When transferring money, is the salary paid on the same day?

When you transfer your salary, does it happen on the same day? Read the text and find out the answer to this question and many others related to portability!

High interest rates, monthly fees and lack of support from some financial institutions end up causing many customers to migrate to other banks. 

Furthermore, nowadays anyone can have a bank account completely free of charge and still enjoy many benefits, including even receiving their salary in that account.

Therefore, more and more workers are seeking to transfer their salaries. However, there are still some questions about the subject, for example: When you transfer money, is your salary paid on the same day?

Continue reading and find out the answer! See below what we will cover in this text:

What is salary portability?

Salary portability is your right to choose where you want to receive your payment, regardless of where the employer deposits it.

With this service you can choose the institution where you want to receive your salary, and you don't pay anything for it.

Salary portability can only be carried out in one salary account to a current or payment account.

What is a salary account?

The salary account is opened at the employer's initiative and request. It is into this account that the employer will make deposits for his/her employee. 

In fact, only he can make this deposit, that is, it is not a cash payment account.

You cannot receive, pay or transfer money with the salary account. It is completely limited, you can only see your balance, withdraw and pay with your debit card.

In addition, it is also used to receive payments of income, retirement, pensions, salaries and similar.

The employee cannot open a salary account on his/her own; the company chooses the institution. The company is also responsible for sending the employee's data to the institution so that the salary account can be opened. 

One of the advantages of this account is that it has no fees, like current accounts at traditional banks.

The institution cannot charge a fee for, for example:

• Provision of the first copy of the magnetic card;
• Account maintenance, especially if there is no activity.

As you can see, a salary account is only used to receive your salary. It is limited: you cannot transfer money, make Pix payments, or have access to any financial or credit services.

However, you can change the situation and receive your salary in an account that provides all of this and much more. See below how to do it.

How do I transfer my salary to a digital account?

In the past, it was not possible to do salary portability to payment accounts, which are the majority of digital accounts we know.

However, since 2018, this service has been permitted for payment institutions, and the customer can also request portability directly in the destination account.

Previously, this process could only be done in the source account, and customers ended up encountering some resistance from the bank to make the portability.

Of course, everything is much simpler now. See below a step-by-step guide on how to transfer your salary to a payment institution, i.e., a digital account.

The process is easy and simple and you can do it through your bank's app. There are other ways to request portability, it all depends on where you want to receive your salary.

However, with digital accounts, in addition to being simple to request, you also enjoy many advantages and benefits.

What are the advantages of transferring your salary to a digital account?

When doing the salary portability to a payment account, you strengthen the bond with the company. 

This way, it has access to your earnings and your behavior as a payer, in other words, the institution can monitor how you use your salary and what your main expenses are.

Based on your interaction with the app, a range of options opens up. The digital bank can offer many financial products according to your needs and financial profile, for example:

• Personal loan;
• Credit card;
• Increase in credit limit;
• Financing.

Furthermore, when using a digital account you have access to many benefits. To begin with, we can point out that your balance yields up to 105% of the CDI, without having to invest.

Most payment accounts pay cashback to their customers, in some cases you don't even need a credit card to receive money back from purchases.

🔜Examples: PicPay and Inter.

Digital accounts are complete, some options offer investments, cards for minors, machines, corporate accounts, payroll loan, insurance, etc.

You can also earn extra money by referring friends and receive many discounts at partner stores.

One of the main advantages of payment accounts is their simplicity and lack of bureaucracy. Some of them allow you to get credit, even if you have a negative credit history.

🔜Examples: Nubank, Mercado Pago, Iti and Next.

This is because they consider your behavior in the app and your relationship with the bank, in fact, this is one of the Advantages of transferring your salary to a digital account.

PICPAY

INTER

ITI VISA

NEXT INTERNATIONAL VISA

When transferring money, is the salary paid on the same day?

When doing the salary portability, your payment will fall on the same date as before, that is, if you receive it on the sixth of each month, you will continue to receive it on the same date. 

After the portability request, the originating bank has up to 13 days to respond to the request.

However, approval can take up to 5 business days after the request (according to Bacen). Payment must be transferred within a maximum of 12 hours after the deposit into the original account.

It may happen that your payday arrives and this service has not yet been approved, in which case the payment will still be deposited into your salary account.

However, if the payment does not appear in the account to which you transferred the money next month, go to the branch to see what may have happened.

Choosing where you want to receive your payment is your right, the bank cannot deprive you of this, and may even result in compensation if the institution does not want to carry out the portability.

You can also file a complaint against the institution on a page on the Central Bank website.

Can I transfer my salary even if I owe the bank?

Yes. The salary account is an exclusive account for receiving payments, the bank cannot retain any amount without the customer's authorization. 

If you owe the institution money, try to negotiate and pay off the debt in installments that don't affect your budget.

Conclusion

Why receive your salary from a bank that doesn't offer any advantages or benefits?

In addition to being a consumer right, with the salary portability makes it easier to access credit and you can still receive it in an account full of advantages and benefits.

Nara Sampaio June 22, 2022