Navigating wire transfers with Banco Itaú

Banco Itaú®¹ is the largest bank in Latin America, with operations in Brazil as well as other countries like Colombia, and international services covering the US, Europe and beyond.

This guide looks at how to make a wire transfer with Banco Itaú, and also introduces a couple of alternatives, such as money transmitter Wise, if you need to send money to Itaú accounts from abroad.

What is Itaú?

Banco Itaú’s full name is Banco Itaú Unibanco®, an institution created in 2008 through a merger of Banco Itaú and Unibanco®.

Itaú is the largest bank in Brazil, and the largest in Latin America, with operations in several countries and regions, including international services through its Itaú Private Bank division.

How to make a wire transfer with Banco Itaú: step by step

You can make a Banco Itaú domestic payment in a few ways²:

A TED transfer can be made to an account at another Brazilian bank A TEF transfer can be sent to another Itaú account A Pix³ payment can be sent to other Brazilian bank accounts with just a phone number or recipient’s QR code⁴

The exact process you follow to send a domestic payment with Banco Itaú will vary based on your account type and the Itaú entity you hold an account with.

To give an example here’s an overview of how easy it is to send a Pix payment with Banco Itaú:

Step 1. Log into your mobile or online banking

Step 2. Navigate to the payment area and select Pix payments

Step 3. Follow the prompts to enter the value of the transfer

Step 4. Enter the recipient’s Pix alias (phone number) or scan their QR code

Step 5. Confirm and the money will be received, almost instantly

For other payment types, the process is just as straightforward, and you’re guided throughout by on screen prompts.

Banco Itaú international wire transfer

Banco Itaú Brazil offers international transfers in 13 currencies, including GBP, USD and EUR⁵, which can arrive as quickly as the same day if you hit the relevant cut off time.

Get your payment set up during banking hours, and before 4:00pm to benefit from this fast delivery option.

International payments can be arranged online or through the Itaú mobile banking app.

What information do I need for a wire transfer with Banco Itaú?

When you set up your payment you’ll be guided through the Banco Itaú wire transfer form using onscreen prompts.

You’ll need to ask the person you’re sending money to for their full banking details, which can vary a little based on their location.

Usually you’ll need the following:
The recipient’s full name as shown on their bank account The recipient’s bank account number and any other relevant banking information, like a routing number for the US The recipient’s bank SWIFT code Information about intermediary banks supported by the recipient’s own bank

Fees and limits for Banco Itaú wire transfers

Banco Itaú limits for both local and international payments can vary based on the transfer type and the specific account you hold. You can often adjust the limits on your account within the Itaú banking app.

Pix payments are free to arrange — for international transfers made online you’ll likely find the following fees, if you’ve got an Itaú Brazil account:

Description	Fee
Online transfer fee	115 BRL
Exchange rate markup	variable percentage added to the mid-market exchange rate
IOF	from 0.38% to 1.10%
IR	0% to 33% based on transaction detail

How long do Itaú wires take?

Banco Itaú international payments to eligible countries, arranged online, may arrive on the same day you send them if you hit the 4:00pm cut off.

If you set up your transfer out of hours or on a weekend, it won’t be processed until the following working day, which can mean it takes longer.

Ultimately the amount of time it takes for any international transfer to be delivered can vary a lot based on the value of the transfer, the currencies and countries involved.

Best ways to send money to Banco Itaú from abroad

If you need to send a payment to a Banco Itaú account from overseas, you have a few options. You might want to use your bank to process the payment — but this can mean paying a fairly high fee.

Bank international transfers are also usually processed through the SWIFT network, which can mean a delivery time of 3 to 5 days.

You might find that using a third party provider like Wise can mean you pay less overall, and access a faster delivery. Wise transfers use the mid-market rate with variable fees from 0.43%⁶ depending on the currency you’re sending.

50% of Wise transfers arrive instantly, and 90% are there in a day⁷, making this a fast and efficient way to arrange an online or mobile payment to Itaú.

Send money to Itaú with Wise

Sending money to and from other countries can get expensive — especially if your bank charges high fees.

Wise, a specialist money transmitter platform, provides a simple solution to large transfer fees and poor exchange rates, letting you send money to and from Brazil with ease.

At Wise, you can always expect a fair exchange rate, with the opportunity to send payments to 70+ countries using the mid-market exchange rate.

Their simple online calculator breaks down the whole process for you, including transparent and upfront fee information for every transaction*.

On many popular routes, Wise can even send your money to Brazil as an instant money or same-day transfer, helping you reach people that little bit faster**.

Send to Itaú with Wise

* Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

** The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions

Safety and security when sending wires via Banco Itaú

Banco Itaú is a safe and trusted bank with robust security measures in place. However, you’ll need to apply basic common sense measures to ensure your payment is processed securely, including double checking the bank information you have for your recipient, providing full intermediary bank details, and only ever sending to people and businesses you know and trust.

Can you track your wire transfer with Banco Itaú?

If you’ve set up your Banco Itaú payment online you should be able to track its progress online or in the mobile app, so you can see when it is due to arrive.

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Sending money with Banco Itaú, locally or internationally, should be pretty easy and painless.

Use this guide and the terms and condition of your own account to get started, and if you’re sending money to Banco Itaú from overseas, don’t forget to check out the costs of your own bank against alternative non-bank providers like Wise, to see which is best for your needs.

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Sources:

1. Banco Itaú
2. Banco Itaú domestic transfer
3. Pix
4. Banco Itaú Pix
5. Banco Itaú BR international transfer
6. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
7. The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions

Sources checked on 07.25.2023