Salary portability: how to transfer your salary to another bank?

In the last few years, adherence to the salary portability service has become increasingly recurrent, especially among newly hired employees.

Salary portability can be an important aspect for anyone who wants  to take better care of their personal finances , for example. However, this process of change is not always clear to those who want to change the place where they receive.

What is salary portability?

Salary portability is the process where the newly hired employee of a company can register to receive his salary in an existing account or in a new account that brings better personal benefits, where salary portability falls on the same day .

Opening an account at another bank just to receive your salary can be a process not very desired by many people. In addition, it can become somewhat inconvenient to have to link with other banking institutions not intended. The good news is that all this bureaucracy can be avoided through portability.

What is salary portability used for?

Salary portability is used if the employee has an account at a bank other than the company's, and does not want to give up the advantages and benefits offered by his/her home financial institution. Generally, this institution optimizes its client's financial planning .

Generally, at the time of hiring, there is a procedure for opening a salary account , under the responsibility of the employer, on behalf of the employee. This account is intended to pay salaries ,pensions, benefits and related rights.

Portability, in this case, assumes an important role. As a result, the employee will not have problems with the other bank used by the company, even if there is some type of financing or loan in the bank contracted by the organization.

From the employer's point of view, the process provides ease and convenience, given that, even if the salary is transferred to another financial institution, the payroll continues to be triggered by the company's bank of choice.

The procedure in question happens because companies enter into contracts with financial institutions with the aim of facilitating the payment flow and avoiding movements with cash.

How does salary portability work?

Portability is the legal right of an employee, who can transfer their remuneration on the same day, without prejudice to the collection of fees for this process at the financial institution of choice. However, the only requirement made is that the target account must be owned by the same as the salary account.

In addition, after the end of the employment relationship, the employee can consult the status of his account and even request its closure.

It is important to note that the charge for maintaining the salary account is the result of an illegal activity. This also occurs in charging for bank portability , indicated in the salary portability law , instituted in September 2006.

In this sense, there is a transfer of value from one bank to another. According to Resolution No. 4,639 of the Central Bank of Brazil (BC) of the year 2018, every financial institution must carry out the transfer of salary to other institutions, without charging fees.

How to apply for salary portability?

For years, the procedures for transferring salary to another bank were very bureaucratic. In this sense, the employee needed to go to the agency to request it. Currently, salary portability can be done 100% online, requested through the financial institution's application.