According to a public enquiry launched on November 12, the Central Bank (BC) intends to simplify the transfer of remittances abroad. According to the Central Bank, the proposal aims to modernize foreign exchange regulation, taking into account technological innovations aimed at international payments and transfers.
The public enquiry ends on January 29th, 2021.
What changes with the proposals
Currently, Brazilian need to enter into an individual exchange contract with banks or brokers to complete the transfer of funds abroad, which creates high costs for the client. The Central Bank’s idea is to allow authorized payment institutions to create apps or allow the transfer to be made online. In this format, the monetary authority suggests that transfers be limited to US$ 10,000.
The enquiry’s text covers both foreigners and Brazilians who live abroad and make payments in Brazil. It will also regulate the use of the prepaid payment account in reais for non-residents, with a maximum movement of US $ 10,000.