Say Goodbye to DOC

A few years ago, we introduced you to TED and DOC. If you don’t recall, you can read our article Meet TED and DOC.

TED and DOC are names given to different forms of wire transfers offered by Brazilian financial institutions. While TEDs can be sent in any amount and arrive the same day if sent before 5:00pm, DOCs have a BRL$5,000 limit and arrive the following day.

But now, it’s time to say goodbye to DOC - at least at one financial institution. In 2020, the Brazilian Central Bank launched PIX. Due to its widespread use, it’s quickly become the primary form of sending money in Brazil. So much so that TEDs and DOCs are rarely used anymore.

As a result, Itau, one of Brazil’s largest banks, recently announced that it’ll no longer offer DOC for individual account holders as of last month. It also plans to stop offering the option for business customers this year. For now, TED will still be around, but one has to wonder for how long.

PIX is considered a faster, cheaper and safer way to send money in Brazil. It can be used for person-to-person payments as well as purchases both in store and online. Best of all, it’s free to use and the payment is received instantly.

With the addition of PIX, it’s hard to imagine why anyone would choose TED or DOC to send money in Brazil. Perhaps it’s time to say goodbye not just to DOC but to TED as well.