I'm a EU citizen living in Brazil. My salary is paid to a Brazilian bank account in Reais (the local currency). I still have a loan my bank in the EU, so I have to transfer some money to them every month. To avoid exchange rate fees and bureaucracy, I found an expat that is now living in Brazil, but is paid with Euros to his bank account in the EU.
So the win/win situation is for me to transfer Reais to his bank account in Brazil using my Brazilian account, and for him to wire me Euro from his EU bank account to my EU bank account.
We are exchanging around 1000-1500 Euros every month. I have to pay back a bit less than 1000 Euros on the loan.
My question is: Is it legal to do that, or can I be in trouble at some point? I tried Google but it's hard to find the correct wording and so far didn't find anything related to my situation.
The loan will be paid back at the beginning of next year and then I'll transfer those 1500 Euros as savings, in case the economy shifts in Brazil. That way I don't have all my eggs in the same basket.