Table of Contents
Key takeaways
- Brazil’s eFX rules changed on October 1, 2026. Resolution BCB No. 561 introduces new requirements for who can provide eFX services, how funds are handled and transferred, and what information must be reported to the Central Bank.
- Pix, local credit cards, and other supported payment methods remain available for international purchases. However, merchants could face disruptions if their eFX provider cannot continue operating under the new framework.
- International merchants should confirm how their payment provider is positioned under the new rules. This includes understanding who handles their eFX operations, whether that provider is authorized or operating under the transition period, and whether any changes will be required.
- PagBrasil is prepared for the new eFX framework. With a Payment Institution license and authorization from the Central Bank of Brazil to operate directly in the foreign exchange market, PagBrasil can provide the local payment and eFX infrastructure international merchants need to sell to Brazilian customers.
When a Brazilian customer pays an international merchant in reais using local payment methods like Pix or a domestically issued credit card, the payment itself can feel seamless. Behind the scenes, however, the transaction involves a more complex financial process—including an electronic foreign exchange operation known as eFX, which enables funds collected in Brazil to be transferred to the merchant abroad.
Because eFX is typically handled by the provider supporting a merchant’s payments in Brazil, it rarely requires the merchant’s direct attention. But a new regulatory framework in Brazil makes the infrastructure behind these operations much more relevant to their day-to-day operations.
Published on April 30, 2026, Resolution BCB No. 561 amends Resolution BCB No. 277, which governs Brazil’s foreign exchange market. The changes took effect on October 1, 2026, introducing new requirements for who can provide eFX services, how funds must move, and what information must be reported to the Central Bank of Brazil. While the changes primarily concern the providers carrying out eFX, they can have direct implications for the international merchants those providers support, including the continuity of their payment operations in Brazil.
In this article, we look at what has changed, how the new requirements may affect international payment operations, and what merchants should be discussing with their payment providers now that the changes have gone into effect.
What is eFX?
eFX, short for electronic foreign exchange, is a service used to facilitate international payments and transfers. In the context of cross-border e-commerce, it enables a Brazilian customer to pay in reais while the international merchant receives the corresponding funds abroad.
The eFX provider supports the financial flow between these two sides of the transaction, from the collection of funds in Brazil to their transfer abroad, in accordance with Brazilian foreign exchange regulations. It is this part of the payment process, and the providers responsible for it, that the new regulation addresses.
Pix, local credit cards, and other supported payment methods can continue to be used for international purchases. What changes are the requirements governing the eFX operations behind them.
What changes under the new eFX regulation?
Resolution BCB No. 561 changes both who can provide eFX services in Brazil and the requirements governing how these operations are carried out. Three changes are particularly relevant to international payment operations.
1. eFX services are now restricted to authorized institutions
Previously, payment providers without a payment institution license—and even non-financial companies—could provide eFX services within specific conditions and transaction limits.
Under the new framework, eFX can only be provided by the types of institutions authorized under the regulation, including banks, foreign exchange brokers, and certain categories of payment institutions.
2. The Central Bank will receive more detailed information about eFX operations
Institutions responsible for eFX operations must provide information that allows the Central Bank to better identify and monitor the transactions taking place. This includes the parties involved, the purpose of the transaction, and the amounts transferred.
The regulation therefore gives the Central Bank greater visibility into not only the movement of funds, but also the underlying transactions.
3. New requirements apply to how funds are handled and transferred
Providers that do not hold a reserve or settlement account with the Central Bank must use dedicated accounts for eFX transactions, separating these funds from those associated with other activities. The financial institution maintaining the account must also report its movements to the Central Bank.
In addition, the regulation establishes how funds can be transferred to the recipient abroad. This must take place through a foreign exchange transaction or a Brazilian real-denominated account held in Brazil by a non-resident individual or company. Cryptocurrencies and other virtual assets cannot be used to remit these funds.
Is there a transition period?
The new requirements took effect on October 1, 2026, but that does not mean every existing eFX provider without Central Bank authorization must immediately stop operating.
Providers that meet the Central Bank’s transition conditions have until May 31, 2027, to apply for authorization as a payment institution and can continue providing eFX services while their application is under review, subject to the conditions and limits established by the regulation.
In other words, the transition period provides additional time to complete the authorization process—not to comply with the new operational requirements. The applicable rules governing financial flows and reporting are already in effect and must be followed throughout the transition.
What does the new eFX regulation mean for international merchants?
The new regulation does not prohibit or restrict the use of Pix, local credit cards, or other supported payment methods for international purchases. Instead, its potential impact on their availability comes from the infrastructure behind them.
If an eFX provider is unable to continue operating under the new framework or the conditions of the transition period, international merchants using that provider may need to migrate to an alternative. Until that migration is complete, the local payment methods supported through that structure could become temporarily unavailable to Brazilian customers.
Depending on the payment setup, changing providers can involve more than a contractual change. It may require a new technical integration, adjustments to existing processes, and decisions about how transactions already in progress or refund requests will be handled. If the migration is not planned in advance, that complexity can create interruptions in payment acceptance and, ultimately, lost sales.
For merchants, the priority is therefore continuity: understanding who provides the eFX service behind their Brazilian payment operations, how that provider is positioned under the new regulation, and whether any changes will be required to maintain the existing payment flow.
What should international merchants do now?
International merchants accepting payments in Brazil should speak with their payment provider to understand how their eFX operation is positioned under the new regulatory framework and whether any changes may be required.
Key points to clarify include:
- Who is responsible for the eFX operation behind your payments in Brazil?
- Is the eFX provider already authorized by the Central Bank, or is it operating under the transition period?
- If it is operating under the transition, is it already complying with the requirements now in effect?
- Will the new regulation require any changes to your current payment setup?
- If a provider migration becomes necessary, what will happen to existing transactions and refunds, and will a new technical integration be required?
Addressing these questions early can help identify potential changes before they affect payment availability.
More broadly, the new eFX framework highlights an important consideration when choosing a payment partner in Brazil: local expertise extends beyond understanding how Brazilian consumers prefer to pay. It also means having the infrastructure, regulatory knowledge, and authorizations needed to support those payments as local requirements evolve.
Local payments require local expertise
For international merchants, eFX may continue to operate largely behind the scenes. But the new regulation is a reminder that accepting local payments in Brazil depends on much more than the payment methods customers see at checkout.
A payment partner should be equipped to navigate both sides of the local market: the consumer behaviors that shape how Brazilians pay and the regulatory requirements that determine how those payments are processed and funds move across borders. As those requirements evolve, that expertise becomes critical to maintaining a compliant and continuous payment operation.
PagBrasil combines more than 15 years of experience in the Brazilian payments market with the local infrastructure and regulatory capabilities needed to support international merchants selling to Brazil. With a Payment Institution license and authorization from the Central Bank of Brazil to operate directly in the foreign exchange market, PagBrasil is equipped to support eFX operations under the new regulatory framework while providing the local payment methods Brazilian customers use.
Whether you are reviewing your current eFX setup or looking for a payment partner prepared for the new requirements, talk to our specialists about how PagBrasil can support your payment operation in Brazil.
