Pix no longer has a transaction limit in 2023, announces BC

The Central Bank announced this Thursday (1th) that financial institutions are no longer required to impose a value limit on operations via Pix, maintaining only the value restriction for the day and night period. The new rule takes effect from January 2, 2023.

The rules for raising or lowering limits at the request of customers have not changed. Reduction requests must be accepted immediately by financial institutions, while limits expansion requests may take 24 to 48 hours after the request, if accepted.

The monetary authority also announced an increase in the limits for withdrawing money through Pix Saque and Pix Troco transactions. The withdrawal limit with Pix will jump from BRL 500 to BRL 3,000 during the day and rise from BRL 100 to BRL 1,000 at night.

The BC also amended the regulation to make it possible for the National Treasury to pay salaries, retirements and pensions through Pix, among other operational improvements.

The suggestion to change the limit per operation was made at the Pix Forum in September, which brought together a working group coordinated by BC and secretariat by Febraban (Brazilian Federation of Banks). A new meeting is scheduled for this Thursday.

In the group, there was an understanding that the barrier per transaction is not very effective, since the user can carry out several operations in the maximum amount allowed as long as he respects the limit per period (day or night).

In a note, the monetary authority said it had updated the rules on value limits for transactions via Pix “with the aim of simplifying the implementation rules and improving the user experience when managing limits through applications, maintaining the current level of security”.

Other changes involving the rules of the instant payment system were also announced on Thursday. The new rule provides that it is up to each financial institution to define the limits involving transactions in which end users are companies.

The BC also informed that the customization of the differentiated night schedule becomes optional. Another novelty is that the reference for setting the limit for transactions via Pix that have the purpose of purchasing becomes TED, no longer the debit card.

According to the Central Bank, changes in Pix Saque values ​​are intended to adapt the limits usually available at ATMs for traditional looting. “Thus, with Pix Saque, users will have access to the service with conditions similar to those of traditional withdrawal”, he said.

While most of the rules will come into effect from January 2nd of the next year, the adjustments related to the management of limits for customers through the institution’s application or digital channel will be effective from July 3rd, 2023.

Pix has already become the most used means of payment in Brazil and has continued to grow since its launch in November 2020. With the payment of the first installment of the 13th salary on Wednesday (30), the system broke a new transaction record in a single day. 99.4 million operations were performed, according to BC.