eFX: new means of payments and transfers

The Central Bank defines eFX is a new international payment and transfer service. These transfers can occur between the client's own accounts in Brazil and abroad, as well as to third parties. The rule applies to transactions intended for current expenses and classified as unilateral transfers. This category includes donations, pensions, and remittances of funds without commercial purpose, such as amounts that Brazilians send to family members residing abroad.

Resolution BCB No. 137/2021 introduced this possibility and came into force October 21, 2021. Its objective is to amend Circular No. 3.689, of December 16, 2013, which regulates the provisions on foreign capital in the country and on Brazilian capital abroad. 

The new possibilities are the result of the United Nations (UN) 2030 Agenda, which determines that its member countries can propose initiatives to reduce the costs of personal transfers.

Furthermore, the Resolution allows individuals and legal entities residing, domiciled, or established in Brazil to pay obligations abroad through transactions regularly carried out in the foreign exchange market. As a rule, transactions in these individuals' accounts are limited to R$ 10.000,00. However, this limit does not apply to transactions involving the purchase and sale of foreign currency.

We also pack any The rule stipulates that, in foreign currency purchase and sale transactions, the client receive the amounts by credit or debit to your deposit or payment account. The financial or payment institution that manages this account must integrate The Brazilian Payment System (SPB) through adherence to PIX.

This resolution makes it possible:

1. The acquisition of goods and services, in Brazil or abroad, in person or via digital payment offered by the eFX provider;

2. The transfer of funds between an account in Brazil and an account abroad with the same ownership, or to the account of your family members;

3. Withdrawal in Brazil or abroad.

Any financial institution can offer this service, including Fintechs, as long as they are authorized by Bacen. Companies that do not qualify as financial institutions are also permitted, but only for the acquisition of goods and services, with a value limited to US$10.

Its greatest benefits involve the following aspects: for Brazilians residing abroad, receiving funds for their subsistence has become less bureaucratic. The measure also benefits immigrants. Because it facilitates the sending of funds to family members who remain in their countries of origin. For Brazilian exporters, for example, it opens up more options for receiving payments. 

The modernization of the exchange system, as well as the introduction of new technologies by BACEN, paves the way for the implementation of the international PIX. This tool is still being studied by BACEN, so that transfers can be carried out automatically, which will bring more benefits.

If there is interest in developing a service related to eFX, lawyers specializing in Regulatory Law at Vanzin & Penteado are available to provide legal advice on the project.