Financial Education

Financial education on a daily basis:

1. Take good care of your money and make conscious choices

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Understanding how to use money wisely helps you live more peacefully, avoid debt, and achieve your goals. Small attitudes in everyday life make a big difference, such as:

Plan your spending before buying;

Set aside money for needs, expenses, and if possible a reserve;

Avoid spending more than you earn;

Compare prices before buying;

Whenever you can, save some of the money.

Simple tip:

Think before you buy: “Do I really need this right now?”

2. Money transfer

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Sending money to another country is an operation that requires attention and care, so:

Always use authorized and safe companies;

Check fees, fees, exchange rates and values before confirming the operation;

Check all the recipient’s data carefully;

Send money only to people you trust;

Keep the receipts for each transfer.

Important:

Never send money without being sure who will receive it. Be wary of urgent or unexpected requests.

3. Plan your currency purchase in advance (Buying and Selling cash)

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Buying foreign currency little by little can help you better distribute your expenses and avoid last-minute decisions.
 
Small attitudes can help:

Define how much money you will need for your trip or goal;

Set a monthly goal for buying currency;

Track the progress of your booking;

Include this goal in your financial planning;

Avoid leaving the entire purchase close to the departure date.

Simple tip:

The sooner you start planning, the greater your peace of mind when the time comes to use the money.

4. Family life and money

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Money is part of family life and can be a source of security when well organized, therefore:

Talk about money with the family;

Combine financial goals and priorities;

Plan the month’s expenses together;

Teach children and young people to take care of money from an early age;

Avoid impulsive financial decisions.

Simple tip:

Planning together helps avoid problems and brings more balance to everyone.

5. Beware of traps!

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Leisure is part of life and it is important, but real leisure does not put your financial life at risk. Betting may seem like an easy way to make money, but it involves high risks:

Gambling is not a safe form of income;

You can lose all the money you wager;

Never use essential money, such as for bills or expenses;

Avoid betting to try to recover losses;

If you notice that you are losing control, seek help.

Financial education is learning to make better decisions every day. With attention and planning, you protect your money and build a safer future.

Do you have any questions about currency exchange? Click on the sections below to find out more:

What does a foreign exchange broker do?

Foreign exchange brokers operate exclusively in the foreign exchange market, intermediating transactions between clients and banks or buying and selling foreign currency to/from their clients, directly or through foreign exchange correspondents.

What does a foreign exchange correspondent do?

A foreign exchange correspondent is one who carries out transactions on behalf of and under the guidelines of the contracting institution, which is an institution authorized by the Central Bank of Brazil to operate in the foreign exchange market, such as a Foreign Exchange Broker. Be aware that the foreign exchange correspondent must disclose to the public its status as a service provider to the Foreign Exchange Broker, identified by the name by which it is known in the market, with a description of the products and services offered and the Foreign Exchange Broker’s contact channels. If this information is not available, it is possible that the institution is illegal.

How can I check if an institution can carry out foreign exchange transactions?

The Central Bank of Brazil provides a list of institutions authorized to operate in the foreign exchange market. https://www.bcb.gov.br/estabilidadefinanceira/instituicoesoperacambio

What is a foreign exchange transaction?

This involves exchanging one country’s currency for another. In this foreign exchange market, individuals and legal entities can buy and sell foreign currency through an authorized institution.

What are all the fees applied to the exchange transaction?

To determine the Total Effective Value (VET), one must consider the exchange rate (price of the foreign currency), the Financial Transactions Tax (IOF), and any fees charged for the service. These three factors allow the customer to compare available market prices for buying and selling foreign currency.

What is the maximum amount of cash I can take on a trip abroad?

The maximum amount allowed for international travel without the requirement to declare is US$10,000 (ten thousand dollars). When exceeding the limit established by the new foreign exchange law, cash must be declared entirely online through the Federal Revenue Service website using the Electronic Declaration of Traveler’s Assets (e-DBV).

Commercial Dollar

The commercial dollar value is used to set market rates. The currency is used to pay for or receive funds from Brazil’s imports and exports of goods and services to the rest of the world.