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Banking
Back to top Back to main Skip to menuBrazil - Banking
There are many different banks in Brazil, with the largest including the Banco de Brasil, the government-operated Caixa Economico Federal, Bradesco and HSBC. Most of the banks are interlinked under the Brazilian Payments System, operated by the Central Bank of Brazil. However, banking is expensive here, with high interest rates and government-imposed taxes of 0.038% on very transaction.
Brazilian banks also sell a wide range of financial products such as insurance, stocks, mortgages and retirement plans.
Foreign nationals are required to hold a residence visa before they can open a bank account in Brazil.
Currency and travellers cheques can be cashed at the international airports, most banks, and some travel agencies and hotels, but fees are often high. Most major international credit cards are accepted in larger establishments throughout Brazil.
There are no restrictions on the import and export of local currency, but amounts over R$10,000 must be declared.
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