Gringoes.com: How did you bring your money over?

Author

Message

tomjo
Senior Member

Joined: 29 September 2008
Location: Brazil
Online Status: Offline
Posts: 495

Topic: How did you bring your money over?
Posted: 24 July 2010 at 18:39

Right a question for any property owners out there - I am getting closer to finally taking the plunge in to the Rio property market.

How did you bring your money in to Brazil and was it directly into the sellers bank account?

I'm not going to use the small company's like Lcc and Transfast because of fear they might go bust during my transaction and because its not registered money coming into the Country and I might have trouble getting it out again.
This leaves money corp who I think I can trust with a large amount but....well there is always a but....

An Italian friend of mine purchased a penthouse in Ipanema around 12 months ago and used Bank of Brazil - had not problem using them at all - they put the funds in to a holding account and released them into the sellers bank account on an agreed rate of the day on his order.
All he had to do was fill out a small form stating where the money had come from and that was it - absolutely No head ache what so ever he said.

Any advice or opinions will be warmly taken.
Thanks in advanced.

Edited by tomjo - 24 July 2010 at 20:33

I was right in the middle of a f***ing reptile zoo, and somebody was giving booze to these goddamn things. Won't be long now before they tear us to shreds.

IP Logged

MovingSoon
Senior Member

Joined: 21 January 2007
Location: Brazil
Online Status: Online
Posts: 1290

Posted: 24 July 2010 at 19:45

I have sent large amounts over using the small companies, and never deposited directly into the seller's account. I'd put it in ours and then give them a bank check at closing.

When I used the small transfer companies, I just had to show a copy of where I was taking it from (bank account), sign a form saying what it was for, and sent it.

Never had a problem-

Life's journey is not to arrive at the grave with a well preserved body, but to skid in sideways at a high rate of speed, drink in one hand, totally worn out shouting, "Whoa, what a ride"!

IP Logged

man of leisure
Senior Member

Joined: 22 January 2008
Location: Brazil
Online Status: Offline
Posts: 1847

Posted: 24 July 2010 at 19:59

Fortunately, in my case, the money for my property purchase was already here. I married a person with a similar asset circumstance to that of my own and rather than liquidate assets in the UK (that were earning, and continue to earn, a viable income), we decided to use my wife's money to purchase another property in Rio and she then let her original apartment when we moved out. If this were not an option I would have done a bank wire transfer to her or my account. I would then have paid the seller via my or her Brazilian bank, rather than mess about with direct transfer from London into the account of the seller.

Edited by man of leisure - 24 July 2010 at 20:11

IP Logged

tomjo
Senior Member

Joined: 29 September 2008
Location: Brazil
Online Status: Offline
Posts: 495

Posted: 24 July 2010 at 20:21

Thank you and Thank you - I would use a small wire company but the money comes in "Not declared" and could be a problem If I wanted to take it out again + if that company went bust on the day I transferred my money to there holding account then that could be a huge pain in the ass.

My account manager at HSBC here in Brazil has said she can convert the sterling transferred to my Brazilian account on an agreed rate of the day, however the final release has to be finalized by her Superior in Sao Paulo.
She said this could be really easy or he could ask for additional information as to where the money has come from - when I asked like what? she said like a tax certificate??? I don't think we have those in the UK from when you sell a property - I could ask for my estate agent in the UK to write a letter I guess explaining that its come from a house sale, but what good would that be in English.

So does one take the risk and use a small firm who does not register your money or get spanked buy the banks and bring it in legally but at a sh*te rate and risk having trouble getting them to release your £££.

Edited by tomjo - 24 July 2010 at 20:23

I was right in the middle of a f***ing reptile zoo, and somebody was giving booze to these goddamn things. Won't be long now before they tear us to shreds.

IP Logged

man of leisure
Senior Member

Joined: 22 January 2008
Location: Brazil
Online Status: Offline
Posts: 1847

Posted: 24 July 2010 at 20:29

Is this money part of your patrimonio that was declared when you became a permanent resident?

IP Logged

tomjo
Senior Member

Joined: 29 September 2008
Location: Brazil
Online Status: Offline
Posts: 495

Posted: 24 July 2010 at 20:30

Yes I declared having a house in the UK in my first patrimonio - this money is coming from that house sale.

I was right in the middle of a f***ing reptile zoo, and somebody was giving booze to these goddamn things. Won't be long now before they tear us to shreds.

IP Logged

GreatBallsoFire
Senior Member

Joined: 27 October 2009
Online Status: Offline
Posts: 621

Posted: 24 July 2010 at 20:34

I sent a bank wire to the seller's Citibank account specifying that the money was for the purchase of a house located at xxxxx and to release the funds upon proof of transfer of title. Went smooth as butter. THe seller sent his driver to the cartorio right away and he got his money just as agreed in the buy/sell agreement.

Deus nao tem presa nenhuma, para Ele tudo e ontem, hoje, e amanha, so quem vive dento do tempo somos nos.

IP Logged

tomjo
Senior Member

Joined: 29 September 2008
Location: Brazil
Online Status: Offline
Posts: 495

Posted: 24 July 2010 at 20:43

Do you send it from your Citibank account in the US then GBoF? and agreed a rate on the day of the transfer, or did the rate change by the time your seller withdrew the funds?

I was right in the middle of a f***ing reptile zoo, and somebody was giving booze to these goddamn things. Won't be long now before they tear us to shreds.

IP Logged

GreatBallsoFire
Senior Member

Joined: 27 October 2009
Online Status: Offline
Posts: 621

Posted: 24 July 2010 at 20:52

Originally posted by tomjo

Do you send it from your Citibank account in the US then GBoF? and agreed a rate on the day of the transfer, or did the rate change by the time your seller withdrew the funds?

Six years ago with the excheage rate at 2.80, I was a bit pissed to get 2.75 from Citi, but since I sent a bit more which after the hair cut came out close to the exact amount, I was OK with the deal.

I am not sure how Citi calculated the exchange rate, but I clearly remember my surprise at the lower rate than what I saw published in the papers.

In fact the percent or two in the cambio should not be a deal killer but just a cost of business to get into the game.

Be sure your buy/sell agreement is registered with the Poder Judiciario.

A dude on the radio today said if you are buying a condominio, be sure the condo fees are up to date. Some people never pay them and the debt transfers to you.

He also suggests a certidao de onus, or clear title, to ensure the property has no liens.

Edited by GreatBallsoFire - 24 July 2010 at 20:59

Deus nao tem presa nenhuma, para Ele tudo e ontem, hoje, e amanha, so quem vive dento do tempo somos nos.

IP Logged

tomjo
Senior Member

Joined: 29 September 2008
Location: Brazil
Online Status: Offline
Posts: 495

Posted: 24 July 2010 at 20:58

Thanks GBoF I'll make sure its all above board - I think I am swaying towards getting spanked buy those greedy bankers just so there is minimal risk.
Apparently you ask your UK bank to send the funds to you Brazilian account in £'s then they convert it over here - if your not happy with the rate you can keep it there for as long as you like until the rate suits you - they add all the tax that's required when bringing money in the the country.

Edited by tomjo - 24 July 2010 at 20:59

I was right in the middle of a f***ing reptile zoo, and somebody was giving booze to these goddamn things. Won't be long now before they tear us to shreds.

IP Logged

Buying/Renting Property
Gringoes.com : Brazil : Buying/Renting Property