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CONTACT system launched cash-to-account transfers in Brazilian banks

19 April 2018

CONTACT Account service that allows sending money transfers to bank accounts started working in Brazil.

Money transfers to individuals and legal entities in cash-to-account format via CONTACT Account can now be sent from the Russian Federation and the CIS countries to any bank in Brazil.

Transfers are processed in US dollars with subsequent conversion to Brazilian reales. The conversion rate is available for the sender at the time of the transfer. Money transfers are available for pay-out on the same day if they were sent before 15:00 local time, or the next day if they were sent after 15:00. Limitations on the transfer amount are $ 3000 per month - for persons, per day - for legal entities. The commission fee for the service is $15 for the transfer amount up to $1,500, 1% for over $1,500 to $5,000 and $50 for over $5,000. Transfers in favor of legal entities shall be intended only for payment of services (i.e. law offices, accountants, home owner association dues and fees, payments to universities, courses, schools, etc.)

"We continue the expansion of the CONTACT service Account in South America from the largest money transfer market in the region - Brazil. In this country transfers to bank accounts are especially popular due to the fact that cash is often the object of criminal activity, - said Elena Gafarova, vice president of the CONTACT system for international development. - The statistics of the Central Bank of Russia confirms the high demand for transfers to the accounts in Brazil. Thus, in the third quarter of 2017 they reached almost $8 million, and the further distribution of the cash-to-account format in other Latin American countries is a matter of the near future."

A full list of countries where the CONTACT-Account is available and requirements for the details of remittances with due regard to the country specifics, can be found on the service page on the CONTACT system website.