Portability of Salary: get your questions answered!

More and more Brazilians are receiving their payments in bank accounts. This method is more secure and allows employees to manage their funds as they wish.

However, oftentimes, the bank where the salary account is created is not the bank where the worker wishes to receive their salary, either because they already have another account or for some other reason. At this point, the salary portability law comes into effect.

In this article, we'll teach you more about salary portability, the applicable law, and how to transfer your money to another bank. Stay tuned to the end and find out!

See here:

• How to transfer your salary?
• When is it not possible to transfer salaries?

What is salary portability?

Salary portability refers to the possibility of a worker transferring his salary account (bank account where the worker receives his monthly payment) from one bank to another of his choice (which may be an existing account), without changing his account number or the associated services.

This means that if an individual receives their salary at a particular bank, they can choose to transfer that account to another bank without having to change the account information provided to their employer.

Whoever pays normally transfers the money to the bank where the company has an agreement and the money is retransferred to the other account.

This practice aims to provide workers with greater freedom to choose the financial institution that best meets their needs, whether in terms of fees, services offered, benefits, among others.

The salary portability process involves the customer making a request to the destination bank, which takes care of the necessary procedures for transferring direct debits, credits and other services associated with the salary account.

This measure seeks to promote competition among banks, encouraging the offering of better services and conditions to attract customers.

It's important to note that salary portability refers specifically to the transfer of salary accounts, not other types of bank accounts. It aims to simplify workers' financial lives, giving them more flexibility and options in their banking relationships.

How does the salary portability law work?

Brazilian legislation regarding salary portability guarantees workers the right to receive their salaries at any banking institution of their choice. Enacted in 2006, the law was duly regulated by the National Monetary Council (CMN) the following year.

Salary portability is available to workers at any time, as long as they have a salary account at the destination bank. The request is straightforward and free of charge, with salary transfers completed within five business days.

To complete the transfer, the employee must contact the receiving bank and request a specific contract for this purpose. The receiving institution, in turn, initiates the process by contacting the sending bank.

Once portability is approved, the worker's wages are automatically transferred to the salary account at the destination bank.

It is important to note that the originating bank is not allowed to apply any fees or charges related to the portability process.

What is salary portability for?

Salary portability can be beneficial in several situations, providing workers with greater flexibility and better financial conditions. Find out when salary portability can be advantageous:

• Best Rates and Tariffs: If the destination bank offers lower account maintenance fees, more attractive service charges, or more advantageous general terms, portability can help reduce the costs associated with the salary account.
• Benefits and Special Promotions: Some banks offer additional benefits, such as rewards programs, cashback, insurance, or other incentives, to customers who transfer their salary. Evaluating these benefits may be a reason to consider switching.
• Variety of Services: If the destination bank offers a variety of financial services that best meet the customer's needs, such as investments, lines of credit, user-friendly apps, and more.
• Customer service: If you are dissatisfied with your current bank's customer service, porting may be an opportunity to switch to a financial institution that provides more efficient and personalized service.
• Branch and ATM Network: If the destination bank has a network of branches and ATMs that is more convenient for the worker, facilitating access to banking services.
• Credit Conditions: If the worker plans to take out loans or financing in the future, their relationship with the bank may influence the terms of these services. Some banks offer more favorable terms to customers with a salary account with their institution.
• Change of Location: When moving to a new city or region, portability can be useful to ensure continued access to banking services without having to change banks.
• Ease of Financial Management: If the destination bank offers more efficient tools for financial management, such as more advanced applications, better online services, among others.

When considering salary portability, it is essential to evaluate the specific conditions offered by the banks involved to ensure that the change is truly beneficial for the worker.

How to transfer your salary?

In general, transferring your salary is a simple and quick process, which you must carry out at the destination bank, that is, the bank where you wish to receive your salary.

It is worth remembering that this form of portability is available exclusively to employees of companies, whether private or public, who receive their remuneration through a salary account.

To perform the procedure, you must:

• Contact the bank where you want to receive your money.
• Request salary portability.
• Present all your documentation and the requested company documentation.
• Make the portability request.
• Wait for approval.

It's worth remembering that you'll receive your money one business day after it's deposited into the salary account where you would have received it. And you can no longer move funds from the previous account where you received it.

Despite this, it still exists and will be where the employer will make the deposit. You will then have the money transferred to the account of your choice.

How do I transfer my salary to Nubank?

Salary transfers to Nubank can be made directly through the bank's app. The process is simple and free, and the transfer must be released within five business days.

• Open the Nubank app and tap the “Deposit” option.
• Then tap on the “Receive salary” option.
• Enter your company's CNPJ and tap “Continue”.
• Enter your company name and tap “Continue”.
• Read the information about salary portability and tap “Submit.”

After submitting the request, Nubank will contact your company to confirm the transfer. If the transfer is approved, your salary will be automatically deposited into your Nubank account starting with your next paycheck.

The process of receiving your salary into your Nubank account, after approval, will take one business day after your salary is deposited.

How do I transfer my salary to Banco Inter?

Salary portability to Banco Inter can be done directly through the bank's app.

• Open the Banco Inter app and tap on the “Salary Portability” option.
• See the benefits of portability and tap “Bring my salary.”
• Enter your company's CNPJ and tap “Continue”.
• Enter your company name and tap “Continue”.
• Read the information about salary portability and tap “Submit.”

After submitting the request, Banco Inter will contact your company to confirm the transfer. This will allow you to start receiving funds into your Inter account.

When is it not possible to transfer salaries?

There are basically two situations in which it is not possible to transfer your salary:

• When there is some type of error in the data provided to the bank where you want to receive the money.
• When the salary is paid into a current account and not into a salary account.

Only in these cases is salary portability not possible. Otherwise, it's your right guaranteed by law.

Frequently Asked Questions

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