Brazil – Banking

What are the main banks in Brazil?

Brazil’s financial sector ranks among the most diverse and competitive in the entire Latin American region, bringing together long-established traditional banks, a growing fintech ecosystem, digital-only challengers, and cooperative institutions. The sector’s foundation rests on five major legacy players, alongside a swiftly expanding group of digital alternatives.

Current data confirms Itaú Unibanco as the country’s foremost financial institution, commanding a 15.0% share of total assets, trailed by Banco do Brasil (14.2%), Caixa Econômica Federal (12.2%), Bradesco (10.3%), and Santander (7.2%) as of mid-2025.

Tracing its origins to 1808, Banco do Brasil is among the world’s oldest financial institutions still in continuous operation and continues to be majority state-owned. The bank manages more than R$1.9 trillion in assets and counts over 70 million customers, with a branch footprint that extends deep into rural communities — a geographic reach that no private competitor can match.

Caixa Econômica Federal holds the record for sheer client volume, with 157.4 million clients, a figure that reflects its commanding role in social welfare programs and lower-income lending. Nubank, meanwhile, grew its user base by 11.7 million accounts in a single year, reaching 109.3 million users in the third quarter of 2025 — representing a 12% expansion over 2024.

Banco Inter has emerged as another formidable digital rival, building its reputation around a fully fee-free checking account, an international debit card, an investment marketplace, and an integrated shopping hub. Its global account product, which accommodates foreign transactions and currency balances, has particular appeal for customers with cross-border financial requirements.

For a comprehensive and authoritative register of licensed financial institutions, visit the Banco Central do Brasil’s official institution data page. Branch locations and service offerings change regularly, so always confirm current details directly with the relevant bank.

Do any major international banks operate in Brazil?

Of the Central Bank’s top 50 ranked banks in Brazil, 21 are either foreign-owned or foreign-controlled. However, the scope of their activities differs markedly — the majority concentrate on corporate and institutional mandates rather than everyday personal banking services.

A number of prominent international names maintain a presence in Brazil, including Santander, Citibank, BNP Paribas, JPMorgan, and Deutsche Bank. Most of these institutions direct their services toward corporate clients, multinational enterprises, and high-net-worth individuals, with Santander being the notable exception thanks to its extensive retail network.

As of December 2023, the leading US banks in Brazil by net equity are Citibank (10th), JP Morgan (13th), Bank of America–Merrill Lynch (29th), Goldman Sachs (38th), and Morgan Stanley (49th). These institutions concentrate primarily on corporate and institutional mandates rather than personal banking products for individual expatriates.

The vast majority of foreign bank offices are clustered in São Paulo, largely in the Paulista Avenue corridor and the Brooklin and Itaim Bibi neighbourhoods. Most function solely as representative or investment offices and do not provide consumer banking services to the general public.

Santander Brasil stands out as the clear outlier, functioning as a full-service retail bank across the country. It holds the position of third-largest privately owned bank in Brazil and maintains a strong national reputation. Its official website is santander.com.br.

Bear in mind that the presence and range of services offered by international banks in Brazil can shift over time. Always verify current details directly with the institution in question, or consult the Banco Central do Brasil for an up-to-date register of authorised institutions.

Do banks in Brazil offer accounts or services specifically for expats?

Brazil does not have a widely standardised “expat account” product in the way that some offshore financial centres do, but several options are available depending on your residency status.

A non-resident bank account enables foreign nationals to conduct financial transactions in Brazil through a dedicated account category designed for those who are not legal residents. This account type does not require proof of local residency and helps avoid inadvertently triggering tax residency status in Brazil.

Foreigners generally fall into one of two groups: non-resident visitors such as tourists or short-term contractors, and legal residents who hold a CRNM card. Most traditional banks require confirmed residency, while digital fintechs are generally willing to accept non-residents who hold a valid passport and CPF.

Digital banks have become the preferred choice for many newcomers and remote workers, largely because of their convenience and more accessible user interfaces. These platforms offer low-cost or entirely fee-free checking and savings accounts, rapid mobile app-based account opening, international card functionality, multi-currency features, and investment products — all of which lower the threshold for expats arriving in Brazil.

Among the most suitable banking options for expats are Santander, Banco do Brasil, Inter, and Nubank. These institutions combine user-friendly mobile platforms with flexible documentation requirements and solid support for international transfers and day-to-day banking needs.

On the question of fees, traditional banks typically levy monthly maintenance charges of approximately BRL 20–60, while digital banks frequently waive these costs altogether (as of 2025). Many traditional bank accounts also charge a fee per transaction, which can accumulate quickly. Always verify the current fee schedule with your chosen bank, as tariffs are subject to revision.

In general, Brazilian banks only offer accounts denominated in Brazilian reals. Holding an account in a foreign currency is not a standard option, although rare exceptions have been made for expatriates on temporary stays.

What are typical bank opening hours in Brazil?

Branch operating hours across Brazil are set within parameters established by the Banco Central do Brasil, though individual institutions may apply their own specific schedules. In practice, hours are broadly consistent across major urban centres throughout the country.

• Monday to Friday: Most branches are open from approximately 10:00 to 16:00 (some branches open from 09:00 in larger cities).
• Weekends and public holidays: Bank branches are generally closed on Saturdays, Sundays, and national public holidays.
• ATMs (caixas eletrônicos): Available 24 hours a day, 7 days a week, including at Banco24Horas network machines and within large supermarkets and shopping centres.

Brazil’s banking infrastructure has grown increasingly efficient and technically advanced. The rise of fintech over recent years has led the major banks to offer web and mobile platforms for the great majority of their products and services. Physical branches remain an important part of daily banking life in Brazil, however, with approximately 17,000 branch locations operating across the country.

Online banking is available through most institutions, but it is worth noting that these services are typically offered in Portuguese only. This can present a practical challenge for those who have not yet acquired Portuguese language skills. Digital banks such as Nubank and Inter generally feature more internationally accessible interfaces. Check directly with your bank for the precise opening hours of your nearest branch, as these can differ by region and institution.

What do expats need to know about the banking system in Brazil?

Brazil’s banking sector is modern, closely supervised, and becoming progressively more digital in character. Its resilience is built on coordinated regulatory oversight and a national drive toward financial inclusion, powered by both legacy institutions and innovative fintech entrants. That said, several features of the system differ meaningfully from what expats may be used to in countries such as Canada, Germany, or Australia.

Deposit protection (FGC): Deposits are insured up to BRL 250,000 per CPF per institution under the FGC (Fundo Garantidor de Créditos) guarantee (as of 2025). This is broadly comparable to the FSCS deposit protection scheme in the UK (£85,000) or the FDIC in the US ($250,000), though the protection limit in reals is subject to currency fluctuation. More information is available at fgc.org.br.

Currency and exchange rates: In 2024, the exchange rate averaged approximately US$1.00 = R$5.40. During 2024, there was a historic depreciation of the Real of over 24% against the US dollar, due to factors including the Brazilian market’s concerns about fiscal policy. Expats who hold savings in reals should be mindful that pronounced currency swings can substantially erode the value of their funds when converted back to another currency.

High interest rates and credit costs: Exercise caution when considering a credit card in Brazil — annual fees are high, and the interest rates applied would be considered unlawful in many other jurisdictions. Brazil’s benchmark SELIC interest rate has historically ranked among the highest globally, which makes savings products relatively attractive while making credit very costly.

Language: The majority of online banking services in Brazil are accessible only in Portuguese. This can create a significant practical obstacle, particularly when dealing with legal or compliance documentation. Using a Portuguese-speaking contact, or opting for a digital bank with a more internationally oriented interface, is strongly recommended.

Bureaucracy: Administrative complexity is deeply embedded in Brazilian institutions, and banking is no exception. Even seemingly routine tasks like opening or closing an account can require multiple steps and in-person visits at traditional banks. Digital banks have largely removed this burden for everyday banking transactions.

IOF tax on foreign exchange: A federal tax of 4.38% applies to all exchange operations made in traditional banking in Brazil. This IOF (Imposto sobre Operações Financeiras) is levied whenever foreign currency is converted into reals or reals into a foreign currency through a licensed exchange provider, and should be included in any cost calculations when moving significant sums.

Offshore asset reporting: Foreign residents must update banks on changes in residency status and declare offshore assets exceeding BRL 1 million in the Central Bank’s annual census. Non-compliance triggers fines of up to BRL 250,000 (as of 2025). For authoritative and up-to-date guidance on regulatory requirements, consult the Banco Central do Brasil and Brazil’s federal tax authority, the Receita Federal.

How Do I Open a Bank Account in Brazil as an Expat?

If you are planning to live or study in Brazil, a local bank account will make it far easier to withdraw cash, settle bills, receive wages, and handle routine financial matters. The process, however, calls for specific documentation — most importantly, the CPF (Brazilian tax identification number).

Digital banks such as Nubank, Inter, and C6 Bank are free to use, entirely app-based, and open to foreigners who hold a CPF and passport — the entire process can be completed in as little as 15 minutes. Traditional banks provide a broader product range but require an in-person branch visit and a more extensive document set. The steps outlined below describe the general process for both routes; always verify current requirements directly with your chosen bank or consult the Banco Central do Brasil for authoritative guidance.

1. Obtain your CPF (Cadastro de Pessoas Físicas): You must have a CPF before opening any bank account — no exceptions. Think of the CPF as Brazil’s equivalent of a Social Security Number, but with even broader applications in daily life — it serves as your universal identifier in Brazil. You can apply at a Brazilian consulate before arriving, or in Brazil at the Receita Federal or a Banco do Brasil branch. Locations in Brazil typically charge a small fee of approximately R$7 (less than US$2) as of 2024.
2. Gather your documents: You will typically need a passport, CPF (Brazilian tax ID), proof of address, and, in some cases, a residency card (CRNM). Proof of residence in Brazil could be a rental contract or a monthly utility bill (for electricity, internet service, etc.). Failing one of these, a letter from a landlord may suffice. While not mandatory, having proof of income and employment can also be very helpful.
3. Choose your bank type: Decide whether you want a digital bank (faster, remote, lower fees) or a traditional branch-based bank (broader products, sometimes required by employers or landlords). Some employers, landlords, or visa processes require an account at a traditional bank such as Bradesco, Itaú, or Banco do Brasil — this takes longer and requires an in-person branch visit.
4. Apply online or visit a branch: For digital banks, the entire application is completed through the app, typically including a selfie-based identity verification step. Traditional banks generally require a scheduled in-person appointment for identity checks. If possible, bring a Portuguese-speaking acquaintance to help navigate the process at a physical branch.
5. Complete KYC and compliance forms: Submit compliance forms including KYC questionnaires regarding source of funds and tax residency (FATCA or CRS declarations where applicable). The bank may also conduct a brief video interview or request additional documentation.
6. Activate your account and register PIX: Once approved, receive your agency and account numbers; register for online banking and PIX instant payments. Once approved, your PIX is active immediately — even before your physical card arrives. You can start sending and receiving money right away using your CPF as your PIX key.

At traditional banks, individual branch managers hold considerable discretion over account approvals. If one branch turns down your application, it is worth trying a different branch of the same bank — policies can differ between locations and managers. Smaller, quieter branches tend to be more willing to accommodate new applicants.

What banking and payment apps are widely used in Brazil?

Brazil has developed one of the world’s most advanced payment ecosystems. PIX, introduced by the Central Bank in 2020, enables instant round-the-clock transfers at no charge for individuals and has become the predominant payment method across retail, services, utilities, and government platforms.

In April 2024, PIX set a new record by processing over 250 million transactions in a single day, moving approximately R$124 billion (around US$23 billion) — more transactions than Brazil’s entire adult population, completed within 24 hours. For expats settling in Brazil, registering for PIX is effectively a necessity for everyday life.

Once your bank account is active, setting up PIX involves registering one or more “PIX keys” (chaves PIX). These keys act as shortcuts that point to your account, removing the need to exchange lengthy bank details every time you make or receive a payment. You can register up to five PIX keys per individual account, including your CPF number.

Beyond PIX, the broader digital banking landscape includes:

• Nubank: Nubank’s ascent remains the standout story — the digital lender expanded its customer base by 11.7 million accounts in one year, reaching 109.3 million users in the third quarter of 2025. Nubank’s app is widely regarded as the most intuitive for newcomers to Brazil.
• Banco Inter & C6 Bank: Banks like Inter, C6, and Nubank offer travel-friendly features such as international cards, low-fee foreign transactions, PIX payments, and mobile banking apps that work worldwide, making them excellent options for expats and frequent travelers.
• Mercado Pago & PicPay: Fintechs like Nubank, PicPay, and Mercado Pago have become indispensable players in the financial lives of millions of Brazilians. These digital wallet apps can be useful for making payments even before a full bank account has been established.
• Wise: For digital nomads, expats, or students seeking to sidestep the administrative complexity of traditional banks, the Wise Multi-Currency Account is a practical option with zero monthly fees. Wise allows you to hold a balance in Brazilian Real and convert it to more than 50 other currencies at the mid-market rate. However, Wise does not issue a personal Brazilian bank account number, meaning that receiving local payments such as wages or domestic bank transfers may not be as seamless as with a conventional Brazilian account.

At the heart of the entire system sits the Banco Central do Brasil (BCB or BACEN), which oversees banks, directs monetary policy, and regulates payment infrastructure including PIX. Since fintechs gained formal regulatory status under the National Monetary Council (CMN) in 2018, they have made substantial inroads in terms of customer numbers. All digital banks and payment applications operating within Brazil must hold authorisation from the BCB.

How can expats manage money between Brazil and their home country?

Sending and receiving money across Brazilian borders involves understanding exchange rate costs, applicable taxes, and certain reporting obligations. Taking the time to plan your approach can result in meaningful savings over the long term.

International wire transfers (SWIFT): Digital banks work best with services like Wise or Remessa Online rather than direct SWIFT transfers. Traditional banks accept SWIFT but charge R$50–150 per transfer (as of 2025). For regular transfers, routing funds via Wise to your Brazilian account via PIX is often the cheapest route.

IOF tax on foreign exchange: A federal tax of 4.38% applies to all exchange operations made in traditional banking in Brazil. This tax is triggered when converting foreign currency into reals, or reals into a foreign currency, through a licensed exchange provider. Always account for this cost when calculating the total expense of moving larger sums.

Cash declaration requirements: There is no limit on the amount of money that foreign visitors can bring into or out of the country, but amounts over R$10,000 require “Currency Carry-on Electronic Declaration” documentation (as of 2024). Failure to declare can result in customs authorities detaining the funds.

Investment inflows: Foreign individuals injecting over USD 100,000 into Brazilian investments must register the inflow through the Electronic Declaratory Registry (as of 2025). This requirement is administered through the BCB.

Annual offshore asset declaration: Foreign residents must declare offshore assets exceeding BRL 1 million in the Central Bank’s annual census, with non-compliance triggering fines of up to BRL 250,000 (as of 2025). Residents must also submit the DIRPF annual return declaring interest income, dividends, and capital gains.

Recommended transfer services: Services such as Wise and Remessa Online are widely favoured by expats for routine international transfers, owing to their competitive exchange rates and transparent fee structures. For larger or investment-related cross-border movements, seek advice from a qualified financial or legal professional with expertise in Brazilian regulations. For authoritative guidance, refer to the Banco Central do Brasil and the Receita Federal.

Frequently Asked Questions

Do I need to be a resident to open a bank account in Brazil?

Foreigners generally fall into one of two groups: non-resident visitors such as tourists or short-term contractors, and residents who hold a CRNM card. Most traditional banks require confirmed residency before opening an account, while fintechs typically accept non-residents who hold a valid passport and CPF. For those who have not yet established residency, digital banks such as Nubank, Inter, or C6 Bank are usually the most accessible entry point.

What is a CPF and how do I get one?

The CPF is Brazil’s tax identification number — functionally similar to a Social Security Number but applied even more broadly across daily life. Applications can be submitted at a Brazilian consulate prior to arrival, or within the country at Receita Federal offices, Banco do Brasil branches, or authorised post offices (Correios). The in-person fee is typically around R$7 (as of 2024). Always confirm the current application procedure and applicable fee directly with the Receita Federal.

Are my deposits protected if a bank fails in Brazil?

Yes, deposits are insured up to BRL 250,000 per CPF per institution under the FGC (Fundo Garantidor de Créditos) guarantee scheme (as of 2025). This is broadly comparable in concept to the FDIC in the US or the FSCS in the UK, though the protection ceiling is denominated in reals and therefore subject to exchange rate movements. Current limits are available at fgc.org.br.

Can I use Wise, Revolut, or other international fintech apps in Brazil?

The Wise Multi-Currency Account is a practical option for expats who want to sidestep the complexity of traditional banking, offering zero monthly fees and the ability to hold Brazilian Real and convert to over 50 other currencies at the mid-market rate. That said, Wise does not provide a personal Brazilian bank account number, so it cannot substitute for a local account when it comes to receiving wages or settling boleto payments. Revolut has a more limited footprint in the Brazilian market — always check the app’s current availability for Brazil before depending on it for essential transactions.

What is PIX, and do I need it as an expat?

PIX, launched by the Central Bank in 2020, is Brazil’s instant payment system, enabling free, 24/7 transfers and now serving as the dominant payment method across retail, services, utilities, and government platforms. For anyone living in Brazil, PIX is effectively indispensable — it underpins rent payments, utility bills, shopping, and person-to-person transfers. Access is through your Brazilian bank account app, using a registered PIX key such as your CPF. Having a local bank account unlocks PIX, boleto payments, better exchange rates, and the ability to receive a salary if you are employed in Brazil.

What documents do I need to open a bank account in Brazil?

Foreigners will typically need to provide a passport, CPF (Brazilian tax ID), proof of address, and in some cases a CRNM residency card. Documentation of income or employment is not mandatory but can strengthen an application, particularly at traditional banks. Requirements vary between institutions — digital banks usually request fewer documents than their branch-based counterparts. Always confirm the specific requirements with your chosen bank before beginning the application process.

Are Brazilian bank apps and websites available in languages other than Portuguese?

The overwhelming majority of Brazilian bank online services are provided exclusively in Portuguese. Digital banks such as Nubank and Banco Inter tend to offer more internationally accessible interfaces, and some customer support materials are available in additional languages. For expats who have not yet developed Portuguese fluency, a digital bank is generally the more manageable starting point for everyday banking.

Are there restrictions on sending money out of Brazil?

Brazil does not impose outright capital controls on personal transfers, but certain reporting requirements do apply. There is no ceiling on the amount of money that can be carried into or out of the country, but any sum exceeding R$10,000 must be accompanied by an electronic Currency Carry-on Declaration (as of 2024). For larger transfers connected to investment repatriation, registration through the BCB’s Electronic Declaratory Registry may be required. Consult the Banco Central do Brasil and a qualified tax adviser to confirm current obligations before proceeding.