Brazilian Central Bank changes rules for PIX transactions as of 2023

This Thursday (Dec. 1), the Central Bank (BC) changed the rules regarding value limits for transactions made via their instant payment system PIX.

According to the agency, the measure aims to simplify the rules and improve the user experience while maintaining the same level of security.

The main changes are:

• the elimination of the mandatory limit per transaction, maintaining only the limit per
  period;
• the removal of the parameter for defining transactional limits for end users who are legal entities
• the removal of the parameter for defining transactional limits for end users who are legal entities, leaving it to the discretion of each institution to define the limits;
• the customization of the differentiated nighttime hours becomes optional; and
• the change in the reference point for determining the transactional limits for transactions with the purpose of purchases, the reference point now being the TED, and no longer the debit card.

PIX WITHDRAWAL AND PIX CHANGE

Another new feature is the increase of the limits for cash withdrawals through PIX Withdrawal and Pix Troco transactions.

Currently, the withdrawal limit with PIX is R$500.00 during the day and R$100.00 during the night.

The limits will now be R$3,000.00 and R$1,000.00, respectively.

This measure aims to adjust the limits usually available at ATMs for traditional withdrawals.

Thus, with PIX Saque, users will have access to the service with conditions similar to a traditional withdrawal.

LIMITS

Although IN 331 has removed the mandatory limit per transaction from PIX, maintaining only the limit per period.

The rules for increasing and reducing limits at customers’ request have not changed, maintaining the requirement that requests to reduce limits – whether for withdrawal transactions, payments or transfers – be granted immediately.

While requests to increase limits are processed and take effect, if granted by the participant, between 24 and 48 hours after the user’s request.

IN PRACTICE

The new rules brought by IN 331 will come into force from Jan. 2, 2023, except for the adjustments in the provisions related to the availability of the limit management functionality for clients through the application or the institution’s digital channel, which come into force from July 3, 2023.

CHANGES IN THE PIX REGULATION

The Central Bank also made changes to PIX’s regulations to, among other operational improvements, facilitate the receipt of funds by correspondent banks through PIX, as is already the case with lotéricas, and enable the payment of salaries, pensions, and retirements by the National Treasury through PIX.