How to Send Money From Brazil to Europe With NOAH
Learn how you can easily send money from Brazil to Europe with NOAH. Our remittance solution is quick, efficient, and secure - perfect for anyone looking to transfer money abroad!
We've discussed remittances at length and how NOAH can help make them cheaper, more efficient, and more secure. This blog will review how NOAH can help with remittances to Brazil. As the fifth largest country in the world by population, with over 216 million people, Brazil has a diaspora of over 4 million.
Since 2000, Brazilians have sent home between $2-4 billion annually in remittances, with the majority coming from the US, European countries, and the UK.
Our previous article discussed how global remittances are expected to grow to $5.4 trillion by 2030, according to the World Bank, as the world becomes more interconnected. Cheaper, faster, and more secure money transfers will play a significant role in this growth.
Pix in Brazil
In 2020, the Central Bank of Brazil released Pix, a new instant payment system that allows for real-time, 24/7 transfers between individuals and businesses. Brazilians can use Pix to send money home quickly and easily.
For many, Pix is a more convenient method than wire transfers. To use Pix, you only need a smartphone with the app installed. You can then transfer money by taking a picture of the recipient's QR code. The recipient will receive the funds instantly and can use them right away.
While Pix is an improvement over wire transfers, it's not perfect. The system is still new, and there have been some reports of glitches. Additionally, Pix only works with Brazilian banks, so if you want to send money to someone who doesn't have a Brazilian bank account, you'll need to use another method.
Another caveat — while you can send any currency using Pix, it's automatically converted into Brazilian reals when it reaches the recipient. So, if you're sending money from the US, your dollars will be converted into reals at the current exchange rate. This means that you'll need to consider the current exchange rate when sending money using Pix. Those who wish to hold a currency of their choice preferentially are out of luck. This lack of optionality prevents Pix from being a proper global remittance solution.
This is where NOAH comes in.
Why NOAH is Better
The world has the technology to make things even better, so why not use it?
With NOAH, you can send money to over 150 countries in the world with just a few clicks on your smartphone. It's as easy as sending a text message, and you don't need to worry about the recipient having a specific type of bank account.
Let's break down the advantages:
- Security: With NOAH, you don't have to worry about compromised personal information. We take security seriously and implement the latest security measures to protect your data.
- Speed: NOAH transactions are fast and convenient. The recipient will receive the funds instantly, powered by the Lightning Network.
- Fees: With the Lightning Network, there are virtually no fees. You'll only need to pay a small network fee when you make a transaction, which is currently less than one-hundredth of one cent (<$0.0001). And at NOAH, we don’t charge you anything to use our app. Not even one sat.
- No bank account needed: Unlike Pix, which requires the recipient to have a Brazilian bank account, NOAH can be used by anyone with an internet connection. Because we’re a progressive web application, you can use a smart phone, computer — whatever you want. All you need to do is to go to noah.com. That's it.
- Currency choice: With NOAH, you're using the most global currency and best store of value in the world — bitcoin. Bitcoin can be used by anyone, anywhere.
As NOAH grows, we plan on integrating with domestic payment systems to make real-time global transfers even more accessible. If you want to hold bitcoin, you can hold bitcoin. If you convert to Brazilian reais, you can do that too. The choice is yours. We're all about options.
How to Send Money with NOAH
It's so simple; even your grandma can do it.
- Go to NOAH.com and create an account.
- Add some sats) to your wallet.
- Click "Send."
- Enter the recipient's Bitcoin address or Lightning Address.
- Choose how much you want to send.
- Press "Send Now."
That's it. Instant. No fees. Done.
With NOAH, we're making global payments better by giving you more choices, security, and speed. Try it out today!
Please be aware that:
- Cryptocurrencies are unregulated in the UK;
- Cryptocurrencies are not protected under Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS);
- Profits may be subject to capital gains tax;
- The value of investments can go down as well as up