Can Foreigners Open a Bank Account in Brazil?
If you’re planning to live, work, or start a business in Brazil, having a local bank account is essential. Whether you’re an expat, digital nomad, investor, or retiree, a Brazilian bank account will help you manage day-to-day expenses, avoid high international transaction fees, and make payments easier.
But how do you open a bank account in Brazil as a foreigner? What are the requirements, best banks, and alternatives? In this guide, we’ll cover:
✔️ Who is eligible to open a bank account in Brazil?
✔️ Best banks for foreigners 🏦
✔️ Step-by-step process to open an account ✅
✔️ Alternative banking options (for digital nomads & tourists) 💳
Let’s dive in!
1. Can Foreigners Open a Bank Account in Brazil?
✅ Yes, foreigners can open a bank account in Brazil, but the process depends on your visa status and residency.
There are two types of bank accounts you can open as a foreigner:
1️⃣ Resident Bank Account (Full Account)
If you are a legal resident in Brazil, you can open a full checking or savings account (conta corrente or conta poupança) with all banking services.
✔️ Best for: Expats, long-term residents, investors, business owners.
✔️ Required: CPF (Brazilian tax ID), residency visa, proof of address.
2️⃣ Non-Resident Bank Account (Limited Account)
If you are a tourist or temporary visitor, opening a traditional bank account is more difficult, but some banks allow limited accounts or digital banking alternatives.
✔️ Best for: Tourists, short-term visitors, digital nomads.
✔️ Required: CPF, passport, proof of income (varies by bank).
💡 Key Takeaway: If you’re staying in Brazil long-term, it’s best to apply for residency or an investor visa to get full banking access.
2. Best Banks in Brazil for Foreigners
Brazil has several major banks, but some are more foreigner-friendly than others.
🏦 Top Traditional Banks in Brazil (Best for Expats & Residents)
| Bank | Why It’s Good for Foreigners? |
|---|---|
| Itaú Unibanco | Best for expats, many English-speaking staff |
| Banco do Brasil | Government-backed, strong international banking |
| Bradesco | Large branch network, good for investors |
| Santander Brasil | Great for foreigners with European accounts |
💡 Pro Tip: Itaú and Banco do Brasil are the easiest banks for expats to open accounts with.
💳 Best Digital Banks in Brazil (Best for Digital Nomads & Short-Term Visitors)
| Bank | Why It’s Good for Foreigners? |
|---|---|
| Nubank | No fees, easy-to-use app, quick approval |
| Inter | Great for online banking, easy transfers |
| C6 Bank | Offers multi-currency accounts |
| Wise (formerly TransferWise) | Best for international transfers |
💡 Pro Tip: If you’re a digital nomad or short-term visitor, Nubank or Wise are great alternatives to traditional banks.
3. Step-by-Step: How to Open a Bank Account in Brazil
📌 Step 1: Get a CPF (Cadastro de Pessoas Físicas)
The CPF is a mandatory tax ID number that all foreigners need to open a bank account, rent an apartment, or sign contracts in Brazil.
✅ How to Get a CPF:
- Apply online at Receita Federal (Brazil’s tax authority).
- Visit a Brazilian consulate abroad or apply in person at a Banco do Brasil or post office in Brazil.
💡 Pro Tip: You must have a CPF even if you’re just staying in Brazil short-term!
📌 Step 2: Choose Your Bank & Account Type
Decide whether you want a traditional bank account (Itaú, Banco do Brasil) or a digital bank account (Nubank, Inter).
💡 Key Considerations:
✔️ Need cash deposits? Choose a traditional bank.
✔️ Want an easy setup? Choose Nubank.
✔️ Need a business account? Go with Banco do Brasil or Bradesco.
📌 Step 3: Gather Required Documents
Most banks will ask for:
✔️ Passport or RNE (Foreigner ID Card for Residents)
✔️ CPF (Tax ID Number)
✔️ Proof of Address in Brazil (utility bill, rental contract)
✔️ Proof of Income or Employment (varies by bank)
💡 Pro Tip: Some banks require a Brazilian phone number to open an account, so get a SIM card before applying.
📌 Step 4: Visit the Bank & Apply in Person
Most traditional banks require you to apply in person at a branch. If you’re using Nubank or Inter, you can apply online via their mobile apps.
💡 Pro Tip: If you don’t speak Portuguese, bring a translator or Brazilian friend to help with the process.
📌 Step 5: Activate Your Account & Get Your Bank Card
Once your account is approved, you’ll receive:
✔️ Bank account details & IBAN for international transfers
✔️ A debit card (cartão de débito) for ATM withdrawals & payments
✔️ Online banking access
💡 Pro Tip: Some banks may take 1–2 weeks to approve your account, so apply early!
4. Alternative Banking Options for Digital Nomads & Tourists
If you don’t qualify for a traditional Brazilian bank account, you can use:
1️⃣ Wise (TransferWise) – Best for International Transfers
✅ Send & receive money globally with low fees.
✅ Hold balances in multiple currencies (including BRL).
2️⃣ Revolut – Best for Multi-Currency Accounts
✅ Works like a digital bank account, great for travelers.
✅ Free ATM withdrawals up to a limit.
3️⃣ Crypto & Fintech Solutions
✅ Binance, Coinbase, or local exchanges allow you to use crypto for payments in Brazil.
✅ Some businesses in Brazil accept Bitcoin & USDT as payment.
💡 Key Takeaway: If you can’t get a Brazilian bank account, Wise or Revolut are great options for handling money while living in Brazil.
5. How to Transfer Money to Your Brazilian Account
Once you have a bank account, you’ll need to transfer money from your home country. The best options are:
✔️ Wise (TransferWise) – Best exchange rates for sending USD/EUR to BRL.
✔️ Western Union – Good for cash pickups in Brazil.
✔️ Crypto to BRL Conversions – If you’re into crypto trading.
💡 Pro Tip: Avoid bank wire transfers from international banks—Brazilian banks charge high fees for foreign deposits!
Final Thoughts: Is It Easy to Open a Bank Account in Brazil?
Opening a bank account in Brazil is easier if you have residency, but tourists and digital nomads can still find solutions.
🏆 Best Banking Options Based on Your Situation
💼 Expats & Residents: Banco do Brasil, Itaú, Bradesco.
🌎 Digital Nomads & Tourists: Nubank, Inter, Wise.
💰 Business Owners & Investors: Banco do Brasil, Santander.
🚀 Thinking about opening a bank account in Brazil? Drop a comment below with your questions! 🇧🇷🏦
