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 San-Francisco-based money transfer company Xoom Corporation announced that they have expanded their service in Brazil by adding cash pickup service at over 3700 Banco Bradesco branch locations through their partnership with Bancomer Transfer Services (BTS).
This new cash pickup service is in addition to the already existing Direct to Bank deposit service to any bank account in Brazil.
According to a company press release, money transfers to Brazil on Xoom.com are fee-free for transactions from US$ 475 to US$ 2500. For amounts under US$ 475 it costs US$ 5 to send the cash.
From now on Xoom customers should be able to send money to their beneficiary for cash pickup at any Banco Bradesco branch location or they can deposit the money directly to any bank account in Brazil.
There is a variety of ways to fund the transaction online, including a checking account, credit card, payroll card or PayPal.
The money is usually available to the beneficiary within 15 minutes of completing the transaction. The beneficiary does not have to have a bank account to pick up the money.
People can send money to Brazil online through Xoom.com by going to the website www.xoom.com/brazil. They can get a free money transfer on their first transfer by using coupon code Envie.
Xoom was founded in 2001 in San Francisco and is backed by leading venture firms Sequoia Capital, New Enterprise Associates and Fidelity Ventures.
Bancomer Transfer Services, Inc. (BTS) is a non-bank subsidiary of BBVA Bancomer and is licensed for money transmission from the United States abroad. Provider of money transfer services since 1995, BTS is headquartered in Houston, Texas and currently provides service to Mexico, the Caribbean, Central and South America, Europe and Asia. BTS has the largest bank distribution in Latin America.
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Well, let me start with the good news, there appears to be a new way to receive money in brazil. Now the part that isn't so "easy". I'll guarantee anyone that in order to pick up your money, or liquidate it, you will have to go to a bradesco that #1, has a "cambio", or #2, go to your bank branch and fill out paperwork, your branch will then liquidate through a bradesco branch that has a cambio.
I'm very familiar with international money transactions into, and out of, brazil. Banco Central regulates all such transactions through their agents, ie., BDB, Bradesco. This appears to be just like a western union only cheaper AND it appears that you can only RECEIVE in brazil, you cannot SEND. You see, brazil is scared to death of "capitol flight", brazil only wants money coming TO brazil, not leaving it. Makes it kind of difficult to do business internationally, wouldn't ya think?