There should be nothing to hide
Sending money abroad is a big deal for many Brazilians living international lives. You might be supporting your family, planning your next adventure, or expanding your business. But did you know that most people are unaware of what they’re actually paying to send, spend, or receive money internationally?
Providers often advertise “$0 fee” or “free” transfers, but then set their own inflated exchange rates and pocket the difference between their rate and the mid-market rate, the one you see on Google.
$228 billion. That’s how much consumers and businesses lost in hidden fees in a single year around the world*.
The state of transparency in Brazil
In 2022, Brazil introduced new laws (“VET”) mandating fee disclosure for foreign transactions. However, the law does not specify the exchange rate to be used, enabling providers to hide mark-ups by using their preferred rates. This maintains inflated exchange rates and discourages competition to reduce remittance costs. The Central Bank of Brazil has the authority to clarify the VET law and demand transparent disclosure of all fees, including any exchange rate mark-ups, to consumers.
The international community cares
“One of the most important factors leading to high remittance prices is a lack of transparency in the market.” – The World Bank
Remittances are a lifeline to hundreds of millions of people around the world. The aims to reduce the cost of remittances to less than 3% by 2030. The cost of sending remittances from Brazil is 7.61%, the second most expensive G20 sending country. This is why it’s important to call on the Central Bank of Brazil to improve remittance price transparency in order to help reduce the cost of sending remittances and to help achieve the UN Sustainable Development Goal. Transparency is the only way that will enable people to compare costs, find better deals and put downwards pressure on prices.
Transparency is at the core of our mission
At Wise, we believe in making finance fairer and ending hidden fees. Unlike banks and other providers, we tell you exactly the cost of your payments—no hidden fees, no unpleasant surprises—and offer fair, mid-market exchange rates for converting your money. Whether you’re sending money to support your family, planning an exciting adventure, or growing your business, choose Wise. We prioritise transparency and have nothing to hide.
