Brazilian bank account for expats

@Kurterino I second Banco    Do Brazil

Roddie in Retirement

    Thanks so much! The better question is what am i missing!Wow, i would love to transfer funds while only paying what you pay! Is there a dollar limit or some other restrictions? Love how you circumvented the wire fees on both ends! Wait, how do the banks make money on your transfers? Given  your Brazilian Bank currency exchange rates is near the interbank rates on Google and Wise. I also assumed surely there must be some costs greater than 1% for sending money between banks internationally.  Not having my Residency ID card yet to open an account here, I looked into the online money transfer specialist who broke down the 4 different fees i mentioned above, that amounted to over 5%  so I considered them unavoidable even with a bank account.Still learning and appreciate the money saving help!        -@Gerard Nardini

Hi Gerard,

I'm not familiar with the limitations of the Itau iti account, but it does appear to allow receiving and making Pix payments according to this page:

https://iti.itau/conta-digital

You should be able to use Wise to transfer funds as it allows you to send to Pix:

https://wise.com/help/articles/7pjSsWEOADHaKMo14b6d05/send-to-brazil-using-a-pix-key

I use Wise to send to a normal Conta Corrente account so I don't have direct experience with this, but it all seems like it should work.  Anyhow the total fees using Wise are 1.3-1.4% 

I just went to the site and the total fees for sending $1000 USD to BRL were $13.61 or 1.361%.  That includes the ACH transfer fee when they deduct the USD from my US bank, the Brazil IOF tax, and their service fee. I also looked at transfers I've done over the past several months and they all came in below that, but never less than 1.3% and not more than a bit over 1.35%. There are no other fees from my US or Brazil banks.

Also, Wise provides the mid market exchange rate, which is what you would see on google, so there no other costs related to a reduction in the exchange rate.

   01/29/24 Thanks so much! The better question is what am i missing!Wow, i would love to transfer funds while only paying what you pay! Is there a dollar limit or some other restrictions? Love how you circumvented the wire fees on both ends! Wait, how do the banks make money on your transfers? Given  your Brazilian Bank currency exchange rates is near the interbank rates on Google and Wise. I also assumed surely there must be some costs greater than 1% for sending money between banks internationally.  Not having my Residency ID card yet to open an account here, I looked into the online money transfer specialist who broke down the 4 different fees i mentioned above, that amounted to over 5%  so I considered them unavoidable even with a bank account.Still learning and appreciate the money saving help!        -@Gerard Nardini

You're right that having a CRNM and being able to open a current account in a normal bank is key.  The Central Bank requires them to provide a market exchange rate, and presumably regulates fees, as well.  Outside the regular banking system, you're sort of in the Wild West.

I presume that BB is making a little on the spread between the mid-market rate and the low market rate, but not much.  They do make money on their account fees, which are higher than in the US.

My bank in the US charges me 1% for a transfer, but they immediately reverse it because of the type of account I have.

As far as I know, there's no hard and fast max on transfers.  After initial approvals,  transfers up to US$3,000/month pass through the system automatically  Mine are usually credited to my account around Noon or 1 o'clock Brasília Time on the same day my bank in the US sends them.  Larger transfers require advance notice, but are approved quickly if the legitimate purpose and source of funds are adequately documented.

I agree with @abthree - I think your problem, @Gerard Nardini, is that you are not a resident of Brazil, and therefore cannot have a proper bank account. I think you are probably paying the cost of someone providing you with a work around to resolve this - and this will account for the 5% fee.

But beware, if the Receita Federal in Brazil becomes aware, they will simply freeze your account and then, when finally you have residency, etc, they will issue you with huge fines that have to be paid before they will liberate your account.... It is up to you if you want to continue to, apparently, game the system and take this risk.

01/30/24 @Gerard Nardini.  Are you in the process of obtaining residency?  Until you're able to do that -- and not everyone who wants to spend time in Brazil can make it work -- then you're probably doing as well as anyone can with your current status.

Hello i am confused  about SS deposit to a Brazilian bank account

As a future expat I have to have my SS retired deposit Pension to a Brasilian Bank  , that  dollar money will be converted to a brasilian money , but I was reading some comments that ; transfer  just necessary money using pay pal or , wise, so how I can just recieved my SS in dollars as an expat ?

@Hugodc2000 See: https://www.expat.com/forum/viewtopic.p … 16#5937489

Thanks a lot

    Hello everyone,
Does anyone have any idea or experience with Santander bank. As I am planning to open my first bank account in Santander.i have researched a bit and as it is an international bank i am planning to go with it . Because i will have some international transfers  to make and I think they can offer me best rates and less charges for the same.
   

    -@Shahbaz Shaikh786

We deal with 3 banks here, one of which is Santander. IMHO and that of my wife, their app is the best of all the other banks by a large margin.

Depending on your banking relationship, product use, and amount funds on deposit , your service level will vary of course. We are very happy, but, we also have a dedicated private banker, who for example, phoned me here in Canada the other day in regards to negotiating a preferential forex rate on a large wire transfer we sent that had arrived.

YMMV

So here’s the deal. I have an older land lady who only deals in CASH. So unfortunately I need access to cash on a fairly regular basis. I live in a one horse rural town which only has atms in three financial institutions. All of these brick and mortar institutions only service their own account clients. So, my gringo cards, Wise, Nubank and TD Bank are a NOGO. So, I’m stuck opening yet another account.  I decided to go with SICOOB because they seem to have a boatload of branches and good reviews of their APPs etc.. Also, some of the locals I know here seem to like the place. I first tried doing it online but hit a wall in the process when they required a invitation code of sorts. Next I stopped by the local branch to inquire about the code I needed but the dude said he could go ahead and start opening my account at the branch. Fortunately I had photos on my phone of everything he wanted which was the usual, CPF and resident card. He entered all the info on his computer, I signed a piece of paper stating everything I submitted was legit and now he has to process the application. I opted for a checking account. The maintenance fee is 17 reals a month. Not too excessive. There may be a way around that by the amount of your monthly balance, who knows.

So, the question of the day is, is anyone a SICOOB account holder? If so, how has your experience been?

@bepmoht I wish I could send you a photo. I use the red "Banco 24 Horas" ATM. They are located in Grocery Stores and Pharmacies. I also live in a small village. Mine has only 2,500 people and we have countless horses, pigs, roosters, chickens etc.  Today I had a Bull walk down the street in front of us and another eating the grass in the community park across the street. I have PayPal, but it has the Master Card logo on it. The ATM will accept he card and guide you through it in English. The most I can get in one day is RS$1,000 Reis, but that is often enough. I now have my Residency card so i am going back to reactivate my Banco Do Brazil account, but I still swear by the Red ATM's.

Roddie in Retirement

@roddiesho

I’ve never, EVER, have seen a stand alone ATM in this Berg. I’ve been poking around here for 15 years. According to the Banco24hora lookup, the closest one to me is a one hour away in Colatina ES. I am in Pancas. There was a Bradesco here for a while, my gringo cards worked fined there. However, they pulled up stakes and left town for “greener pastures”.  Thanks for your insight.

@bepmoht Well, The closest one to me is Jericoacoara which is about 20-25 minutes from me. Usually, though we go to the one in Camocim, which is about 16 miles. This is about once or twice a month to my wife" ice cream supplier.

Roddie in Retirement

@bepmoht

I reckon your best bet might be to persuade your landlady to accept pix... Or pay pix to a relative/friend of hers who has easy access to cash...

I don't know about international transfers and ease of use, but I was able to open an account with Bradesco today even just using my protocolo. They needed that, my passport, the most recent transcript from my US bank account because I'm self-employed, and my CPF, and I walked out with a working bank acc + debit and credit card on the way.

protocolo.
    -@amelie2301

@amelie2301, thank you for sharing your success story.  Can you clarify what "protocolo" means here? 

Sorry, I am not very familiar with that word yet and my intent here is to learn how to use that word.  When I check the dictionary, the word "protocolo" has many meanings - agreement, registration document, receipt, replacement document, etc.

From your response, it appears that you are on a digital nomad visa, investment visa, or other Brazil greater than 90 day + 90 day extension tourist visa.

Are you referring to the protocolo that shows that you are not a tourist?

Thank you for your help esp. when many expats tend to start as tourists with intent to move permanently later on....

@Pablo888

A protocolo is simply a receipt or reference number for a service which is in the process of being delivered. It can be from any service provider or the government, and you will come across it literally thousands of times in the future...

@Pablo888

Yes, it's that paper; the one that the PF hands you temporarily in place of an ID until the CRNM is ready, which has your RNM number. I have one because I'm here on a family residency permit, though I initially came on a tourist visa. Like the other person said, protocolo has a lot of meanings since it's just a common place word, but I meant that paper specifically; sorry for the confusion

@bepmoht

Sicoob Banking Update:

Well I managed to open a checking account at Sicoob. The three items required were:

1. RESIDENT CARD

2. CPF

3. SIGNED FORM ATTESTING MY ADDRESS

I was able to immediately transfer funds from my WISE account and make a withdrawal using their APP and their ATM. The debit card takes a few weeks to create and I will pick it up at the branch. The process took three business days.

Now I have the landlady’s CASH.

1. RESIDENT CARD2. CPF3. SIGNED FORM ATTESTING MY ADDRESS     -@bepmoht

Thank you for this simple list.

Just to clarify:

1. Resident card - or equivalent protocolo. (explanation from @amelie)
2. CPF - everyone can get this - even tourists..
3. Signed form attesting address - is this a form from the bank and is this a self-signed document?  Is there a need to provide proof of address?  For example, do you need to prove that your name appears on an official document with address - like AirBnB receipt, property title, utility bill, etc.?

If this is the full list, then item 1 is the main barrier to opening an account as a tourist....

If other members have succeeded without 1, it would be interesting to know how.....

@Pablo888

The form attesting (swearing) my address was the banks form. No other proof of address was asked for. I simply wrote my address on it, and signed the form.  I also learned today you can get a post office box the same way. Simply sign a form attesting that you live at such n such address.

Santander and ITAU hand you debit/credit cards at the moment you open the account. Interesting that SICOOB does not.

@Gasparzinho 777

Interesting perhaps. However, I was just happy I was able to use the ATM and obtain my Landlady’s CASH. 👍

@Gasparzinho 777

Might just be my experience, but Bradesco also takes time to create the cards. I just got a text today saying one of them was sent out (not sure which, might be both).

In preparation to opening a bank account, I was looking for a proper description of the banking system works and I found this site that kinda explains why there are banks, digital banks, and fintechs.

https://www.europartner.com.br/best-ban … %20limited

The article seems well balanced and comes from a Euro perspective.

Please note that the main differences would be fees and services.

I also like that there is a brief discussion of RNM and taxes...

Just found it informative enough to share with all the members.

If there are inaccuracies, please feel free to point out as it will benefit all users.  Thank you.

09/04/24 @Pablo888.  Thanks.  This is a very good article -- so good that I've bookmarked it for future reference, and will definitely pass it on. 

My only criticisms are minor.  They make it sound like obtaining a CRNM is practically automatic:  just make an appointment, show your passport and application form, and pay a fee, without a word about the applicant having to prove that s/he qualifies.  We all know that it doesn't work that way, but anyone trying to follow these directions will find that out quickly enough for themselves.

My only criticisms are minor.  They make it sound like obtaining a CRNM is practically automatic:  just make an appointment, show your passport and application form, and pay a fee, without a word about the applicant having to prove that s/he qualifies.  We all know that it doesn't work that way, but anyone trying to follow these directions will find that out quickly enough for themselves.
   

    -@abthree

Good observation here @abthree.  It seems that this publication is geared towards "rich europeans" who are looking for alternatives to crowding Spain or Portugal.

Thank you for your clarification.   It also helps to have so many members in the forum who can testify to what you are saying - and willing to help avoid pitfalls.

@abthree @pablo888 remember that Portuguese citizens have special rights in Brazil - they can easily get in Brazil whatever they have in Portugal. This may be the original target market of this article...

One thing to keep in mind is that all banks should offer a basic current account without monthly fees. I believe there was a Central Bank resolution back in 2010 that required this.

The "essential services" should include a free debit card, 4 free withdrawals per month, and other basic services.

I personally opened a basic account with Itaú, using their app and my CRNM. It was really easy. It includes Pix.

@roddiesho were you able to open an account before you had your residency card?

Also, does anyone know if I could get a Brazilian ID if I do a student visa, then open a bank account? Once my student visa expires, would my bank account and ID still work? I can more about the bank account. If so then maybe I could also sign up for Mercado Livre with that ID as well and hopefully that would stay open too, even when my student visa expires and I have to go back to a visitor visa.

By Brazilian ID, do you mean RNM/CRNJ or CFP? CPF is easy to get online. RNM, I don't think so because you have to have a "permanent visa." Mine was a retirement visa. The first RNM had an expiry of 2 years and took 3 months to get. The renewal RNM is now "indeterminado" and took 8 months due to the Sao Paulo ridiculous 22.5 MM BRL "1 year contract" and any of them not being printed for 4 a number of months earlier this year.

Do some searches after you have a CPF. I think HSBC will open an account with just a CPF, and the big banks are very bureaucratic, like Itau/Bradesco/Santander/Bradesco. I was told to avoid Banco do Brazil or anything government-owned.

Good luck, Scott

@rsrenfrew Yes I have my CPF, I'll try to look into the one you suggested. And you are saying the big banks won't work?  Thanks!

Just checked and Brazil isn't listed on the HSBC website as one of the international locations you can open an account in

HSBC left Brasil a few years ago unfortunately.

The big name banks all want the applicable visas and lot's of other paperwork, no question about that. The online banks may be lenient, but, I haven't dealt with them, so FWIW, you can check them out and see yourselves.

You can always open a company, and then establish a banking relationship for the corporation as a foreigner  who is a shareholder with no visa, but, that is a entirely different ball of wax altogether. Not a practical approach for an individual with limited assets and intentions.

@Gasparzinho 777 Thanks! What are the online banks I could look into?

@*HernameisRio* Yes and No! My infamous Brazilian wife knows a lot and knows almost everyone. Because she knew the manager at our Banco Do Brazil, she was able to open up a bank account for me by connecting it with hers, however my younger brother wired me $10k which I could see made it to my account, but because I was not "official" I could not actually withdraw it from the bank.

I have my ID etc. so i am ok, but before I had a bank card and $R400 of my money in the account but could not use it.

Roddie in Retirement

@*HernameisRio* Katy, NuBank (Nu) is an "online" bank in Brazil, but I think they require a permanent visa to apply.

@abthree

Hello I am in the United States and have an apartment in Rio. I WOULD LIKE TO OPEN UP A BANK ACCOUNT IN BRAZIL I ONLY HAVE A CPF IS THERE A BANK I CAN OPEN UP MY ACCOUNT SO I CAN PAY my bills?

As has been mentioned many times before, in order to open a normal bank account in Brazil it is necessary to have a permanent visa. That is a CRNM - a CPF will not suffice.

It is not a realistic option to open a company and use that to open a bank account, since a non-resident cannot  administer a company in Brazil, it must be a Brazilian citizen or a permanent resident. Thus someone else would have total control over your money...

Paying bills in Brazil is mostly done with Pix or cash. Supposedly you can do Pix payments with a Remitly account. Cash can be withdrawn at most big city ATMs with a foreign debit card. You probably don’t need a Brazilian bank account.