I will be moving to Brazil in a few months and want to find out the best way to have my retirement funds transfered. I will be maintaining a bank account in the US that will receive my retirement funds. It has been suggested that I just use a debit card to access the funds from my American Acct. The problem is that there is usually a substantial fee to convert from Dollars to Reals.
2006-09-05 11:09:45 · 5 answers · asked by Freshair 1 in Business & Finance ➔ Personal Finance
Any way you look at it you will have to change dollar to reals if you use the bank card you get the bank rate' I read bank of America has a branch or branches in Brazil, where i don't know. rate of exchange 2.14 to$1:00 9-6-06 4:00 est if you put visa check. card in ATM that is the rate you would get or some where close. If you use credit card you will pay card company for the conversion look at card reg. it will tell you.
2006-09-06 08:37:44 · answer #1 · answered by moonwalker 3 · 0⤊ 0⤋
unless you are 59.5 years old. DO NOT TOUCH your money. you will be subject to IRS early withdrawl and additional penalties at a minimum of 30%. best option is to take a minimum amount of money as a cashiers check and open up at your local Brazilian bank. Then you would be using local money without having to have a conversion fee.
2006-09-05 11:20:21 · answer #2 · answered by betsy mae 3 · 0⤊ 0⤋
ask your bank they have good knowledge in foreing currency and maybe they know exchange rates better than transferring them in brazil they give advice concerning these issues
2006-09-05 11:18:56 · answer #3 · answered by messiry86 2 · 0⤊ 0⤋
best rates exchanges are usually on cred cards.. so you're better off paying for everything with a cred, then paying bills online from your bank
2006-09-05 11:18:47 · answer #4 · answered by Mary 3 · 0⤊ 0⤋
through a bank that has presence in that country
2006-09-05 11:16:18 · answer #5 · answered by http://hogshead.pokerknave.com/ 6 · 0⤊ 0⤋