How to Open a Bank Account in Brazil

50 Brazilian Reais

50 Brazilian Reais

If you are interested in opening a bank account in Brazil, you may have more than a few hoops that you will have to jump through first. Of course, it can be difficult to establish new bank accounts in any country in which you are not a legal resident. That being said, here are some of the steps that are involved in getting a new account established if you are a student in Brazil, plan to move to this country in the near future or simply want to understand how to obtain a Brazilian bank account.

Unlike many other countries, the different Brazilian bank branches are free to create their own interpretation of how the policies and rules. A foreigner can indeed open a bank account in this South American city, but there are not any formal rules and regulations that are being followed. This situation means that you may have to discuss your options with several banks (and various branches) before you get the bank account that you want.

Banco do Brasil and Caixa Econômica Federal are financial institutions which are owned by the Brazilian government. In fact, they are two of the largest government-owned financial institutions in Latin America. Other banks in Brazil, including Bradesco, Santander and Itaú function under the rules of their Spanish-owned parent company. Citibank (American-owned) and HSBC (British-owned) do have a few banking branches established in Brazil, and, in my opinion, these banks are the best choices for a foreigner who wants to open a Brazilian bank account. You might also want to talk with some of the private banks that are located in Brazil.

Keep these facts in mind when you are trying to establish a Brazilian bank account.

  • As of the latest rules, you are not allowed to open a bank account at Bradesco unless you are a permanent resident of Brazil.
  • HSBC does offer new bank accounts to a wide variety of customers, including residents of foreign countries. You should try to use your original identification documents whenever possible.
  • Be prepared to answer many questions and fill out numerous forms before being granted a new bank account in South America.

Use these steps to open a bank account in Brazil.

  1. Contact a bank that will work with you, such as Citibank or HSBC. Check out the web sites or walk into the bank and speak to a representative for more information.
  2. Gather the appropriate documentation. This will normally be as follows:
    • Permanent (or temporary) Brazil visa. Your visa must not be a tourist visa, and these papers should indicate that the duration of your residency is going to be at least 1 year.
    • Your Passport
    • The RNE Protocol that you received when you registered in Brazil at the Federal Police.
    • Your CPF Number (also known as the National Tax ID Number)
    • Proof of residency (your apartment lease agreement will suffice)
    • Proof of Brazilian based income (your signed work contract will suffice).

There you have it, how to open a bank account in Brazil. Also check out my article on the best online dating sites in Brazil.

Sponsored Links

Further Reading

About Addison Sears-Collins

Hey! I'm Addison Sears-Collins, the founder of Visa Hunter. You can learn more about me here. Connect with me by liking my fan page on Facebook, connecting with me on Twitter, or check out my website Automatic Addison where I build robots and embedded systems.

Visahunter.com accepts no responsibility or liability whatsoever with regard to the accuracy of the information contained on this site. Please read the Visitor Agreement and Disclaimer. If you think there is an error in the information, please bring it to our attention so that we can correct it. Also, some of the links above could be advertisements or affiliate links, which means that I will earn a commission (at no additional cost to you) should you decide to click on the links and make a purchase. I recommend sites from time to time, not because I earn money or get a tiny commission if you click on the affiliate links and make a purchase, but because, I want you to focus on the places that will deliver you the most value and the best results. Good luck!