Frequently Asked Questions
Send your money online with Inyopay. Have any doubt? Check here our FAQ.
What are the banks I can send money online to?
With Inyo, you can send money online to any bank in Brazil. You can also send money to a broad variety of banks in Mexico and Ethiopia.
Does the recipient of the transaction have to pay any fees?
No. The person who receives the money does not have to pay anything. The money is deposited in the person's account in full as it appears on your receipt. The amount in local currency already includes all taxes and fees, (including IOF for transactions to Brazil). Remember that if the person takes out cash from an ATM machine, then the bank may charge additional fees.
How long does it take to receive the money in another country?
It depends on how the payment was made:
Payments with debit card: 1 to 2 business days from payment approval.
Payments with bank transfers (ACH): 2 to 3 business days from payment approval.
How come Inyo charge so little if my bank charges me more than $40 to send money abroad?
The question should really be: why does your bank charge you so much? We have created a technological platform and a network of partners that allow us to offer a superior and cheaper quality service with an excellent exchange rate – generally much more cost-efficient than the banks', with faster deposits and the same security as a bank transfer.
How do I make sure my transaction is following all laws and regulations?
Great question. It is important to make sure that the service you use to send money abroad respects the laws of both the US and the recipient’s country so you don’t risk indirectly facilitating money laundering activities. To see if your remittance is following the correct procedures, follow these two simple steps:
1) Verify that the company that is sending money in the U.S. is MSB licensed to operate in your state. In this link you will find all the states in the U.S. where Inyo has a license to operate. All companies should have the list of their licenses available to customers.
2) For transactions to Brazil, any remittance (or foreign exchange contract) must go through a Brazilian bank authorized by the Central Bank of Brazil. If it does not go through an authorized institution, the transaction is illegal. The authorized bank is not the bank of the recipient; it is the bank that sends the money to the recipient’s account. Example:
You send money to an account with Bradesco. Before the money arrives at Bradesco, it must have gone through an authorized correspondent bank. If you look in the statement of your bank account in Brazil, the money must come from one of the banks authorized by the Central Bank. VERIFY THAT THE MONEY HAS ENTERED YOUR ACCOUNT VIA "TED" OR "DOC" FROM AN AUTHORIZED BANK. IF THE MONEY ENTERED AS A DEPOSIT AT THE TELLER IN BRAZIL, THE TRANSACTION IS ILLEGAL!
This is very important! Make sure your remittances come from an authorized bank. At Inyo all transactions are made through authorized correspondent banks. Should you have any questions about this process please contact us. Inyo cares about you and your money.
Why do money remittance companies request additional documents, or limit the amounts to be sent?
The United States and other countries where Inyo does business (including but not limited to Brazil, Mexico, and Ethiopia) want to fight money laundering and corruption. To this end, governments require documentation depending on the value of the transaction. If someone offers a service that does not require this documentation, you should know that this is not only irregular, but it could be criminal activity. If someone offers you remittances without requesting necessary documentation, you may be getting indirectly involved in money laundering activity. It is our obligation as a company to do everything in accordance with the laws and to protect our customers by ensuring that their remittances also comply with all laws and regulations.
What is the maximum limit for transfers?
Our service limits transfers as follows:
A) Up to US$1,000 for the first transfer
B) Up to US$5,000 during a 30-day period
C) up to US$20,000 over a period of 180 days - within the above limits