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@Peter

Looking forward to hearing about your first hand experience when you get back. Lots of YT videos online about Wise, most seem co-opted and shadow sponsored IMHO, so who knows what the reality is. 15 countries will be a good representative sample to test though. I live and die by my AMEX when travelling, as they've never let me down in 35 years.

Have a great trip !!

@kolyaS122HSU

Not too sure what shadow sponsored or co-opted means!

But, for the sake of clarity and honesty, I have no connection with Wise, do not get paid by them, represent them, or anything similar, if that is what might be the interpretation. But I cannot speak for online videos...

Lot's of YT videos are paid "stealth" promos edited to appear natural. For example, the Government of Canada pays Brasilian influencers who immigrated there to make these "wonderful life in Canada" videos.

I wasn't referring to you at all. Just sayin' maybe many of the WISE videos I found are really paid ads.

I've had a Wise multi-currency debit card for a few years.. I haven't used it much, but it seems to work okay.

@Peter Itamaraca

With a USA Wise account, Brazilian Reals are not available to add as one of the currencies to your debit card. Columbia, UK, India, Hong Kong, New Zealand etc, etc,  but alas no Brazil. You CAN transfer USD to Brazil if and only if, you provide the recipients CPF number. Surprise-surprise.

@Peter Itamaraca

How are the exchange rates that Wise offers with that card?  They have to be making their money somehow, if not by fees...

@timhoffnagle

Wise has a currency exchange calculator that states the fees:

@bepmoht

I created a USA Wise account and later changed my country of residence to Brazil. I have USD and BRL in my Wise account.

@Peter Itamaraca
With a USA Wise account, Brazilian Reals are not available to add as one of the currencies to your debit card. Columbia, UK, India, Hong Kong, New Zealand etc, etc, but alas no Brazil. You CAN transfer USD to Brazil if and only if, you provide the recipients CPF number. Surprise-surprise. - @bepmoht

According to my research online, BRL is one of the currencies that can be added to a US Wise Card. Real (excuse the pun!) experience by @alan279 would seem to support this. I also know a UK Wise card offers BRL.

Financial companies have to have licenses in each of the territories in which they operate, and different rules can apply in different countries. But I cannot see why that would restrict the currencies they offer, just the way in which they operate, are regulated, receive funds, make charges, etc.

I specifically wanted a Brazilian Wise Card, as I earn in Brazil, and wanted an easy way to spend those reais in other countries when travelling... And the fees Wise charge are way less than other methods.

However I do believe there is currently a hold on issuing new Wise Debit Cards in the US, probably due to compliance issue delays.

02/18/25 However I do believe there is currently a hold on issuing new Wise Debit Cards in the US, probably due to compliance issue delays. - @Peter Itamaraca

That's true.  For that reason, I applied for a Brazilian card on Sunday as a Brazilian citizen with my Brazilian RG.  As of this morning, they still haven't finished "verifying" me - probably because my existing file shows me as a US citizen.   I'll report back when I have a result.

I didn’t ever have a Wise US debit card, just a Wise account. I talked to Wise support and received a Brazilian debit card after identity verification.

02/18/25 However I do believe there is currently a hold on issuing new Wise Debit Cards in the US, probably due to compliance issue delays.  - @Peter Itamaraca
That's true. For that reason, I applied for a Brazilian card on Sunday as a Brazilian citizen with my Brazilian RG. As of this morning, they still haven't finished "verifying" me - probably because my existing file shows me as a US citizen. I'll report back when I have a result.
- @abthree

I received my Brazilian one yesterday, less than a week after application...

02/18/25  I received my Brazilian one yesterday, less than a week after application... - @Peter Itamaraca

I'm hopeful that eventually the same will be true for me. For now, their site says,

"We're verifying you

We're still checking your documents, we're sorry it's taking longer than expected. Please keep an eye on your email inbox - we may need to get in touch"

It's likely that they're trying to sort out my dual citizenship, but it could be something as simple as not recognizing the new CIN (Carteira de Identidade Nacional) that's replacing the old RG.  They're being phased in gradually, and since they're being offered first to people over 60, there aren't a lot of them in circulation yet.  They haven't followed up yet, maybe today.

02/18/25 I received my Brazilian one yesterday, less than a week after application... - @Peter Itamaraca

Looks like they've finished verifying me and I'm in business. 

An interesting side story about this card:

Some friends just returned from a week's stay in Buenos Aires, and reported that payment  in US dollars cash was often refused in restaurants, which was certainly not the case just a year or so ago. They all requested Argentine Pesos in cash, and wanted to charge an additional 20% if you tried to use a foreign card.

However if you offered a Wise Debit Card they saw that as equivalent to cash and did not charge the 20% extra... The Wise card in question was issued in the UK, not S America.

I bet they would take a Canadian cards. Many countries are  standing up with Canada and Mexico by boycotting  US Products and cash in retaliation to tariffs and coca cola calling ice on the Mexican immigrants.

I bet they would take a Canadian cards. Many countries are standing up with Canada and Mexico by boycotting US Products and cash in retaliation to tariffs and coca cola calling ice on the Mexican immigrants. - @Cserebogar

NO, Canadians would have to pay +20% as well. It was UK cards that were offered, and they refused ALL cards, no matter what nationality. Nothing to do with country of origin, or any political motivation. It is quite funny that you would assume that...

02/21/25 Some friends just returned from a week's stay in Buenos Aires, and reported that payment in US dollars cash was often refused in restaurants, which was certainly not the case just a year or so ago. They all requested Argentine Pesos in cash, and wanted to charge an additional 20% if you tried to use a foreign card.

However if you offered a Wise Debit Card they saw that as equivalent to cash and did not charge the 20% extra... The Wise card in question was issued in the UK, not S America. - @Peter Itamaraca

Thanks to Milei's austerity measures, the Peso has appreciated against the Dollar by 40% over the past year, inflation is coming under control (at least for the moment), and there's been a stunning reversal:  a rush by Argentines into the Peso and out of the Dollar across the board.  Rigid currency controls are still in effect and, although Milei says that he wants to drop them, that depends on a new loan from the IMF that he's still negotiating.  Chances are that there's nothing more nefarious at work here than Argentines, who have learned over decades of hyperinflation to be fast on their feet, reacting to take advantage of the new realities with as little hassle as possible.

This link to the Financial Times is free to non-subscribers as I post it, but they're pretty stingy and I don't know how long it will stay that way:

However if you offered a Wise Debit Card they saw that as equivalent to cash and did not charge the 20% extra... The Wise card in question was issued in the UK, not S America. - @Peter Itamaraca

I have a Wise debit card but I also have a backup card that allows me to do international ATM withdrawals in the local currency.  The ATM card does 100% fee rebate and the exchange rate from the local currency - US is better than Wise.

I have a Wise debit card but I also have a backup card that allows me to do international ATM withdrawals in the local currency. The ATM card does 100% fee rebate and the exchange rate from the local currency - US is better than Wise. - @Pablo888

Good idea, if you are happy to hold potentially multiple currencies in cash, with the inherent security risks and costs to transfer back to home currency again - which was my problem.

I have a US Schwab debit card. It works well in Brazil. But it's another account for me to track.

Alan

Just watched a YT video from GVentures as she is in Argentina right now. She lists local and USD prices in her latest video for probably 50 things and IMHO 80% of what she had was 50-200% more expensive when the USD price was converted to Reais than it is here in Rio de Janeiro......YIKES !!!

That explains why my in-laws were complaining when they were down there last month, and why half of Argentina is cleaning out the store shelves in the deep south of Brasil right now.

My main question and issue is if I transfer dollars into a Brazilian bank account after some value (I forget, 5000usd?) I have to pay huge taxes per my lawyer which I find very strange. Would it be possible to have a wise debit card, transfer usd from US bank account, or get direct deposit to the Wise account and then pay reais in Brazil? Or better yet pix? I have to ration and use credit cards because of this scenario even though I pay taxes and do everything properly on money from the US.

03/04/25 My main question and issue is if I transfer dollars into a Brazilian bank account after some value (I forget, 5000usd?) I have to pay huge taxes per my lawyer which I find very strange. Would it be possible to have a wise debit card, transfer usd from US bank account, or get direct deposit to the Wise account and then pay reais in Brazil? Or better yet pix? I have to ration and use credit cards because of this scenario even though I pay taxes and do everything properly on money from the US. - @rnbtg

I'm not sure what your lawyer means by "huge" taxes.  The Financial Transactions Tax (IOF) on bank transfers is 0.38% -- a little more that one-third of one percent.  Hardly huge. 

If you transfer more than US$3,000/mo. to Brazil, you may have to submit some additional paperwork/justification to the Banco Central through your bank, but I'm not aware of any hard and fast limit.  I've certainly never approached one, including when we bought our apartment for cash.

Wise currently has a moratorium on issuing new multicurrency cards for US residents, apparently for regulatory reasons; cards issued prior to the moratorium are still good.  I assume that US citizens who are residents of Brazil can get a card; I'm not sure because I'm also a Brazilian citizen, and got my card on that basis.

Their cards issued to Brazilians (and I assume Brazil residents) function a little differently from others, because the BRL are not interchangeable with your other currencies.  To spend BRL you have to have enough of a balance in BRL to make your purchase, Wise cannot automatically convert other currencies into BRL for you.  I think that Wise will sell  you BRL for USD or any other currency in your account, though, so there's just that extra step.

Interesting. So it came up at tax time and basically I understood that if I do transfers from my us account to my Brazilian one there’s some limit above which you have to pay taxes. Looking it up now I’m not sure but it looks like maybe it’s the IRRF taxes? Which seems weird to me still because you pay your income tax but then allegedly you’d be taxed again simply to bring money into the country?

just to understand then if I get a Brazilian wise account, I’d still have to transfer in usd and then purchase brl? Is there any benefit beyond just transferring to a regular Brazilian account then?

@rnbtg

You do not need a Wise Debit Card to transfer USD to a Brazilian bank account, just an account with Wise like here:

You can only send USD or Euros to Brazil, not BRL, (as the Real is not internationally traded), so Wise (or Moneycorp, or whichever company you use), receive your USD, and they exchange it and deposit the BRL equivalent into your Brazil account.

I send money(5500-10000 reias) to a Brazilian bank account every month and have never heard anything from the bank in 6 years. I use WISE, take dollars from my US bank account, convert to reias(reals) and deposit in the Brazilian bank account (Bradesco).

@Peter Itamaraca

Hi Peter, this is Matt in Salvador.  Do you think it would work to also buy a car with?  Also, maybe you could give me some advice on best way to purchase an apartment (maybe around 900k BRL)?  Thanks in advance for any help or advice.  I really appreciate it.

Matt

I send money(5500-10000 reias) to a Brazilian bank account every month and have never heard anything from the bank in 6 years. - @Robert Laney

March 5, 2025

@Robert Laney - this looks like a great plan.  However, is there a tax consequence for transferring that large amount of money to your bank?  I understand that the transfer is less than 10K - which will not raise flags but at the end of the year, the bank transactions would record how much income has entered in the country - hence needs to be reported when doing taxes.

I am not a Brazil tax resident yet but dread the day that I will need to file Brazil taxes while also paying the IRS as both are world-income tax countries.

Any advice?

@spartanmarine1986

Hi Matt - I am travelling at the moment, so there may be some delay in my response, but send me a pm with your contact (email, whatsapp), and I will be happy to help!

I have also just discovered that the Brazil Wise debit card pays monthly interest at over 9% on brl balances and pays taxes due

@Peter Itamaraca

I read somewhere that the tax paid per month on the interest you earn is 22.5%. Is that what you’re seeing on your statement?

@bepmoht

Only had it one month, but so far, yes, you are correct!

So the net after taxes is around 7% these days?

So the net after taxes is around 7% these days? - @alan279

So it appears, plus the benefits that made me first apply...