Not everything is free: know who will pay to use the Pix

Despite this, the Central Bank promises that charging for Pix transactions will cost cents in some cases, far below the current DOC and TED systems.

The Brazilian Central Bank’s rapid transfer system, Pix, goes live on November 16 and promises to revolutionize the financial lives of Brazilians without charging fees to the majority of the population.

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The CB promises free transactions for individuals, individual microentrepreneurs (MEIs), and other specific cases. For part of the companies registered in the system, however, there will be charges.

The Central Bank established rules for collection of fees through BCB Resolution 19/2020, establishing the prohibition on collection of fees at Pix for: individual entrepreneurs (MEIs) in sending funds, for the purposes of transfer and purchase; and for receiving funds, for the purpose of transfer.

As a result, transactions carried out through the companies‘ in-person or personal channels, including telephone charges, will be subject to transfer fees.

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Charges for individuals and MEIs may also occur in the case Bitcoin Profit of receipt of funds for the purpose of purchases, while legal entities will be charged when there is sending and receiving funds in the provision of services related to the receipt or payment of funds.

The Central Bank has also established that the application of fees must be informed to customers as follows:

I – in the receipt of the remittance and receipt of funds under Pix and the initiation of payment transaction service;

II – on the ordinary statement of the deposit account and payment account, as well as on the consolidated annual statement of fees;

III – the statement of use of the payment transaction initiation service, in case the amount is not informed in the ordinary statements referred to in item II; and

IV – in the table of fees for services rendered on the institution’s website and other electronic channels.