On August 1, 2026, Mercado Libre Brazil officially implemented the split payment system: the platform automatically splits ”sales proceeds” and ”service fees” in accordance with Brazilian tax law, settling each portion separately and withholding taxes on them separately. This new regulation, combined with the simultaneous upgrade to Mercado Pago’s cross-border payment collection service, marks the beginning of a new dual-track phase for Latin American cross-border sellers” cash flow: ”platform-mediated collection and payment” combined with “settlement through locally compliant accounts.”

A set of key figures speaks volumes: Mercado Pago’s user base in Mexico will exceed 45 million in 2025, while its user base in Brazil will surpass 68 million in Q1 2026; Of the $4.6 billion invested in Mexico in 2026, $900 million will be allocated to fintech business expansion, primarily focused on upgrading Mercado Pago. This means that cross-border payments in Latin America are no longer just a ”side project,” but rather the ”centerpiece” of the $4.6 billion investment.

For Chinese sellers currently operating in—or planning to enter—the Latin American market, the cross-border payment strategy they adopt in the second half of 2026 will directly determine the cost, timeliness, and compliance risks associated with repatriating funds. Below, we break down the complete cross-border payment process for Latin America from four perspectives.

Qicaiying Group specializes in providing domestic and international company registration services in Shenzhen, Guangzhou, Shanghai, Beijing, Hangzhou, Hong Kong, the United States, Japan, South Korea, Southeast Asia, Singapore, the British Virgin Islands (BVI), the Cayman Islands, and other locations, as well as corporate annual review and audit, bookkeeping and tax filing, tax compliance, information changes, bank account opening, ODI filing, FDI filing, and other business services; Hong Kong residency application, renewal, and permanent residency services; Singapore EP application services; and cross-border e-commerce support and managed operations—all as part of our one-stop service. If you have any needs or are interested, please feel free to contact me at any time (Consultation Hotline: 18676749275; add WeChat: Qicaiyingjituan).

I. Brazil’s Escrow Payment System: Compliance Thresholds for Sellers Effective August 1

On August 1, 2026, Brazil’s ”Split Payment Regime” was officially implemented on the Brazilian version of Meituan. On the surface, this system operates automatically through the platform, requiring no manual intervention from sellers; in reality, however, it has significantly raised the compliance requirements for sellers.

The Core Logic of the System: When the platform processes an order, it automatically splits the revenue into ”proceeds from the sale of goods” and ”service fees” in accordance with Brazilian tax law, and settles and withholds taxes on each separately. Sellers must link a local Brazilian CPF/CNPJ (individual/corporate tax ID) and a local Brazilian bank account for the platform to make payments properly.

Trigger Thresholds and Binding Requirements::

• All sellers on the Meike Duo Brazil site (regardless of whether they are cross-border or domestic stores)
• You must link a local Brazilian CPF/CNPJ tax identification number.
• You must link a local Brazilian bank account (Itaú, Bradesco, or Banco do Brasil are all accepted).
• When distributing revenue, the platform withholds sales taxes (ICMS, PIS, COFINS, etc.) on behalf of the user at the local tax rate.

Key Compliance Implications::

• Sellers without a CPF or CNPJ cannot receive ”proceeds from the sale of goods.”
• Sellers without a local bank account cannot withdraw funds.
• Cross-border sellers must establish a compliant entity (individual or company) to conduct sales in Brazil.

II. Three Methods for Receiving Cross-Border Payments via Mercado Pago

There are three main channels for cross-border payments in Latin America, each catering to different types of sellers and their needs for repatriating funds:

Option 1: Settlement via the Mercado Pago platform (recommended for beginners). Link your Mercado Pago account to a local bank account, and the platform will automatically settle transactions in Mexican pesos, Brazilian reais, Chilean pesos, or Argentine pesos. Pros: Simple to use; the platform automatically handles currency conversion and settlement. Cons: Exchange rates are not the most favorable; a platform withdrawal fee applies (0.51 TP3T–1.51 TP3T per transaction).

Option 2: Third-Party Payment Processing (PingPong/LianLian/Wanlihui). Funds are held in local Latin American collection accounts through entities based in Hong Kong or Singapore, and then a third-party payment provider handles the currency conversion and settlement into China. Advantages: Best exchange rates and fast settlement (T+3 business days); Disadvantages: Requires support for Latin American currencies (MXN/BRL/CLP/ARS), which some platforms do not fully cover.

Option 3: Direct Deposit to a Local Bank Account (Recommended for Established Sellers). Open one local bank account in each of the four Latin American countries (Mexico, Brazil, Chile, and Argentina) and link them to the platform for receiving payments. Pros: Highest level of compliance; transparent fund repatriation. Cons: Long account opening process (4–8 weeks); high maintenance costs; requires a signature from a local representative.

III. A Detailed Guide to Opening Bank Accounts in Three or Four Countries: Compliance Requirements and Timeline

Mexico: BBVA, Banorte, or Santander are all acceptable. The account opening process for wholly foreign-owned companies takes 4–6 weeks and requires a local Mexican representative (CEO or Director) and an RFC tax ID number.

Brazilian: Itaú, Bradesco, or Banco do Brasil are all acceptable. A CPF (individual tax ID) or CNPJ (corporate tax ID) plus the signature of a local director is required. The account opening process takes 6–8 weeks; it will become more difficult to open an account after the implementation of the segregated account system in August 2026.

Chile: Either Banco de Chile or BancoEstado is acceptable; a RUT (tax ID number—valid for both individuals and companies) + a local representative + a Chilean company are required. The account opening process takes 6–10 weeks.

Argentina: Either Banco Galicia or HSBC Argentina is acceptable; requires a CUIT tax ID (for the company), a local director, and a local company. The account opening process takes 8–12 weeks, and foreign exchange controls are strict.

The key challenge in opening a bank account in the four countries is the ”local representative’s signature”—all foreign companies or individuals opening a local bank account must have a local representative (an individual with a long-term visa and a local tax ID) sign on their behalf. This requires Chinese sellers to hire a ”local representative director/partner” in Latin America and to assume joint and several liability for that representative’s compliance obligations.

IV. An Analysis of the Four Types of Tax Registration Numbers: CPF, CNPJ, CUIT, and RUT

Tax registration certificates from these four Latin American countries are the aspect that Chinese sellers find most confusing. Below is a clear breakdown of each one:

CPF (Cadastro de Pessoas Físicas): Brazilian Individual Tax ID Number, similar to the U.S. Social Security Number (SSN); all individuals (including non-residents) who engage in tax-related transactions in Brazil must apply for one. Format: XXX.XXX.XXX-XX. Processing time: 3–7 business days.

CNPJ (National Register of Legal Entities): Brazilian corporate tax ID number, similar to the U.S. EIN; every company registered or operating in Brazil must apply for one. Format: XX.XXX.XXX/XXXX-XX. Processing time: 7–14 business days.

RFC (Federal Taxpayer Registry): Mexican Tax ID (Federal Taxpayer Registration)—all individuals and companies engaged in tax-related transactions in Mexico must apply for this. Starting in August 2026, the Mexican version of the Meike Duo platform will require consistency in RFC numbers. The application process takes 14–21 business days.

e.firma: Mexican electronic signature; electronic identity for RFC entities. Starting in August 2026, Mercado Libre will require the “e.firma” electronic signature; otherwise, RFC entity consistency verification will fail. The application process takes 7–14 business days (requires a local Mexican tax representative to handle the application).

CUIT (Unique Tax Identification Number): Argentine company/individual tax ID number, format: XX-XXXXXXXX-X. Local Mercadosite stores in Argentina must be linked to a CUIT. The application process takes 14–21 business days.

RUT (Rol Único Tributario): Chilean tax ID number, format: XXXXXXXX-X. All individuals and companies engaged in tax-related transactions in Chile must apply for one. The processing time is 14–21 business days.

V. Compliance Channels for the Repatriation of Funds from Four Countries to China

Once a local bank account in one of the four countries has been opened, there are three compliant channels for repatriating funds to China:

Channel 1: Cross-border Payment Platform Settlement (PingPong/Lianlian/Wanlihui). Funds are received through Latin American collection accounts held by entities in Hong Kong or Singapore, then transferred back to PingPong, LianLian, or Wanlihui accounts before being settled in China. This service supports small-amount, high-frequency B2C payments, with processing fees ranging from 0.51 TP3T to 1.01 TP3T.

Channel 2: Overseas Investment Compliance Channel (Re-investment Following ODI Filing). If local companies established in Latin America by Chinese sellers need to repatriate profits, they must file for ODI (Overseas Direct Investment) registration. Repatriated funds are treated as ”overseas profit dividends” and are subject to Chinese corporate income tax (with tax exemptions based on shareholding ratios).

Channel 3: 9610/9710 Model of Cross-Border E-Commerce Comprehensive Pilot Zones (Recommended for Large-Value Transactions). By filing through the ”9610” (B2C small-value) / “9710” (B2C large-value) models under the Cross-Border E-Commerce Comprehensive Pilot Zones, you can enjoy tax-exemption without invoices and a fixed-rate income tax assessment. Processing fees range from 0.31 TP3T to 0.81 TP3T.

VI. Compliance Pitfalls: Three Common Types of Failed Fund Repatriation Cases

Case 1: No CPF/CNPJ Linkage Under Brazil’s Revenue-Sharing System. A seller in Shenzhen had monthly sales of 500,000 reais (approximately 600,000 yuan) on the Brazil marketplace. After the settlement system went into effect on August 1, the seller was unable to withdraw funds because the account was not linked to a CPF number, causing the funds to be held on the platform. It took two months to obtain a CPF number and restore access to the funds, resulting in interest losses of over 80,000 yuan during that period.

Case 2: Freezing of Funds Under Argentina’s Foreign Exchange Controls. A seller in Guangzhou generated approximately $150,000 in cumulative profits over one year selling on the Argentina marketplace. When attempting to repatriate the funds via a local bank account, the account was frozen for six months because the seller had not completed the Argentine Central Bank’s ”special foreign exchange declaration” process, resulting in losses of over $30,000 in interest and penalty charges.

Case 3: Withdrawal Failure Due to Inconsistencies in the Mexican RFC. A seller linked a Mexican RFC to Company A, but the entity registered on the platform was Company B, resulting in a discrepancy between the entities. As a result, a $100,000 withdrawal was frozen for three months.

These three cases point to a common conclusion: Compliance in Latin America requires advance planning, and the flow of funds must be aligned with tax planning.

VII. Matrix of Optimal Choices for the Four-Country Capital Flow Pathways

The table below shows the optimal cash flow paths for sellers of different sizes across the four countries:

The key difference between each model is as follows: New sellers use platform settlement combined with third-party payment collection; medium-sized sellers use local accounts combined with third-party payment collection; and established sellers use local accounts combined with ODI filing and registration in a comprehensive cross-border e-commerce pilot zone.

The Qicaiying Group’s Latin America Specialized Team can provide local Latin American stores, and independent website sellers with a full suite of services, including ”Mexico RFC + e.firma + BBVA account opening + Brazil CPF + CNPJ + Itaú account opening + Chile RUT + BancoEstado account opening + Argentina CUIT + Galicia account opening + ODI registration + 9610/ 9710 Filing + Cross-Border Payment Collection.” Over the past three years, we have helped more than 300 Chinese sellers establish their Latin American payment infrastructure, and since the beginning of 2026, the total repatriated funds for our clients have exceeded 250 million RMB. Consultation Hotline: 18676749275; add WeChat: Qicaiyingjituan.

VIII. Seizing the ”Compliance Window of Opportunity” in Latin American Capital Flows”

August through December 2026 marks a ”compliance dividend period” for capital flows in Latin America, as three key changes are taking place:

Change 1: Once Brazil’s revenue-sharing payment system takes effect, sellers without a CPF or CNPJ will be weeded out—this marks a major shake-up in compliance requirements.

Change 2: Mercado Pago’s cross-border payment collection service will continue to be upgraded in the second half of 2026, offering compliant sellers comprehensive services such as ”T+1 fund settlement, exchange rate protection, and platform reconciliation.”

**Trend 3: A closed-loop compliance system involving local stores in Latin America and bank account openings with local banks is rapidly taking shape; the period from 2026 to 2028 will be the peak period for this trend.**

Qicaiying Group’s Latin America Compliance Team and Fund Flow Team have successfully established fund flow channels across four countries—Brazil, Mexico, Chile, and Argentina—for multiple clients, reducing the average account opening cycle by 40% compared to the market average. and the compliance and account opening costs per client are 25% to 40% lower than the market average. If you’d also like to capitalize on the compliance benefits of Latin American fund routing in the second half of 2026, please call 18676749275 or add us on WeChat: Qicaiyingjituan.