How do I cancel a Pix? Find out now!

How do I cancel a Pix? This is a question asked by average Brazilians who have become familiar with the money transfer tool.

Do you know if it's possible? Do you know how to do it? Keep reading to the end and find out. 

Below, see the index of this article:

• Can I cancel a Pix?
• Errors that do not allow a refund
• How do I cancel a Pix?
• Scams, Frauds and Operational Failures
• Cancellations of purchases made via Pix
• How long does it take to get my money back?
• Cancel Pix appointment

This will be the information you will find within the article.

Can I cancel a Pix?

The answer to the question "how to cancel a Pix" isn't at all simple. You can't cancel it in the vast majority of cases. Therefore, under normal pressure and altitude conditions, you've lost your money.

Or not. The BC (Central Bank)'s instructions for common cases, such as incorrectly entered information that results in money being sent to a third party for which it was not initially intended, are: try to contact the customer to obtain a refund.

However, you're not covered by any law in this case, and if the third party doesn't want to return it, that's it. It's over, there's no way around it, good luck.

However, you may have significant assistance. Contact the financial institution (the bank) to which Pix was sent and seek some form of intermediary to try to convince the third party to refund the amount.

With proof of the transaction in hand, this financial institution can assist you in the negotiation. Unfortunately, if this isn't possible and you can't get your money back this way, only legal action can reverse the situation.

However, as previously stated, although most cases do not have a legal framework for returns – as they are usually due to errors on the part of the recipient, as already explained – there are situations where this refund is permitted and possible.

How do I cancel a Pix?

To cancel a Pix payment, you need to be within a few situations, which are not so common, but still happen quite a lot due to the chaotic Brazilian financial routine, where scams, errors and other things happen routinely.

How to cancel a Pix when:

• I suffered a blow
• A Fraud Occurs
• I experienced an Operational Failure
• Returning a purchase made via Pix

Additionally, you'll notice other occasions where you can review the Pix, especially when it's scheduled. But we'll cover this later.

However, if your situation doesn't fit any of the options discussed above, there's little you can do to cancel a Pix payment you've already made. You'll be without legal protection and at the mercy of the good faith of third parties who received the Pix payment in error.

Scams, fraud and operational failures

In cases of scams, fraud, or operational failures by the financial institution or fintech, whether it be yours or the recipient's, you can appeal to the Central Bank's Special Refund Mechanism (which goes by the acronym MED).

Therefore, whenever something like this happens, keep in mind that if the financial institution offers the Pix service, it is obliged to have this support mechanism.

However, the first step you need to take if you are a victim of any of the situations discussed in this topic (scam, fraud or failure) is to file a police report.

Next, you'll need to notify your bank about the situation through an official customer service channel. Customer service or the Ombudsman's Office are the best ways to contact them and should already have direct options for this type of situation.

Therefore, once this is done, the next step in the procedure is for the financial institution, or fintech, from which the Pix was sent to file a refund request with the financial institution, or fintech, where the Pix arrived.

At this point, a security analysis, which typically takes seven business days, is conducted. The results are shared with your financial institution and you. If the scam, fraud, or operational error is confirmed, your money will be returned.

Returning a purchase made via Pix

This is a fairly common scenario. Most Brazilians have probably bought something and realized they don't want the actual purchase, for whatever reason.

Therefore, once you decide to return your purchase paid for with Pix – by canceling it – you will have the support of the Consumer Protection Code. 

The rule behind this code is simple: if you buy something and change your mind, you're entitled to a full refund. However, it's possible that the refund won't be made via Pix, but through another method. Be careful.

I appealed and won: how long does it take to receive a Pix refund?

This timeframe will vary depending on the case. If you accessed the MED and successfully appealed the claim, in cases of scams, fraud, or operational failures, you have up to 80 days to receive your refund.

However, in cases of purchase regret, the Consumer Protection Code (CDC) indicates that the amount must be refunded within seven business days.

However, as you've seen before, if you make a mistake and send a Pix to someone by mistake, there's no deadline for a refund. You won't be legally protected and will be entirely dependent on the recipient for the refund.

Canceling scheduled Pix

Another option you'll find when searching for ways to cancel a Pix is to cancel a scheduled Pix. In this case, simply look for the section dedicated to scheduling, as there will be an option to cancel them.

To find the path in your bank's app, search for "how to cancel scheduled Pix at bank such and such."

Conclusion on how to cancel a Pix

In short, figuring out how to cancel a Pix is a necessity for your daily life. However, it's important to be careful not to make a mistake and send your money to a random person, as in that case, your chances of getting it back are very low.