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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written by bienchido, February 28, 2007
written by all american, February 28, 2007
written by bienchido, March 01, 2007
written by all american, March 01, 2007
written by u.s.a. # 1, March 01, 2007
written by u.s. capitalist, March 01, 2007
written by u.s. capitalist, March 01, 2007
written by paratrooper, March 01, 2007
written by u.s. law, March 01, 2007
written by floripasurfer, March 01, 2007
Although they are fee free it the spread on the transaction is likely to be greater than the bank rate for wire transfers and thus it may be more expensive than a wire transfer depending upon the exchange rate at which they convert the funds.
When comparing different money transfer services it is important to compare the net amount received in the foreign currency since for larger amounts the exchange rate provided by different providers may have more of an effect on the net amount than relatively nominal base fees
written by Forrest Allen Brown, March 01, 2007
how much does bradesco charge on the other end .
best way is to just get a bank card from your account in the USA and get it to brasil some how .
written by bo, March 01, 2007
what is their spread on the transaction?
written by floripasurfer, 2007-03-01 01:40:14
"are fee-free for transactions from US$ 475 to US$ 2500"
Although they are fee free it the spread on the transaction is likely to be greater than the bank rate for wire transfers and thus it may be more expensive than a wire transfer depending upon the exchange rate at which they convert the funds.
When comparing different money transfer services it is important to compare the net amount received in the foreign currency since for larger amounts the exchange rate provided by different providers may have more of an effect on the net amount than relatively nominal base fees
That's an excellent point floripasurfer, one I forgot to mention. With Western Union if the original currency being sent is in american dollars then one doesn't get stiffed with the exchange rate, but if the original sending currency is something other than U.S. dollars WU sticks it to you on the exchange rate from that currency to dollars. WU only sends U.S. dollars, so when in england and sending a WU to anyone, they convert to dollars, send to destination, dollars converted to destination currency. They don't rook you on the exchange from dollars to destination currency, they rook you on the exchange of sending currency to dollars.
That's with WU anyhow, but I'd be willing to wager that floripasurfer is right on the money about this one. Watch the exchange rate this company gives!!
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?