PIX

PIX was announced by the National Bank of Brazil (Banco Central do Brasil¹) in 2019 and launched in 2020.

It is a payment system that allows users to instantly transfer money in Brazilian reals between participating institutions, which include hundreds of Brazilian banks and fintech companies.

You can use Pix to send money to other individuals, pay a company, or even use it to pay the government.

How do Pix money transfers work?

Pix money transfers can be made in Brazilian reals (BRL) through accounts at participating institutions.

For example, you can pay a friend using their Pix alias (called chave Pix , which may be their phone number or email address). This means you can split the cost of a bill without having to get their full bank details.

You can also use Pix to pay merchants - usually by scanning a merchant's QR code² with your phone.

Do you need a Brazilian bank account to use Pix?

To use Pix, you need to open an account with a participating payment provider. This could be a bank, but other financial institutions like fintechs use it as well.

**It’s worth noting, though, that Pix payments only support Brazilian Real. ** This means that organizations that offer Pix payments are usually either Brazilian themselves, or financial technology service companies that process payments from Brazil to other countries around the world, such as Wise.

For example, you can’t link your US bank account directly to Pix - but you can use Pix to make payments from your Brazilian bank account to the US through a professional service like Wise.

How long do Pix payments take?

Pix payments are deposited instantly, even if they’re made outside of banking hours.

Pix and international payments

So, can Pix be used to send money overseas? While Pix payments only support Brazilian Real, you can use Pix to make international payments through a professional service. Let’s see how.

Can you use Pix to send money abroad?

**You can’t use Pix to send international payments directly. ** This is because Pix payments are always deposited in BRL.

Payments can be made through third-party platforms, which means that you use Pix to deposit BRL into an account with a Brazilian remittance provider.

The remittance service will then send the agreed amount to your recipient in the currency you require. This is convenient, and if you choose an international remittance service provider, it can also be fast and cheap.

Can you use Pix in the United States?

Pix payments only accept Brazilian Reals and are only available through participating Brazilian banks and financial institutions. There are similar services in the United States, such as Zelle or Venmo.

Can foreigners use Pix?

If you have an account with a bank or provider that offers Pix, you will be able to use the available services.

This means that if you are a foreigner living in Brazil with a Brazilian bank account, you can enjoy fast and easy Pix payments as long as your bank is part of the Pix payment program.