Usually when sending money to another country you can never get a very good exchange rate. It is always way below the market rate we see in the papers, and even worse considering any extra fees. But if you are in Europe and sending money to Brazil, by purchasing bitcoin locally and selling there you can actually get a pretty good price. And as the graphic shows, sometimes you can even get way above the market exchange rate, even as high as 15% more! This is a great tip for Brazilians working abroad who want to send money back home.
That probably shows that demand for bitcoin in Brazil is getting relatively higher than elsewhere at some periods... It makes some sense, with the Real getting devalued in general, but it was surprising to me that this relative price can go up as high as 115%!
Comments
nwerneck
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With the bitcoin high last week, the relationship got below 1.0 for a while, but it climbing up back steadily to 1.1...
Andrew0
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What about sending money from Brazil to Europe?
Just interested to know some hint about this option
nwerneck
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On the other way around, you will be paying a rate that is ~10% worse than the "market" rate, but it still doesn't mean it would be worse than using any traditional services in practice... This relationship shows some kind of relationship between the EUR and BRL, probably there is a long-term pressure in Brazil to buy EUR or BTC? Not really sure. But fact is if you can find a nice alternative way to turn your BRL into EUR, you would be able to arbitrage, but good luck finding this open opportunity.
blackowl
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Yes! Also using Bitcoin for transfer resources instead of using international transfer from banks (in Brazil it took up to 15 days to get the transfers done and with Bitcoin a couple of hours - my experience so far!) I'm glad to know it is possible to cut off banks and credit card completely of your lives. Bitcoin may rise and rise. Bravo!