Brazilian bank account for expats

11/12/23 @Kurterino.  The two government owned banks, Banco do Brasil and Caixa, have offices everywhere.  Caixa originated as a savings bank for the working poor so it traditionally has the lowest fees, although not by much.  I'm with Banco do Brasil because six years ago it was somewhat easier to open an account there than at Bradesco, Itaú, or Santander -- I don't know whether that's still true -- and because they're everywhere.  All offer more or less the same services under the same Central Bank regulations.

It was pretty simple to open an account with Bradesco. Nubank was also similarly easy.

Nubank does not work with SWIFT or IBAN, so it is impossible to send large amounts in one lump - if you might want to do this. I use Caixa, and the last 2 managers in my branch have spoken excellent English! In fact, they always suggest meetings with me after closing time, so no queues...

11/13/23  I never recommend online banks to other expats.  I understand that some people have had good experiences with them, and I hope that they continue to do so.  The risk/benefit calculation has never made much sense to me, though, and while I don't need to talk to a bank manager very often, when I need to, I really need to!

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.

    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

Since becoming a resident, I have been with two banks in Brazil. I started out with ITAU, they were easy very close to the PF in SP after my interview. I left my interview, walked into the ITAU bank, and walked out with checking, savings, credit and debit cards.

However, as a foreigner, they had no customer service to help me. I tried emails, they went unanswered. I tried phone calls, but no one spoke English, I also had no access to my own bank branch unless I went there in person. The online banking with ITAU is quite complex, not in the least intuitive, let's call it abnormally difficult.

A year ago, I switched to Santander. So far, I have had the opposite experience. Their online banking is very simple, easy to use. I have human contact information for my branch, directly. Although my credit limit started out very low, they have already raised it three times.

I think for foreigners it is important to have an account with a bank in Brazil that also has international branches. In Brazil those are Citibank and Santander.

Having said that, I found that Bradesco is most convenient to use to draw Reals out in Brazil at ATMs using your debit card from US bank accounts. There are limits for daily withdrawal depending on where you are, plus restrictions after 11pm for safety reasons. So if you absolutely do not need a bank account, just need for transactions, use your debit ATM card from your foreign bank account to draw cash and/or pay for purchases. There are some stores, restaurants, places that do not accept international cards, though, so ask before using your debit card.

When I went to Citi a few years back to open an account, found out that actually the branches here in Brazil are franchises, and they set their own rules ... one needed something like US$10K to have a saving and checking account, even if I had a Citi account in the USA!! Not sure if they have changed now? Plus they don't really have a lot of branches or ATMs even in the major cities.

Recently I moved back to Sao Paulo, so wanted to open a bank account for transactions. Decided to have one with branches internationally as well, so settled with Santander .... BUT.... applied to one in a shopping center 2 months back, never heard anything back after the person took copies of all relevant documents. Went to three other Santander branches ... and was redirected to go to one where they can handle international folks, speak English .. there is one in Iguatemi mall. Waiting to go to that one in a week or so.

Something else .... also found out that most banks in Brazil go through an intermediary institution (not common bank names) for international transactions (hoping Santander does not!), so they take a bite out of all transactions, and cause delays, sometimes over a week. ALSO ... when one does regular transactions that go over certain limits in a year (don't know how much), they want you to fill out a form with pages of documents to support, to justify the money ...

And yes, NuBank is a fintech institution, does not lend itself for international transfers like regular banks, although they just started something internationally but when I tried recently could not without a SWIFT #.

00/20/23 Something else .... also found out that most banks in Brazil go through an intermediary institution (not common bank names) for international transactions (hoping Santander does not!), so they take a bite out of all transactions, and cause delays, sometimes over a week. ALSO ... when one does regular transactions that go over certain limits in a year (don't know how much), they want you to fill out a form with pages of documents to support, to justify the money ...       -@manasknew

Santander is certainly a reputable bank and a good choice, but I think that you'll find their non-Brazilian operations are conducted by different corporate entities under the same ownership, and no more or less capable of coordination on a customer's behalf that Banco do Brasil or any other  and their overseas affiliates.

In making bank-to-bank SWIFT transfers, I've never noticed intermediary institutions or "a bite out of all transactions", and delays are generally the result of Central Bank regulations.  I can usually release my transfers to my BB account around Noon (São Paulo time) of the same day that my bank in the US initiates them.  Transferring on a regular schedule and having a relationship at the local branch when problems do arise help.  For large, one-time transfers, advance notice to the local branch cuts down considerably on delays.

Wise, and presumably other third-party transfer agents, definitely DO work through intermediate institutions, which can and do sometimes cause delays.  Undoubtedly those institutions get paid, I imagine with a share of Wise's fee.

@rraypo

I agree. I don't even trust banks---much on-line accounts! After receiving my resident card from the FP, I went straight to a CAIXA bank  and opened a savings account---Poupanca. I did open up an on-line account as well---INTER.

Well there you go! We talk about Brazilian banks, etc, and today there is a national outage of the much-praised PIX system!

@hocytek3

Question; I was told by the FP, after I received my Brazilian resident card, that I will not need a visa to exit or renter Brazil.

Based on that statement, will I need a visa to renter Brazil from the USA?  Clearly, based on that statement alone coming from the agent,  I should not doubt his word. I am just trying to cover my bases.

Respectfully,

Hector

    11/28/23 @hocytek3
Question; I was told by the FP, after I received my Brazilian resident card, that I will not need a visa to exit or renter Brazil.
Based on that statement, will I need a visa to renter Brazil from the USA?  Clearly, based on that statement alone coming from the agent,  I should not doubt his word. I am just trying to cover my bases.

The agent is correct:  once you have your CRNM, you only need that and your US passport to enter Brazil.  An additional visa is not required.

It should also be noted that you reenter Brazil through the resident side. I just reentered a few weeks ago and went to the resident side but noted that I needed a Brazilian passport to fully enter through that side, However, you are then rerouted back to the immigrant side BUT through a line that takes you to the front  of the line (that was the Tom Jobim airport in Rio).

@Brazil Bill

As a permanent resident I have always entered through the resient side (with passport and RNE) in Recife with no challenge...

11/28/23    @Brazil BillAs a permanent resident I have always entered through the resient side (with passport and RNE) in Recife with no challenge...        -@Peter Itamaraca

Before I was a citizen I always entered on the "Estrangeiros" side with my US passport and CRNM as a matter of course and no one ever questioned it.  Apparently it doesn't matter much, and differs by airport -- some will let you through and some re-route you -- but no trouble either way.

Dual citizens are expected to go through the "Brasileiros" line with their Brazilian passports.

@abthree

Thank you for everything----thanks

@hocytek3  I was physically kept from re-entering Brazil from my 1 week trip to Miami to get my FBI background check and fingerprinting. it took quite a lot of negotiating with, I believe, someone high-up in Brasilia finally saying after hours that I could re-enter.

Your situation sounds very different and under normal situations I would say you should have no problem. My takeaway, though, has always been that it sometimes does not matter what you have read, been told etc. It's what the 6ft. tall 250lb. agent at customs believes. I believe you should be okay. Don't let my scars affect you, Good Luck.

Roddie in Retirement

@abthree hello, just want to know how's the charges of banco do Brasil as you have a account there. And I guess you would be transferring money from outside. Like I am planning to make transfers from HSBC to brazil. Are the big sums easy to transfer do they charge something for international transfers. I am not concern about Portugese and their services at the bank my wife will be there to help.

    @abthree hello, just want to know how's the charges of banco do Brasil as you have a account there. And I guess you would be transferring money from outside. Like I am planning to make transfers from HSBC to brazil. Are the big sums easy to transfer do they charge something for international transfers. I am not concern about Portugese and their services at the bank my wife will be there to help.         -@Shahbaz Shaikh786

Hi, Shahbaz.  Yes, I make a transfer every month.  I'm looking at the receipt from my last transfer now.  Banco do Brasil does not charge me anything for the transfer; my overseas bank does, but they reimburse it because of the kind of account I have there.  Banco of Brasil gives me a market exchange rate, as required by the Central Bank of Brazil, but it's usually a little lower than Wise's mid-market rate.   The Brazilian government charges a Financial Operations Tax of 0.38% on all financial transactions, which is the only deduction I see.

When I transferred the funds to buy our apartment, it was exactly the same.  Because I let BB know about a week in advance, they were able to complete all the necessary reporting and to release the funds immediately.

@abthree thank you🙌🌟 for the information. I went to Santander today was a bit complicated and mis information. Online it's showing something else, so I was considering Banco do Brasil and planning to visit their branch tomorrow

Hi Everyone

I have been using Wise, XE and Moneycorp for larger payment transactions from the UK to Brazil.

Now the HSBC Bank UK has launched a new account called "Global Money Account" which allows you to make transfers worldwide without being charged a fee by the HSBC Bank and converting funds from £ sterling into other currencies at real time mid range market rates allowing you to accept or reject the rate. The account also allows you to keep foreign currencies on the account.

However for money transfers abroad this account requires the receiving bank to operate an IBAN and Swift system.

Which banks in Brazil have an IBAN and Swift (BIC) in place?

@FR267

All of them that have a physical presence - ie not electronic ones

11/30/23 However for money transfers abroad this account requires the receiving bank to operate an IBAN and Swift system.Which banks in Brazil have an IBAN and Swift (BIC) in place?        -@FR267

As far as I know, all commercial banks permitted to accept deposits at a physical location by the Brazilian financial authorities do.  Banks that do for sure include

• Banco do Brasil
• Caixa Econômica Federal
• Bradesco
• Itaú
• Santander
• Banco Rendimento

and many others.  Most banks will conduct the actual exchange transaction at their São Paulo offices and transfer the funds to your local branch.  Confirm the correct SWIFT code with your branch.

Thank you all..

I guess there should be no problem using this new account with the HSBC for money transfers.

@FR267

As it is a new type of account I guess nobody has tried it yet - please let us know how you get on!

Great to know on HSBC account!

Please update us with your experience

Also, I tried a transfer from my

REVOLUT UK account to ITAU Brazil

for the first time and it worked very well. Fund transferred on the same day and a decent exchange rate with £1 fee per transaction.

Sendwave is great for transfers. Takes 15 minutes to hit my Brasilian account. Wise is also good as is XE.

itau you can get wirhout cpf

i have itau

remitely is good for transfer

@FR267 i have an account in HSBC India. The global money transfer allows you to transfer in around 20 countries without any charges and current market value. It includes india, UAE, USA, Canada, UK, Hong Kong, Singapore, etc... But there is no brazil in the list...

Hi

I did search for Brazil too.

Brazil is on the extended list but you can only transfer US$ not BRL.

New resident here...can anyone in the know,  recommend a Brazilian bank that will give me the best customer NET rate when transferring money from the US? Ideally one that's paying the highest interest rates on larger deposits.

I don't see this being posted. Transferring dollars to a Brazilian bank account that's paying an after tax interest rate of 13% sounds wonderful. Or am I missing something?

Currently I have a digital only ITI account with Itaú that only allows deposits using an international intermediary's/ broker interface that takes a 5% bite.

I also see WISE has limitations on large transfers.

Lastly, Im assuming ALL transactions involve at least 4 kinds of fees before reaching the NET you receive in reais.

1. A nominal fixed exchange fee from bank in US.

2. The BBs margin -- typically a 2% spread.

    (in the form of a reduced rate of exchange)

3. Govt tax 0.38 or 1.1% depending on reason for the exchange.

4. A percentage fee for receiving a locked in rate versus one that floats.

Heading to Santander today. Hoping they're transparent with fees, margins, and floating.

Lastly, my apologies if anything I'm asking is confusing. Terms like fees, decent rate, takes a bite, charges, etc. all require specificity.

@Gerard Nardini

Please let us all know if you find a Brazil high street bank that is paying a nett 13% after tax right now! Good luck with that...

In your post you mentioned a limit on transfers by Wise. I believe that is a limit imposed by the Central Bank of Brazil, to prevent money laundering, etc. If you want to transfer a large amount you must justify what it is for, at this end. If, for example, you are buying a house, then you need to make sure you have a full contract of purchase and sale, as well as directing the funds through the Central Bank of Brazil (not the same as the Bank of Brazil).

01/26/24 @Gerard Nardini.  For the services you're looking for, consider checking out the private banking subsidiaries of the main banks:

-- Estilo, by Banco do Brasil

-- Bradesco Prime, by Bradesco

-- Personalité, by Itaú

-- Santander Select, by Santander

In any of the main capitals, Banco Safra may also be an option.

And quite frankly, if you're talking under $1MM you don't really have much, if any, negotiating power at all when it comes to forex fees.

When I had my car dealership I routinely did $25-30MM of CAD/USD forex annually, and was able to negotiate the pips on the trades depending on my volume, saving tens of thousands in costs, as part of the overall corporate banking package.

If you're a retail individual customer it's a different situation obviously.

The best bang for your buck investment wise are Brasilian government bonds. The 10 year is currently yielding 10.67% on a pretax basis. But there will be fees and minimum account purchase limits you'll need to navigate as well.

Sorry, my  interest rate on my itau digital bank iti account is currently 9.92% down from 11.75% last i had checked it  in July. The account provides me with Pix and yields 100% of the CDI (interbank rate).

My Issue is I have  been paying  over 5% in various exchange fees to deposit money into the account. as it only accepts transfers.  So  in order to get reais into the account I have to transfer dollars from Wells Fargo to a Brazilian broker who then uses an intermediary bank.

Anyone aware of a better option? Meanwhile ill report my findings at the exchange divisions at local bank branches like Itau Personalite and C6 bank   although not expecting much from bank employees here... thanks all.

01/28/24  My Issue is I have  been paying  over 5% in various exchange fees to deposit money into the account. as it only accepts transfers.  So  in order to get reais into the account I have to transfer dollars from Wells Fargo to a Brazilian broker who then uses an intermediary bank.     -@Gerard Nardini

I'm confused about how you do your calculations.

I make a monthly SWIFT transfer from my US account to my Banco do Brasil current account.  My US bank doesn't charge me for transfers, and neither does BB.  On the day of my January 2024 transfer, the rate I got from BB was 4.80018; Wise's rate that day was 4.85775.    The total of the exchange rate difference and IOF for me between Wise and BB on this transfer would have been US$47.06 -- but Wise's fee for the last transfer of the same amount that I made with them was US$43.55.  That's close enough to a wash for me.

What am I missing?

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!

@Shahbaz Shaikh786 Actually my car loan for my Convertible Mini Cooper and my daughter's car loan for her Hyundai SUV were and are with Santadar in America. I don't know the connection between their car loan services in the USA and their banking in Brazil, but they were very good with us.

Roddie in Retirement