Brazil has increasingly attracted expats from around the world, drawn by its rich and diverse culture, dynamic lifestyle, and rapidly growing economy.
From the lively streets of Rio de Janeiro to the bustling financial hubs of São Paulo, the country offers an array of opportunities for those looking to build a new life abroad.
One of the essential steps in ensuring a smooth transition and fully integrating into the Brazilian way of life is setting up a local bank account.
Whether you plan to manage everyday expenses, handle your salary deposits, or access financial services, having a digital bank account in Brazil is indispensable.
Let’s dive in!
What are the Eligibility Criteria for opening a Digital Account in Brazil?
To open a digital bank account in Brazil, the requirements can vary depending on the bank or financial institution, but generally, you will need to provide the following:
- Be of legal age: Most banks require applicants to be at least 18 years old.
- Valid Identification: You must upload a clear photo of a valid identification document, such as a Brazilian ID card (RG), foreigner’s ID card (RNE), or a driver’s license.
- CPF (Cadastro de Pessoas Físicas): This is a personal taxpayer registration number in Brazil, and it’s essential for opening any bank account in the country.
- Proof of Income: Typically, banks request recent pay stubs or a tax return to verify your income.
- Proof of Address: A recent utility bill (such as electricity, water, or internet) in your name is usually required to confirm your current residential address.
Options To Open a Digital Account In Brazil
For anyone living or planning to live in Brazil, having access to a local bank account is essential for managing day-to-day finances.
The banking sector in Brazil has embraced digital transformation, offering a range of online accounts that can be opened with ease.
Below, we’ll discuss five interesting options for opening a digital account in Brazil, including the pros, cons, and associated fees.
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Banco do Brasil
Banco do Brasil is one of the most recognized financial institutions in Brazil and offers a current account that you can open directly through its mobile app.
The process is simple and fast: download the app, click on “I want to be a customer,” and select “Digital account.”
This account allows you to save money, manage card payments, pay bills through direct debit, make withdrawals at ATMs, and transfer funds.
- Commissions:
- Opening: 30 BRL
- Maintenance: 14.55 BRL to 90.10 BRL/month
- Debit card issuance: 10.80 BRL (the first one is free)
- Advantages:
- You can choose different packages with various price points to fit your needs.
- The first debit card is free.
- An overdraft option is available that activates automatically if your balance falls below zero.
- Disadvantages:
- The account takes up to 3 business days to activate.
- There is a fee for opening the account.
- To add or remove account holders, you need to visit a branch in person.
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Itaú Unibanco
Itaú Unibanco is another top choice for digital banking in Brazil, offering a fully online account setup.
You simply visit their website, provide your CPF (Cadastro de Pessoas Físicas), and complete the registration process.
Once your account is activated, you can access your funds through the bank’s mobile app or web portal.
Itaú also offers exclusive perks like low-interest loans and discounts on products from Samsung and Apple.
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Commissions
- Opening: 30 BRL
- Maintenance: Free
- Debit card issuance: Free
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Advantages
- Requesting a second debit card is free (except in cases of loss or misplacement).
- No monthly maintenance fee.
- It is compatible with PIX, Brazil’s instant payment system.
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Disadvantages
- Account activation takes up to 5 business days.
- An opening fee must be paid.
- The debit card can take up to 10 days to arrive.
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NuBank
NuBank has quickly become a favorite among Brazilians due to its ease of use and access to financial products like credit cards and personal loans.
With a NuBank digital account, you can save money, make payments, and withdraw cash with your debit card. Y
ou can also send money abroad through the Remessa Online platform.
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Commissions:
- Opening: Free
- Maintenance: Free
- Debit card issuance: Free
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Advantages:
- No fees for account opening, maintenance, or card issuance.
- More accessible credit cards compared to traditional banks.
- Offers access to investment products and personal loans.
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Disadvantages:
- International transfers are not managed directly by NuBank; you need to use Remessa Online.
- No free ATM withdrawals.
- Debit card functionality needs to be activated via the app, and a new card must be requested for this feature.
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Wise
Wise, previously known as TransferWise, offers a global online account that is becoming popular in Brazil.
With a Wise account, you can manage over 40 currencies and convert them at the interbank exchange rate, which saves on hidden fees.
Although Wise does not offer traditional Brazilian bank account details, it provides local account details for eight major territories, including the United States, the United Kingdom, and Europe, making international transfers more efficient.
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Commissions:
- Opening: Free
- Maintenance: Free
- Debit card issuance: Free
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Advantages:
- Unlimited virtual cards, which can be activated and deactivated through the app for free.
- Free monthly ATM withdrawals up to 1,400 BRL worldwide.
- No income proof is required to open the account.
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Disadvantages:
- No option to apply for a credit card.
- The Wise account does not provide Brazilian bank account details.
- Wise does not offer personal loans.
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Banco Inter
Banco Inter is another digital bank in Brazil that has grown in popularity due to its comprehensive set of financial services.
Opening an account with Banco Inter is free, and you can enjoy benefits such as unlimited transfers, payments, and withdrawals.
The bank offers an all-in-one app that lets you manage your accounts, credit cards, loans, and investments in one place.
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Commissions:
- Opening: Free
- Maintenance: Free
- Debit card issuance: Free
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Advantages:
- No fees for opening or maintaining the account.
- Unlimited free transfers, payments, and withdrawals.
- Access to a wide range of financial products, including loans and investment options.
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Disadvantages:
Account approval can take several days.
- While most services are free, some advanced financial services may require additional fees.
- Limited in-person support, as it is an entirely digital bank.
Conclusion
With a variety of digital account options available in Brazil, expats and residents alike can choose the service that best fits their financial needs.
Each of these banks and digital platforms offers unique advantages, whether it’s the ease of opening an account online, the flexibility of managing multiple currencies, or the accessibility of credit and loan options.
Before deciding, it’s important to compare the features, fees, and benefits of each to ensure the account meets your personal financial goals.
Frequently Asked Questions
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How do I choose the right bank in Brazil?
Look for banks that offer the features you need, like easy online banking and access to ATMs. Check customer reviews and compare services to see which one works best for you.
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How do I withdraw cash from ATMs in Brazil?
You can use your bank card at any ATM, but there may be fees if you use a different bank’s ATM. To avoid fees, try using ATMs from “Banco 24 Horas.”
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Can I open an international bank account in Brazil?
Yes, but not all banks offer this. Check with the bank you’re interested in to see if they allow international accounts.
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Are there fees to open a bank account in Brazil?
Yes, most banks charge monthly fees, transaction fees, and fees for international transfers. Be sure to read the terms carefully to know what fees to expect.
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Is language a problem when opening a bank account in Brazil?
It can be. Many bank staff may not speak English, so it’s helpful to bring someone who speaks Portuguese with you.
