Exchange scheme begins as Brits look to Brazilian property
Currency exchange firm Moneycorp has launched a new Brazilian Real Service to cope with an increase in the number of Britons looking at property investment in the country.
Since the South American country was awarded the 2014 football World Cup and more recently the 2016 Olympic Games, the currency firm has seen an upturn in the number of Britons looking at Brazilian real estate.
Currently, as the Brazilian real is a restricted currency, only foreign money can be sent into the country, which must then be converted on arrival, usually at a poor exchange rate.
Deane Roe, Brazilian Real Account Manager for Moneycorp, said that the service should help clients get the best possible deal when they are looking to invest in Brazilian property.
He added: "At a time when people are trying to make the most of their investments, it is vital that they take some simple steps to ensure they are not wasting their hard-earned cash."
The firm’s service will work in partnership with Banco Rendimento, which will fix the Brazilian real rate of exchange. The service will also reduce the time between transfer and receipt of funds while ensuring that each transaction is registered with the Central Bank.
