The Opportunity
Brazil receives $4.9 billion in annual remittances, with the United States as the primary sending country. The Brazilian diaspora in the US — approximately 1.9 million people — maintains strong family ties and sends money regularly for education, housing, and daily expenses.
Key sending cities:
- Newark/Elizabeth, NJ (largest Brazilian community in the US)
- Boston/Framingham, MA (second largest)
- Miami/Deerfield Beach, FL
- New York City
- Bridgeport, CT
Current Market Pain Points
- Fees averaging 2.4%: On a $500 transfer, that's about $12 in fees
- Exchange rate opacity: Many providers advertise low fees but inflate the BRL exchange rate, hiding the true cost
- Slow transfers: Traditional bank wires take 2-5 business days
- Limited Portuguese support: Major apps often lack Portuguese-language customer support
Why This Corridor Is Ideal for New Operators
- Large, concentrated diaspora: Nearly 2 million Brazilians in the US, concentrated in a few metro areas
- Strong banking infrastructure: Brazil's Pix instant payment system makes receiving money fast and free for beneficiaries
- Higher average transfers: Brazilian remittances tend to be larger ($400-600 average), resulting in higher per-transaction revenue
- Community-driven: Brazilian communities organize around churches, cultural associations, and social media groups — great channels for word-of-mouth marketing
- Portuguese advantage: Operators who speak Portuguese have a significant competitive edge
Frequently Asked Questions
How fast do transfers arrive in Brazil?
With Platly, transfers to Brazil via Pix arrive in minutes — 24/7, including weekends and holidays. Bank deposits typically arrive within 1 business day.
What payout methods are available?
Platly supports Pix (instant), bank deposits (all major Brazilian banks including Banco do Brasil, Itau, Bradesco, Caixa), and in some areas, cash pickup.
What's the exchange rate model?
Platly provides transparent, competitive BRL exchange rates with a clear markup displayed before the customer confirms the transfer. No hidden fees in the exchange rate.
Can customers send money from Brazil to the US?
Currently, Platly focuses on US-to-Brazil transfers. Reverse corridor (Brazil to US) may be available in the future.