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The federal lawmaker confirmed that Caixa Econômica Federal will begin imposing fees on Pix starting in July. Let’s decipher how this will work!
Pix, a real-time transfer and payment system that operates 24 hours a day, was introduced by the Central Bank of Brazil in October 2020. In 2022, it accounted for 29% of the total volume of financial transactions, surpassing the use of credit cards (20%) and debit cards (19%).
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In light of this, the revelation made last weekend by federal deputy Eduardo Bolsonaro (PL-SP) on Twitter, that Caixa Econômica Federal will begin charging for Pix starting in July, caused great outrage among Brazilians, who were indignant at the state-owned bank’s decision.
Will Caixa really impose fees on Pix?
Yes! However, it is important to point out that the charge will apply only to Legal Entities (PJ). Therefore, individual Pix users can rest assured, as there will be no charge for transactions.
Moreover, remember that charging Legal Entities was planned from the launch of the service. Thus, private entities and Banco do Brasil already impose fees on their customers.
Therefore, even with people's concern about Pix fees, this is nothing new for Brazilian companies. Since 2020, they have already been charged for using the service, and among traditional banks, only Caixa did not charge for transactions by legal entities.
How much does each bank charge for Pix?
Finally, the fees charged by institutions for Pix transfers made by legal entities are:
- Banco do Brasil: 0.99% of the transaction amount, charging a minimum of R$ 1 and a maximum of R$ 10;
- Bradesco: 1.4% of the total transaction amount, charging a minimum of R$ 0.90 and a maximum of R$ 9;
- Itaú: 1.45% on transactions, charging a minimum of R$ 1.75 and a maximum of R$ 9.6;
- Santander: 1% per transaction, charging a minimum of R$ 0.50 and a maximum of R$ 10.
However, digital banks and fintechs, such as Nubank, C6 Bank, and Inter, do not charge their legal entity customers Pix fees.
