The Central Bank of Brazil (BCB) released the Public Consultation No. 124/2025, with the aim of amending BCB Resolution No. 277, of December 31, 2022, to improve the provisions related to the international payment/transfer service, eFX.2.   

The following points stand out in relation to the proposal: 

• The provision of eFX services is exclusively by institutions authorized to operate by the Central Bank of Brazil (BCB). A legal entity that provides eFX but is not yet authorized to operate by the BCB may: 

• to request authorization to operate as a payment institution in the modalities of electronic money issuer, post-paid payment instrument issuer or acquirer, within a period to be defined by the BCB; and 

• Continue to enable, until the end of its authorization process, the acquisition of goods and services up to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies, through a digital payment solution integrated into the e-commerce platform, provided that there is no legal or regulatory impediment to the provision of this service. If the legal entity is a payment institution not authorized to operate by the BCB that acts as an issuer of electronic money, issuer of post-paid payment instruments, or acquirer, it will also be possible to continue enabling eFX within the scope of the payment arrangement authorized by the BCB, without value limitation until the end of its authorization process.
  Payments and receipts made by the eFX provider in the authorization process to fulfill obligations arising from its clients' transactions will be carried out exclusively through the purchase or sale of foreign currency. 

• The need to provide information to the Central Bank of Brazil (BCB) regarding the transactions and movements in reais (Brazilian currency) of the eFX provider, submitted monthly by the institutions involved; 

• The requirement for the eFX provider to receive and deliver the funds to the user only through a deposit account held by the eFX provider and exclusively dedicated to providing said service; 

• The requirement for institutions authorized to operate by the Central Bank of Brazil (BCB) to inform the regulator of their intention to provide eFX services; 

• Expansion of eFX, which will enable the transfer of funds related to investments in the financial market and the securities market, domestically or abroad, limited to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies; 

• Information to the client regarding the Total Effective Value – TEV in the case of eFX aimed at enabling unilateral transfers between accounts of the same holder and of funds related to investment in the financial market and the securities market; and 

• The creation of new purpose codes applicable to foreign exchange transactions. 

Furthermore, the BCB is interested in gathering information regarding (i) the possibility of providing eFX services through a Banking as a Service (BaaS) model, via a partnership between the eFX provider and an institution authorized to operate by the BCB, and under what conditions such a model could be implemented; (ii) the treatment that can be given to the delivery of value in reais by the initiating user to the eFX provider, in the case of the purchase of products and services abroad from gift card Purchased in person in Brazil. 

Contributions to Public Consultation No. 124/2025 can be submitted until November 2, 2025, and interested parties should use the channels indicated on the Central Bank's website and portal.Participate + Brazil.  

It is worth noting that the comments and suggestions submitted will be available for public consultation on the BCB website.