Review · Fact-checked September 23, 2026
EBANX Review
EBANX is a cross-border payments company founded in Curitiba, Brazil in 2012 by Alphonse Voigt, Wagner Ruiz and João Del Valle, built to let companies outside Latin America sell to Brazilian shoppers in reais through local methods such as boleto and, later, Pix. It now says it covers more than 20 emerging markets across Latin America, Africa and Asia with more than 200 payment methods, serves more than 500 merchants — Spotify, Uber, AliExpress, Microsoft and Booking.com among the names on its site — and grew total payment volume 48% in 2025, with 65% of gross profit earned outside Brazil. It became a unicorn after a 2019 round from FTV Capital and Endeavor Catalyst, took a $400 million investment from Advent International in June 2021, plus a $30 million commitment to a planned US listing, and postponed that IPO in February 2022; it remains private. The model is an aggregator's: a foreign merchant signs a single agreement with EBANX's Singapore entity, EBANX group companies collect from shoppers locally, handle the currency exchange and taxes such as Brazil's IOF, and wire the net proceeds abroad in US dollars or euros — no local entity needed. Pricing is negotiated and unpublished. The published standard terms are merchant-unfriendly by default: a three-year term, an 80% exclusivity commitment, a fixed 4% reserve on every settlement for the first 180 days, funds available seven days after payment, and a $15 chargeback fee. On the shopper side, EBANX's Reclame Aqui page is rated 'Not recommended', with 2,683 complaints between March and August 2026 and none answered there. In 2020 it settled a Brazilian central bank case over a discontinued consumer foreign-currency account by paying R$880,000 under a commitment term.
Curitiba, Brazil22nd of 39 payment facilitators
- Payout
- Available 7 days after payment
- Contract
- 3 years by default; 60 days' notice to exit
- Founded
- 2012
- Headquarters
- Curitiba, Brazil
Connect with EBANX
Tell them what you need. This goes to EBANX only.
Best for
Established online sellers of digital goods, subscriptions, travel, gaming and cross-border e-commerce based outside Latin America that want to sell in local currency and local payment methods across Brazil and Spanish-speaking Latin America — and increasingly Africa, India and South-East Asia — and have the volume to negotiate pricing and contract terms.
How it scores
Pricing1.5
Features4.5
Ease of use3.0
Support2.0
Contract2.0
Reputation score3.0
What it costs
Details →- Chargeback
- EBANX's published standard merchant terms (s.7.2) say a US$15 fee may be charged per chargeback; the merchant also bears the chargeback amount itself.
The take
B-EBANX is one of a small number of companies that can take a global merchant into Brazil, Mexico, Colombia, Argentina and a growing list of African and Asian markets through one contract, with local cards, installments, Pix, OXXO, PSE, UPI and wallets, and settle the proceeds offshore in dollars or euros without a local entity. That is genuinely hard to replicate, and a 48% rise in payment volume in 2025 says large merchants keep choosing it. What holds the grade at B- is everything around the core capability: no published pricing at all, standard terms that default to three years and 80% exclusivity, a 4% reserve held for 180 days on every settlement during the first six months, and a shopper-facing complaint record in Brazil that EBANX does not engage with on the main public forum. Negotiate the addendum before you sign, because the published defaults are the starting position, not the deal.
Skip if you
Are a small business looking for a published rate and self-serve sign-up, sell physical goods from inside the country you are collecting in, cannot commit most of your regional volume to one provider, or cannot carry a 4% reserve for six months while a new account seasons.
Chapter 1
Should you choose EBANX?
The headline take, the audiences it's right (and wrong) for, and the genuine differentiators behind the verdict.
About
EBANX is a cross-border payments company founded in Curitiba, Brazil in 2012 by Alphonse Voigt, Wagner Ruiz and João Del Valle, built to let companies outside Latin America sell to Brazilian shoppers in reais through local methods such as boleto and, later, Pix. It now says it covers more than 20 emerging markets across Latin America, Africa and Asia with more than 200 payment methods, serves more than 500 merchants — Spotify, Uber, AliExpress, Microsoft and Booking.com among the names on its site — and grew total payment volume 48% in 2025, with 65% of gross profit earned outside Brazil. It became a unicorn after a 2019 round from FTV Capital and Endeavor Catalyst, took a $400 million investment from Advent International in June 2021, plus a $30 million commitment to a planned US listing, and postponed that IPO in February 2022; it remains private. The model is an aggregator's: a foreign merchant signs a single agreement with EBANX's Singapore entity, EBANX group companies collect from shoppers locally, handle the currency exchange and taxes such as Brazil's IOF, and wire the net proceeds abroad in US dollars or euros — no local entity needed. Pricing is negotiated and unpublished. The published standard terms are merchant-unfriendly by default: a three-year term, an 80% exclusivity commitment, a fixed 4% reserve on every settlement for the first 180 days, funds available seven days after payment, and a $15 chargeback fee. On the shopper side, EBANX's Reclame Aqui page is rated 'Not recommended', with 2,683 complaints between March and August 2026 and none answered there. In 2020 it settled a Brazilian central bank case over a discontinued consumer foreign-currency account by paying R$880,000 under a commitment term.
Pros, cons, and audience
Pros
- One contract reaches Brazil, Mexico, Colombia, Chile, Argentina and more than a dozen further markets in Latin America, Africa and Asia, with more than 200 local payment methods and offshore settlement in US dollars or euros — no local entity required.
- Brazil-grade depth: local card schemes, installments on international sales, Pix and Pix Automático, boleto, and an EBANX payment institution authorised by the Banco Central do Brasil as an electronic-money issuer.
- EBANX's collection agents take on the mandatory local tax collection — Brazil's IOF-FX and Argentina's VAT — so the foreign merchant does not have to register for them.
- Scale and momentum: more than 500 merchants including Spotify, Uber, AliExpress and Microsoft, 48% growth in payment volume in 2025, and a Major Payment Institution licence from the Monetary Authority of Singapore obtained in 2025.
- Private and institutionally backed — valued above $1 billion since a 2019 round from FTV Capital and Endeavor Catalyst, with a $400 million investment from Advent International in 2021.
Cons
- No pricing is published anywhere — not even an indicative rate — so every figure is a negotiation, and comparing EBANX against alternatives requires a formal quote.
- The published standard terms default to a three-year term, 80% exclusivity across its territories and a fixed 4% reserve held for 180 days on every settlement in the first six months — all negotiable, but all the starting position.
- Cash is slow to arrive: funds become available seven days after payment and are wired within seven days of a settlement request, and only one settlement a month is free.
- Brazilian shoppers see EBANX as the party charging them: its Reclame Aqui page is rated 'Not recommended', with 2,683 complaints from March to August 2026 — with improper charges the leading complaint type — and none answered there.
- In 2020 EBANX paid R$880,000 under a commitment term with Brazil's central bank to close a case over a discontinued consumer foreign-currency account and prepaid dollar card.
What makes them different
The genuine differentiator
It began as a Brazil-first cross-border specialist and still carries that depth: local entities and a Brazilian central bank–authorised payment institution, installments on international sales, and EBANX group collection agents that absorb the mandatory local tax collection — Brazil's IOF-FX and Argentina's VAT — so the foreign merchant does not have to.
How we score it
1.5
Pricing Transparency
4.5
Feature Set
3
Ease of Use
2
Customer Support
2
Contract Terms
3
Industry Reputation
Chapter 2
What it costs
Real-world cost at three volumes, plus the rates, fees, payouts, and contract terms that drive them.
Pricing details
What EBANX is
EBANX started in Curitiba in 2012 with one job: let companies outside Brazil sell to Brazilians who could not, or would not, pay with an international card. Its founders — Alphonse Voigt, chief executive until May 2021 and then executive chairman, Wagner Ruiz and João Del Valle, chief executive since May 2021 — built a system that collects in reais through boleto, local cards and later Pix, handles the currency exchange and remits the money abroad. That Brazil-first cross-border model is still the core of the business, but it has spread: EBANX now says it covers more than 20 emerging markets, spanning most of Spanish-speaking Latin America, South Africa, Kenya, Nigeria, Egypt, Turkey, India and South-East Asian markets including the Philippines, where it integrated GCash and Maya in 2025.
The company is private. It became a unicorn in 2019 on a round from FTV Capital and Endeavor Catalyst, took a $400 million investment from Advent International in June 2021, alongside a $30 million commitment to a planned US listing, and postponed that IPO in February 2022 as markets fell. As of September 2026 it reports more than 500 merchants, 48% growth in total payment volume in 2025, 65% of gross profit from outside Brazil, and an Asia-Pacific headquarters in Singapore announced for March 2026, after it obtained a Major Payment Institution licence from the Monetary Authority of Singapore. It does not publish the volume figure itself.
How the model works — and why it is not a merchant of record
A foreign merchant signs one agreement with EBANX PTE. LTD. in Singapore. EBANX group companies in each country act as collection agents: they take the shopper's payment in local currency, run local anti-fraud and anti-money-laundering checks, collect the taxes local law puts on the payment processor, and pass the funds to the Singapore entity, which settles to the merchant's offshore bank account in US dollars or euros. In Brazil the currency exchange runs through a licensed partner bank, Banco Topázio, and EBANX's own payment institution is authorised by the central bank as an electronic-money issuer.
That makes EBANX an aggregator rather than a seller. Its Brazilian terms say its role is solely to serve as a means of payment, and its merchant terms leave customer service, refunds and every tax other than Brazil's IOF-FX and Argentina's VAT with the merchant (the 2021 terms also list Argentina's PAIS tax, which lapsed in December 2024). A business that wants someone else to be the legal seller and handle VAT and sales tax globally is looking for a merchant of record such as Paddle or FastSpring, which the site reviews separately; EBANX solves a different problem — getting paid at all, in local methods, in markets where international cards fail.
Pricing and the standard terms
EBANX publishes no rates. Its standard merchant terms describe a negotiated per-transaction fee built from a fixed fee, a percentage and a minimum, varying by method and country. Figures that circulate on affiliate and directory sites are not EBANX's own and should not be used to budget. The ancillary fees the published terms say may apply are modest: US$15 per chargeback, US$1 per refund paid out on your behalf, and US$50 for any settlement of US$15,000 or less beyond the one free settlement each month.
The terms themselves are where EBANX asks the most, and they are worth reading before the pricing. The published version, effective 22 March 2021 and governed by English law, defaults to:
- A three-year term from the date in the merchant's addendum, terminable by either party on 60 calendar days' notice.
- Exclusivity: EBANX processes at least 80% of the merchant's online volume in its territories, with a fallback provider permitted.
- A fixed reserve of 4% of every settlement during the first 180 days of processing, each slice held for 180 days, plus a discretionary risk reserve of up to 180 days.
- Funds available for settlement seven days after payment confirmation, and wired within seven days of a settlement request.
- Price parity: shoppers paying through EBANX must get the same prices and conditions as those paying by other means.
- A US$10,000 monthly limit per shopper across all EBANX merchants.
The term, the exclusivity and the fixed reserve are each stated as applying unless the merchant's addendum says otherwise, which makes them the points to negotiate. The published document also still lists only EBANX's original Latin American payment methods, which suggests it predates much of the expansion; ask for the current terms and the fee schedule together.
What shoppers and merchants say
The public record is dominated by shoppers, not merchants. Because EBANX collects on behalf of foreign apps and websites, its name is what many Brazilians see on the charge. As of September 2026 its Reclame Aqui profile is rated 'Not recommended', with 2,683 complaints between March and August 2026, 0% answered on the platform and improper charges ('cobrança indevida') the leading problem type over up to three years of complaints; recent complaints name foreign subscriptions and apps. Trustpilot tells a similar, much smaller story: a TrustScore of 1.9 out of 5 across 46 reviews on an unclaimed profile, 91% of them one-star and 9% five-star (the score is Trustpilot's weighted figure, not a simple average), mostly about refunds and unreachable support.
For a merchant, that complaint load is mostly a reflection of what its own customers experience. EBANX's terms send refund requests to the merchant and allow EBANX to refund the shopper itself, and deduct the amount, if the merchant is silent for 72 hours. Clear billing descriptors, easy cancellation and fast refund handling are what keep a merchant's shoppers out of those numbers.
The regulatory record
A Brazilian central bank sanctioning proceeding against EBANX, which EBANX says began in 2018, concerned two consumer products: Conta EBANX, which let customers buy foreign currency into an account, and the prepaid EBANX Dollar Card. The bank's charges said the first allowed foreign-currency holdings outside an authorised bank and the second involved selling foreign currency without authorisation to operate in foreign exchange, across roughly US$56 million of operations between 2016 and 2018. EBANX signed a commitment term in February 2020 and says it paid R$880,000 under it, an amount it says is not a fine or penalty. The case was archived in November 2022 after the bank declared the obligations fully met. The charges concerned those consumer products, not the merchant payment business.
How it compares
EBANX's closest covered peers are dLocal and Rapyd. dLocal covers far more countries — more than 60 against EBANX's 20-plus — and publishes a self-serve rate card through dLocal Go, which EBANX has no equivalent of; EBANX's advantage is its depth in Brazil, where it began, and the terms of engagement are equally negotiated at enterprise scale. Rapyd, since buying PayU's Latin American and African business in 2025, holds local card acquiring in eight of the same markets — Mexico, Brazil, Argentina, Chile, Colombia, Peru, Nigeria and South Africa — and is built more for platforms and payouts.
Who should use it
EBANX fits an established foreign merchant — digital goods, subscriptions, travel, gaming, marketplace e-commerce — that already knows Latin America is worth selling into and wants local methods, installments and offshore settlement through one relationship. It does not fit a small business looking for published pricing and a click-through sign-up. Whoever signs should treat the published terms as an opening position and negotiate the three-year term, the 80% exclusivity and the 4% reserve before the first transaction.
Processing Rates
International
Cross-border collection is the product. EBANX collects from shoppers in local currency in more than 20 markets — Brazil, Mexico, Colombia, Chile, Argentina, Peru and several smaller Latin American countries, plus South Africa, Kenya, Nigeria, Egypt, India, Indonesia, the Philippines and Thailand — and settles to the merchant's bank abroad in US dollars or euros, with USDC and USDT settlement announced in September 2025. Its standard terms describe the per-transaction fee as a negotiated combination of a fixed fee, a percentage and a minimum fee that varies by payment method and country, set out in a schedule to each merchant's contract. EBANX collects Brazil's IOF-FX and Argentina's VAT from the shopper at the point of sale (the 2021 terms also name Argentina's PAIS tax, which lapsed in December 2024); the FX conversion rate comes from its banking partners.
Cross-border and foreign currency transactions
Fees
Statement Fee
Under the standard terms: one settlement a month is free (from 30 days after the first live payment), and each further settlement that month of US$15,000 or less costs US$50; refunds EBANX pays out on the merchant's behalf cost US$1 each. Installment fees are set in each merchant's contract; settlement-advance and Brazilian anticipation fees float with local bank interest rates, with one month's notice of changes.
Monthly account statement and reporting fee
Chargeback Fee
EBANX's published standard merchant terms (s.7.2) say a US$15 fee may be charged per chargeback; the merchant also bears the chargeback amount itself.
Per-incident chargeback dispute fee
Early Termination Fee
The published standard terms set no early-termination fee: either party may end the agreement on 60 calendar days' written notice, and immediately for a material breach. A negotiated addendum can change this, so check yours.
Fee for canceling before contract end
Payouts
Standard Payout Time
Available 7 days after payment
Regular deposit schedule to your bank account
Expedited Payout Time
Under EBANX's published standard terms, funds become available for settlement seven days after a payment is confirmed; once a merchant requests a settlement, EBANX confirms within one business day and pays by international wire within seven days, so cash reaches an offshore account roughly one to two weeks after the sale. Settlement is by wire in US dollars or euros (US dollars if the merchant does not choose), to a bank account owned by the contracting entity outside the countries EBANX collects in. In Brazil, EBANX offers anticipation of card installment receivables — the terms describe moving funds from the standard 30 days to two days after confirmation — at fees tied to local bank rates. Unless an addendum says otherwise, EBANX may also hold a fixed 4% of every settlement for 180 days during the first 180 days of processing, and can impose a further risk reserve of up to 180 days.
Faster deposit option (may have additional fees)
Contract Terms
Contract Length
3 years by default; 60 days' notice to exit
Required commitment period
Cancellation Process
EBANX's published Terms and Conditions of Payment Processing Services (effective 22 March 2021, contracting entity EBANX PTE. LTD. of Singapore, governed by English law with ICDR arbitration) run for three years from the date in the merchant's addendum unless the addendum says otherwise. Either party may terminate by email notice at least 60 calendar days in advance, confirmed on receipt; either party may terminate immediately for a material breach, EBANX also for a restricted-activity or policy violation or a card-scheme, acquirer, issuer or regulator demand, and may terminate if an integration key sits inactive for six months. The standard terms also make EBANX the merchant's exclusive online processor in its territories — at least 80% of volume, with a fallback provider permitted — require the same prices for shoppers paying through EBANX as through other methods, and let EBANX use the merchant's name and logo in marketing. Refunds must be requested within 90 days of the transaction. All of these are defaults that a signed addendum can override, and EBANX's published version lists only its original Latin American payment methods, so ask for the current terms and schedule before signing.
How to terminate your account
EBANX Pricing Calculator
Estimate your monthly costs
Pick a published plan, enter your volume and transaction profile, and we’ll compute the math the same way an underwriter would. Real costs vary with card mix, chargeback rate, and any negotiated terms.
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Chapter 3
What you actually get
Products, integrations, payment-type coverage, security posture, and how their support holds up in practice.
Products & Services
payment processing
Pay-in (cross-border and local collection)
Negotiated per merchant, by country and payment method; not published
Local-currency acceptance across more than 20 markets through one integration: international and local card schemes (Elo and Hipercard in Brazil, Naranja and Cabal in Argentina, Carnet in Mexico, RuPay in India), Pix and Pix Automático, boleto, OXXO Pay, SPEI, PSE, Nequi, Mercado Pago, M-PESA, UPI, GCash, Maya and other wallets and cash vouchers. Merchants can settle offshore without a local entity or, in Brazil, Chile, Colombia and Mexico, process locally through EBANX's local-payments entities.
payment processing
Credit card installments and anticipation
Installment fees vary by country and number of installments, per the merchant's contract; anticipation fees track local bank rates
Lets foreign merchants offer installment payments on international sales — the published terms list Argentina, Brazil and Mexico — the way local shoppers expect to pay for larger purchases. In Brazil, EBANX can advance installment receivables to the merchant.
other
Payouts
Single and mass payouts to sellers, creators, contractors and suppliers in local currency via domestic rails, marketed as instant, for marketplaces and platforms paying people in EBANX's markets.
other
Stablecoin settlement
Announced in September 2025: settlement in USDC or USDT alongside the US dollars, euros and local currencies EBANX already supported, and stablecoin acceptance, which its developer documentation now lists as a payment method in several Latin American markets.
other
Fraud prevention and 3DS
Included in the negotiated transaction fee unless contracted separately
Regional anti-fraud screening applied to every transaction, 3DS 2.0 for debit cards and AI-based risk and approval-rate tools. EBANX's terms are explicit that screening does not make it liable for fraud or chargebacks — those are deducted from the merchant's balance.
Support & Contact
Chapter 5
Watch out for
Legal actions, regulatory matters, and signals from employee reviews that bear on how merchants get treated.
Legal Actions
Banco Central do Brasil sanctioning proceeding PE 136559 (Conta EBANX and EBANX Dollar Card)
Archived
Brazil's central bank charged EBANX S.A. (now EBANX Ltda.) with two foreign-exchange irregularities: selling foreign currency to customers to fund 'Conta EBANX' balances, which the charge said allowed foreign-currency holdings outside an authorised bank (476,101 operations totalling US$41.2 million between February 2016 and April 2018), and loading and reloading the prepaid EBANX Dollar Card without authorisation to operate in foreign exchange (365,000 transactions totalling US$15 million in the second half of 2017). EBANX signed a commitment term on 14 February 2020, under which EBANX says it paid R$880,000, an amount it says is not a fine or penalty. The central bank declared the obligations fully met in September 2022 and archived the case on 24 November 2022; under Brazilian law a commitment term is not an admission of the facts or of wrongdoing. EBANX says Conta EBANX was discontinued and survives only as a customer dashboard.
Chapter 6
Common questions
Frequently Asked Questions
Pricing
EBANX does not publish rates. Its standard merchant terms describe a per-transaction fee made up of a fixed fee, a percentage and a minimum fee, varying by country and payment method and set out in a schedule to each merchant's contract. The published fees that do exist, as of September 2026, are ancillary and stated as fees that may apply: US$15 per chargeback, US$1 per refund EBANX pays out on your behalf, and US$50 for each settlement of US$15,000 or less beyond the one free settlement a month. Rates quoted on third-party sites are not EBANX figures; get a written quote.
General
Setup & Onboarding
Contracts & Terms
Support
How we evaluated EBANX
We evaluate every payment processor independently — Payment Review does not accept paid placement. Our analysis combines hands-on product testing where possible, public pricing and policy documents, third-party reviews from BBB, Trustpilot, Google, and G2, and employee feedback from sites like Glassdoor and Indeed. We update reviews on a rolling cadence and flag the next review date so readers know how fresh the analysis is.
Last fact-checked September 23, 2026Reviewed by Payment Review Editorial Team
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