Need advice on How to Open a Bank Account in Brasil.

I was able to open a digital only account with ITI using a cpf

what is ITI?  Can you use ITAU?

@Mkp000888

Bom dia!

Does the "Family Visa" you mentioned include your RG number and card as a resident?  If yes, you should be able to open an account with any bank...

    Hi there,
I am from London and need to understand how I can open a bank account in Brasil. I have a property here in Sergipe. I have British Nationality, and a family visa becuase my young son lives here with his mum. I travel here to see him frequently. I do have a CPF and  as stated have my own property here which I bought like 4 years ago.. Would be very grateful for any advice please.

Thanks

MKP
   

    -@Mkp000888

I agree with @MA22 - if, as you state, you have a permanent visa due to family reunion, then you will have no difficulty opening a proper bank account with any bank in Brazil. I think you will need a proof of address, that is all, like a utility bill.

@easygoer1050

ITI is digital only bank.  I tried Itau proper but wasn't able to open an account.

I tried multiple banks and here's what I found out:

When I first arrived to Brazil and only had a CPF and my CRNM, I was only able to open an account with an online bank (C6 / Nubank) and I was only allowed a debit card.

To open a regular bank account in a "regular" bank you'd need the same as the above + proof of residence (can be any type of bill with your name as far as I am aware, the Internet (Claro) bill worked for me.)

Then some banks asked for proofs of revenue/salary as well. Some also asked for a "better" visa than mine as I was on a one year and non-renewable visa. But in the end, I was able to open one in Banco do Brasil with just proof of revenue (which I don't even know if it was mandatory tbf), proof of residence, CPF and CRNM.

If you have your own property and are on a family visa, you should be fine to get all of these documents fairly easily and be able to open an account in about any bank.

I had some issues with the online processes at a foreigner though, so if you live nearby some bank offices I would advise to go there in person.

You can open a poupanca (savings or deposit) account with any permanent visa, plus ID and proof of addreess. This will come with a debit card.

If you want to open a regular (checking or current) account, with cheque book, credit card, etc, then you also need to provide proof of income.

For most people the first will suffice, and also pays interest...

@Peter Itamaraca The visa I have is a family visa but it has a 10 year expiry at which point I need to renew it. I am hoping if possible I can try to relocate here within next 12 months as I cannot cope with being without my son when I am in London as he is only 6 years old.

Thank You

MkP

Are any Brazil banks available to US residents?  I have a CPF through my wife....and only really visit Brazil 1x a year..but wanted to get set up for possible more visits in the future while having a real bank---  what else would be needed?  thanks

@Mkp000888

That sounds fine. Take all your docs to the bank of your choice, and see what they say...

But you must be in Brazil to open an account here.

@easygoer1050

Unfortunately you cannot open a normal bank account in Brazil without first having a permanent visa. Is this something you have considered? You do not need to live here permanently, just visit for a couple of weeks every year, for example.

@Peter Itamaraca Thank you kindly Peter greatly appreciated.

MKP

@Peter Itamaraca Thank you, I will definately be here.

MKP

@Peter Itamaraca I need to look into this process then, I am here at least 6 months a year, sort off travelling here every couple of months...

MKP

    @Peter Itamaraca I need to look into this process then, I am here at least 6 months a year, sort off travelling here every couple of months...
MKP
   

    -@Mkp000888

As you have already invested in NE Brazil, you may be able to qualify for the Golden Visa? Just need a total escritura value of R$700k (about £112k) invested in N or NE Brazil to qualify, so long as funds have been transferred correctly. Can be more than one property...

04/01/24    @Peter Itamaraca I need to look into this process then, I am here at least 6 months a year, sort off travelling here every couple of months...
MKP
   

    -@Mkp000888

Welcome back!  You've received a lot of good advice in response to your question, so I won't try to add to it.  I'll only make two additional observations:  (1.) Banco do Brasil may be a little more flexible in your case than the commercial banks would be.  Talk it over with the manager.  The fees at the state-owned banks are marginally lower, too.  (2.) If Source of Income becomes a gating issue, a letter from a Brazilian Accountant identifying you as a "Profissional Liberal" -- basically a self-employed knowledge worker -- may break the logjam.  It did for me when I opened my account at Banco do Brasil.

Best of luck to you.  Enjoy life in my favorite state!

@MA22 I will check this now and confirm.

Thank you

MKP

@abthree

Hi abthree,

Thank you soo much for the advice,I am most grateful.

Thanks Again.

MKP

@MA22 The Card does state " RESIDENTE"

NU bank is great. you need a CPF#. Years ago it was easy to obtain

@Jrav8 thsnk you kindly.

MKP

I was unsucessful a year or so ago, even with all the necessary documents. I went to 5 or six banks here in town.  Some agents just turned me away right off the bat. Others sat with me and tried to enter all the data into the computer, made phone calls to higher-ups,  etc.  But the story was always the same:  it wasn't  permitted.  Finally, I was told there was a way.  I'd have to go to one particular branch of their bank (maybe Sicoob?) in the capital (5-7 hours away) because MY city had been denied the privilege of opening accounts for foreigners, due to some "issues" with money laundering in the past. 

Later I read the teensy print on the back of my CRNM. It clearly states that my status gives me full rights to open a bank account.  If I'd pointed that out, I wonder if it would have made a difference.  But DO check to see if you have a similar statement on the back of yours.   

PS - I haven't tried again, but it's probably inevitable.  In the meantime,  I've managed to   get along with my credit card (no int'l fees, always telling the store clerks I'm paying in reais, not dollars) and debit card for ATM withdrawals (decline the bank's exchange rate, accept the ATM usage fee; my bank reimburses me.)    And when I do travel to the States yearly, I bring back (almost) the maximum cash I can (on my person, of course).  Not ideal, but achei um jeito.

How can you get a CNRM?

It's the card I was issued when my temporary residence was granted.

    I was unsucessful a year or so ago, even with all the necessary documents. I went to 5 or six banks here in town.  Some agents just turned me away right off the bat. Others sat with me and tried to enter all the data into the computer, made phone calls to higher-ups,  etc.  But the story was always the same:  it wasn't  permitted. 
   

    -@Viajanete

Try Nubank or one of the other fintechs. You appear to live in Brasil, so there's no way a bank should refuse you. I've had several accounts over the years with a number of the major Brazilian banks. And I doubt my situation is much different from yours. I'm a foreigner with permanência, a CPF And a Brazilian address. I've never had a job here because I freelance for companies outside the country. However, I switched to Nubank a few years ago because I've never had particularly good service from the brick-and-mortar banks here, and their fees are too high.

04/23/24 @Viajanete.  That's awful -- I'm so sorry that's been happening to you.  Unfortunately, it's not out of the question that there's some kind of ban on foreigners opening bank accounts in your city, but you've now been living there long enough and are known to enough people -- more than you probably realize -- that there should be a way around it in your case.

All I can think of is to go to the main office of  Banco do Brasil in your city, not any of the local branches, ask to see the manager, and try to open your account with him/her.  If they won't open the account, ask for a clear reason why.  At that point, I can think of two further ways to go:

1  If there IS really a block on foreigners opening bank accounts in your city, ask the manager to arrange for you to open an account at Banco do Brasil in Belo Horizonte.  He should tell you to which office to go, and with whom, by name, you should ask to speak.  Once you have an account at BB somewhere, you should be able to do your banking anywhere, including at the bank's ATMs in your city.

2  If the manager won't do it, or a trip to BH is too inconvenient for you, talk to a local lawyer and see what options you have in town.  You're right:  as a CRNM holder and by now a longtime resident, you should be able to open a bank account.  A lawyer may be able to shake it loose for you. 

FWIW, Shortly after arriving in Brazil (Before I received my RNM) I was easily able to open an account with Iti online using my California driver's icense s ID. After receiving my RNM, I easily opened an account with Itau. My problem is, I can only get a debit card so far. The banks say they need to analyze my activity before issuing a credit card. It's almost a year now, and still no word.

I also easily opened an account with Nu bank, but no credit card for at least 6 months. Santander would not open an account for me at all because I am not a Brazilian citizen.

I have plenty of money in the US and credit cards with high limits, but it doesn't seem to help.

04/23/24    FWIW, Shortly after arriving in Brazil (Before I received my RNM) I was easily able to open an account with Iti online using my California driver's icense s ID. After receiving my RNM, I easily opened an account with Itau. My problem is, I can only get a debit card so far. The banks say they need to analyze my activity before issuing a credit card. It's almost a year now, and still no word.    -@ibdegen

I had my account for about a year before they'd give me a credit card.  I went into the bank and talked to the people in the office to ask for it, I didn't wait to hear from them.  The first credit limit was ridiculous -- less than R$1,000, if I recall correctly -- but they agreed to raise it quickly. 

I've never tried to get a credit card from a Brazilian bank where I didn't have an account.  Itaú is probably your best bet, if that's your bank.

Thanks, all, for your support.

PS - I haven't tried again, but it's probably inevitable.  In the meantime,  I've managed to   get along with my credit card (no int'l fees, always telling the store clerks I'm paying in reais, not dollars) and debit card for ATM withdrawals (decline the bank's exchange rate, accept the ATM usage fee; my bank reimburses me.)    And when I do travel to the States yearly, I bring back (almost) the maximum cash I can (on my person, of course).  Not ideal, but achei um jeito.
   

    -@Viajanete

Have you tried Banco do Brasil?  I've had an account with them for many years and never had an issue.  I also have an account with BB Americas as a backup in case I have an issue using WISE for transfers.  When I opened the BB account they tried to give me a credit card and I declined.  I didn't see a reason for it, and still don't.  They last thing I need is another credit card, besides the USA based cards are a much better deal IMO.

Regarding telling the clerk you're paying in reais, not dollars... yeah that is a pain.  I've complained to Capital One and Chase about that, but apparently its a Cielo racket where they try to trick you into paying Cielo to do the FX conversion.  To get around it, I use Discover or AMEX, neither of them engage in such shenanigans and they are FX free.  If I must use a Visa or MC, I'm very careful.

Just a heads-up for those who consider a NuBank account: yes they seem easy to open, but these accounts don't come with an international account number(IBAN),  which means you can not directly send money from abroad. You can transfer money by using services like Wise and Remessa Online, but Wise recently stopped doing transfers to Brasil, so at the moment, AFAIK, only Remessa Online does this type of service, and the fees are pretty high (I think its 140 R$ per transfer, maybe more if it's a large amount).

You do get a Pix number though, so once you have transferred money into your account,  it's really useful.

@Kurterino

I just looked at Wise, but did not try to do a transfer, and it appeared they are still sending UK to Brazil as they offered me a rate. What problem did you have?

@Kurterino

I just used Wise the other day to transfer my usual monthly amount here in Brazil... No problem whatsoever.  Not sure what you are referring to...? 

@Kurterino I use Wise once or twice every month to transfer funds to Brasil and have been doing it for years now.  In fact, I just did a transfer last week.  The transfers are completed in minutes and often in seconds.

There are legal restrictions between certain countries.  Maybe that is the issue you are having. 

https://wise.com/help/articles/2571942/ … -i-send-to

Remitly works well too although I had to go through a lot of justification and verifications.  that has seemed to stop in the last 4 months.  I transfer to my ITI account... I don't have a CRNM yet but it wasnt a problem to open the ITI account.

Also, here is a link from Wise giving advice for foreigners wanting to open a bank account in Brazil:

https://wise.com/us/blog/opening-a-bank … -in-brazil

    ....but Wise recently stopped doing transfers to Brasil...
   

    -@Kurterino

That's not true. I do it all the time, including yesterday.