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Bank deposits have helped lift many Brazilians from difficult situations

Bank deposits have been extremely helpful for Brazilian natives at home and abroad.

Even in economically strong countries like the United States, an estimated one in every seven people are on food stamps. Brazil is another country that fares well in the economic realm, yet money problems can be issues for families. According to the World Bank, up to 21 percent of the population has struggled financially in recent years.

However, thanks to the love and generosity of family members who send money home from abroad, financial hardships have diminished in a few short years. Even better, the rate of poverty continues to slide.

Bank deposits are ideal for a whole host of reasons, but they’re particularly beneficial because of convenience, security and peace of mind. This is especially true if the amount being sent is significant, as the recipient does not have to worry about picking up a large sum of cash in person.

This problem is solved with bank deposits. Immigrants who live and work in the U.S. can send money to any bank in Brazil, including Itau, Banco do Brasil, Banco Bradesco and Caixa. There are literally dozens of others to choose from, though, if the money receiver’s account is owned by another bank.

While bank deposits are completed relatively quickly, how fast they’re done largely depends on where it’s being sent to. For example, if an online money transfer  is being sent to Sao Paulo – Brazil’s largest city and the second largest in the southern hemisphere – the funds should be wired into the appropriate account within the same business day if it’s sent early enough using Xoom. It may be the next day, though, if the money is sent using Xoom after 2 p.m. local time. Even then, next day delivery is extremely convenient.

Read more from Money Transfer
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