Pix Payments: How to Transfer Money to Brazil

2023-03-27

What are Pix Payments?

Pix payments are a fast, easy, and secure way to transfer funds in real-time using unique identifiers or QR codes. Pix payments can be used for a variety of purposes:

  • Paying for goods and services
  • Sending money to friends and family
  • Paying bills
  • Making donations

Why is Pix so popular in Brazil?

Pix, developed by the Central Bank of Brazil, has been widely adopted by Brazilian consumers and businesses since its launch in 2020, with more than 180 million registered users as of January 2022. 

Reasons to use Pix to send money to Brazil:

  • Speed: Pix payments are processed in real-time, usually within seconds
  • Accessibility: Pix payments can be used 24/7, 365 days a year
  • Low Fees: Pix payments typically have lower fees compared to traditional payment methods.
  • Security: All users’ personal information is protected by bank secrecy and the General Data Protection Law.
  • Government Support: The Brazilian government has been actively promoting the use of Pix as a way to modernize the country's payment system and reduce reliance on cash.

How do Pix keys work?

Pix keys work by using a unique identifier that is associated with the recipient's bank account. This identifier can be a phone number, email address, or a randomly generated code. The payer can simply enter the recipient's Pix key into their payment app, along with the payment amount, and the funds are transferred almost immediately.

To use Pix keys, both the payer and the recipient must have an account with a participating financial institution or digital wallet. This account must also be registered with the Brazilian Central Bank's payment system, which ensures the security and authenticity of the transactions.

Drawbacks to the Pix payments platform

There are some exceptions to the platform:

  • Cash Withdrawals: Pix payments cannot be used to withdraw cash from an ATM or bank branch.
  • Large Transactions: There is a limit on the amount that can be transferred in a single Pix transaction.
  • Limited Adoption: While Pix payments have gained widespread adoption in Brazil, not all businesses and individuals accept Pix payments as a payment method.
  • Bank Account Required: To use Pix payments, the recipient must have a bank account and register for the Pix service with their bank.

How to send money via Pix with Paysend

To use Pix with Paysend, follow these steps:

1. Sign up for a Paysend account. If you haven't already, sign up for a Paysend account on our website or mobile app.

 

 

2. Select Pix as the payment method. Select Pix as the payment method and enter the amount you wish to send.

 

 

3. Enter recipient information.

 

 

4. Confirm transaction. Review the transaction details and confirm the transaction

5. Pay for the transaction. Pay for the transaction using a debit or credit card, or by bank transfer.

6. Transfer completion. Once the transfer is complete, the funds will be transferred to the recipient's bank account via Pix.

It is important to note that the recipient must have a bank account and be registered with Pix to receive funds through this platform. 

Summary

The Pix payment system was developed by the Central Bank of Brazil. It is a fast and easy way to send money to friends and family in Brazil.

Paysend makes it easy! Once set up, you can send money to anyone in Brazil using their private Pix key.

Download the Paysend app to send money to Brazil.

 

Download Paysend App 

*Standard data rates from your wireless service provider may apply.

†Money is sent in real time, but funds availability could take up to 3 business days depending on your recipient’s bank’s processing time.

Latest posts

Paysend Business Launches in the United States, Offering Instant and Reliable Cross-Border Payments to SMEs
2023-05-11
Paysend Business Launches in the United States, Offering Instant and Reliable Cross-Border Payments to SMEs

With its intuitive interface and powerful features, Paysend Business makes it easy for SMEs to manage their finances across borders...

Paysend Signs Strategic Partnership Deal with TelevisaUnivision, Bringing Simple Money Transfers to 60 Million Hispanic Americans
2023-05-10
Paysend Signs Strategic Partnership Deal with TelevisaUnivision, Bringing Simple Money Transfers to 60 Million Hispanic Americans

As part of the partnership, TelevisaUnivision will become a shareholder in Paysend and will help the brand scale it’s presence with U.S...

Paysend launches new European Hub in Dublin to drive EU growth strategy with plans to hire 30 employees
2023-04-28
Paysend launches new European Hub in Dublin to drive EU growth strategy with plans to hire 30 employees

Led by European CEO, Céline Singleton, the office is in the process of recruiting a team of up to 30 employees to take the strategy forward...

The Virtual Bank Card Boosting Wellbeing
2023-04-27
The Virtual Bank Card Boosting Wellbeing

Paysend is proud to present The Virtual Bank Card Boosting Wellbeing, a short film produced by BBC StoryWorks Commercial Productions...

Paysend Expands Bank Account Transfer Capabilities to Latin America
2023-04-04
Paysend Expands Bank Account Transfer Capabilities to Latin America

Today, 70% of LatAm's population remains unbanked or underbanked. With a mission to improve financial inclusion across the globe...

4 steps to sending money to Argentina
2023-03-30
4 steps to sending money to Argentina

Our platform strives to create more opportunities to send money around the globe quickly, smartly and securely, providing expert...

Pix Payments: How to Transfer Money to Brazil
2023-03-27
Pix Payments: How to Transfer Money to Brazil

Pix payments are a fast, easy, and secure way to transfer funds in real-time using unique identifiers or QR codes. Pix payments can be used for a variety of purposes..

Cross-border challenges for SMEs
2023-03-24
Cross-border challenges for SMEs

With many businesses wanting to expand internationally, money transfer platforms such as Paysend provide digital financial solutions...

4 steps to sending money to Chile
2023-03-22
4 steps to sending money to Chile

 Our platform strives to create more opportunities to send money around the globe quickly, smartly and securely, providing expert...

4 steps to sending money to Peru
2023-03-15
4 steps to sending money to Peru

Our platform strives to create more opportunities to send money around the globe quickly, smartly and securely, providing expert...