Best Bank in Brazil for foreigners

Learn about the best bank in Brazil for foreigners.

Find out how to open a bank account for foreigners in Brazil with or without a visa or residence permit and to understand the differences between ordinary bank accounts and those for non-tax residents.

Finding the best bank in Brazil for foreigners can exceed your expectations and demands may become a challenge, so you will find valuable tips and procedures to guide you along the way.

First, your move should be to define your priorities, such as:

• Essential services: Start by defining which banking services you need, such as an account, debit and credit card, international wire transfers, etc.

• Costs: Compare the fees charged by different banks for opening an account, maintenance, transfers, withdrawals, etc.Foreigners often choose the best bank in Brazil for its low fees.

• Customer service: Check whether the bank offers customer service in Portuguese and English, as well as online and face-to-face channels.

• Reputation: Research the bank’s reputation and the experience of other foreign clients. It will let you know if it is the bank in Brazil for foreigners.
  

Individual or company: who wants to open a bank account in Brazil?

In fact, the process of opening a bank account in Brazil for foreign citizens is a point of great general interest, and there are many questions about the requirements and the necessary procedure.

Opening a bank account is an essential service for those wishing to reside in Brazil, and is also highly sought after by foreigners:

• They are looking to invest in the country.

• They want to do business with Brazilian companies

• They want to buy property in Brazil

• They want to hire Brazilians remotely

• They want to live in Brazil temporarily or permanently.
  

In this article, we try to clarify the most common doubts about the procedure.

If you represent a company and wish to start doing business in Brazil, in the end of this article you will find a valuable solution to find the best bank in Brazil for foreigners.

Where to open a bank account in Brazil?

Opening a bank account for foreigners is done directly through one of the financial institutions in Brazil. 

Actually, there are more than 20 banks in Brazil, including public, private, foreign and Brazilian institutions.

However, Brazilian law authorizes the opening and maintenance of bank accounts entirely online, but few banks carry out this activity, most still require you to go to the bank branch in person. This makes it difficult for foreigners.

That’s why there are some digital banks that are a great option for those who have a Residence Permit in Brazil and have a tax address in the country, with possession of the RNM – former RNE (we will explain about it further).

On top of that, these are a few options of banks that you can research on:

• Traditional banks: Bradesco, Itaú, Santander and Banco do Brasil offer accounts for foreigners, but they may have stricter requirements and higher fees.

• Digital banks: Inter, Nubank and C6 Bank offer simpler account opening processes and competitive rates, but some services may be limited

• Fintechs: Wise, Remessa Online and Nomad offer innovative solutions for sending and receiving international remittances, multi-currency management and other services.
  

If you don’t have a residence permit, you can still open a Non-Resident Bank Account, which we’ll explain below.

And remember, finding the best bank in brazil for foreigners is not the simplest thing.

What are the impediments and requirements

Each banking institution in Brazil establishes how the account opening process will be carried out and what documentation is required. This applies especially to foreigners wishing to open a bank account in Brazil.

The main obstacle foreign citizens face when opening a bank account is presenting the RNM – Registro Nacional Migratório (National Migratory Registration).

The RNM is a document intended for foreigners residing in Brazil, representing an authorization for them to live in the country on a temporary or permanent basis.

Furthermore, the requirement to present the RNM is very common in practically all banking institutions established in Brazil. This requirement ends up making the process of opening an account more difficult, as many foreigners who wish to open an account in Brazil do not plan to reside in the country.

To obtain the RNM card, you must take an appointment on the website to a federal police office and present all the documents required :

-Passport-Original Visa Application-CPF-Printed Form (completed in advance on the police website)-Proof of payment of the fee (pay in cash R$205 at Banco do Brasil and retrieve your receipt)

It takes between 2 weeks and 2 months to obtain the RNM card.