Real & pound exchange rate

[michaelbush]

Originally Posted by Janoulaki

Hi,

you can fix the rate through forward contract.

We are on the Brazilian Forum?
NO NO NO. You cannot fix the rate buying forward.Please read the threads and you will see that Brasil unlike other countries is not a traded currency (yet). They do not even accept sterling or euros! In the transaction of remitting money to Brasil it first is changed into dollars (US$). The recipient then changes it to reais after registration with the central bank of Brasil.

[nickohorny]

Originally Posted by michaelbush

We are on the Brazilian Forum?
NO NO NO. You cannot fix the rate buying forward.Please read the threads and you will see that Brasil unlike other countries is not a traded currency (yet). They do not even accept sterling or euros! In the transaction of remitting money to Brasil it first is changed into dollars (US$). The recipient then changes it to reais after registration with the central bank of Brasil.

I think he is referring to Euro's??

[JMBroad]

Originally Posted by Janoulaki

Hi,

you can fix the rate through forward contract.

In all fairness, and with all the goodwill of the new year, although Janoulaki does repeatedly say we can fix the rate for Brazilian reais, and although I'm normally the first to berate him for doing so, one could possibly argue that this time he was referring to Euros as he was answering someone who was worried about the Euro exchange rate.

[JMBroad]

Dang Nick, you beat me to it getting slow in the new year, I am

[michaelbush]

Originally Posted by nickohorny

I think he is referring to Euro's??

If so it is my mistake!! Being on the Brazilian thread and reading "you can fix the rate on forward contract", I guess it was easy or even natural to assume we were discussing BR$!

[RalphJ]

Originally Posted by michaelbush

We are on the Brazilian Forum?
NO NO NO. You cannot fix the rate buying forward.Please read the threads and you will see that Brasil unlike other countries is not a traded currency (yet). They do not even accept sterling or euros! In the transaction of remitting money to Brasil it first is changed into dollars (US$). The recipient then changes it to reais after registration with the central bank of Brasil.

Michael;

You are right, the real is not a traded currency, but you are incorrect when you state that Brazil does not accept sterling or euros. When one sends a "western union" their currency, if not dollars, is converted into dollars, then reais. That's western union's policy, not Brazil's.

If one sends a bankwire, it doesn't matter the currency they send, it will arrive to banco central in the currency they send, euro, sterling, dollar, yen.....it doesn't matter. Then normally banco do brasil converts that currency into reais at the market rate at that moment, actually at the moment they receive all the documents that the receiver will need to provide to banco do brasil, which at times can take days, or even longer. I have received millions of reais in sterling, and it arrived in sterling, I have the documents to prove it. Also in banco central's system, which I have downloaded into my computer, PASCS10-SISBACEN, I have access to all international monetary transactions that my brazilian business has performed via Banco Central's system, I can see the amount of money that arrived, the currency type that arrived, the liquidation date, and the exchange rate at that time and the resulting amount in reais. I just received a bankwire (swift) in sterling this past monday. I have also received numerous transfers in euro, and naturally many in dollar. Brazil receives all currencies via bankwire, just not western union, but that's the way WU is in all countries.

[Janoulaki]

Hi all,

I am sorry for the confusion, but I quoted the EURO enquiry.

Next time I will be more careful.

BTW: I am a woman

Now regarding Brazilian Reais:

Smart currency work with the company called Buy in Brazil and they do the transfers from UK to Brazil in USD and a lot of the time it worked out cheaper.

It is true that you can't trade in Brazilian currency.



All t he best

Jana

[michaelbush]

Originally Posted by Janoulaki

Hi all,

I am sorry for the confusion, but I quoted the EURO enquiry.

Next time I will be more careful.

BTW: I am a woman

Now regarding Brazilian Reais:

Smart currency work with the company called Buy in Brazil and they do the transfers from UK to Brazil in USD and a lot of the time it worked out cheaper.

It is true that you can't trade in Brazilian currency.



All t he best

Jana

This company Buy in Brazil - can you confirm with certainty that any transfers they do to accounts here in Brasil, will all be registered through the central bank of Brasil, correctly? From your description it sounds like another exchange house where the transferred money has a better exchange rate, but never gets registered. When you say works out cheaper, in what way?

[RalphJ]

Originally Posted by michaelbush

This company Buy in Brazil - can you confirm with certainty that any transfers they do to accounts here in Brasil, will all be registered through the central bank of Brasil, correctly? From your description it sounds like another exchange house where the transferred money has a better exchange rate, but never gets registered. When you say works out cheaper, in what way?

I'll bet you you're 100% correct Michael!! And Jana, if you're monies don't get registered with banco central in YOUR NAME then you're going to have a host of other problems, including not being able to take your money OUT of brazil when you so choose!!!

BE CAREFUL!!

[Janoulaki]

right

Everything gets registered with Central Bank (at least what is going out from Smart)