How to open a bank account in Brazil?

open a bank account in Brazil

If you plan to live or do business in Brazil, opening an account in Brazil can be a necessity. By opening a bank account in Brazil, you can easily access your money and carry out your business and investment transactions.

Frikmark Group in Brazil handles the opening of a bank account in Brazil completely from scratch and in accordance with the latest standards and laws governing the target country, so that none of the implementation steps and work processes of opening an international currency account in Brazil require your presence in this country. You can contact us to open an account in Brazil.

Benefits of opening a bank account in Brazil

Opening a bank account in Brazil offers several benefits for foreigners, including:

Financial Convenience:

Local Currency Transactions: You can easily deposit, withdraw, and save money in Brazilian Reais, avoiding costly currency conversion fees.
Simplified Payments: Easily pay bills, make purchases, and manage your finances within Brazil.
Access to Financial Services: Enjoy a wide range of financial services, including credit cards, loans, and investment options.

Investment Opportunities:

Direct Investments: Invest directly in Brazilian stocks, bonds, and other assets.
Attractive Interest Rates: Benefit from potentially higher interest rates on savings accounts and fixed-term deposits compared to some other countries.

Real Estate Transactions:

Easier Property Purchases: Facilitate property purchases by making payments directly from your Brazilian bank account.

Day-to-Day Life:

Debit and Credit Cards: Use convenient debit and credit cards for everyday purchases.
Online and Mobile Banking: Access your account and manage your finances conveniently through online and mobile banking platforms.

Additional Considerations:

Residence Permit: While not always strictly required, having a residence permit in Brazil can simplify the process of opening a bank account.
Bank Selection: Choose a reputable bank that caters to the needs of foreigners and offers services in English or other languages.
Fees and Charges: Be aware of potential fees associated with account maintenance, transactions, and currency exchange.

By opening a bank account in Brazil, you can streamline your financial life, take advantage of investment opportunities, and enjoy a smoother experience while living or doing business in the country.

Documents needed to open a bank account in Brazil

The basic requirement for any foreigner to open a bank account in Brazil is to have a residence visa. With that, you can prepare for your visit at the local branch of the bank, and bring with you the following documents:

Permanent or temporary resident visa (with a minimum duration of 12 months)
Identity document – Either passport or the foreigner’s identity card (Cédula de Identidade para Estrangeiro – CIE). To speed up the process, you can apply for this document before your arrival in Brazil. For those who didn’t get yet the CIE, but want to open their accounts, it is enough to bring a proof that the procedure has been opened. More about it here.
National tax ID number – CPF (Cadastro de Pessoas Físicas)
Proof of domicile (try to obtain an address, even a temporary one, as soon as possible)
Proof of income (when opening a salary payment account)

In some cases, proof of income might not be requested – especially in case of students applying for the account. It’s also a good idea to take a Portuguese speaker if you don’t speak the language, as many of the bank workers are not required to know English.

Can I open a bank account in Brazil as a non-resident?

It’s rather difficult to open a bank account in Brazil without showing either the above-mentioned identity card, or at least a document called National Register of Migrants (RNM), which travelers are also required to obtain after arrival. You can get it by registering at the Federal Police. You can also schedule an appointment with the local police office before your arrival.

If you need a bank account in Brazil for your company contact us for our solution.

What kinds of accounts can you open in Brazil?

Here are the main types of bank accounts you can open in Brazil:

For Residents:

Conta Corrente (Current Account): This is the most common type of account for daily transactions, including bill payments, transfers, and ATM withdrawals.
Conta Poupança (Savings Account): Used for saving money and earning interest.
Conta Investimento (Investment Account): Allows you to invest in various financial products like stocks, bonds, and mutual funds.

For Non-Residents:

Conta de Não-Residente (Non-Resident Account): This account is designed for foreigners who are not residents of Brazil but have a connection to the country, such as owning property or having a business.
Conta de Depósito a Prazo (Term Deposit Account): This account offers fixed interest rates for a specific period.

Digital Bank Accounts:

These accounts are offered by digital banks like Nubank, Inter, and C6 Bank. They often have simpler opening processes and lower fees compared to traditional banks.

Additional Considerations:

Tax Residency: Your tax residency status in Brazil will influence the type of account you can open and the taxes you may be liable for.
Foreign Exchange: If you need to exchange foreign currency, you can do so through your bank account or specialized exchange services.
Fees and Charges: Be aware of the fees associated with different account types, including maintenance fees, transaction fees, and currency exchange fees.

It’s important to consult with a bank or financial advisor to determine the best type of account for your specific needs and circumstances.

Best Banks in Brazil:

Banking in Brazil is a huge business with most of its largest banks having countrywide presence all over the country, even in small villages. The most popular are Banco do Brasil and Caixa Economica Federal, with branches and ATMs virtually everywhere. There are als “Banco 24 Horas” ATM machines, easily found in most places, with which most banks in Brazil cooperate. By choosing the right option, you will be able to withdraw the money from these machines with no fees.

Banco do Brasil: it’s the oldest bank in Brazil, with the majority of its shares owned by the federal government, as a result many consider it the safest in the country, and most resistant to economic crises. They offer good rates, they’re present in all parts of the country, and they have a variety of options for different uses and age groups.
Bradesco: this bank offers you an option to operate your account entirely online, so if you don’t like visits at the branches, it’s a good choice. They are a large bank with many ATM machines, a choice of different accounts and a fast, simple process to open your account. Only the opening of that account will require a visit at the bank.
Itau: another of the country’s largest banks, with a wide network and excellent online banking app. Account offers include special accounts for retirees and children. Internet banking is standard, and you have access to their phone assistance.
Caixa Economica Federal: also known as Caixa, is one of the world’s largest banks with 80 million customers having their accounts with them. As the previous banks, you can expect to find Caixa’s branches and ATM everywhere in Brazil. A bonus: they have franchised lottery stands in all of their branches as well.

There are many other, small and big, banks present in Brazil, you can choose from. One important thing when you’re doing your research for the best bank is to check for the fees, as many of them can be exceedingly high. This applies especially to international bank transfers, subject to high fees, but also interest rates on your credit card can get as high as 20% monthly. If you plan to spend a lot of time outside of the main cities, it’s worthwhile exploring which bank offers you good rates on ATM withdrawals.

What are the features of an international bank account in Brazil?

Transfer money to all international accounts in the world
No limits on balance, deposit, withdrawal, or transfer
IBAN code or international account number
Unlimited connection to the SWIFT network
Open an account in the name of a natural person
Receive a MasterCard and Visa card backed by your international account
Full access to the account via mobile banking
Ability to control the account only by the person.

can a foreigner open a bank account in brazil?

Some banks will allow you to start the process to open a bank account from abroad, but you’ll still have to present your documents in person. This means you’ll have to call into your local branch upon arrival to finalise the account opening. Once you’ve chosen the right bank and account type for you, check the specific policy they use regarding remote opening of accounts.

Bank Account Opening Process in Brazil

The process for opening a bank account in Brazil is usually as follows:

Visit a bank and complete an account opening application form.
Provide the required documents.
Open a bank account with an initial deposit.
Get a bank card and password.

Cost of opening a bank account in Brazil

Whichever bank you choose, it’s important to read the terms and conditions carefully. Take a friend to translate if your Portuguese isn’t great, and make sure you get all the details you need about banking fees and charges.

Remember – charges may be applied differently in your home country. You might find account handling charges to keep your account open or for the use of a credit or debit card. It’s also common to be charged for withdrawing cash from an ATM operated by a different bank.

If you need to move money between accounts in different currencies, this will be subject to fees and charges, as well. In addition to charging for processing the transaction, banks often make their profit through using an exchange rate that is not a great deal for you. Even if they claim ‘zero commission’, or ‘fee-free transfers’, you can bet they aren’t working for free. Their cut is simply hidden in the exchange rate.

how to open a bank account in brazil?

Are you looking to open an account in Brazil? Frikmark Group provides services for opening a bank account in Brazil. With years of experience and a team of experienced and specialized staff, Frikmark provides applicants with all matters related to opening a bank and foreign exchange account in Brazil in the fastest possible time.