Members Alaskabear Posted January 12, 2022 Members Posted January 12, 2022 Can anyone enlighten me to what exactly Pix is? A lot of guys are mentioning it in ads. I’m trying to gather info online about it but I’m coming up with nothing clear. is it a Venmo or cash app situation where you can just add an account and go? Or do you need to be within the Brazilian banking system? also what is the exact app to download? Banco do Brasil app? thank you all. Quote
caeron Posted January 12, 2022 Posted January 12, 2022 https://business.ebanx.com/en/resources/payments-explained/pix-instant-payment-system Quote
Members belkinDC Posted January 12, 2022 Members Posted January 12, 2022 A Brazilian bank account is required to send/receive Pix payments. I've not opened one myself but here is an article outlining the process for non-residents to open an account with Bradesco (which is apparently the only major bank that allows this for people without a visa): https://toughnickel.com/personal-finance/Can-a-Tourist-Open-a-Bank-Account-in-Brazil If you are just wanting to use it to pay guys, I would advise to just stick with cash wherever possible. Alaskabear 1 Quote
Members Alaskabear Posted January 13, 2022 Author Members Posted January 13, 2022 Yeah. It looks like cash is king. I definitely don’t need to be opening a bank account just for Programa transactions lol. Thanks for the heads up Quote
Members SolaceSoul Posted January 13, 2022 Members Posted January 13, 2022 Pix is basically the Brazilian version of Zelle. It does money transfers from one Brazilian bank account to the next, for those who have signed up for the Pix service. Like with Zelle, each person’s bank account can be linked to one ID form — the CPF number (similar to our Social Security Number), an email address or a (possibly Brazilian-only) telephone number. Like with Zelle, the money transfers almost immediately and there is no fee to the sender or receiver. Brasileiros love it. Ir might be a bit difficult for a non-Portuguese speaker to set up a Bradesco account, particularly if you’re not trying to do it in person, and don’t have a Brazilian ID. A workaround is to sign up for and use the Remitly app. It will link your US bank account to their service, and they will use their Brazilian bank to send your funds to your favorite Brasileiro amigo or garoto’s bank account, using his preferred ID information. It has two delivery options: express (same day) for a $5.99 fee, and normal 3-5 business day delivery for $1.99. All of this can be done from any location and on your phone or laptop. Alaskabear 1 Quote
Guest Posted January 13, 2022 Posted January 13, 2022 I like to exchange for reais before I leave the US & avoid Brazilian ATMs if possible. Bank of America has good rates for customers & convenient pick-up Quote
