500 Dolares Em Reais – As the dollar rose due to the real and economic crisis, Brazilians living abroad increased their remittances to the country. Since the start of the new coronavirus pandemic, Brazil has received more dollars than those living in countries such as the United States and the United Kingdom to help a Brazilian family or to invest or buy goods.
In November 2021, personal transfers from abroad to Brazil totaled US$390 million, according to central bank data. This amount is 58.5% higher than the 246 million US dollars recorded two years ago, in November 2019, when the new coronavirus pandemic had not yet begun. In total, 3.6 billion dollars were paid from January to November last year.
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Personal transfers reflect funds sent abroad and between individuals living in Brazil.
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Foreign exchange experts interviewed by UOL attributed the increase in remittances to the strengthening of the dollar against the real, which increased the purchasing power of the US currency.
From November 2019 to November 2021, for example, the dollar rose more than 30%. This means that with the same amount of dollars, in Brazil, it is possible to have 30% more purchasing power, in reals.
Fernando Bergallo, a partner at FB Capital, a Sao Paulo currency adviser, said many people were buying in Brazil as the US currency appreciated.
The number of people from other countries who buy is impressive. They buy a lot more with the dollars they have. The crisis caused by the pandemic has created opportunities for investment. Also, there are many people who help the family financially in Brazil.
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Almost half of personal transfers to Brazil originate from the USA. The second place in the ranking is Great Britain. Both of these countries are traditional destinations for Brazilians looking for work and a better life for their families who stay in Brazil.
The growth of the dollar against the real, intensified since 2020, has started a real race among residents of other countries to send funds to Brazil.
Marcos Praca, an investment advisor at BTG Actual in the US, has been involved in this movement in recent months. “When the dollar exceeded R$5, awareness increased a lot. Many people sent money to Brazil,” he says. – I did it myself – he added. Praka said that he is taking advantage of this moment to make some investments in Brazil.
A resident of Deerfield Beach, Florida, Praka participates in several immigrant groups on social media and closely monitors the movement of immigrants. According to him, it is common to find people sending money to buy apartments or houses in Brazil.
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Many people come to work in the US to buy, mostly real estate in Brazil. They have more purchasing power here. With the growth of the dollar, they cleared their accounts to make something in Brazil, to buy something.
In addition to the pandemic and economic crisis, Praca also recognized Brazilians who increased remittances to their families. “This is happening in all Latin American countries. Even Venezuelans are doing it: they earn more in the US and send it to their families.”
“By the end of 2019, 80% of the activity for my clients was dollar outflows. The remaining 20% was inflows to Brazil,” he said. “Since the dollar exceeded R$5, we have seen a complete inversion. Today, 70% of the operation is the entry of the dollar into Brazil and 30% the exit.”
Basically, the services offered by FB Capital are for people living in other countries. According to Bergallo, due to the favorable exchange rate, cases of people deciding to buy real estate in Brazil have multiplied.
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“Before the pandemic, there were people who went to live in the US and earned dollars. Now they bring resources,” he said. “If someone has 500,000 US dollars there, they can convert 100,000 dollars into reals. It is already possible to buy an apartment in exchange for 600,000 R$,” he said as an example.
Vinicius Costa Santos Rodrigues (30), a software engineer who has been living in America for six years, has been sending money to Brazil for a year. The funds were to pay for his marriage to American doctor Alecia Zambrano (27) in May of this year.
“In the last two years, since the beginning of the pandemic, the dollar has become very expensive. That factor prevailed in our decision to hold the wedding in Brazil,” explained Rodrigues, who lives in Rutherford, New Jersey. . “When the dollar rises by 10 or 20 cents, the impact is not so great. But when it jumps from R$4 to R$5, the impact is greater.”
In recent months, the couple sent a value of R$60,000 to Brazil. Born in Belo Horizonte, Rodrigues is about to marry Alessia Zambrano in Arrail de Azuda, Bahia.
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“We also had to think about the guests. Because the dollar is higher, fewer people can come from Brazil to the US. It’s easier for guests here to go to Brazil under these conditions.”
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The new legal framework for foreign exchange also allows tourists to sell up to US$500
The new exchange legal framework authorizes Brazilians traveling abroad to trade up to US$500 between individuals, requiring the transaction to be linked to the buyer’s and seller’s CPF. The rapporteur for the proposal in the Senate, Carlos Viana (PSD-MG), explained that many Brazilians do not even understand the importance of this change:
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“Did you know that if you have three, four hundred, five hundred dollars left, it is a crime to sell that money when you return to Brazil? A ban on selling dollars outside of exchange offices in Brazil can result in a person being prosecuted. Now we’ll let you sell up to five hundred dollars in peace, without the hassle of the courts. This means adapting the law to the reality of tourists, to us, to the everyday life of Brazilians. “, he asserted.
“Currently banned, it makes it easier for people to dispose of travel leftovers,” explains Fernando Borges, a lawyer for the Brazilian Exchange Association (Abracom), who believes it is wise to properly record activities. “Formality brings convenience, security and ultimately protects the negotiator from losses. It is very important to be careful in these transactions and with this care, I believe there will be a lot of profit.”
The text published on December 30 in the Official Journal of the Union (DOU) lists 39 laws, decrees, decree-laws and temporary measures that were repealed or amended by the adoption of Law 14,286/2021. But the content of the 29 articles will continue to be under the control of the central bank (Bassen) this year, and in 2023 they will begin to change the daily life of those who do business with foreign currency.
Together with the central bank, Abraham hopes to spread the word about the importance of negotiating with financial institutions that have licenses to operate in foreign currencies. “The idea is to work in terms of recommending precautionary measures to protect against vulnerable people, who are susceptible to purchase fraud at delayed prices,” said the lawyer.
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Another news for people dealing with foreign currency in Brazil is the increase in the mandatory declaration of currency in cash when traveling internationally, entering and leaving Brazil. The value ranges from R$10,000 to US$10,000 – the equivalent of R$56,000 today. “These are changes that allow the traveler to protect himself from possible changes in foreign currencies,” Professor Silber analyzed.
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Lawyer Gabriel Ribeiro, 34, travels abroad often and believes that the increase of foreign currency in cash, in transit, from R$10,000 – or less than US$1, to $8,000 – $10,000 is welcome. “In 10 or 15 days, I spend more than $2,000,” says Ribeiro. “When you travel abroad, since accommodation and plane tickets are paid for in Brazil, there are daily expenses such as food and transportation, as well as expenses such as leisure, entrance fees to parks, museums, concerts.”
However, the lawyer from Goiania goes beyond cultural pleasure and, in general, when he leaves Brazil, he indulges in the pleasure of shopping. “I always try to bring a souvenir from the country I visited, and if not, it’s good material, electronics, computer, cell phone.” Ribeiro also praised the new law’s authority to conduct transactions of up to $500 in cash between individuals. “Would it be possible to conduct such a discussion in a registered manner,
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