What are transfer purposes?
Transfer purposes are used to classify foreign exchange transactions in Brazil through unique codes designated to categorise and identify them.
As defined by the Central Bank of Brazil, if you send money to or from BRL, you (either as a person or a business) must provide the corresponding transfer purpose code. Categorising foreign exchange transfers under these codes allows the Central Bank to monitor economic activity and maintain overall economic stability.
Using transfer purposes
The criterion for classifying foreign exchange transfers is the amount. The Central Bank of Brazil has published guidelines defining the use cases applicable to each of these unique codes for transactions up to 50,000 USD and for transactions above this threshold.
At Wise, when setting up your transfer, we'll show you the transfer purposes instead of unique codes - we broke down the codes into transfer purposes to make it easier for you to classify your operations. Review the transfer purposes, their description, and their examples, and select the one that fits the reason why you're transferring money. If you have any questions on the classification, reach out to us.
If none of the use cases nor the general descriptions fit your transaction, it means Wise currently doesn't support your transaction. Not all transfer purposes are available in all routes. We are constantly working to have more transfer purposes available.
| Purpose | Description | Examples |
|---|---|---|
| EDUCATION EXPENSES | Education expenses when the course or event takes place outside the student's or participant's country of residence | Conference, school fee, student living expenses |
| TRAVEL EXPENSES | Tourism, business travel, health treatment (when it includes travelling) | Purchasing a tour from a tourism agency in another country, purchasing healthcare treatment in another country |
| CHARITABLE DONATIONS | Donations in general | Donations to registered charities or non-profit organizations |
| MONEY TO FRIENDS OR FAMILY | Transfer of funds between different individuals and/or legal entities where the recipient does not provide anything in return | Personal maintenance and current expenses, alimony, scholarships, taxes, inheritance, transfer of assets by the same individual who is changing their country of residence |
| MONEY TO SELF | Sending money between accounts held under the same ownership (business or personal). If you are moving money to an account in your name to pay personal expenses, use this transfer purpose | Sending money from a BRL account to a USD account belonging to the same individual |
| GOODS | Payment or receipt for the purchase or sale of merchandise or virtual assets between resident and non-resident, as long as it’s not classified as an external credit operation | Exports and imports, international orders, purchase or sale of virtual assets |
| SERVICES (TECHNOLOGY SERVICES) | Payment or receipt for the provision of computing and information services | Database access, acquisition of customized software, acquisition of software in digital media, software and hardware consulting |
| SERVICES (BUSINESS SERVICES) | Payment or receipt for the provision of business services | Auditing, accounting, legal, advertising, public relations |
| SERVICES (ONLINE COURSES) | Payment or receipt for distance learning services and the hiring of a course or education professional to work in the customer's country of residence | Online courses from an American university, online language tutoring |
| SERVICES (OTHER SERVICES) | Payment and receipt for other services not previously classified | Insurance, financial, copyright royalties |
| RENT PROPERTY EXPENSES | Payment or receipt related to real estate rentals and associated expenses | Apartment rental, office space rental |
| SALARY PAYMENT | Payment of salaries | Salary |
| INVESTMENTS | Transfer of funds for investment purposes | Investment |
| PROPERTY PURCHASE | Purchase or sale of real estate or property | Purchase or sale of real estate |