Rio, June 1, 2004 (Agência Brasil) - The Federal Savings Bank launched a new product, "International Teller," marking its entry in the international market.

According to the announcement made yesterday (31) by the president of the Bank, Jorge Mattoso, at the First National Conference on Money Transfers, sponsored by the Inter-American Development Bank (IDB), Brazilians living abroad will be able to remit funds to Brazil for a charge of 2.6%-3.0%. These are the lowest rates on this market in Brazil, Mattoso underscored.

The vice-president of the Bank, Wilson Risolia, said that the initial goal is to obtain a 10% increase in the transfers made by the 2.5 million Brazilians who live abroad and, according to a BID estimate, remit an annual total of US$ 5.2 billion.

The new product will be introduced by the Bank in June in the United States, in September in Portugal, and in October in Japan.

The president of the Bank emphasized that, besides the lower rate, the "International Teller" has the advantage of making the funds sent from abroad available to their recipients in Brazil within 40 hours.

Reporter: Alana Gandra
Translator: David Silberstein