Brazil has a very advanced, technologically sophisticated banking sector. Most of the main banks offer a very wide range of personal and business banking services, including electronic bill paying, inter-bank transfers and internet banking facilities. The majority of banks have ATM facilities, some of which accept foreign debit cards and credit cards.

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.

Normal banking hours are from 10 a.m. to 4 p.m. Mondays to Fridays.

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.

--

Got something to add to this section? Spotted something which should be changed? Please let us know!

Click here to return to the contents page for "Brazil - an expatriate guide."