Brazilian Bank Account

12/01/22 @roddiesho.  Hi, and welcome!  To open a Brazilian bank account -- in fact, to continue to live legally in Brazil -- you'll need a CRNM, the Identity Card from the Federal Police that proves you are a legal permanent resident.  As the spouse of a Brazilian citizen, you should qualify for it.  Let us know how long you've been here, what kind of visa you're on, and what documentation you've brought from the US, and we can tell you what you need.

I need to open a Brazilian Bank Account (recommendations welcome). i am living permanently
with my Brazilian wife and my Brazilian second mother in Ceara. I do not have any Brazilian credentials yet.
What will I need?
Thanx,

Roddie in Retirement. 
-@roddiesho

Residency is a requirement in Brasil to open, or to have any brick and mortar bank accounts. You will need your initial protocol form from the PF if

you have not yet received your CRN, then your CRNM continuously after that. I opened accounts with ITAU within minutes after leaving my final interview the PF.

@rraypo Did Itau require anything other than the protocol/CRNM and CPF number to open the bank account?

@rraypo Did Itau require anything other than the protocol/CRNM and CPF number to open the bank account?
-@californiainbrazil

I had asked the PF for an approval letter for bank accounts, but that was really not needed. I had tried and failed for a decade to get my own accounts prior to my getting my residency. After my interview, I was in and out of my ITAU branch in short order, in less than an hour, with both checking, and savings, accounts, along with both debit and credit cards, fingerprinted and shown how to use their ATM's.

Once you get a Brazilian bank account, how do you transfer money into it from a US bank without ridiculous fees?

12/02/22 Once you get a Brazilian bank account, how do you transfer money into it from a US bank without ridiculous fees?
-@jasonlovesdogs

Now that you have a bank account, you're pretty much free of ridiculous fees, since you no longer have to use your foreign debit card in ATMs or transfer money through Western Union.

The most straightforward way to move funds is a normal SWIFT bank-to-bank transfer, initiated from your overseas bank to your Brazilian account.  There are some initial delays while both sides of the transaction run security checks on you the first time, but after that, especially if you transfer the same amount on a schedule, the transfer goes really fast.  I transferred our funds for December yesterday.  My US bank entered the transfer at 9:00 AM EST, and the funds were available to my Brazilian account at 1:28 PM AMT (12:28 PM EST).  That's my usual turnaround, for the same amount every month.  If I'm planning an extra transfer or a large transfer, I drop by the bank to discuss it with the manager a few days before, and it generally goes through with no problem.

By law, Brazilian banks are required to perform currency exchange at "market rates".  Those aren't strictly defined, so the banks tend to use the "low market" rate rather than the "mid-market" rate.  Yesterday I got R$5.10 to USD$1.00, vs. yesterday's mid-market rate per Wise of R$5.2114.

Wise (former TransferWise) and similar services are a good option for you, as long as they work.  As you can see, their rates are a little better, and their fees are also a little less.  However, they depend on correspondent banks in Brazil, and you end up subject to their correspondent's policies, as well as your own bank's.  Wise's correspondent bank in São Paulo left us without funds for most of last April because they couldn't get their paperwork straight, so I went back to SWIFT transfers.  At that point, all Wise can do is refund your transfer:  they can't pressure their correspondent to act.

About once a year, your bank will probably call you in to update your record.  It's a pretty painless process, you just bring in your most recent tax returns, they make some entries in the computer, you visit for a while, and you're out in about an hour.  If there's a second, correspondent bank involved, however, you may end up having to go through the same process by email with a bank where you don't really have an account.  That may work, but obviously, there are a lot more ways for it to go crosswise!

@abthree Great Information!🕵🏽

@abthree Thanx, I live with my Brazilian wife but would like to build my own house next door in about six months. Currently I have an up to date drivers license and passport. I have been here since October 6th. I do not remember getting a visa. I am just starting on the documentation road,🕵🏽

12/02/22 @abthree Thanx, I live with my Brazilian wife but would like to build my own house next door in about six months. Currently I have an up to date drivers license and passport. I have been here since October 6th. I do not remember getting a visa. I am just starting on the documentation road,🕵🏽
-@Roddie Simmons

If you don't remember getting a visa, then you probably are in Brazil on a tourist visa waiver, which is good for 90 days (to right after New Year's, if you came in on October 6), which you can extend for another 90 days, for a maximum of 180 days.  It would be a good idea to talk to the Federal Police about an extension before Christmas, because you want to extend before your visa expires if you possibly can.  It's possible to get your request for residency in with all the required documents in four months, but that will be cutting it close, especially with both Christmas and Carnaval at this time of year.

I applied for residency while I am on my 180 days. I was told that once I applied for residency on Migrant Web, I can stay in Brazil while it processes, regardless if I go beyond my 180 days. But I can't leave Brazil until the process is finished.

12/02/22 I applied for residency while I am on my 180 days. I was told that once I applied for residency on Migrant Web, I can stay in Brazil while it processes, regardless if I go beyond my 180 days. But I can't leave Brazil until the process is finished.
-@jasonlovesdogs

That's my understanding, also.  If they have issues with your application, they should also give you an opportunity to fix them.

@abthree Thanx, I live with my Brazilian wife but would like to build my own house next door in about six months. Currently I have an up to date drivers license and passport. I have been here since October 6th. I do not remember getting a visa. I am just starting on the documentation road,🕵🏽
-@Roddie Simmons

Just a point to remember, very little work takes place in Brazil from now through early January as the Brazilian Christmas holiday is long

Just applied for my 90 day extension done everything online, I have paid the tax to Banco Portugal in the account of the Police Federal. They emailed me my number to take with me along with my passport, I used my girlfriends addressas it doesn't except your home address or phone number, they contact you by email so the phone is not a problem.

@roddiesho

I got mine done online go on itau website you need your social number and cpf no crnm I got it done

100 %

if you need help let me know

12/03/22@roddiesho
I got mine done online go on itau website you need your social number and cpf no crnm I got it done


100 %
-@dedecadaver

Just to be clear, you have a current account at Itaú in your own name, with a debit card and the ability to make deposits and withdrawals, without a CRNM?

@roddiesho
I got mine done online go on itau website you need your social number and cpf no crnm I got it done


100 %


if you need help let me know
-@dedecadaver

Yes, would you please show us how to open a bank account, with a brick-and-mortar bank account and a bank debit card without having an RNM/RNE? Thank you

@rraypo Did Itau require anything other than the protocol/CRNM and CPF number to open the bank account?
-@californiainbrazil
I had asked the PF for an approval letter for bank accounts, but that was really not needed. I had tried and failed for a decade to get my own accounts prior to my getting my residency. After my interview, I was in and out of my ITAU branch in short order, in less than an hour, with both checking, and savings, accounts, along with both debit and credit cards, fingerprinted and shown how to use their ATM's.
-@rraypo

That was my experience as well.

Absolutely Impossible to open the account without residency approval. But the PF protocol was sufficient to open the account with a different bank, with the understanding that the identity card would be presented immediately upon receipt.

In my experience with the PF protocolo it depended more on the whims of the branch manager you're dealing with than the policy of a specific bank. But bear in mind that nearly all want to see the card in hand before opening the account, so you may have to try multiple times (like myself).

12/04/22 Absolutely Impossible to open the account without residency approval. But the PF protocol was sufficient to open the account with a different bank, with the understanding that the identity card would be presented immediately upon receipt.

In my experience with the PF protocolo it depended more on the whims of the branch manager you're dealing with than the policy of a specific bank. But bear in mind that nearly all want to see the card in hand before opening the account, so you may have to try multiple times (like myself).
-@Marcos999

This was my experience as well.  I didn't even try to open an account before I got my card, but that was back when cards only took a month or less to be issued and we had enough pressing issues in setting up housekeeping to keep us busy while I was waiting,

I checked Itaú's website and sure enough, to open an account online an applicant needs either a CNH (Brazilian Driver's License), RG, or CRNM.  And to get a CNH, that process circles right around to needing either a RG or a CRNM.  I suspect that dedecadaver benefited from a glitch in the website software, and that the bank will eventually catch up with it and close the account, probably the first time that he actually tries to use it.  If not, I wish him well -- but I wouldn't count on lightning striking the same way twice.

@rraypo Did Itau require anything other than the protocol/CRNM and CPF number to open the bank account?
-@californiainbrazil
I had asked the PF for an approval letter for bank accounts, but that was really not needed. I had tried and failed for a decade to get my own accounts prior to my getting my residency. After my interview, I was in and out of my ITAU branch in short order, in less than an hour, with both checking, and savings, accounts, along with both debit and credit cards, fingerprinted and shown how to use their ATM's.
-@rraypo

That was my experience as well.

Absolutely Impossible to open the account without residency approval. But the PF protocol was sufficient to open the account with a different bank, with the understanding that the identity card would be presented immediately upon receipt.

In my experience with the PF protocolo it depended more on the whims of the branch manager you're dealing with than the policy of a specific bank. But bear in mind that nearly all want to see the card in hand before opening the account, so you may have to try multiple times (like myself).
-@Marcos999

Correct as far as I know, I tried for a decade to get accounts prior to getting my RNM. Once I had the protocol in my hand, It was so fast and easy. The bank required the protocol, my CPF, and simple proof of address.

You also need to prepare for a residency validation check after 6 months otherwise your accounts may be frozen.  I received mine via text message and it was a simple process to confirm. 

Once you get a Brazilian bank account, how do you transfer money into it from a US bank without ridiculous fees?
-@jasonlovesdogs

I transfer money from my US bank account to my wife's Itau bank account via ria money transfer. First time it took 5 days to process and clear the payment, second time it took 3 days, and nowadays it takes less than 30 minutes to transfer money (during the regular business day) and costs $0 in fees (I don't exceed $400 per transfer). She receives money within 30 minutes however it takes 3-4 days for Ria to withdraw money from my US bank account.

@Californian.in.SP Thanks for the information. How do you do that without any fees?

@Californian.in.SP Thanks for the information. How do you do that without any fees?
-@jasonlovesdogs

Transferring money anywhere, but in this case, internationally, requires going through some kind of business, so, there will be fees.

The key is in keeping the fees low. Also, watch out for commission fees on the currency exchange, frequently called loading. Lots of places, like banks, not only give you a lower rate of exchange, but then they charge you a fee to make the exchange, then charge you for the transfer. This is why so many of us like WISE< Remity etc. as they provide good exchange rates and only one fee for their service. I've been a Wise fan, not just for my routine transfers for living expenses, but for my two car purchases and now, my second apartment purchase. I tried a bank transfer from Chase in the USA to ITAU once, just once. Not only did it take over a week, but they also had me bending over without lube to pay for their fees and currency exchange loading.

Just in case you do not know, while in Brazil, most people pay for everything using PIX, a free service provided by banks.

@jasonlovesdogs I've used several online services for that.  They are all going to get their cut, one way or another, by either a service fee or the exchange rate.  So I just check to see which will result in the most reais making it into the account.  Remitly seems to give me the best rate most (but not all) of the time.

Once you get a Brazilian bank account, how do you transfer money into it from a US bank without ridiculous fees?
-@jasonlovesdogs

You have to go through transfer fees.   Wire Money Transfer Fees are at the heart of the financial transactions on Bank to Bank transfers abroad.   

Two Legally Operating Banks, on in the US and one in Brazil, will feature a SWIFT number.  That number is a privilege only licensed banks have, so they are allowed to exact a transfer fee. 

Fees are where banks make most of their money nowadays.  The spread on interest charged and accrued, as of late, has not warranted enough in returns to pay for their going concern expenses. 

There are ways to curtail, this, but the cheaper it gets, the riskier it is.