Frequently Asked Questions about Pix
What is Pix?
Pix is the instant payment system of the Central Bank of Brazil. It allows you to transfer money and make payments in a few seconds, 24 hours a day, every day of the week.
Do I need a Pix key to use it?
It is not mandatory. You can send and receive Pix by providing your account details, as in a traditional wire transfer. However, a key (CPF, email, phone number, or a random key) simplifies the process, as you only need to provide one of these “nicknames” to receive money.
Is Pix free?
For individuals, sending and receiving Pix for transfers and purchase payments is free. For legal entities (companies), the rules may vary, and banks may charge fees.
What is the difference between Pix, TED, and DOC?
- Speed: Pix is instant (up to 10 seconds). A TED settles on the same day (if made during business hours), and a DOC on the next business day.
- Availability: Pix works 24/7. TED and DOC only work on business days and during banking hours.
- Cost: Pix is generally free for individuals, while TED and DOC are usually charged.
Is Pix secure?
Yes. The system was developed by the Central Bank with multiple security layers, such as encryption and authentication. Transactions take place on a secure network operated by the BCB. In addition, banks use their own security mechanisms, such as passwords and biometrics, to authorize transactions.
My Pix is “in processing”. What does that mean?
Normally, Pix is instant, but on rare occasions of instability in your bank’s system or the Central Bank’s, the transaction may be “in processing”. This usually resolves itself in a few minutes. If the status persists for a long time, contact your bank.
I sent a Pix to the wrong person. Can I cancel it?
Once a Pix is settled (completed), it cannot be canceled, as the transfer is made in real time. If you sent it to the wrong person, the only way is to try to negotiate the return directly with the person who received the amount. In cases of scams or fraud, you can trigger the Special Return Mechanism (MED) with your bank within 80 days of the transaction date.
How do I know if a Pix receipt is real?
The only 100% secure way to confirm a receipt is to check your bank account statement directly in your bank’s app or website. Do not rely solely on screenshots or receipts sent by the other person, as they can be forged.