What is Pix system? Sending money with Pix payments to Brazil

Sending money to Brazil? Your recipient may be able to use Pix to get the money instantly without having to pay high fees.

Pix, an instant payment system launched by the Central Bank of Brazil in 2020, now has more than 160 million users¹. It is transforming the way people and businesses make transactions while supporting the government’s efforts towards financial inclusion. Although Pix is designed for domestic use, payment and money transfer services like BOSS Revolution make it possible for people outside Brazil to send money via Pix.

In this article, we explain how Pix works, how it enables fast and cost-effective international money transfers, and how you can send Pix payments using BOSS Revolution.

What is Pix, and how does it work?

Pix is an instant payment platform that allows real-time fund transfers between users. It was created by the Central Bank of Brazil (BCB) and integrated into BCB’s instant payment ecosystem in November 2020.

The platform was developed as part of the BCB’s efforts to modernize the country’s payment system and promote financial inclusion. Digital payments like Pix not only make the economy more efficient through cashless transactions but also enable unbanked individuals to access financial services.

How Pix works^2,3

Pix provides a seamless, digital payment experience without requiring complex banking details. It facilitates direct transfers between the payer and the payee. With its open payment scheme, transactions can be processed directly between financial institutions, eliminating the need for intermediaries and, thus, reducing costs.

Senders use their bank or payment app or website to send money with Pix. They either provide the Pix alias or scan the QR code of their recipient to initiate a transaction. The Pix system processes the transaction instantly and synchronizes the accounts of both the sender and the recipient. It checks that the funds are available, authenticates the transaction, and verifies all details. After confirmation, Pix finalizes the transaction and completes the settlement process.

What is a Pix alias^4,5

To facilitate payments, the system uses Pix aliases or Pix keys, which are unique identifiers for entities using Pix. The Pix alias can be any of the following:

• Taxpayer identity number (CPF/CNPJ)
• Email address
• Mobile phone number
• A random system-generated code

The Pix alias makes it easier and safer to send money because there is no need to share full banking details or personal information. Individuals can register up to five Pix keys and use the Pix Key Report to check their details or history. While it is not required to register a Pix alias to send or receive money through Pix, having Pix keys makes the transfer process more convenient. A Pix key is also required to generate a QR Code.

Key features of Pix

Why do people love Pix? It’s instant, easy to use, and works practically everywhere! Here are some of its key features that attract users:

Why use Pix payments?

Pix payments can be used for daily transactions, including utility payments, online shopping, and government services. This wide range of use has contributed to its popularity among Brazilians. In fact, at the end of 2024, Pix registered 163,416,024 users who had made or received at least one Pix. This means approximately 75% of Brazil’s population now uses Pix.^6,7

Benefits of Pix for individuals

With Pix, individuals can make payments or send money without sharing their bank details. They also don’t need credit or debit cards, banknotes, checks, or POS machines. They only need a smartphone and a Pix key to initiate transfers. They get to enjoy the following benefits:

Advantages for businesses^9,10

By enabling instant electronic funds transfers, Pix helps businesses improve efficiency and customer experience during the payment process. It makes payments simple, fast, and cost-effective for businesses while offering new opportunities to serve more customers. Among the many advantages the platform brings to businesses are:

Convenience for international transfers

Pix is mainly designed for use within Brazil and cannot be used for payments abroad. However, platforms like Wise and Paysend now support Pix for sending money to Brazil¹¹. Pix payments for international remittances to Brazil will also be available soon on BOSS Revolution. This will allow more individuals and businesses to benefit from faster and more affordable international money transfers.

How to send money to Brazil using Pix payments

To send money to Brazil using Pix payments, you need a valid Pix key for the recipient and a payment platform that supports cross-border transfers with Pix. Wise and Paysend support such transactions. BOSS Revolution will also be offering Pix payments to Brazil starting this year.

Once you have the recipient’s Pix key and a trusted money transfer service provider, simply follow the steps below:

1. Choose a payment platform that supports Pix.
2. Enter the recipient’s Pix Key and verify the details.
3. Choose the payment amount and currency.
4. Confirm the transaction and complete the payment.
5. Once the transfer goes through, you will receive confirmation of payment.

Pix payment fees and costs

For domestic use, Pix payments are typically free of charge. Payers do not have to pay subscription or transaction fees to use Pix when sending money for personal reasons or making payments for goods and services.

Businesses that use Pix for commercial purposes may incur small transaction fees depending on their bank or financial institution. Although there are fees for commercial use, these are generally kept low to support businesses, especially merchants and small enterprises.

When used for international transfers, the fees depend on the payment platform used. For affordable transfers with transparent fees, consider sending money to Brazil through BOSS Revolution. The platform will soon offer Pix payments for transfers to Brazil.

How Pix sets exchange rates

Pix does not set exchange rates directly. Instead, the rates depend on the payment platform used. Most payment platforms have dynamic rates based on currency market rates. Providers like Wise and Paysend offer competitive mid-market rates for transfers via Pix but typically charge currency conversion fees or markups. BOSS Revolution offers competitive exchange rates with lower fees.

To get the best exchange rate for your money transfer via Pix, consider doing the following:

• Compare exchange rates across different platforms before sending money.
• Use services that offer transparent fee structures to avoid hidden costs.
• Check for promotions or discounts for first-time users or specific transfer amounts.
• Rates fluctuate throughout the day, so send money when exchange rates are favorable.
• Consider transfer speed, as some platforms may offer better rates for slower processing times.

Security features of Pix

Pix is governed by the Central Bank of Brazil, ensuring compliance with strict financial regulations. Some of its main security features are:

User authentication

To use Pix, you must log into your bank app or online banking with a password, fingerprint, face ID, or security token. This ensures that only the account owner can send money or manage their Pix keys.

Transaction tracking

Every Pix transaction is fully recorded. If fraud happens, authorities can track where the money went, unlike cash withdrawals from ATMs, which are harder to trace.

Secure data transmission

All Pix transactions are encrypted and sent through a secure banking network, not the internet. Banks in the Pix ecosystem must also have special security certificates to process Pix transactions.

Fraud protection measures

Personal information linked to Pix keys is protected from hackers, but banks and payment providers are primarily responsible for protecting their users from fraud. Still, Pix has a system to block and return money in case of fraud.

Alternatives to Pix for sending money to Brazil

International money transfer services like Western Union, Wise, and Paysend process remittances to Brazil. Here’s how they compare with each other in terms of speed, cost, and accessibility.

*Rates and fees taken from platform websites on February 5, 2025.

Conclusion: Is Pix the right payment method for you?

Pix has revolutionized Brazil’s financial system, offering an instant, secure, and low-cost payment solution that benefits individuals and businesses alike. It is worth using for domestic transfers and payments.

Several money transfer platforms already offer international money transfers via Pix but may have high transaction fees. BOSS Revolution aims to make transfers to Brazil more affordable and will soon provide easy access to Pix payments. Download the app now to send money abroad fast, safe, and budget-friendly.

Sources: all third party information obtained from applicable website as of February 7, 2025

1. https://www.bcb.gov.br/en/statistics/graphicdetail/graficospix/PixUsersAlreadyMadePix

2. https://www.bcb.gov.br/en/financialstability/pix_en

3. https://www.bcb.gov.br/content/estabilidadefinanceira/pix/relatorio_de_gestao_pix/pix_management_report_2023.pdf

4. https://www.bcb.gov.br/en/financialstability/pixfaqen

5. https://www.bcb.gov.br/meubc/relatorio_chaves_pix

6. https://www.bcb.gov.br/en/statistics/graphicdetail/graficospix/PixUsersAlreadyMadePix

7. https://www.worldometers.info/world-population/brazil-population/

8. https://www.bcb.gov.br/en/financialstability/pixfaqen

9. https://www.bcb.gov.br/en/financialstability/pixbusinesses

10. https://www.bcb.gov.br/content/financialstability/financialstability_info/EN%20-%20IP%20Page%20-%20Infochart%20-%20IP%20Benefits.png

11. https://www.nasdaq.com/articles/boss-money-expands-zero-fee-transfers-venezuela-and-other-countries

12. https://www.westernunion.com/us/en/home.html

13. https://wise.com/us/send-money/

14. https://paysend.com/

15. https://www.bcb.gov.br/content/about/frequently_asked_questions_imgs/info-users-fees-for-pix.jpg

16. https://www.bcb.gov.br/en/financialstability/pixfaqen

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.