Sunday, 20 May 2012

New Rule of Brazilian Central Bank – A Breakthrough in Overseas Money Transfer

International Money Transfer
International Money Transfer
Good news for Brazilians! According to a new rule of the Brazilian Central Bank, the resident Brazilians can now send double the amount of cash to any foreign country via brokerage firms and banks as well. The intended purpose behind this new rule is to encourage the countrymen to plan property purchase and other investments on the foreign soils.   

According to the news in the leading Brazilian newspapers, people of this country are getting more addicted to easy and electronic money transfer. Stability in the country’s currency market is also contributing to the rise in demand for International Money Transfer. The real  market dealers too are coming with flooding offers to make the most of stable and burgeoning Brazilian economy.

The central bank proposed this new rule in January, this year. The rule has been turned out to be a major breakthrough. As per as the new rule, the brokerage firms are permitted to send money up to $100,000. This upper bar has been raised from $50,000 in 2011 and $20,000 in 2009. The well-healed Brazilians can now send and spend more abroad.

Fernando Bergallo, TOV Brokerage foreign and currency manager has told OPP that more than $50,000 transaction was rejected in the past. The new rule is expected to meet the pent-up demand for money transaction. Initially, the central bank authority expected the transaction to grow up by 30% but in reality the figure has gone up to 40%. According to the authority, this figure is estimated to hit a high of $200,000 in near future.

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