As of January 2, Pix will no longer have a limit per transaction, the Central Bank (BC) announced today (1). Value limits will only be maintained by period: daytime (6am to 8pm) or nighttime (8pm to 6am).
With the change, the customer will be able to transfer the entire limit of a period (day or night) in just one Pix transaction or do it several times, at the discretion of the account holder.
The BC also raised the limit for cash withdrawals through the Pix Loot and Pix Troco modalities. The maximum amount increased from R$500 to R$3,000 during the day and from R$100 to R$1,000 at night.
The rules for the customer to customize Pix limits have not changed. Financial institutions will have 24 to 48 hours to comply with the increase in limits and must immediately accept reduction requests.
In a note, BC reported that updating the rules will simplify Pix, in addition to improving the user experience, “by managing limits through applications, maintaining the current level of security”. As for Pix Saque and Pix Troco, the agency reported that the changes intend to match Pix to the traditional withdrawal at ATMs.
The suggestion to abolish the limit per operation was made at the Pix Forum in September, a work group coordinated by the body and secretariat by the Brazilian Federation of Banks (Febraban) that brings together the institutions participating in Pix. According to the group, the maximum value per transaction was ineffective because the user can carry out several operations for the limit value as long as he respects the amount set for the day or night period.
Retirement and pensions
The BC also changed the regulation for the payment of wages and social security benefits by the government. The National Treasury will be able to pay salaries to civil servants, retirements and pensions through Pix. The BC will also facilitate the receipt of funds by banking correspondents through this modality.
Other regulations have been updated. It will be at the discretion of each financial institution to define the limits for transactions where end users are companies. The customization of the differentiated night time will become optional. In addition, financial institutions will consider the limits of available electronic transfer (TED) to define the limits of Pix operations for the purpose of purchase. Until now, maximum amounts were defined on a debit card basis.
Most of the rules will take effect from January 2nd. However, the adjustments related to the management of limits for customers through the application or the institution’s digital channel are valid from July 3, 2023.
Since launching in November 2020, Pix has become the most widely used means of payment in Brazil. With the payment of the first installment of the 13th salary yesterday (30), the system broke a new daily transaction record. According to BC, 99.4 million Pix operations were carried out in just one day.
