At a meeting held on July 26, 2012 the Brazilian Monetary
Council (Conselho Monetário Nacional - CMN)
approved measures that simplify the foreign exchange (fx)
transactions of small value and provide more access alternatives
and greater reach to the Brazilian fx market.
CMN Resolution No. 4113/2012 allows that manual exchange
transactions (operações de câmbio
manual) be carried out through a bank note vending machine
(máquina dispensadora de cédulas), provided
that the clients are duly identified in the manner specified by the
Central Bank of Brazil (Banco Central do Brasil - Bacen).
Pursuant to the current regulations, the agents authorized to
operate in the fx market1 (authorized agents) shall
comply with the rules to perfectly identify their clients as well
as to assess the responsibility of the appropriate parties
regarding the legality of the operations performed.
Each client can purchase and sale foreign currency through a
bank note vending machine up to the limit of US$ 3,000.00 (or its
equivalent in other foreign currency) for each operation. Within
this ceiling the transaction is considered of small value. In any
case the client must be perfectly identified, as explained above,
but the authorized agent is waived from the submission of the
documentation regarding the underlying legal act to the exchange
transaction, as well as from the custody of the client´s
Furthermore, CMN Resolution No. 4114/2012 eliminated the current
restriction on the type of company that can be hired as a
correspondent to perform manual exchange
These measures are in line with the actions adopted by the
Brazilian Federal Government to simplify and modernize the exchange
market in our jurisdiction and, without sacrificing security, they
will enable the creation of a network compatible with tourist
centers of various sizes, providing the expansion of capillarity
and the increase in tourism expected in the sporting events that
Brazil will host in the coming years, namely the 2014 World Cup and
the Rio 2016 Olympic Games.
1 The matter is governed by article 18 of CMN Resolution
No. 3568, of May 29, 2008, that regulates the Brazilian fx market.
According to the provisions of article 2 of CMN Resolution
3568/2008, authorizations for the performance of operations in the
fx market may be granted by Bacen to the following entities: (i)
multiple banks (bancos múltiplos/em); (ii) commercial
banks (bancos comerciais caixas econômicas); (iv)
investment banks (bancos de investimento); (v) development
banks (bancos de desenvolvimento); (vi) foreign exchange
banks (bancos de câmbio); (vii) development agencies
(agências de desenvolvimento); (viii) credit,
financing and investment companies (sociedades de
crédito, financiamento e investimento); (ix) securities
and stocks brokerage companies (sociedades corretoras de
títulos e valores mobiliários); (x) securities
and stocks dealership companies (sociedades distribuidoras de
títulos e valores mobiliários); and (xi) foreign
exchange brokerage companies (sociedades corretoras de
2 These rules are contained in the new wording of
paragraph 5 of article 8 of CMN Resolution 3568/2008 as amended by
article 1 of CMN Resolution 4113/2012. The use of bank note vending
machines to carry out the manual exchange transactions is permitted
by article 2 of CMN Resolution 4113/2012, which adds a new
paragraph 2 to article 9 of CMN Resolution
3 Article 1 of CMN Resolution 4114/2012 revoked article 1
of article 9 of CMN Resolution No. 3954, of February 24, 2011,
which only authorized the hiring of the following entities to
perform manual exchange transactions: (i) financial institutions or
other entities authorized to operate by Bacen; (ii) legal entities
registered with the Ministry of Tourism as paid tourism service
providers; (iii) the Brazilian Post Office and Telegraph Company
(Empresa Brasileira de Correios e Telégrafos
– ECT); and (iv) the lottery services agents. Now this
restriction no longer applies.
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