Using CIS Banks for Transfers and Payments: how it works in Brazil — first-hand
Short answer
To transfer funds from Russia to Brazil, use intermediary banks in Kazakhstan or crypto-assets to bypass direct SWIFT restrictions, as direct transfers may be blocked. In Brazil, you can use local accounts funded via P2P services or cashless payments, though foreign cards often incur double-conversion losses of 10-12%.
From real experience
For individuals working remotely for Russian companies while residing in Brazil, tax implications are a concern.
Some report paying taxes in Russia without issues from Brazil, even with residency status. Funds are typically moved via CIS country cards, cryptocurrency, or exchange services, with some holding accounts in countries like Georgia or Armenia. While Brazil may occasionally inquire about tax identification numbers, it appears less stringent than in Argentina regarding spending monitoring. Legalizing income, even from savings, is advised.
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Payment methods in Brazil offer several options.
Using Kazakhstani cards is possible, but the exchange rate may not be favorable, with potential additional charges. Withdrawing cash from ATMs is an option, though some users report card blocking issues. Western Union transfers might be a more cost-effective alternative to ATM withdrawals for some. However, cashless payments are widely accepted for most transactions, including taxis and restaurants. Relying solely on cashless methods is feasible for extended stays.
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Transferring significant funds (e.g., for property investment) from Russian banks is challenging due to sanctions.
Recommended intermediate routes involve banks in Kazakhstan (BCC, Bereke, Forte) which still support SWIFT transfers. Avoid direct SWIFT attempts from Russian banks to Brazilian accounts to prevent funds from getting stuck. For smaller amounts, peer-to-peer (P2P) crypto exchange solutions are often cited, though they may not satisfy the 'legal origin' requirements for investment-based residency applications.
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When holding funds in banks located in third-party CIS countries (e.g., Kyrgyzstan, Uzbekistan, Kazakhstan), be aware that accessing these funds may require a personal visit to the bank branch.
Individuals residing in Uruguay have reported that even sums like $10,000-$15,000 might necessitate an in-person visit, incurring travel costs that could significantly reduce the accessible amount. It is crucial to assess the ease of access to funds and potential travel expenses before transferring substantial sums to such banks.
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Using foreign cards (non-Brazilian) in Brazil involves significant conversion losses, often ranging from 10% to 12% total due to double conversion (e.g., RUB/USD to BRL) and potential terminal service fees.
Popular local workarounds include using P2P services (like Bybit or MoneyTrust) to fund local accounts, or using cards from CIS countries (e.g., Tajikistan banks) that allow RUB transfers via phone number.
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Common indirect transfer routes from Russia to Brazil involve intermediary banks in Kazakhstan (e.g., Freedom Finance) or crypto-assets to bypass direct SWIFT restrictions.