Brazilian bank account for expats

@bepmoht

I think most bills are paid remotely by pix or boleto, rather than cash. Cash is inherently more dangerous to carry around, but the biggest reason is you actually have to to go the office of the utility or a bank to pay the bill - which can be a real monthly pain if not close by, and inevitably will involve some serious Brazilian queuing!!

@nicegy31 Here is an article from Wise that might help:

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

Throwing one more option in the mix for the non-resident crowd...

When I purchased my place in Brasil I was able to get an account set up with Banco BS2 through some handler, and use Wise to send money in.  I think this funky legacy account as I need to use an antiquated login process, it doesn't work with an app, I can only do TEDs, etc..but hey, it did the trick when I bought my apartment.

What might be more intriguing for some people here is setting up a iti (by itaú) account, as it only required a CPF.  To me the main benefits of this account are the ability to use pix and earn the 100% CDI on your balance, but it also comes with a debit card which I've found handy from time to time.  Note that while this is backed by itaú, I don't believe that the funds are insured, so perhaps it's not the place to dump your life savings.  Anyway, for me it's a fix to deal with some day-to-day transactions until I become a resident.

Here's a cheesy video with some more details: https://www.youtube.com/watch?v=AWzG8OCbe2Q

I'm currently funding it a roundabout manner (US Account >> wise to Banco BS2 >> transferencia to iti) but I suspect one could find a way to transfer directly.

09/17/24    @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?   

    -@nicegy31

Hi!  Not that I know of:  as others have mentioned above, you need a CRNM -- a resident foreigner ID card -- to open a regular bank account, not just a CPF. 

Some here will recommend online banks that have no physical presence.  I do not, but they may be all that is available to you.  Just make sure before placing any funds with them that they are able to provide you with the services you need.

@Peter Itamaraca

I guess I'm lucky. I pay my electric, water, phone,  internet and gas man via pix. No Boletos or queing up. The landlady only accepts cash! I suspect she's hiding her income from ”The Tax Man”. 🥳

09/17/24    @Peter Itamaraca
I guess I'm lucky. I pay my electric, water, phone,  internet and gas man via pix. No Boletos or queing up. The landlady only accepts cash! I suspect she's hiding her income from ”The Tax Man”. 🥳
   

    -@bepmoht

We schedule all our boletos - condo assessment, electric bill, health plan, internet,  etc. - through our bank app for payment as they come due.  Fire and forget.  Pix or debit card for in-person purchases.  The last time I withdrew cash from the bank was in April, I think.   I  still have it.

@abthree I prefer the boleto also - although I understand one can schedule pix payments now.  There is something nice about just being able to scan a code or enter the number and all the payment information instantly appear.  I remember back in the day my friends would always go to an ATM and pay their bills.  Nowadays of course, they just scan the code with their phones. 

09/17/24    @abthree I prefer the boleto also - although I understand one can schedule pix payments now.  There is something nice about just being able to scan a code or enter the number and all the payment information instantly appear.  I remember back in the day my friends would always go to an ATM and pay their bills.  Nowadays of course, they just scan the code with their phones.     

    -@mikehunter

I also like the instant feedback from the document itself (not my own input)  that the amount and all the other information is right  before I hit "avançar".

The landlady only accepts cash! I suspect she's hiding her income from ”The Tax Man”. 🥳        -@bepmoht

This is the second most popular Brasilian national sport.

Ehich can be a real monthly pain if not close by, and inevitably will involve some serious Brazilian queuing!!        -@Peter Itamaraca

Where I was the other day, the queue for McDonalds soft ice cream was longer than the line at ITAU on the first day of INSS payments.

    @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! -@*HernameisRio*

Hi @HernameisRio, I posted the following link about the various banks / financial institutions in Brazil before....

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

Please note that this article is very likely geared to residents of Portugal - who benefit from a preferred relationship with Brazil.

As @peter_itamaraca mentioned, the RNM card is the most important document that is needed to open an account in a bank.  However, you may be ok with opening an account in fin-tech companies - I did not try.

I have just opened a bank account a couple of days ago and the RNM (in my case, the protocolo for the RNM) was definitely requested. @amelie has explained what it took her to open an account and it's a breeze if you have all the requested information.

I got my RNM through the Golden Visa through real estate path - which you would probably qualify but I am not sure if you have completed your apartment purchase through the Banco do Brazil....

Since you had asked about banks, I have provided you the general overview link above.

Good luck.

Hi everyone,

Curious to hear if anyone has opened up a non-resident account. For example, Banco Rendimento has this account option: https://www.rendimento.com.br/en/checki … sidents-3/

It appears to be a decent option for someone who does not have a RNM and has residency outside of Brazil (with foreign address). Perhaps ideal for a foreigner spending a few months a year in Brazil. It looks like these are the only requirements:

• CPF number (Taxpayer Registry for Individuals);
• Passport from your country of residence;
• NIF number (tax identification number);
• Proof of Address (not older than 4 months). Proof of address must have been issued in your current country of residence;
• Proof of income (optional).

It is an account in Brazilian reais with internet banking that allows you to do transfers and PIX to pay for bills in Brazil.

Uau !!! It also has a R$299 monthly fee for maintaining the account most people would be inclined to use.....the premium option.

I can eat for two weeks with that much money FWIW. If you have no other option I guess, but, I've lived here in the past for months using solely credit cards issued by banks in another country. I doubt I came close to spending R$ 100 a month on ATM fees when I really needed cash.

@Gasparzinho 777

R$299 per month is $60 in the US. Lunch money. 😀

Banco do Brasil had a branch in Toronto, Canada, that functioned like a Brasilian branch. Same concept like the HSBC Premier worldwide service used to be like. Keep $100K CAD on deposit and pay R$1.000 per month as an account fee.

No thanks......heh.

@Gasparzinho 777

🤔

@Gasparzinho 777

Is this relevant today?

No,  they're both closed banks. Outrageous requirements though.

I guess I'm a bit confused here.  What is the reasoning behind having a Brazilian bank account if you don't have some type of residence in Brazil?  In this day and age with all the digital tools available I don't understand the need.

@Gasparzinho 777

You're beating two dead horses?

Thanks for pointing out the fees. I double checked and I think I posted an outdated link. I found this other link:

https://www.rendimento.com.br/en/nra-no … t-account/

It looks like there is a basic account with no monthly or account opening fees. But there is a BRL 150/year fee for "registration update". Would be interesting to know if the basic account includes unlimited PIX payments.

Another option I found is from BTG Pactual. It doesn't appear to have any maintenance or account opening fees. But there is only information in Portuguese: https://banking.btgpactual.com/conta-de … o-exterior

The official name of these accounts in Portuguese is "Conta de Domiciliado no Exterior (CDE)". If anyone has any experience with these accounts or banks, would be interested in learning more.

@mikehunter

Maybe someone who visits Brazil often and wants to use Pix to make payments locally.

@bemcasado I don't believe any bank would consider that a compelling justification, especially since one can easily pay with a credit/debit card or cash.  PagBrasil is launching PIX roaming, specifically for tourists to use, but I expect it would be less costly to just withdraw reais from an ATM and pay with cash, if that is what you needed. 

    @Gasparzinho 777
You're beating two dead horses?
   

    -@alan279

At least it's not 7 Kkkkkkkk