Sending money from Italy to Brazil: the payments stack
Sending EUR 140 from Italy to Brazil cost 6.51% of the amount on average in Q3 2025, across 21 services in the World Bank's Remittance Prices Worldwide survey. Payouts in Brazil typically run over Pix, STR (Sistema de Transferencia de Reservas) and TED; between now and the end of 2027 there are 1 weekdays when banks in Italy are closed but Brazil keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 6.51% of EUR 140 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 3.8% across 16 services |
| Banks | 23.64% across 3 services |
| Collect in Italy | SEPA Instant Credit Transfer (SCT Inst), TIPS (TARGET Instant Payment Settlement), T2 (RTGS and CLM), SEPA Credit Transfer (SCT), CENTROlink |
| Pay out in Brazil | Pix, STR (Sistema de Transferencia de Reservas) and TED |
What it costs to send EUR 140
The World Bank surveyed 21 services sending from Italy to Brazil from 8 August 2025 to 3 September 2025. The average total cost, fees plus the FX margin, was 6.51% of the amount sent; money transfer operators averaged 3.8% and banks 23.64%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Italy
- PSD2 sets initial capital for payment institutions at 20,000 euros for money remittance only, 50,000 euros for payment initiation and 125,000 euros for the services in points 1 to 5 of Annex I (Article 7). source
- An e-money institution must hold initial capital of at least 350,000 euros at authorisation (EMD2, Article 4). source
- A payment institution that wants to provide services in another Member State for the first time notifies its home competent authority of the Member States, the services and any agents or branches it will use (PSD2, Article 28); agents are entered in the home register before they start (Article 19). source
Licences, sponsor banks, collections, ramps and KYC providers: sending from the Eurozone.
The payout side: Brazil
| Payout partner | What it does in Brazil | Source |
|---|---|---|
| dLocal · our guide | Supports payouts in Brazil in BRL via bank transfers and Pix transfers, with B2B parameters and full CPF validation of beneficiaries. | source |
| EBANX | Pays out in Brazil by Pix (published SLA under 2 minutes), Mercado Pago (under 2 minutes) and TED bank transfer (up to 3 days), to bank details or a Pix key. | source |
| Nium · our guide | Pays BRL to bank accounts at all banks in Brazil and by proxy payout, listed as instant with real-time, 24x7 availability. | source |
| Thunes · our guide | Connects businesses to Pix, bank accounts and mobile wallets in Brazil through its Direct Global Network, to send and collect funds in real time. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in Brazil: launching payments in Brazil.
Payout rails in Brazil
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| Pix | Banco Central do Brasil | Instant payment system created by the BCB that moves money between current, savings and prepaid accounts in seconds, 24 hours a day, 7 days a week; free for individuals and low cost for companies. | source |
| STR (Sistema de Transferencia de Reservas) and TED | Banco Central do Brasil | Business days only, Brasilia time: STR interbank transfers 06:30 to 18:30 and customer transfers (TED) 06:30 to 17:30. On 24 December (when a business day) STR interbank closes at 13:00 and TED at 12:30; on the last business day of the year they close at 13:00 and 12:00. Not available on Saturdays, Sundays or holidays. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 1 dates when Italy is closed and Brazil is open, the payout balance has to already hold enough to cover them. On the 12 dates when Brazil is closed, instant rails may still pay out.
| Date | Italy | Brazil | What it means |
|---|---|---|---|
| Mon 2 Nov 2026 | Open | Dia de Finados (All Souls' Day) | Brazil banks closed: only always-on rails pay out |
| Fri 20 Nov 2026 | Open | Dia da Consciencia Negra | Brazil banks closed: only always-on rails pay out |
| Fri 25 Dec 2026 | Christmas Day | Natal (Christmas Day) | Both closed |
| Fri 1 Jan 2027 | New Year's Day | Confraternizacao Universal (New Year's Day) | Both closed |
| Mon 8 Feb 2027 | Open | Carnaval (Monday) | Brazil banks closed: only always-on rails pay out |
| Tue 9 Feb 2027 | Open | Carnaval (Tuesday) | Brazil banks closed: only always-on rails pay out |
| Fri 26 Mar 2027 | Good Friday | Sexta-feira da Paixao (Good Friday) | Both closed |
| Mon 29 Mar 2027 | Easter Monday | Open | Prefund Brazil the day before: no funding from Italy, payouts continue |
| Wed 21 Apr 2027 | Open | Tiradentes | Brazil banks closed: only always-on rails pay out |
| Thu 27 May 2027 | Open | Corpus Christi | Brazil banks closed: only always-on rails pay out |
| Tue 7 Sep 2027 | Open | Independencia do Brasil | Brazil banks closed: only always-on rails pay out |
| Tue 12 Oct 2027 | Open | Nossa Senhora Aparecida | Brazil banks closed: only always-on rails pay out |
| Tue 2 Nov 2027 | Open | Dia de Finados (All Souls' Day) | Brazil banks closed: only always-on rails pay out |
| Mon 15 Nov 2027 | Open | Proclamacao da Republica | Brazil banks closed: only always-on rails pay out |
| Fri 24 Dec 2027 | Open | Christmas Eve (shortened STR day) | Brazil banks closed: only always-on rails pay out |
| Fri 31 Dec 2027 | Open | Ultimo dia util do ano (last business day of the year) | Brazil banks closed: only always-on rails pay out |
Full calendars: Euro area (TARGET2/T2 and SEPA) and Brazil. Size the buffer with the corridor runway calculator.
Funding the corridor
- At the Bundesbank, T2 RTGS accepts customer payments from 02:30 to 17:00 and bank-to-bank payments from 02:30 to 18:00 on business days, so non-instant euro funding must be sent within those windows. source
- T2 has a non-optional maintenance window every week from 02:30 Saturday to 02:30 Monday, extended over TARGET closing days (for example from Good Friday to the Tuesday after Easter); when the optional weekday window (03:00 to 05:00) is activated, settlement of liquidity transfers in TIPS is affected while TIPS keeps processing instant payments. source
- Pix pays out on weekends and holidays, but STR and TED run only on business days (STR interbank 06:30 to 18:30 Brasilia time), so reais moved through STR for weekend payouts have to arrive before Friday's close. source
- STR closes early at year end: on 24 December (when a business day) interbank transfers close at 13:00 and TED at 12:30, and on the last business day of the year at 13:00 and 12:00. source
- An eFX provider without a BCB reserve or settlement account must receive reais from senders and deliver reais to recipients only through a single-purpose account at an FX-authorised institution, and it cannot net reais received against reais delivered. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Italy, the payout partners and banks in Brazil and any stablecoin in between. It warns before the Brazil balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Italy to Brazil?
The World Bank's survey put the average total cost of sending EUR 140 at 6.51% in Q3 2025, across 21 services. Money transfer operators averaged 3.8%.
Which rails pay out in Brazil?
Local payouts run over Pix, STR (Sistema de Transferencia de Reservas) and TED.
When do I need to prefund Brazil payouts ahead of holidays?
Between now and December 2027 there are 1 weekdays when Italy is closed and Brazil is open, the first on Mon 29 Mar 2027. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- T2 (opening hours and closing days) · European Central Bank
- TARGET Systems operating schedule, euro · European Central Bank
- Feriados bancarios e expediente especial ao publico · FEBRABAN
- Pix · Banco Central do Brasil
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.