How to set up banking in Brazil as a foreigner
Opening a bank account in Brazil as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Opening a bank account in Brazil is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Brazil
| Feature | Details |
|---|---|
| Currency | Brazilian real (BRL) R$ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Brazil
Foreigners can open bank accounts in Brazil. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Brazil. While you may be able to send money to Brazil, full local account features may not be available. Check their website for the latest on Brazil-specific services.
N26
N26 is not currently available in Brazil. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Brazil, consider these factors:
- Exchange rate: The currency is BRL. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Brazil is approximately €571 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Brazil:
- If you'd like to get a savings account, the good news is, interest rates are High. Expect around 6%, plus it's tax-free. There's a tax exemption on interest earned because the Brazilian government wants to protect its people against inflation.
- There are both notes and coins. The denominations for notes are 2, 5, 10, 20, 50, and 100. For coins, the denominations are 5, 10, 25, and 50 centavos, as well as 1 real.
- Each bank will have its own requirements for opening an account, and the documentation you must produce may vary depending on the specific type of account you wish to open (savings, checking, credit card, etc.). But be prepared to produce the following:
- Note, however, that obtaining a credit card will be subject to meeting additional conditions, such as minimum income. Be careful in any case about obtaining a credit card in Brazil, as there are High annual fees, and the High interest rates charged here would be illegal in many countries.
- With most banks, you'll be able to do online banking. However, do note that these services are usually available only in Portuguese. Also, generally, Brazilian banks only provide accounts for Brazilian reals. It's not possible to get bank accounts for foreign currencies, although rarely, some exceptions are made for expats who are only in the country temporarily.
- Important:
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Is mobile banking widely available in Brazil?
Yes, most major banks in Brazil offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
Is cryptocurrency banking available in Brazil?
Cryptocurrency regulation in Brazil varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Brazil.
Can I receive my salary in a foreign bank account in Brazil?
Technically yes, but most employers in Brazil prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
What are the best banks for expats in Brazil?
For expats in Brazil, options depend on your needs. CPF needed. Itau and Bradesco accept foreigners. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
Can I open a bank account remotely before moving to Brazil?
Remote account opening is generally not available in Brazil. You will likely need to visit a branch in person with your documents.