There’s a 1.2% fee + 0.38% IOF on the currency conversion rate at the time your money is converted into U.S. dollars. Currency conversions happen hourly, so the currency conversion rate you are quoted in the app may differ from the actual rate at which your transaction clears. Of this fee, 1% goes to our payments partner (Facilita FX), 0.2% to us and the IOF is a federal tax.
- Name of beneficiary: Facilita Pagamentos S/A
- CNPJ: 10.789.035/0001-05
- Bank: Santander (033)
- Branch ID: 1142
- Account number: 13001384-4
Deposit information is also available in the Deposit section of your Account menu. Just copy this information in your bank’s mobile app or desktop and finish the deposit!
Limits and minimums
You can start investing as little as US$1.* There is a daily limit of US$3,000 and a monthly limit of US$10,000 per user. If you want to invest more, additional tax documentation will be required.
*Please see our Fractional Shares Disclosure
Time to reach your account
The estimated time to the money reach your account is between 1-2 business days.
Facilita FX uses a service called Broadcast to get its rates. In your app we will provide you with the real time dollar rate with the 1.2% fee + 0.38% IOF already included. Conversion to U.S. dollars is made on an hourly basis, which means that the conversion rate of your deposit will be confirmed after Facilita FX receives your deposit and converts the money in the following hour’s batch, with the last conversion happening at 1 P.M. Pacific Time every day.
For example, when you log into your account to check the U.S. dollar rate at 11:32 A.M. to make a deposit you will see the real-time dollar rate we get from Broadcast through Facilita FX. You can use that to have an idea of the quote, but remember that your money will only be converted to U.S. dollars in the next hourly batch at 12 P.M., which means that the rate you saw may not be the same rate you get when your money is actually converted into U.S. dollars.
Problems with your deposit
Deposits that exceed the US$3,000 daily limit or the US$10,000 monthly limit require additional tax documents in accordance with federal law. We will send you an email with instructions on how to upload these documents in order to move forward with your deposit.
Deposits must also be made from an individual account registered to your name and national ID number. If your deposit is not made from an individual bank account in your name, your money will be transferred back to your bank account within 3 business days with potential bank fees charged. For example, a deposit made from a joint bank account in you and your partners’ names will be returned.
Also, there may be problems with your deposit if you provide erroneous information when transferring, such as:
- Wrong Type of Account
- Wrong Branch ID
- Wrong Bank Account
- Wrong required identification number
Finally, always make sure the deposit information is correct so your money doesn’t get lost!
Please note: Deposits made in cash directly in the bank will not be accepted. It has to be made via TED. This way we will be able to identify and match your transaction with your Passfolio account.