A credit portability It is one of the most interesting credit operations for those seeking financial independence. This even applies to people who have the “dirty name”. However, little is said about what it is and what it can do.

Thus, the purpose of this article is to let you know everything about it. See how this is an excellent alternative to carry out your transactions.

This term refers to the transfer of something. In this case, it helps you exchange an expensive debt for a cheaper one. Let's take your bank's interest rates for example.

Let's say they are much higher than other competitors. Thus, it is possible to transfer this debt to another institution. As a consequence, you pay less in the end.

So you can do this with loans, financing and so on. It is a breach of contract aimed at an unnecessary expense. Now, if you think this is too good to be true, don't worry.

This is a transaction duly regulated by the Central Bank of Brazil. In addition, it can be done by any type of person, both natural and legal.

An interesting fact about this operation is that it increased competitiveness among banks. After all, whoever has the lowest interest rate wins the customer.

This is undoubtedly a great advantage for those looking to save money. In this way, while the market competes, you gain a range of increasingly interesting proposals.

Furthermore, this is not the only reason why people seek credit portability. Service is also important. However, few know that this operation can be requested at any time.

The next topics will teach you how to do this. During the reading, it will be possible to understand all the advantages involved in this process.

To find out how this operation works, follow the steps below. When deciding that you want to transfer credit, you need to be aware of some important points. Thus, it is easier to avoid unwanted unforeseen events.

Step 1

Here, it's time to compare all interest rates. For this, it is necessary to carry out the appropriate simulations in several companies. Of course, the loan amount should never vary. This is the only way to get a scenario closer to reality.

In addition, you should also pay attention to the Total Effective Cost (CET). This considering that the latter can also interfere with the final amount to be paid.

step 2

After making these comparisons, you can choose the best bank to make the transfer. So, it is necessary to start the processes aiming at this objective. To do this, request some data about your debt. See what they are below.

step 3

Remember that this operation is your right. Therefore, your bank is obliged to pass on the above information. However, a company is not committed to accepting your transfer.

So then, talk to her first of all. The ideal is that the scheme is advantageous for both parties. Once the necessary data is presented, the institution will evaluate your case. Once approved, just start credit portability.

This is an issue that cannot be predicted. Each company has its own operating mechanism and policies. Therefore, the rate varies between them.

Thus, the best thing is that you do not make any decision without first consulting this point. Also, don't forget to assess your ability to pay. So, it is recommended that it be no more than 30% of your salary.

Another important point is about cases of withdrawal. The operation can be canceled at any time. However, just before the new bank pays the institution where the debt originally comes from.

That's why you should never proceed with it if you're not sure. After this period, it is no longer possible to go back.

When choosing a portability, step 1 is therefore the most important. Comparing interest rates should always be your top priority. Remember that everything has to be in your favor.

Once you decide, read the contract before formalizing. Pay attention to the smallest details. Any point deserves attention. This is especially true when talking about possible built-in tariffs.

Portability refers to the application of interest on top of the account balance. Thus, there is no IOF entering into the equation. Even so, all this must be questioned and clarified.

In addition, in many cases it is not even necessary to open an account at the new bank. Vehicle finance situations are good examples. However, in some scenarios you will need to perform this process.

That's where you have to be careful. Stay alert to fees charged, overdraft limit and so on. Many people do not take these issues into account and end up regretting it in the future.

Now, let's say that everything is fine and your portability has already been achieved. The entire payment operation will be handled by the new institution. The settlement of your debt with the original bank will take between 5 and 7 days.

This way, the money will not go through your account. In this way, in this transaction there is no cost that you must bear. If you are told otherwise, it is important to understand the reasons behind this.

Basically anyone. You, as a customer, need to have a current loan from a financial institution. The latter must be registered with the National Financial System, SFN.

However, if you have a lease contract, care is needed. This is because there is a minimum deadline for requesting the credit portability.

Also, you can request this operation if you have a payroll loan. It is a special amendment for pensioners, civil servants and retirees. Thus, any worker with a formal contract can enjoy the benefits it offers.

There are numerous institutions that perform this procedure. This diversity is a positive factor. Thus, you have more options to choose the one that best suits your possibilities. Meet now, some of them.

This bank is known for its low rates and fees. Not to mention the excellent conditions offered to each customer. It is a good alternative to consider doing this type of transaction.

A perfect option for any individual. Itaú therefore offers several conditions for those seeking to reduce their debt. In addition, this bank facilitates the procedure for opening accounts.

So, if that's what you want, you won't have any problems with that. In addition, this institution allows everything to be done virtually, without leaving home.

Safra is one of the banks with the greatest bureaucracy for portability requests. This already starts with the service. Therefore, you must contact the manager or the center.

Here is one of the most interesting alternatives on this list. Santander brings a very cool innovation, the possibility of change. So, you can refinance your contract and still get some money on top of it.

Another bank that follows the standard procedure for portability applicants. Therefore, there are not many changes in the protocol. Generally, Bradesco completes the process within 5 business days.

Here, you can then carry out your portability in a completely virtual way. The bank's application allows several simulations to be carried out before closing any agreement.

Banco do Brasil chose to do this to facilitate the work of both parties involved in the process. Furthermore, when requesting a credit portability, you are already taken care of.

Virtually all banks do this type of operation. However, there are other possibilities. Therefore, numerous Fintechs are gaining more and more space in the market. This in view of the advantageous interest rates offered.

Regardless of your choice, be aware that the terms of the original contract must never change. This includes the outstanding balance, number of installments and payment date.

The only changes are in the values to be settled. Remembering that they must always be smaller than in the previous institution. Otherwise, there is no advantage involved.

The operating mechanism here is practically the same as in the previous topic. However, this transaction requires even more care regarding the costs involved. It is necessary to pay attention to the valuation rates of your property.

Also, the costs of documenting the same must always be considered. So it's common for people to make the mistake of neglecting these factors. The end result is certainly not very promising.

This is an option for employees of companies, both public and private. With it then, you can choose where you want to receive your salary. This is within existing bank options.

Also, know that this is an automatic transaction. It can take place at your desired time, at no additional cost.

Many people think that salary portability is the same as a common transfer made between different institutions. However, this is not true. After all, there is no charge involved here.

So if you want to save money, this is an excellent alternative. It is very worthwhile to consider joining this modality of credit portability.

The financial side is constantly undergoing changes. This greatly affects the way individuals relate to their money. So, you are not always in a comfortable position.

It is at this moment that it makes more sense to seek some kind of support. Thus, you can give enough in debt, paying less. In this way, it is possible to proceed with your personal and professional projects.

Unfortunately, few people are fully aware of what portability can do. However, after this article, you will be an expert on the subject. Therefore, do not hesitate to request assistance that can be decisive in your financial success. Sometimes, it is better to opt for portability than for a “common loan”.

After all, the biggest obstacle is the negative status. This modality does not restrict you from enjoying benefits just because of this condition. That's why she's so interesting.

So, if you think you have no choice, don't worry. Portability will be the starting point for “clearing its name”. Believe me, it's quite a help.

Lastly, there are also a few exceptions where this is not a good solution. The next topic will talk about this in more detail.

This type of transaction may not be interesting and viable in all cases. Before signing any agreement, it is essential to assess whether this operation really pays off.

For this, you need to have full knowledge of how your debt is going. Check out some examples where the credit portability might not be a good idea:

In this specific scenario, it might be better to think about a renegotiation scheme with the bank itself. However, another option is to try to settle the debt in advance. It may be possible to get a discount in that case.

Furthermore, it is important to emphasize one point. Every new payroll loan needs to be endorsed. Of course, this is not a very bureaucratic process. However, it can be done without the slightest need.

You may have noticed then that this has been restated throughout the text. Never trade something expensive for an even more expensive option. That is, unless there is a problem with the first bank.

In addition, it is not recommended to make this exchange. In times of high default, this will certainly make things even worse.

Finally, you already know absolutely everything about credit portability. So now it's your turn. So remember each point covered here and look for the best solution to your problems. Take advantage of the best opportunities on the market.