How to Open a Brazilian Bank Account as a Foreigner

Benefits of Having a Brazilian Bank Account

no matter wherein you’re, having a local financial institution account significantly facilitates your everyday budget, in addition to larger purchases.
With a Brazilian financial institution account, you may deposit, withdraw and store money within the neighborhood currency, the Brazilian actual. this will assist you to keep away from pricey conversion rates which can be supplied via traders and foreign exchange groups.

Brazilian banks offer some of long and quick time period investment options with attractive hobby prices. this will be any other advantage for people who want to diversify their investments.
A neighborhood bank account is a requirement for numerous major transactions that a non-resident might also have hobby in sporting out. you are allowed to buy belongings in Brazil as a vacationer and in practice, proudly owning any type of belongings in the us of a can be used to request and acquire an investor’s visa. Even in case you do now not have all of the money to invest in a domestic or business belongings of your choice, it is possible to take out a loan, even without but having resident repute in the united states of america.

the primary requirements for this are having a bank account and a proof of income (defined below).
As a traveler (or an unlawful immigrant, for that matter), you’re allowed to rent a domestic, get a cellphone plan, take out loans and even practice for credit score cards. All that is needed (and in a few instances just strongly endorsed) is a Brazilian bank account. despite the fact that beginning one requires pretty some steps, the process is fairly honest and will be explained in element below.

Some of Brazil's major banks: Itaú, Bradesco, Banco do Brasil, Caixa Econômica Federal, Santander
Some of Brazil’s major banks: Itaú, Bradesco, Banco do Brasil, Caixa Econômica Federal, Santander

Brazil’s Top 5 Banks

The top 5 Brazilian banks are:

  1. Banco do Brasil
  2. Caixa Economica Federal
  3. Santander
  4. Bradesco
  5. Itaú

Brazilian Identity Documents: RG and CPF

The CPF card is no longer common and nowadays the proof that you have a CPF will be a printout from the Receita Federal website.
The CPF card is no longer common and nowadays the proof that you have a CPF will be a printout from the Receita Federal website.

General Requirements to Open a Bank Account

Identification (RG)

This file is the Brazilian id card. it’s far legitimate all all through the country and is the maximum common approach of proving one’s identification. the following information is contained on this record: bearer’s full call, names of each parents, id variety (RG), birthdate and region, photograph, fingerprint and data on wherein the report was issued. For overseas citizens in Brazil, the alternative is the RNE, which incorporates comparable records..

Social Security Number (CPF)

that is the Brazilian tax variety that one should have on the way to get an professional job, open a financial institution account, sign up for positive offerings and member clubs and to get hold of government advantages, if relevant.

the best information is that everybody can get a CPF. The manner takes round 30 minutes and it may be achieved everywhere wherein there’s a Brazilian consulate. in addition, getting a CPF, is completely unfastened.

Proof of Residency

This file proves that one resides on the address they nation they live at. it is able to be a document proving that you personal the residence, a duplicate of a lease agreement of a water, electricity or telephone invoice. net bills are not often regularly occurring as alternatives. For those that don’t have their call on any of these files, a residency assertion is required. it is very smooth to jot down up this file following a template and notarizing it prices somewhere between 10-20 BRL. so as for it to be valid, the residency announcement need to be offered alongside a file that confirms the address of the person that declared that you live at that address.

Tax declaration form (for checquing accounts)

This report is the Brazilian model of an annual tax return form. it’s miles required if you wish to observe for authorities benefits or to open a financial institution account. every person over the age of 16 with a CPF and address in Brazil may additionally fill one out, even if you’ve by no means labored in Brazil.

Contact Information

Banks want to have a way to contact you in case they need to reach you regarding your financial institution account or to tell you which you card turned into brought. a few banks also offer the choice of receiving textual content message notifications on every occasion your card is used. it’s miles necessary to have a Brazilian variety for this part, however local sim playing cards are around 10 BRL each (empty) or 20 BRL each (with some credit) and everybody can purchase one.

The Only Exception

apart from the RG/RNE, all of the above-noted files may be acquired by a person who is in Brazil as a traveller. In truth, you can even get all of them at the same time as being an illegal immigrant, since no one assessments your visa/front stamp.

Brazilian banks, irrespective of whether or not they are traditional or digital, within the pinnacle 5 or now not, alas require a Brazilian-issued identification file to be able to continue with the account opening manner.

soliciting for an exception is not an alternative, for the reason that submitted files are validated by way of the financial institution’s system and department personnel (or even managers) have no manipulate over it.

however, there may be one financial institution that doesn’t have this requirement. Bradesco permits you to use a valid passport from any united states as your identity report. The relaxation of the requirements are those that had been cited above.

Process to Open an Account in Bradesco

The manner to open a financial institution account in Bradesco is pretty honest after you have got acquired all of the required files (if you want to be defined in greater element below).

1.] collect all the required documents. You do now not need to translate your passport, however you have to be prepared to help the non-public banker in order to be establishing the account for you in case the layout of the data differs from the Brazilian formats.

2.] find the Bradesco agency inside the most convenient region for you. this can be your home branch. a few processes may additionally simplest be accomplished at your own home department, along with receiving cards and chickening out large amounts of cash, so this should be a branch that you will be able to visit whenever required. your own home department does not want to be the closest department to your declared deal with, but it must be within the same city.

3.] go to your chosen branch in the course of their running hours (commonly 10 am to a few pm). try to avoid going before or after vacations/weekends as this may growth your wait time. in case you do not have a very good command of Portuguese, it is a great idea to take a neighborhood with you. most financial institution personnel know a bit of English, but due to the fact non-public bankers almost completely cope with home customers, they’re now not required to recognise English, so you should both be able to get through in Portuguese and recognise a few banking-associated terms or bring a Portuguese-talking pal.

4.] whilst you arrive on the department, you will be prompted to take a number (senha) to join the virtual line. To open a bank account, you’ll want to pick “serviçõs diversos” after which “abertura de contas”, take your wide variety and wait till you’re referred to as. in case you are bodily disabled, older than 60, pregnant or overweight, you may select “preferencial” on the computer display in an effort to get attended faster.

5.] when you get called, you need to hand over the documents that you prepared and determine in case you want a chequings account. savings accounts have decrease monthly prices, however additionally provide very constrained free monthly transactions and account alternatives. similarly, if you have a savings account and you operate it often to make and receive transfers and withdraw money, the bank might also near your account, claiming that they “now not have hobby to maintain you account open”. A chequings account is slightly extra luxurious in step with month (around 25 reais monthly at Bradesco), but with this sort of account, you’ve got lots greater opportunities.

6.] you may be requested to fill in some forms at some stage in the technique. those are usually bureaucracy wherein you affirm which you are opening an account, the information and any extra offerings you may choose to collect. All of these forms are in Portuguese and your banking assistant will fill out the majority of the office work. you may just be required to signal and write the date in most cases. though, it is a good idea to go along with someone that speaks the language, just if you have some questions and it is always a very good concept to read files before signing them.

7.] The whole procedure can take anywhere from 30 minutes to an hour, depending on whether or no longer the particular private banker that is helping you has labored with foreigners earlier than or now not.

8.] you will be induced to pick out a 6-digit code that you’ll be required to use on every occasion you use your debit card.

9.] you will receive a duplicate of the account-commencing contracts you signed at the give up of the method. Your account wide variety can be prepared tomorrow. you will also acquire various to name day after today to acquire your account records. the other choice could be to visit choose it up at the branch.

10.] Your debit card may be sent for your declared deal with and should arrive in 10-15 business days. The courrier can be tasked with handing the envelope to a person on the deal with. If no person is there or if the resident says that the recipient of the mail does no longer stay there, your card will be brought to your property business enterprise, and no questions could be asked. If you acquire a chum to make your residency statement, you can ask them to receive your card for you.

11.] once you get your card, you will want to prompt it at your property department and also register your biometrics. Bradesco calls for clients to sign up their wrist prints, which might be also a demand for taking flight coins from a Bradesco ATM. In theory, your biometrics should replace your identification record, but many humans have troubles with having their wrist prints diagnosed by using the device, so that you could be on the safe facet, it is an awesome idea to always convey your passport whilst you go to the bank.

12.] when you set off your card and sign up your biometrics, an worker will help you to get admission to the Bradesco app and create a passcode for it.

13.] If you will additionally like a credit card, you’ll want to apply your account regularly for the following three-4 months, that is the financial institution’s evaluation technique. If permitted, applying for the credit score card is a totally straightforward procedure. you will most effective be required to choose what day of month you want your bill to run out on. The credit score card will then be brought to your house within 5-7 business days (or to the department, if the primary technique fails). you may have a monitoring quantity despatched to you through text message, so that you’ll recognise whilst it is time to move pick out up your card.

Getting a CPF

Getting a CPF is the easiest and fastest step in the process as it can be initiated online and completed anywhere in the world where there is a Brazilian consulate or embassy.

  1. The first step is to fill out a form on the Receita Federal website

    you could find commands in English here. (be aware: you may be required to pick out a rustic previous to intending to the shape. You want to choose the united states of america in which you will be making use of for the CPF, irrespective of your citizenship.)

  2. you will need to go into your private facts, which includes your call, file range, nationality, birthday, and mom’s call. you furthermore  need to enter your deal with and contact data.

  3. The second step is to print out the completed form and bring it to your nearest Brazilian consulate or embassy

    It is a good concept to contact the closest consulate earlier than you move, just to make sure in case you want to e book a time first or if they have specific hours when they provide this particular carrier.

    while you visit the embassy/consulate, you will need the published out shape and your passport. they’ll also ask for another identity file, so it is desirable to convey one just in case, or ask earlier than you cross.

    once you hand your printed out shape and files to the worker that attends you, you will need to anticipate around 20-half-hour. Then you will be referred to as to take your documents again and you’ll receive a print out from the government internet site confirming your registration inside the CPF software.

    Like I mentioned above, this service is free.

Acquiring a Declaration of Residency

This component is a bit greater complex, since it requires knowing someone in Brazil, ideally inside the town where you intend to are living. this will be a pal, relative or you could simply pay a person to do this provider for you. The residency assertion is some thing which you or the Brazilian supporting you can type up yourselves.

the subsequent is a template of a residency announcement: Residency statement Template

For a foreigner, a passport variety can be used in preference to the RG

as soon as this is done, you may need to print out the statement and the Brazilian will want to take it to a notary’s workplace, in conjunction with their identification and their very own proof of residency. The rate will rely on each man or woman Notary workplace, but it won’t be more than 15-20 BRL.

Doing this is absolutely criminal and providing a evidence of residency is greater of a formality for banks.The personal managers which can be chargeable for the account-starting method recognize that no longer all and sundry dwelling inside the region has a everlasting deal with or perhaps is just living with family/pals or at an airbnb, that’s quite common amongst college students or transient employees. however, the technique to open an account is accomplished through a pc program, which requires a evidence of residency to be uploaded previous to being able to keep. you can get hold of all your bank playing cards, cheque orders and other documents at your own home branch and all different communications are sent by electronic mail, so you in no way surely should use your cope with for something when you open your account.

Declaring your income is fairly straightforward in Brazil. However, if you’re not familiar with the system or don’t know Portuguese, it may be better to get a professional to do this for you.

Declaring Your Income (optional, but recommended)

The tax assertion shape is most effective required if you want to open a chequing account. but, in case you plan to reside in a border metropolis, the bank may additionally require you to claim your income, regardless of the form of account you would like to open.

you may get an profits assertion shape even if you’ve never labored in Brazil before. You simply need to claim yourself as self-employed. even as you may whole the form in your own, it’s far more handy and quicker (mainly in case you do not know Portuguese) to get it executed via an accountant or someone with experience inside the area. This service can price everywhere from 75 – 2 hundred BRL, however at the quit of the method you’ll have a document that is guaranteed to be conventional at Bradesco while you go to open your account. Your assertion will also contain a code that you’ll be able to use the following year to facilitate the process of affirming your annual profits.

The earnings declaration form is meant to reveal the financial institution how lots money they need to assume to enter your account monthly, but, you will now not have any troubles higher amounts, as long as they are no longer appreciably better than the earnings you declared (some thing it really is less than 20 instances the declared monthly profits is satisfactory).

Your earnings statement will not be consulted if you choose to use for a credit card or a loan. they’ll alternatively examine your financial institution account to help to decide the limits that they can offer you.

if you’re attempting to find a person to claim your income, you may visit your nearest accounting office for an estimate, or i will recommend the area that did it for me. You do not have to finish this method in person. it’s also viable to acquire the finished form online and then print it out. you’ll only need to provide your CPF, deal with, non-public records that can be located for your passport and some touch statistics.

Other minor details to take care of

The entire system is pretty easy and easy, however you must plan to live for as a minimum three-4 weeks in the metropolis in which you’ve got your residency declaration. despite the fact that the time required to obtain your card is about 2 weeks, things can occur and you could want to request some other one.

nobody will visit your declared deal with to test in case you genuinely live there, however try to now not make it seem too apparent which you do not definitely stay there. You must at the least realize the neighborhood/town place in which your “house” is positioned.


Bradesco’s debit and credit cards have the Elo logo and are accepted alongside Visa and Mastercard all over Brazil. The cards are also valid abroad, but prior to traveling, you will need to submit a travel notification to unblock access to them.

Bradesco’s Mobile App

The Bradesco app offers numerous services, which will be described below.
The Bradesco app offers numerous services, which will be described below.

Functionalities of the Bradesco App

As soon as you receive your debit card, you will also be able to access the Bradesco app, which has a number of options for your everyday banking needs. With the app, you can:

  • View your current balance and past transactions
  • Transfer money: You can transfer to other Bradesco accounts, accounts in other banks, prepaid cards
  • Pay bills: You can pay any bill that has a barcode, such as water, electricity, internet, phone service, installments and others
  • Accounts billed to your name & CPF: If you have anything that is billed to your name and CPF (such as internet, credit card installment, cellphone bill), it will automatically appear under the “Boletos registrados” tab, so you can pay it without needing to have the physical bill in front of you.
  • Loans: You can consult information about loans and mortgage options and even evaluate your profile to see what loan you would be eligible for.
  • Cards (Cartões): Here, you will be able to consult your credit card information, after you’ve received your card. It will show your limit, statements, payment options and the password for your credit card, in case you ever forget it. Here, you’ll also be able to put in a travel notification and also activitate your card when you first receive it.
  • Investments: Bradesco will offer you some low and high risk options to invest in, alongside all the details and the fineprint. You will be able to invest and visualize your investments directly through the app.
  • Transfer money to your prepaid phone plan: Depending on the value, there is no convenience fee and the funds arrive instantly.
  • Deposit cheques
  • Schedule transfers
  • Consult insurance options and apply for one if you wish
  • Update your personal information
  • Consult currency exchange rates
  • View past receipts
  • Request the withdrawal of large amounts of money: If you plan to withdraw more than 5 000 BRL, you have to notify the bank at least 3 days in advance
  • And other functions

Thanks for Reading

I hope this article clarified any questions you may have had about opening a bank account in Brazil without having residency status. If you have any other questions or personal experiences, please share them in the comments and I’ll do my best to answer them.


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