Frequently Asked Questions

Welcome to the Bexs Frequently Asked Questions page. Choose a topic and get answers to your questions. If you want to know more about any topic, contact our specialists through our service channels.

1. What is currency exchange?

Currency exchange is a financial transaction involving the exchange (buying or selling) of different currencies for the purposes of tourism, importing, exporting, financing, e-commerce, etc.

For example, when a Brazilian tourist travels abroad and needs a foreign currency, an agent authorized by the Central Bank of Brazil to operate in the currency exchange market receives from the Brazilian tourist the local currency (Brazilian real) and delivers (sells) to them the foreign currency.

When shopping on an e-commerce site hosted in another country, Brazilian consumers pay in Brazilian real, but a currency exchange transaction is required in order for the owner of the international e-commerce business to receive the payment in their local currency. In this case, a currency exchange operator also is needed, even for online (e-commerce) transactions.

Also, when a Brazilian exporter sells its merchandise to a foreign customer, payment is made by the customer in a foreign currency and a Brazilian currency exchange operator is responsible for converting the amount into the local currency so that the exporter can be paid.

2. What is an exchange (FX) rate?

An exchange rate is the rate at which one currency is exchanged for another. It reflects the price of a currency in units or fractions (cents) in relation to another currency. In Brazil, the most traded foreign currency is the U.S. dollar. Hence, the most commonly used rate is that of the Brazilian real in relation to the U.S. dollar, which may appreciate or depreciate.

3. How do I buy or sell currency?

Today, currency exchange operations can be contracted freely through any institution authorized by the Central Bank of Brazil, more specifically through specialized banks and brokerages. These transactions observe the principles of legal grounding and financial capacity of the buyers and sellers.

4. Is there a maximum amount of currency a person can buy or sell?

There is no limit on the buying or selling of currencies. However, during the transactions the person must demonstrate their financial capacity and the origin of the funds involved. The higher the amount, the higher the guarantees required.

5. Can anyone buy or sell currency?

Yes, even those younger than 16, provided they are duly represented by their legal guardians. Currency exchange operators can provide information on the requirements for buying and selling currency in the case of small sums, large sums or transactions governed by specific regulations: exporting, importing, money transfers, investments, etc.

6. What documents do I need to buy currency (for individuals and legal persons)?

The documents required depend on the type and amount of the transaction, although the following documents are required for all transactions: Brazilian or Foreigner Identity Document (RG/RNE), Brazilian Individual Taxpayer ID (CPF) and proof of address.

If you have never bought or sold foreign currency, you will be required to register by providing the following information:

Individuals

  • Identification: full name, taxpayer ID (CPF), date of birth, country of birth;
  • Address: street name, number, district, postal code and state;
  • Contact information: e-mail, telephone and mobile.

Legal Persons

  • Identity document (corporate taxpayer ID (CNPJ), articles of incorporation and their most recent amendment);
  • Registration form;
  • Signature on the currency exchange contract.

7. Why do I need to keep the proof of transaction?

The proof of transaction guarantees origin of the transaction and that it was conducted legally.

8. How does the Bexs Multicurrency card work?

This is a rechargeable, prepaid international debit card that can be used to withdraw money from VISA PLUS ATMs (in over 200 countries) using the customer’s PIN number.

The card can be charged with up with up to six different currencies, simultaneously or alternately. The following currencies are available: U.S. dollar, Euro, Pound sterling, Canadian dollar, Australian dollar and New Zealand dollar.

9. How can I activate my Bexs Multicurrency card and check its balance?

At the website www.bexs.com.br/bexsmultimoedas and through the Bexs Multicurrency app, customers can access their accounts by informing their card number and date of birth. Next, just below, they will see an option to activate the card. In the restricted area, clients also can consult their balance by currency.

10. What should I do if the card is stolen or lost?

Customers should contact the card center directly to request blocking the card by calling: +55 011 4003-2712 or 0800-888-1221 for other locations. If calling from outside Brazil: 55 11 3588-4848. You can request a new card to replace the lost one.

11. Cross-border

Term used to define the selling (or buying) of goods and services involving two or more countries. Transactions involving sales and purchases of Brazilian goods to or from foreign countries are called cross-border transactions.

12. E-commerce

E-commerce is a type of commerce in which transactions are carried out through virtual stores and platforms that offer products and services. Today, tens of millions of Brazilians shop online using their smartphones and computers to access these virtual platforms.

13. Cross-border e-commerce

A type of electronic commerce in which the buyer and the shopping platform are not located in the same country. When a Brazilian or a Brazilian resident makes a purchase from a foreign online store/platform, we call this a cross-border e-commerce transaction.

14. International credit card:

Payment vehicle that, once the issuer bank authorizes the credit, authorizes the purchase of a good or service either in person or online. The cardholder usually pays for its expenditures on a certain date, the date on which the credit card bill is due.

This card allows the cardholder to acquire goods and services in foreign currencies, whether online (e-commerce) or in person.

In Brazil, less than 20% of the credit cards are authorized to make international purchases.

15. Local credit card:

Payment vehicle that, once the issuer bank authorizes the credit, authorizes the purchase of a good or service either in person or online. The cardholder usually pays for its expenditures on a certain date, the date on which the credit card bill is due.

This card does not allow the holder to acquire goods and services in foreign currency, whether online (e-commerce) or in person.

In Brazil, more than 80% of the credit cards are not authorized to make international purchases.

16. Debit card:

Payment vehicle through which the purchase of a good or service is authorized and debited immediately.

This card allows the holder to acquire goods and services in foreign currency, whether online (e-commerce) or in person.

17. Bank payment slip:

One of the main payment means used in Brazil. This is a billing slip that can be paid at a bank or any associated institution until the due date. The slips include basic collection information and a bar code to enable online payment or on-site payment at banks and other institutions.

This payment vehicle does not allow consumers to acquire goods and services in foreign currency, whether online (e-commerce) or in person.

18. Wire transfers:

One of the main payment means used in Brazil. In this case, payment is made directly from the debited account to the credited account. Transfers are made observing certain rules, such as the amount involved and calendar restrictions, such as weekends and transfer hours.

This payment vehicle does not allow consumers to acquire goods and services in foreign currency, whether online (e-commerce) or in person. A wire transfer that involves currency exchange can only be made through an especially authorized bank or brokerage.

19. API

API is the acronym for "Application Programming Interface."

An API allows a company to integrate its systems and applications with third-party systems. A good API has clear and well-documented instructions to facilitate the integration of its systems and software with partner and third parties.

The large companies of the new economy, such as Google, Apple, Facebook and Amazon, are notorious promoters of APIs, which enable many of their websites and apps to be connected, offer third-party applications or even be distributed by other websites and online technology companies.

The financial and payment industries also benefit from APIs, which can help to expand services and processing by facilitating the connection between different systems and applications.