Banking in Brazil
Brazil has a modern banking system with excellent digital infrastructure. The PIX instant payment system has revolutionized transactions, and digital banks have made account opening much easier for foreigners.
Getting a CPF (Tax ID)
The CPF (Cadastro de Pessoas Físicas) is essential for financial life in Brazil. You need it for:
- Bank accounts
- Phone contracts
- Major purchases
- Rental agreements
- Tax purposes
How to get a CPF:
- At a Brazilian consulate before traveling
- At Receita Federal (tax office) in Brazil
- At Caixa, Banco do Brasil, or post office with passport and proof of address
Anyone can get a CPF - even tourists who have never been to Brazil.
Opening a Bank Account
Requirements vary by residency status:
| Status | Requirements | Account Type |
|---|---|---|
| Permanent Resident | CPF + CRNM | Full account |
| Temporary Resident | CPF + CRNM | Full account |
| Non-Resident | CPF only | Limited account |
Best banks for expats:
Digital Banks (easier for foreigners):
- Nubank - No fees, excellent app, easy opening
- Inter - Free international card, PIX, bill pay
- C6 Bank - Good international features
- 99 - International card, low foreign transaction fees
Traditional Banks:
- Santander - Familiar for Europeans, good international services
- Banco do Brasil - Extensive network, more bureaucratic
- Itaú - Large network, good mobile banking
The PIX System
PIX is Brazil's instant payment system - it's free, 24/7, and incredibly useful:
- Transfer money instantly between any banks
- Pay at stores, restaurants, street vendors
- Works with phone number, email, CPF, or QR code
- No fees for personal transfers
Tip: PIX has largely replaced cash and credit cards for everyday transactions.
Non-Resident Accounts
If you don't have residency yet:
- Some banks offer non-resident accounts with just a CPF
- Limited features but include PIX, bill payment, debit card
- Process can be done 100% digitally with some providers
- Typical opening time: 48 hours to 7 business days
International Transfers
Sending money to Brazil:
- Wise (best rates, low fees)
- Remitly
- Western Union
- Bank wire (higher fees)
Sending money from Brazil:
- Wise (linked to Brazilian account)
- Bank international transfers
- Some restrictions on amounts require IOF tax documentation
Tips for Expats
- Get your CPF before arriving if possible (via consulate)
- Start with a digital bank - much easier process
- Learn to use PIX - it's everywhere
- Keep some USD/EUR for initial expenses until banking is set up
- Wise multi-currency account useful for managing multiple currencies
Pro Tips
- •Get your CPF at a Brazilian consulate before traveling
- •Digital banks (Nubank, Inter) are easiest for foreigners
- •PIX has replaced cash for most transactions - learn it immediately
- •Use Wise for international transfers - best rates
- •Open a Nubank account early - it's free and useful even as backup
Have questions about banking in Brazil?