Resolution CMN No. 4021 on Tariffs for Foreign Exchange Services Related to International Travel and Mandatory Disclosure of Effective Total Value (VET)

RESOLUTION NO. 4,021, OF SEPTEMBER 29, 2011
Regulates the charging of tariffs for the provision of services linked to manual foreign exchange operations for the purchase or sale of foreign currency related to international travel and establishes the obligation to disclose the Effective Total Value (VET) in such operations.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes it public that the Monetary National Council, in a session held on September 29, 2011, based on Articles 3, item V, and 4, items VI, VIII, IX, and XXXI of the aforementioned Law,

R E S O L V E S:

Article 1. Articles 3 and 5 of Resolution No. 3,919 of November 25, 2010, shall henceforth be in force with the following wording:

"Article 3. The charging of a tariff for the provision of priority services to natural persons must observe the list of services, standardization, acronyms, and triggering events for charging established in Table I attached to this Resolution, thus considered those related to:
I - registration;
II - deposit account;
III - transfer of funds;
IV - credit operation and financial leasing;
V - basic credit card; and
VI - manual foreign exchange operation for the purchase or sale of foreign currency related to international travel.

§ 1. The value of the tariffs referred to in the caput must be established in reais.

§ 2. The value of the tariff charged for the provision of a service through the "Correspondent in the Country" service channel, provided for in Table I referred to in the caput, cannot be higher than the tariff charged for the provision of the same service through a personal or in-person service channel."

"Article 5. ............................................................................................................
..........................................................................................................................

Resolution No. 4,021, of September 29, 2011.
VII - other foreign exchange services not provided for in Table I attached to this Resolution; VIII - prepaid card; ........................................................................................................................."

Article 2. Resolution No. 3,919 of 2010 is hereby amended with Article 16-A, with the following wording:

"Article 16-A. Financial institutions and other institutions authorized to operate in the foreign exchange market, upon inquiry in any form and prior to contracting, with natural persons, of manual foreign exchange operations for the purchase or sale of foreign currency related to international travel, must inform the client or user of the total value of the operation, expressed in reais, per unit of foreign currency.

Sole paragraph. The total value of the operation mentioned in the caput will be called Effective Total Value (VET) and must be calculated considering the exchange rate, applicable taxes, and any tariffs charged."

Article 3. Table I attached to Resolution No. 3,919 of 2010 shall henceforth be in force in the form of the table published by this Resolution.

Article 4. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must adapt to the provisions of this Resolution by January 2, 2012, observed that:
I - the disclosure, in accordance with Article 15 of Resolution No. 3,919 of 2010, of Table I attached to Resolution No. 3,919 of 2010, modified by this Resolution, must occur by January 2, 2012; and II - the forwarding to the Central Bank of Brazil of information concerning tariffs related to manual foreign exchange operations, in the form of Table I attached to Resolution No. 3,919 of 2010, modified by this Resolution, must occur by February 1, 2012.

Article 5. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil

This text does not replace that published in the DOU and Sisbacen.

Resolution No. 4,021, of September 29, 2011.
DELIVERY CHANNELS/DELIVERY METHODS ACRONYM ON STATEMENT
1.1 REGISTRATION
2.1.1 2nd copy-DEBIT CARD
2.1.2 2nd copy-SAVINGS CARD
2.2.1 EXCLUSION CCF
2.2.2 SUSPENSION/REVOCATION
2.2.3 CHECK SHEET
2.2.4 ADMINISTRATIVE CHECK
2.2.5 VISA CHECK
In-person or personal PERSONAL WITHDRAWAL
Self-service terminal TERMINAL WITHDRAWAL
Correspondent in the Country CORRESPONDENT WITHDRAWAL
2.4.1 IDENTIFIED DEPOSIT
In-person or personal MONTHLY STATEMENT(P)
Self-service terminal and other electronic means MONTHLY STATEMENT(E) Correspondent in the Country MONTHLY STATEMENT(C) In-person or personal TRANSACTION STATEMENT(P) Self-service terminal and other electronic means TRANSACTION STATEMENT(E) Correspondent in the Country TRANSACTION STATEMENT(C)
2.5.3 MICROFILM
In-person or personal PERSONAL DOC
Self-service terminal and other electronic means ELECTRONIC DOC Internet INTERNET DOC In-person or personal PERSONAL TED Self-service terminal and other electronic means ELECTRONIC TED Internet INTERNET TED In-person or personal SCHEDULED DOC/TED(P) Self-service terminal and other electronic means SCHEDULED DOC/TED(E) Internet SCHEDULED DOC/TED(I) In-person or personal FUNDS TRANSFER(P) Self-service terminal and other electronic means, including internet FUNDS TRANSFER(E/I)
3.5 PAYMENT ORDER
CREDIT OPERATION AND FINANCIAL LEASING
4.1 DEPOSITOR ADVANCE
National ANNUAL FEE National
International ANNUAL FEE Int.
5.2 2nd copy-CREDIT CARD
In the Country WITHDRAWAL-Country
Abroad WITHDRAWAL-abroad
5.4 BILL PAYMENT
5.5 EMERGENCY CREDIT ASSESSMENT
Species FOREIGN EXCHANGE SALE species
Travel check FOREIGN EXCHANGE SALE check
Prepaid card - issuance and loading FOREIGN EXCHANGE SALE prepaid iss Prepaid card - reload FOREIGN EXCHANGE SALE prepaid reload Species FOREIGN EXCHANGE PURCHASE species Travel check FOREIGN EXCHANGE PURCHASE check Prepaid card FOREIGN EXCHANGE PURCHASE prepaid (P) Personal (E) Electronic (C) Correspondent in the Country (I) Internet
6.1 Sale of foreign currency
6 MANUAL FOREIGN EXCHANGE OPERATION FOR PURCHASE OR SALE OF FOREIGN CURRENCY RELATED TO INTERNATIONAL TRAVEL
6.2 Purchase of foreign currency
Provision of 2nd copy of card with credit function 5.1 Bill payment using the credit function Emergency credit assessment Annual fee - basic card FUNDS TRANSFERS
3.1 Transfer by means of DOC
3.2 Transfer by means of TED
5
Transfer between accounts at the same institution 4 Granting of advance to depositor Scheduled transfer by means of DOC/TED 3.4 Payment Order 3
5.3 Use of service channels for cash withdrawal
Provision of check sheets
2.4 Deposit
Identified Deposit
2.5 Inquiry
Provision of microfilm, microfiche or similar copy
2.3 Withdrawal
2.2 Check
Exclusion from the Register of Issuers of Bounced Checks (CCF) Counter-order (or revocation) and opposition (or suspension) to the payment of a check Administrative check 2 DEPOSIT ACCOUNTS
2.1 Card
Provision of 2nd copy of card with debit function Provision of 2nd copy of card with savings account movement function
2.5.1 Provision of monthly statement of checking and savings accounts
2.5.2
2.3.1
Provision of statement for a period of checking and savings accounts
Table I - Standardization of Priority Services - Natural Person
TARIFF VALUE (R$)
LIST OF SERVICES
1 REGISTRATION
Creation of registration for the start of the relationship Visa check Withdrawal from checking and savings accounts BASIC CREDIT CARD 3.3

Resolution No. 4,021, of September 29, 2011.
CODE ACRONYM TRIGGERING EVENT FOR CHARGING
1.1 REGISTRATION Conducting research in credit protection services, databases, and registration information, and processing of data and information necessary for the start of the relationship resulting from the opening of a checking or savings deposit account or contracting a credit operation or financial leasing, cannot be charged cumulatively.
2.1.1 2nd copy-DEBIT CARD Creation and issuance of a new card with debit function, restricted to cases of replacement requests formulated by the account holder, resulting from loss, theft, robbery, damage, and other reasons not imputable to the issuing institution.
2.1.2 2nd copy-SAVINGS CARD Creation and issuance of a new savings card, restricted to cases of replacement requests formulated by the account holder, resulting from loss, theft, robbery, damage, and other reasons not imputable to the issuing institution.
2.2.1 EXCLUSION CCF Exclusion of a check record from the Register of Issuers of Bounced Checks (CCF) at the client's request, charged per excluded unit.
2.2.2 SUSPENSION/REVOCATION Conducting a counter-order (or revocation) and opposition (or suspension) to the payment of a check, charged only once, including the phases of provisional request, confirmation, and eventual cancellation at request.
2.2.3 CHECK SHEET Creation and provision of check sheets, charged per unit exceeding the ten free sheets, provided for checking accounts regardless of the number of holders.
2.2.4 ADMINISTRATIVE CHECK Issuance of an administrative check.
2.2.5 VISA CHECK Procedures for registering and blocking the balance in a checking account corresponding to the value of the check.
2.3.1 PERSONAL WITHDRAWAL Withdrawal at the cash counter beyond the number of withdrawals permitted free of charge per month. In deposit accounts whose contracts provide for the exclusive use of electronic means ("electronic accounts") there is no free allowance for this delivery channel.
TERMINAL WITHDRAWAL Withdrawal at a self-service terminal beyond the number of withdrawals permitted free of charge per month. In "electronic accounts" no tariff can be charged for this delivery channel.
CORRESPONDENT WITHDRAWAL Withdrawal at a company acting as a correspondent in the Country of a financial institution.
2.4.1 IDENTIFIED DEPOSIT Deposit with registration of information necessary to identify, at any time, the operation and/or the depositor, requested by the latter.
2.5.1 MONTHLY STATEMENT(P) Provision of a statement with the movement of the last thirty days at the cash counter or by other personal service forms, such as telephone service provided by an attendant, beyond the number permitted free of charge per month. In "electronic accounts" there is no free allowance for this delivery channel.
MONTHLY STATEMENT(E) Provision of a statement with the movement of the last thirty days at a self-service terminal or by other automated electronic service forms, without human intervention, beyond the number permitted free of charge per month. In "electronic accounts" no tariff can be charged for this delivery channel. MONTHLY STATEMENT(C) Provision of a statement with the movement of the last thirty days at a company acting as a correspondent in the Country of a financial institution, beyond the number permitted free of charge per month in savings deposit accounts. In "electronic accounts" there is no free allowance for this delivery channel.
2.5.2 TRANSACTION STATEMENT(P) Provision of a statement with the movement of a period at the cash counter or by other personal service forms, such as telephone service provided by an attendant.
TRANSACTION STATEMENT(E) Provision of a statement with the movement of a period at a self-service terminal or by other automated electronic service forms, without human intervention. In "electronic accounts" no tariff can be charged for this delivery channel. CODE ACRONYM TRIGGERING EVENT FOR CHARGING

Resolution No. 4,021, of September 29, 2011.
2.5.2 TRANSACTION STATEMENT(C) Provision of a statement with the movement of a period, by means of a company acting as a correspondent in the Country of a financial institution.
2.5.3 MICROFILM Provision of a copy of microfilm, microfiche or similar.
3.1 PERSONAL DOC Conducting a transfer of funds by means of a Credit Document (DOC) at the cash counter or by other personal service forms, including telephone service provided by an attendant.
ELECTRONIC DOC Conducting a transfer of funds by means of a DOC at a self-service terminal or by other automated electronic service forms, without human intervention. In "electronic accounts" no tariff can be charged for this delivery channel. INTERNET DOC Conducting a transfer of funds by means of a DOC via the internet. In "electronic accounts" no tariff can be charged for this delivery channel.
3.2 PERSONAL TED Conducting a transfer of funds by means of an Electronic Available Transfer (TED) at the cash counter or by other personal service forms, including telephone service provided by an attendant.
ELECTRONIC TED Conducting a transfer of funds by means of a TED at a self-service terminal or by other automated electronic service forms, without human intervention. In "electronic accounts" no tariff can be charged for this delivery channel. INTERNET TED Conducting a transfer of funds by means of a TED via the internet. In "electronic accounts" no tariff can be charged for this delivery channel.
3.3 SCHEDULED DOC/TED(P) Conducting a scheduled transfer of funds by means of a DOC or TED at the cash counter or by other personal service forms, such as telephone service provided by an attendant.
SCHEDULED DOC/TED(E) Conducting a scheduled transfer of funds by means of a DOC or TED at a self-service terminal or by other automated electronic service forms, without human intervention. In "electronic accounts" no tariff can be charged for this delivery channel. SCHEDULED DOC/TED(I) Conducting a scheduled transfer of funds by means of a DOC or TED via the internet. In "electronic accounts" no tariff can be charged for this delivery channel.
3.4 FUNDS TRANSFER(P) Conducting a transfer of funds between accounts at the same institution at the cash counter or by other personal service forms, such as telephone service provided by an attendant, beyond the number permitted free of charge per month. In "electronic accounts" there is no free allowance for this delivery channel.
FUNDS TRANSFER(E/I) Conducting a transfer of funds between accounts at the same institution at a self-service terminal or by other automated electronic service forms, without human intervention, including the internet, beyond the number permitted free of charge per month. In "electronic accounts" no tariff can be charged for this delivery channel.
3.5 PAYMENT ORDER Conducting a payment order.
4.1 DEPOSITOR ADVANCE Retrieval of information and assessment of feasibility and risks for the granting of emergency credit to cover a debtor balance in a checking account and excess over the previously agreed limit of an overdraft, charged at most once in the last thirty days.
5.1 ANNUAL FEE National Provision of a network of affiliated establishments, installed in the Country, for the payment of goods and services, charged at most once every twelve months, allowing for installment payment of the charge.
ANNUAL FEE Int. Provision of a network of affiliated establishments, installed in the Country and abroad, for the payment of goods and services, charged at most once every twelve months, allowing for installment payment of the charge. CODE ACRONYM TRIGGERING EVENT FOR CHARGING
5.2 2nd copy-CREDIT CARD Creation and issuance of a new card with credit function, restricted to cases of

Resolution No. 4,021, of September 29, 2011. replacement requests formulated by the cardholder, resulting from loss, theft, robbery, damage, and other reasons not imputable to the issuing institution.
5.3 WITHDRAWAL-Country Provision and use by the client of service channels available in the Country for cash withdrawal in the credit function.
WITHDRAWAL-abroad Provision and use by the client of service channels available abroad for cash withdrawal in the credit or debit function.
5.4 BILL PAYMENT Conducting operational procedures for the payment of bills (water, electricity, telephone, gas, taxes, collection slips, etc.), using the credit function of the card.
5.5 EMERGENCY CREDIT ASSESSMENT Assessment of feasibility and risks for the granting of emergency credit, at the client's request, by means of personal service, to make an expense above the card limit, charged at most once in the last thirty days.
6.1 FOREIGN EXCHANGE SALE species Conducting procedures to facilitate the sale of foreign currency in specie, in a manual foreign exchange operation related to international travel, including the phases of contracting and settlement, registration of the operation, and delivery of the currency.
FOREIGN EXCHANGE SALE check Conducting procedures to facilitate the sale of foreign currency in a travel check, in a manual foreign exchange operation related to international travel, including the phases of contracting and settlement, registration of the operation, and delivery of the checks. FOREIGN EXCHANGE SALE prepaid iss Conducting procedures to facilitate the sale of foreign currency in an international use prepaid card, in a manual foreign exchange operation related to international travel, including the phases of contracting and settlement, registration of the operation, issuance and delivery of the card, as well as the initial loading. FOREIGN EXCHANGE SALE prepaid reload Conducting procedures to facilitate the sale of foreign currency in an international use prepaid card, in a manual foreign exchange operation related to international travel, including the phases of contracting and settlement, registration of the operation, and reloading.
6.2 FOREIGN EXCHANGE PURCHASE species Conducting procedures to facilitate the purchase of foreign currency in specie, in a manual foreign exchange operation related to international travel, including the phases of reception and verification of the foreign currency at the institution's premises or at a company acting as its correspondent in the Country, contracting, settlement, and registration of the operation.
FOREIGN EXCHANGE PURCHASE check Conducting procedures to facilitate the purchase of foreign currency in a travel check, in a manual foreign exchange operation related to international travel, including the phases of reception and verification of the checks at the institution's premises or at a company acting as its correspondent in the Country, contracting, settlement, and registration of the operation. FOREIGN EXCHANGE PURCHASE prepaid Conducting procedures to facilitate the purchase of foreign currency in a prepaid card, in a manual foreign exchange operation related to international travel, including the phases of contracting, settlement, and registration of the operation.