Learn all the necessary steps and documents on how to open a bank account in Brazil.
For those who want to open a business and establish themselves in Brazil, opening a bank account in the country is of paramount importance.
If this is your case, in this article we will show you the steps to open a bank account in Brazil, pointing out the main banks in the country, necessary documentation and other details.
Formalities to open a bank account
For foreigners to open a bank account in Brazilian territory, it is a basic requirement to present a permanent or temporary residence visa, with a minimum duration of 12 months. In addition to it, the agency will request other personal documents.
- Permanent or temporary resident visa;
- Identity Card, Passport or Identity Card for Foreigners. This document must be requested prior to arrival in the country to expedite the process. The document request receipt is used to open the account;
- CPF (Individual Taxpayer Registration);
- Proof of address;
- Proof of income, in case of opening a salary account.
Open a bank account in Brazil: Can I open a bank account as a non-resident?
It will be very difficult to be able to open a bank account in Brazil without presenting your identity card, as mentioned above. Or even the National Registry of Migrants, which travelers can obtain shortly after arriving in the country, from the Federal Police.
If you need help creating a bank account for your company here in Brazil, contact CLM Controller and we will give you all the support you need.
Open a bank account in Brazil: What types of accounts can you open
Regarding the type of bank account that you can open in the country, you should analyze which one best suits your needs.
You will have the options of checking account, savings account or salary account. In addition, according to each bank, you can count on other types of services.
Biggest banks in Brazil
Brazil has a large banking sector, where its largest banks operate throughout the territory, even in the smallest cities and towns.
The most popular banks are the more traditional ones: Banco do Brasil and Caixa Econômica Federal. Both have branches or ATMs practically everywhere in the country.
In addition, in many places there are so-called “24-hour Banks”, which are ATMs that serve several banks. They allow you to withdraw money without having to pay any fees.
Below, we talk about some of the largest banks in the country:
- Banco do Brasil – is the oldest bank in the country. Most of its shares are owned by the Federal Government. It is considered by many people as the safest bank, as this factor makes it resistant to possible economic crises. BB offers good rates and is present in all parts of Brazil. In addition, it has a wide variety of services;
- Caixa Econômica Federal – popularly called just Caixa. It is among the largest banks in the world, with around 80 million customers with active bank accounts. It is spread all over the country, even in the smallest cities. It works in branches or next to lottery houses;
- Bradesco – is also among the most traditional banks in the country. It can be found in all of them and works with the Internet Banking option, which allows accessing many services in a totally virtual way;
- Itaú – is another bank that is among the oldest in the country. They have a wide network and work with online applications. It has special conditions for opening an account for retired people and children.
In addition to these, there are many other banks operating in the country, both large and small. This makes it possible for you to find the one that best meets your needs.
When researching the best bank for you, it’s important to find out about fees, as they can vary widely, with some banks offering excessively high fees.
Especially if you need to do international banking transactions, which are subject to fees.
ALSO READ: TAX GUIDE IN BRAZIL
Virtual banks as an alternative
Transferring money between countries is often very expensive. But, nowadays, there are virtual banks that facilitate the procedure, making transactions cheaper.
Research virtual banks and check transaction fees. They can serve as an alternative to facilitate this process and generate savings.
Benefits of having a bank account in Brazil
Wherever you are in the world, a local bank account makes your financial life much easier, especially for day-to-day matters and even larger negotiations.
A bank account in Brazil will allow you to deposit, withdraw and save money in the local currency, the real. With this, you will avoid paying conversion fees that are often expensive.
Brazilian banks usually offer a wide variety of investment options for short or long term, with very attractive interest rates. This can be considered a benefit, especially for those who want to diversify their investments.
Many important transactions can be facilitated with a local account. You can use it according to your own needs.
Bank fees and monthly fees
The fees and monthly fees charged may vary from bank to bank. Therefore, it is important to check the values and percentages before opening. The charge may also vary by account type.
How can an accounting help you?
A specialized and experienced accounting advice, such as the one provided by CLM Controller, can help you provide all the necessary documentation and find the best conditions for opening an account in Brazil.