Inflation in Argentina

www.InflacionVerdadera.com.

As an Argentinian, I am trying to find information on the real state of Argentina in terms of inflation, etc. If you are interested and speak Spanish, this website offers some very reliable and interesting information on inflation in Argentina.

It was created by a group of economists who check the price of food in the same supermarkets every day and then display the information on very simple-to-read graphs.

This week (May 28th, 2012), some food items went up 8-10% and annual inflation of food and drink is 23,1%.

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Sending and receiving money in Brazil (swift, iban and other horrors) – Updated 01/05/2018

NOTICE: I AM NOT A PROFESSIONAL, SO ALL QUESTIONS REQUIRE EXTENSIVE RESEARCH. IF YOU HAVE A QUESTION YOU WANT ANSWERED, DONATE FIRST (Paypal button…sidebar). I will no longer answer queries without prior donation. A cup of coffee will do ­čÖé

All the updates below are also added to the right sections in the body of the post.

Update 01/05/2018 – My favourite wire transfer service from Brazil

I recently used the services of Remessa Online to receive money from Brazil. To use the service, you have to reside in Brazil (Central Bank issues) and present all sorts of Brazilian documents. Once that is out of the way, the service is one of the best I have tried. There is another similar service people are talking about, but the exchange rate is not so good. In Remessa Online, the customer service is excellent, very person to person and friendly, and the money is in your Brazilian account in 2-3 days after you confirm the wire.ÔÇő

You can send and receive money using this service to and from most countries, but the range of currencies is limited to Euros, Dollars and Reais.

Update 06/10/2016 – How to find your IBAN using internet banking (Brazil).

Ita├║ now provides your IBAN if you have an account and use internet banking. Go to Home > Transfer├¬ncia, DOC e TED > C├ómbio online – transfer├¬ncias em moeda estrangeira > Consultar c├│digo IBAN. Presto! Now you have your own IBAN and don┬┤t have to use those confusing calculators.

Update 29/06/2016 – New money transfer service

I would quickly like to share a new resource for transferring money I heard about today. It┬┤s called Transferwise. They promise real exchange rates, no abusive fees and no bank accounts. Sounds good, doesn┬┤t it? Maybe you should give it a shot. Here┬┤s the link: https://transferwise.com/br/

Update 21/11/2013 – Western Union now offered by Bradesco

Bradesco is now also offering money transfers via Western Union, although you have to have a Bradesco account to send.

Update 19/07/2013 – IBAN now required for all wires.

The Brazilian Central Bank has issued a notice stating that, from now on, all transfers must also contain the IBAN, which was not previsouly used in Brazil. For more info, see:

http://www.bcb.gov.br/?iban

http://www.bcb.gov.br/htms/novaPaginaSPB/IBAN-Guidelines_%20port.pdf

I recommend you visit your agency, although they probably won┬┤t know what the heck you are on about, and insist they give you the IBAN and SWIFT for money transfers.

Swift codes of major Brazilian banks
Note: all More information links are to the International Remittance page of the bank┬┤s website, in Portuguese. It is VERY important to use these swift codes for sending money as most banks have more than one swift code. If you are unsure or have not been given information on the specific “branch”, use the general swift codes provided below.

Ita├║
Swift code: ITAUBRSP
Bank code: 341
More information
Contact info

Bradesco
Swift code: BBDEBRSPSPO
Bank code: 237 (Bank Bradesco S.A)
More information

Caixa Economica Federal
Swift code: CEFXBRSP
Bank code:
Email: suint@caixa.gov.br
More information

Banco do Brasil
Swift code: BRASBRRJ
Bank code: 001
More information
Western Union

HSBC
Swift Code: BCBBBRPR
Bank Code: 399
More information
Client services

Santander (Banco Santander Banespa)
Swift Code: ABNABRSP
Bank Code: 033
More information

Sources:
Swift codes: http://www.swiftbic.com/index.html
Bank websites
Bank codes (see below)

Bank codes (all Brazilian banks)
Full list from Central Bank website

IBAN codes – how to get them

Ita├║ now provides your IBAN if you have an account and use internet banking. Go to Home > Transfer├¬ncia, DOC e TED > C├ómbio online – transfer├¬ncias em moeda estrangeira > Consultar c├│digo IBAN. Presto! Now you have your own IBAN and don┬┤t have to use those confusing calculators.

Free IBAN Calculator (some countries only, except Brazil)
Remessa de Recursos para o Brasil

Ways to send and receive money in Brazil

Bank transfer (wire)

This is the best option if you are sending large amounts. According to an article I read in Epoca magazine the other day, the bank rates (on reception or to send, in BRL) are the following:

Bradesco: Up to 100 dollars, regardless of amount.
Ita├║: Up to 200 dollars
Caixa Economica: 1% of amount and max. of 100.
Banco do Brasil: 1% of amount and max. of 200.

Receiving money from abroad can be a real pain because most bank employees (especially in small towns) get no training on this service (as noted in a very useful blog). The money is usually bottlenecked somewhere in between for reasons unknown, while the banks/Central Bank demand loads of unnecessary paperwork and then clear the transfer to the corresponding account. This is especially true is you are sending large amounts. The limit is 10,000 BRL.

Western Union and other money order services
Another option is Western Union. The limit for sending and receiving varies from country to country, but Brazilians that want to send money from Brazil must have a bank account in BB or Bradesco. For sending or receiving less than 3000, not much paperwork is required, if you want to send or receive more than 3000, the sender must sign an Authorization provided by the bank. Western Union is not intended for commercial transactions. Information on receiving varies and is confusing. BB claims that the limit is 10,000 if you have an account in BB, but Western Union claims that if you want to receive amounts higher than BRL 4,000 you must have a bank account in BB (source: http://www.westernunion.com.br/WUCOMWEB/staticMid.do?method=load&pagename=mtSendMoney). For more information check with your bank or the Western Union Booth in your country (not Brazil).

Then there is Remessa Expresso, mostly offered by travel agencies in Brazil. All these services request Brazilian documents. This is unbelievably ridiculous as it┬┤s supposed to be an international service. The Brazilian government has probably made up this new rule to prevent immigrants from sending part of their wages to their families. If you want to RECEIVE via Western Union, you must have a valid passport or a Brazilian document and the 10-digit code. If possible, take the name of the person that is sending and the amount. The Caixa Economica Federal also has a money transfer service via Caixa Internacional.

PayPal
The Brazilian government is also controlling services like Paypal. Brazilian companies can no longer use PayPal to make payments to people or companies in Brazil. If you do manage to use it, there is limit and they charge 6% to transfer the payment to your Paypal account. Then you must have a bank account in Brazil to transfer the money to. It┬┤s free for payments over 250 R$.

Other services
Most countries offer other methods of sending and receiving money from Brazil or other countries. In Brazil, there is the so-called “parallel” market and services based on this market are mostly offered by travel agents. The line between legal and illegal in this case is extremely thin although some services are not approved by the Central Bank. I get lots of messages from these companies and most foreigners use these local money transfer services, but they can always cause delays if the money goes to a regular Brazilian bank account because they are not always “recognized” in Brazil although they are perfectly legal.┬á Some companies offer rate-free transfers, but I cannot comment on those as I have never used these services.

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Sending money from Brazil
Sending money from Brazil abroad is always a nightmare. Besides Western Union, you don´t have many easy options. The bureaucracy is so suffocating, I almost gave up immediately.  You must justify the reason for sending the money, with contracts and agreements and invoices, or, if for personal use, you must prove family/blood/marital bond. Without this information, Brazilian banks are not authorized to send money.

Update 10/03/2012

Just a short update to say that there is a service called Dinheiro Certo (changed to Vale Postal Eletronico) provided by the Brazilian postal service (Correios) that allows sending of money from partner countries. Check the following link (in Portuguese) to see the countries. They charge 28 reales and 0,75% for sending cash to Brazil. The recipient has to have Brazilian documents but, unlike Western Union, the sender does not need to have any Brazilian document and there is no limit of transactions for Brazilians (WU can only be used if you have CPF and Brazilian documents in Brazil and the annual limit is 2000 dollars).

Link to partner countries of Dinheiro Certo (Vale Eletronico)

A great article from the Administradores website on this service (in Portuguese)

Some advice before you start…

  1. If you have to send or receive money from/to Brazil, arm yourself with lots and lots of patience, take a deep breath and make sure you have all the information you need because you are in for a very bumpy ride. Brazil is one of the worst countries to send or receive money, believe me.
  2. Get all the information you possibly can from the recipient. Gather all documents that prove your bond with the recipient and hand them over to the bank clerk. Ask them to include all this information even if it┬┤s not requested on their side. It┬┤s requested in Brazil and your money will get stuck in limbo if you just send it with a swift code and bank info.
  3. Monitor the status of your remittance. Ask the receiver to go to the bank and check the process on their end. Don┬┤t assume it will simply fall into the account. Chances are, it won┬┤t.
  4. Think twice before sending small amount or very large amounts. The rates here are unreal, almost alien. On this side, the receiver will be charged a new “international transaction” charge and IOF (financial transaction charge), even if the money is exchanged outside Brazil. Some banks are using foreign account to exchange and filter the money so be more competitive, but you cannot escape the claws of the central bank once the money is in Brazil.
  5. Whenever possible, use PayPal, Moneybookers and the like for small amounts. They exchange the money outside Brazil. Keep in mind that if you use Western Union and the Itau money transfer service, the money is exchanged in Brazil. The advantage of these services is that you do not need a Brazilian bank account and you can collect in cash. The ridiculous aspect, is that you have to have a Brazilian document to receive or send money via Western Union, and proof of residence as well via the Itau service.