Brazil's government-run payments system has become dominant

The Brazilian government is a *very* corrupt authoritarian oligarchy. I would take any US company over that any day.

Yet we, a developing "third-world" country, have a better functioning payment system than the US, where it takes days, or even weeks, for a wire transfer to land, and you pay a huge amount of fees for that.

Cases in point:

- To transfer money to a broker, I need to pay around $5 in transfer fees via ACH or wire

- I want to change the custody of my stock market assets from one broker to another, and it will cost me $75 to move $60 worth of shares. Meanwhile, in Brazil, this process is free in every broker.

I don’t understand this binary. The UK was able to create a near-instant bank transfer system without monopolizing in the same way. https://en.m.wikipedia.org/wiki/Faster_Payments

It costing more for instant transfers is just a regressive tax on the working poor.

I can't find the details of the UK system, but it's not "monopolized" in Brazil. Perhaps due to the fact that the infra is provided by the Central Bank, and banks choosing to implement Pix support must implement the Pix APIs in their system.

> To transfer money to a broker, I need to pay around $5 in transfer fees via ACH or wire

I suggest switching to a better bank. This is unreasonable, my ACH transfers are free.

> I want to change the custody of my stock market assets from one broker to another

$75 sounds like a bargain, given the complexity it involves: https://www.bitsaboutmoney.com/archive/how-acats-transfers-w...

But anyway, I recently transferred some assets between brokers. It was free because the sending broker's fee to transfer assets out only applies when transferring the whole account. The receiving broker is happy to receive the assets, and shouldn't be charging any fee.

Hum, sorry, no. It's a very corrupt liberal oligarchy.

Everybody adopting an open protocol is "monopolizing" now...

It's cool that "we" have a payment system, however, I would never be comfortable using something whose people in charge are those that keep us (not me particularly because I've gladly left the country almost a decade ago) in this misery.

I use Crypto for everything you've mentioned. It's instant, almost free, and alexandre(he deserves a lowercased a) can't take my money if he feels that writing his name in lowercase makes me unworthy of my civil rights.

Where did you get this idea of a 'very corrupt authoritarian oligarchy'? Brazil is not much different from any other democracy and is far less oligarchic than Trump's USA. Also, PIX is managed by our independent central bank."

This take is at best outdated and at worst disingenuous. Brazil’s democracy was threatened by an actual authoritarian with oligarchical ties during Bolsonaro’s presidency, but its institutions resisted, and he was democratically removed. Now he, his minions, the aspiring oligarchs, and the insurrectionists who attempted their own “January 6th” are facing real consequences — including jail time.

You can’t say the same about the US and its actual oligarchs.

(The corrupt part is true)

There is no independent component of a country. It is very naive to claim so.

https://www.cnnbrasil.com.br/politica/por-decisao-de-moraes-...

What kind of non-authoritarian country arrests people for merely cursing at politicians on twitter?

Moreover, what kind of non-authoritarian country issues hundreds of thousands of rulings by its Supreme Court?

The Brazilian Supreme Court is an unelected entity that has complete control over the country, and firmly issues unappealable censorship arrests.

There is absolutely nothing this tyrannical in almost any western democracy, sans the UK.

Isn’t this what FedNow is for in the US? Genuinely curious since I feel like transfers still take days. My assumption is that it’s not fully adopted yet, but my understanding is that the US is in the process of adopting this.

https://en.m.wikipedia.org/wiki/FedNow

Do you have a guide on how to use it or what services accept crypto for this purpose?