreign currency into Reais, that person would be responsible for all aspects of the transaction, in addition to bearing the costs for same. With the new measure, this burden becomes the responsibility of the sender. These new changes are valid for personal transfers involving amounts up to R$ 10,000.
According to the Central Bank of Brazil, the new system is optional for financial institutions. Institutions that elect to operate with this new system will need to adopt specific policies and procedures with corresponding transfer banks, pursuant to already existing international banking regulations.
Still according to the Central Bank, this cooperation between financial institutions is part of a broader global effort to prevent money laundering and terrorism financing.
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