Opening a bank account in Brazil

Hi,
i open a account bank in Bradesco...really hard! with Visa too!

before rent my house, need a certificate or something and the banker told me something about:

brazilian bank account with adress in other country....
finaly i donŽt need this kind of account, but you can try!

Good morning Outlander and welcome to Brazil!

In Brazil, the Brazilian Central Bank regulates banks activities and requires some documentation in order to open a current account in a bank – i.e.: ID, CPF and proof of address – if the client is foreigner the bank must also require the RNE card - the ID that a foreigner gets when he/she applies for a Brazilian Visa - and some banks will open a bank account only if the person is in the country for more than one year, but that is internal regulation only. Brazilian banks cannot obligate clients to provide them with  a proof of income, but they do (sometimes not often) for two reasons: a) in order to understand what they can expect from that client vis-a-vis what products to offer later; b) to provide the client with a higher credit limit (and this last one is the excuse to have from the client  a document that the client is not bound to provide).

If you visit Santander's website [http://www.santander.com.br/portal/wps/script/templates/GCMRequest.do?page=5466 ] you will find the documentation needed and an asterisk marking the item “Comprovante  de renda (holerite)*” that calls after the explanation: “*Obrigatório para abertura de conta com limite de crédito” (in other banks you will find the term ‘desejável' giving the idea that they will make things easier or even give you something if you provide them with that)– and now this is a very important point on which you really need to be careful. In opening a bank account, they will want to give you a credit limit - which will increase depending on the amount of income you are able to prove – and that is where a huge financial trap is: on one hand, one is able to make a substantial gain with a Brazilian Pension Plan considering profits of 9% per annum in Brazil, on the other hand, if he/she is not careful, he/she can get into serious financial difficulties by using his/her credit limit offered by the bank. Interest rates vary between 9 - 12 % per month when a client uses his/her account limit; 3 - 5 % per month when the client makes a loan with no guarantee; 400 - 800 % per year (yes, I mean it!) when the client takes cash from his/her credit card (which the bank is glad to offer if the client provides them with a reasonable proof of income) – and I am not putting here the other taxes which will be included in the bill such as IOF [ Imposto sobre Operações Financeiras], TAC [Taxa de Abertura de Crédito] and bank charges for borrowing the money.

Believe me, I know that sometimes the situation looks Kafkaesque when Brazilian bureaucrats keep inventing documents to require but the best way to deal with bureaucracy in Brazil is to simply confront the problem and find the solution.

If you need any help, please just let me know

Hope you have a good time in this lovely country!

With kind regards

Israel Silva da Rosa
Financial Adviser
[email protected]
+55 (24) 9843-7755

HI! Is opting for an account at HSBC a good option?

Although my bank manager at HSBC is quite a nice bloke, my own experience banking with HSBC is terrible - and I have quite a lot of clients in Brazil who have passed through the same hassle.

The problem with HSBC appears when you intend to make a tranfer to Brazil from abroad. Instead of providing you with a Brazilian SWIFT number HSBC use intermediary banks for international transfers. Thus HSBC will give you the SWIFT code of an American bank if the transfer is in USD; of a British bank if the transfer is in GBP and so forth.

In the end of the day:

- They often lose the transfer within their own banking system and one Bank Manager keeps blaming the other;

- They don't provide the client direct contact with the Foreign Exchange department, so tracing the transfer gets even more complicated;

- Whenever the intermediary bank loses the transfer, my local HSBC wants to charge me for the service of tracing the money - what I found ridiculous, as it is not my fault. However, that is the way it is with HSBC;

- If you are luck and get your transfer made, the Automatic Credit Contract won't work - so you need to go to the bank to sign papers every time.

The result of that for me and for most clients has been the uncertainty of the transfer and a large number of transfers lost in the cloud.

In order to get rid of this problem, after a long research I have decided to:

- for transfers below 7000 euros I use ITAU - which has worked very well ever since. Transfers arrive on the third working day. and are automatically credited into my bank account. Itaú also allows me to access my banking from my Blackberry and they have got several access facilities.

- for transfers above 7000 euros I use Moneycorp  - which also works very well. Once I have registered with them, the bureaucracy is non-existent, their exchange rate is far better than the one offered by the bank and the money gets credited into my bank account on the fourth working day. Have a look: members.tttmoneycorp.co.uk/OnlineExperience/PrivateClients/Enquiry.aspx?rp=10137372&et=3

Hope that our experience is able to save you sometime and help you on your overall liquidity/banking...

All the best!

Israel

Thanks for the tips everyone! Just spent my second day in this country, didn't see much outside office but loved everyone there!
I have a new problem now though, the HR in the office say since I am on a business visa I cannot have a CPF number!! Any thoughts?

Dear Outlander,

Brazilian legislation does not prevent a foreigner of having a local bank account, thus, you are not required to be a resident or have a specific type of visa to open your bank account, however, you will really need to get a CPF number (a type of taxpayer registration) since this is the main document for all transactions in Brazil (snding/receiving money, buying assets, renting a place, etc.)

With this number in hands, your HR can easily help you with the bank acct. opening.

If the language is not a barrier for you, the Tax Government website give you the step-by-step for requesting a CPF number (in Portuguese), see the link below:

http://www.receita.fazenda.gov.br/Pesso … caoCPF.htm


Hope this helps.Enjoy your stay in Brazil!

Alessandra Leite
[email protected]

Yeah that's totally misinformation if they said you can't have a CPF.

You can, and should have a CPF.

Basically any foreigner who does business in Brazil is required to have one, and anyone can get one anyways, they don't care about what visa you're on, it won't even come up.

I wrote this up for a friend once explaining how I applied for my CPF while I was outside the country... there's some variation on this if you're in the country because you don't submit the application to the embassy, but instead to one of the other organizations that accept it (you'll have to look into that a bit):

1) Fill out this form online: http://www.receita.fazenda.gov.br/Aplic … o/fcpf.asp
- Select Inscrição
- Nome completo (full name exactly as written in passport)
- Same for your mother, you'll be asked later in life to recite your mother's name for CPF verification... so make sure whatever you say here you remember exactly how you gave her name
- Logradouro (home address street, write it plain without any periods commas etc)
- Numero (street number only)
- Complemento (write "CASA" if it's a house, otherwise like "APT 12")
- Titulo Eleitoral (leave blank)
- Telefone (leave blank; or better write something all in numbers, maybe brazil number if ya got it)
- Fill in the other obvious stuff
- Enviar that sucker
- Make sure your pop-up blocker is off or whatever 'cause it'll pop-up a window that displays the form to print out
- Don't worry if you have trouble, you can repeat this if needed it'll just keep giving you a new codigo number
Check the pop-up window with your application form:
- Importantly this form has your ("service number") CODIGO ATENDIMENTO, which you might need later
- ALSO importantly this has your date of request ("16-DATA SOLICITACAO"), note down that sucker too

IF for some reason you have lots of trouble with the online form... they have yet another system available which gives you a BLANK form instead of the online-filled-in-one from above... this system is available here:
http://www.receita.fazenda.gov.br/Aplic … cpfIng.asp

It's better to use the online form because it registers all your info directly in their system and gives you the date of request ("16-DATA SOLICITACAO") right away, which lets you check CPF status later (if you don't get it issued immediately)...

Now, submit your application via the local brazilian embassy ... google online for the closest one.

Submit it to the embassy, pay, etc, if you get super lucky maybe they will issue your CPF in person on the spot... if not... you can check the status of your CPF application HERE:
http://www.receita.fazenda.gov.br/Aplic … amento.asp

PS, about foreign transactions...

Myself I've tried a few methods, direct wire transfers, etc, but I've found the best rates so far were from:

1) XE Trade (e.g. xe.com, but they have an online money exchange facility for wire transfers... usually this beats my direct bank wire transfers by like 5 cents on the dollar). Using XE Trade I've avoided one of the intermediary exchange banks and I transfer the money directly to Caixa's SWIFT code (CEFXBRSP). Took me forever to convince them to give me the right SWIFT.

2) Frankly, oddly, the cheapest method I've always found is just to take money out of the ATM. Every time I've done the math just taking money from the ATM beats direct wire transfers of all types by several cents including all relevant fees etc. I've generally found I've gotten better exchange rates than the going xe.com rate just by taking money out using a Bradesco, 24-hour, or bank of brazil atm.

I struggled for months before managing to open an account... i just pushed the right door and made it in 10 minutes.
So, my first advice would be: when documents ready, try many banks!

What do you do before you get an account? I'm guessing walking around with cash isn't the best idea...

In Chile you can get a 'Cuenta Vista' which is a very basic account that lets you deposit, withdraw, and use a debit card (no cheques or credit of any kind and it has an upper cap of a few thousand dollars). You only need basic ID for that, not a permanent visa. Does Brasil have something similar?

Hello Cellomaestro,

First of all, while Central Bank rules don't specifically prohibit it, banks in Brazil almost without exception flatly refuse to open accounts for anyone who does not have a VIPER Permanent Visa, RNE and CPF. It is without any doubt the most difficult nation on earth in which to establish an account.

The best you can do, and hopefully you have a bank account in your home country, is to use that account and withdraw money from ATMs here in Brazil. Carrying around cash or keeping large sums of money at home is really a bad idea since the crooks here know it's a common practice among expats because of the fact they can't get bank accounts, so you become a target.

Cheers,
William James Woodward, Expat-blog Experts Team

If you want to see just how difficult it is to open a bank account in Brazil read THIS

Despite the fact that it is written rather tongue-in-cheek, it is all true - sad to say!

Cheers,
William James Woodward, Expat-blog Experts Team

Let`s be realistic: iamgine you move to NYC with a 3 months businsess visa and you try to open a bank account without any local ID, local address, etc...what`s going to happen? Nothing. Same thing in Brazil.

Not exactly true, you can open an account in any bank in Canada upon arrival in the country as long as you have photo ID and do so in person. I don't imagine it would be much different in the USA either. Banking regulations in North America are nowhere near as complicated as here in Brazil.

Cheers,
William James Woodward, Expat-blog Experts Team

You can really open a bank account with a 3 months visa?
So a tourist could open also a bank account in US? These would be quite incredible.
Well I tell you, it won't happen in Europe. You would needs visa, utility bill with proof of address, generally local income (or proof of your income). Non-residents can certainly have a bank account but the process is much more complicated; it will take months and will need assistance of specialized international accountants/layers. Off the scope of 3 months.

Yes, you can open a Canadian bank account as long as you produce some form of photo identification (it does not necessarily need to be issued in Canada). For example you can use a foreign passport and driver's license. While banks will ask for your Social Insurance Number (SIN) even that is not necessary and you can open an account without a SIN.

For those people that are finding it difficult to open a bank account in Brasil, Itau has fewer requirements and is gringo-friendly.  Additionally, there are cities in which a gringo can open a poupanca account with Caixa Economica Federal, with minimal documentation, and also receive debit and credit cards.  My own experience with Caixa has been excellent in every respect.

Thanks RK for that information, I'm sure it will help lots of members.

Just curious about the "title".... didn't know that the USA ever used Esquire??? I know it was never used in Canada.

Cheers,
William James Woodward, EB Experts Team

Hi WJW, tudo bem?

Imagina - I knew about Itau before, but Caixa was a very recent pleasant surprise.

ESQ is commonly used in the USA on business cards and stationery.  I use it here in Brasil as a conversation starter (my specialty is contracts and wind energy), and so I don't get called "Hey Teacher."  I need a new strategy, kkkkkkkkkkkkkkkkkkkkkkk.

Abraco,

Russell (Esq.)  kkkkkkkkkkkkkkkkkkkkkkkk

Strange, I'm actually a teacher and NEVER get called "hey teacher!". 

I always get called by my first name and treated with great respect by everyone, probably because whenever I'm in a workplace (teach only in-company classes) and not in the confines of the classroom I only speak Portuguese. I actually make a point of telling all my students about this during an initial interview. I actually feel that by speaking English in public places such as the workplace one EXCLUDES many Brazilians from the conversations and it really is "constrangedora".

I teach too, and the first email directed to me, often begins with "Hey Teacher."  I cringe each time.   This doesn't happen pessoalmente, just in the first email.  It's a greeting, but hay is for horses, kkkkkkkkkkkk.

I won't speak in English unless it is part of a class, nao, nao, nao.  I live in Brasil, and the official language is Portuguese.  I speak Portuguese.  If people offer me assistance on the street, in English, I respond in Portuguese.

I also don't ask to be called Doutor, kkkkkkkkkkkkkkkkkkkkk.

Yes, I hear you loud and clear. The "doutor" bit really gets me too. 

I do exactly the same as you, when someone speaks to me in English on the street I respond in perfect Portuguese, it really blows them away! And it shows them great respect for their language and culture too.

Current acc, no fee
https://www.itau.com.br/conta-corrente/ … ta/iconta/https://www.youtube.com/watch?v=c7bXJQU7ags

Hi,

I am living in Brazil and have been here for over a decade now. If you have a Business Visa and a local company registered in Brazil, you can  open a bank account in a company name with the CNPJ number ( company number). Generally if you have the intention of opening a personal account, without the local CPF ( Cadastro de pessoa Fisica )  it will be impossible to do that.  I have a great friend a Brazilian lawyer who can assist with that if you need it.

My friends, I have been at two Brazilian Banks since I arrived here, first BBV  & then Bradesco.

BBV were taken over by Bradesco in 2003 and in over a decade at Bradesco, no problems with the bank, not with either global bank transfers in or out.  People turn their noses up at Bradesco, but all I want is a bank that serves its function and Bradesco does that very well in my opinion. I have even linked my paypal account to my bank account as well. works fine.

hi james
a little advice i need .... what to do with opening bank account with protocolo in here ... went to banco brazil and found it difficult to open one . the staff told me to go to a private bank which will open account easily. i m not sure .....
regards
hashim

NS : have my protocolo, CPF and proof of residency

Banks in Brazil will not open an account for any expat until you have your Cédula de Identidade Estrangeiro in your hot little hand. They do not accept the protocol.

You will also need proof of address, and banks will ONLY accept electric, gas, water, or (landline) telephone bill and absolutely nothing else. The bill must be in your name.

Most banks want proof of employment (letter from your employer) and proof of income (a few paystubs).

You will also need to provide them with your CPF.

The process of opening an account will likely involve several visits to the bank and will try your patience to the very limit, trust me. It is one of the single most frustrating experiences you'll ever go through in Brazil.

Cheers,
James
expat.com Experts Team

I opened a Banco do Brasil account fairly easily once I had the CIE card
Caixa were willing to open one on a protocol but said my actions within the bank would have been limited....these two banks didn't ask for proof of earning , all the private ones do.
It's really not that hard to do , you just need to be able to lean on them a bit...language barriers could be the main dfficulty

Now then try to open a bank account for your new company (Brasília); then you will find how it is much more difficults...most private banks don't allow to open a bank account for companies which don't have yet revenus. Then only chances are Banco do Brasil or Caixa.

Thats not particularly unique to Brasil
Company bank accounts are always much more difficult to open and close
Especially for foreigners in Developing countries

The HR is incorrect.  Anyone can have a CPF in Brazil, even a tourist.  Just take someone with you to translate to Banco do Brasil or to the post office and fill out the application.  Very simple, and it only costs a few dollars.

A final word on the bank account
Opening a bank account here is really easy IF you have everything you need to actually be allowed to open it....
I just opened a conta salario at Santander in 30 minutes today all by myself...

I had....

RNE card
CPF
Proof of address ( bill in wife's name and marriage certificate)
Carteira de trabalho with registered job and letter from workplace

Hi: as I previously posted, my BR husband has an acct in Bradesco. I have a CPF and a visa issued by consulate in US to enter BR. Can I use this Visa? They would not open an acct for me otherwise. I cannot put the funds in my husband's acct also. How do I proceed? If I am a beneficiary, will they allow me to? Thxs.

Have you requested permanent residency from the Federal Police yet, on the basis of your marriage and your visa?  You're supposed to go there and get the process started within 30 days of your arrival.  That process ends with the issue of a CRNM -- Carteira de Registro Nacional Migratório, your ID Card, that serves the same purpose as your husband's RG (Registro Geral).
With your CRNM and CPF, you should be able to open a bank account; without them both, you can't.
So, how far along in the CRNM process are you?

@Marianisimo how did you open it?

@Marianisimo how did you open it?

- @dedecadaver

@Marianisimo how did you open it?

- @dedecadaver

That post was in 2011 and the poster may not be on the forum.

- @Texanbrazil

@Marianisimo how did you open it?

- @dedecadaver