Opening first bank account - Any recommendations?

A few steps ahead of you. I opened a Nubank account a month ago. Pix is wonderful. Transfer money from Wise Is instantaneous. Download Nubank's app and the whole thing takes a few hours to verify. Nubank app has a “modo rua” that senses when you are not on your home networks and limits the amount you can withdraw from your phone. Basic investment suite, etc. The only issue is that I couldn't get verified until I had my CRNM to upload a pic and a selfie.

@duzzimenino PS my CRNM was ready for pickup in a month in São Paulo.

you should be able to open an account by showing the protocalo you got at

PF.

Any foreign account places a tremendous burden of accounting upon the bank.  Best strategy is to feel out the managers at the different local branches to see who is most amenable to serving you.

A local account provides a lot more respecdtability, plus it gives you a layer of insulation and privacy from all your data and resources back home.

Widthdraws/... You need retail presence.

Your debit card will operate in any network, for most part, and most banks do PIX.

But that visit to the branch manager to get things sorted, specially being a foreigner, you need locations.

By rank in number of retail  branches...

1.Bradesco

2.Itau

3.Banco Santander

4.Caixa Economica Federal ( Low interest home loans )

5.Sicredi ( Sao Paulo and Parana at least )

6.Banco do Brasil. 

7.Banco Safra ( Sao Paulo, and you will need some serious average daily account balance to be considered ).

And then there are regional banks such as

BMG ( Minas Gerais )

Banorte ( North and Northeast )

Banrisul ( Rio Grande do Sul )

https://www.febraban.org.br/

https://www.buscabanco.org.br/

Good luck.

I am doing a bit of research about bank accounts in Brasil. My idea is to use it wherever my UK card isn't accepted and also for PIX transfers.
Not planning to hold much money in that account. I will make small transfers from the UK using Western Union or Wise.
I had a look to digital banks like NuBank/Banco Inter which look ok for me.
Do you have any experience using these or any other bank account to recommend?

Also, I see the registration process asks for Brasilian ID. My residency was granted last week and got a RNM number but the actual ID (CRNM) will take a couple of months to arrive.
Anyone managed to open an account without CRNM?

Thank you,
Martin
-@martinsan

I walked out of my PF interview and straight into the nearest Itau branch, no CRNM. The manager came to over to meet me, shook my hand, and he brought coffee to my wife and I. Thirty minutes later, I walked out with checking and saving accounts, as well as both debit and credit cards. I have however switched to Santander as their fees are lower and their cell phone app works MUCH BETTER

If you wish to go with a digital bank account, none of which I am aware are set up in such a way as to accept your RNM protocolo. 

If you are willing to wait until your CRNM is ready, I would suggest PagSeguro or MercadoPago.  Both are in wide use all over the continent, and deposits, etc., can be handled via telefone, at your local lotérica or 24h ATM.

Thanks for the recommendations and sharing your experiences.

I managed to open an account with Iti (Itau's digital bank):   iti.itau

The registration process was online and really easy. They didn't ask for CRNM, a CPF number was enough.

It has the basic things to start here:

• Debit card
• Withdrawals in Banco24Horas ATMs (1 free per month)
• PIX transfers
• Pay boletos. Mobile phone top-ups

A money transfer took 1 hour to arrive using Wise. I will start using it and let you know how it goes ...

As described in my previous post, I just wanted a quick solution to make some payments here. I will setup an account in a traditional bank for other use cases, I can see my protocolo from PF will be enough for this.

03/27/23. @martinsan.  Glad it worked out for you. Smart to use a digital bank connected to a traditional bank, too.  I would expect that your existing link to Itaú will give you a leg up there if you decide later to open an account with them.

@martinsan bro thanks so much for posting this. i've been trying to open an account without an RNE (i lost mine owing to being away because of the pandemic)

I'd almost given up hope i thought i was gonna loose a 30k bolsa. you've made my day !!! ))

@Cayari Just to let you know, sometimes it depends on who you know, especially in Brazil. My Brazilian wife of 22 years added me to her Banco do Brazil account and then managed to separate it so I had my own account without a CRNM.

Roddie in Retirement

@martinsan You can open an account at Banco Iti, Banco Itaú's digital online bank, without an CRNM or RNE. You only need a CPF number.

@roddiesho good to know. I have heard the "personal" aspect of banking is very important. "Schmoozing" helps

@martinsan Do you have a CPF number? Do you have an RNE? You will need those to open the account along with a permanent address in Brazil. Also needed is a utility bill from where you live, preferably one in your name. A cell phone number is needed as well, so you can access your bank account online. Without a cell phone forget about opening your account as it isn't possible. it is also good to have a job you work at sponsor your bank account and for that you will need to have permanent residency, since visitor visas won't do you wont be able to work on a visitors visa.

But To have a job in Brazil you must also have the work book from the labor ministry in order to get a job. Most salaries are direct deposited to your bank account and you will need a letter from your job to set that up with the Banks in Brazil.

NuBank is the only exception and it may be possible to set that up online with required documents. Picture ID RNE , CPF, email address, local address in Brazil. With NuBank it won't be all done on the same day usually takes a week or two to mail your card to you and activate it. Nu bank is the easiest way to do it though. I transfer money regularly using WISE to my Nubank account

@ibdegen  You say it is the Digital account at Itau perhaps they have changed it since I opened my account 10 years ago I needed all the documents listed below for NuBank when I opened my account at Itau.  However NuBank is your best bet, they require a CPF, Street address in Brazil, A picture ID from Brazil (RNE) , email address and a cell phone number. you must submit the documents online for them to approve and it takes about 2 weeks. They don't send Debit cards out of the country to foreign addresses

@Guest7852 You are correct they will not accept the protocol for your RNE in most cases unless you submit a letter from your employer as well which was the way I had to go when I did it, But afterwords they required me to present my RNE

@roddiesho Yes you can do it that way but even still you needed a CPF and at least the protocol for your RNE. Since you are married to a Brazilian it was b/c of that you were able to open the account. Since you would eventually get an RNE they allowed the account to be separate in your case, No special who you know was needed.

@martinsan I was given a list of things needed for the regular Itau account

• Cell phone number
• e-mail address
• local mailing address ( proof ) Utility bill or such
• RNE
• CPF
• a letter from my employer asking to open the account for me

It took them 2 weeks to get my debit/credit card to me when setting it up go for the International credit card it makes things much easier don't just get the debit card only as it is only good in Brazil

@abthree Yes I agree this is a good move also I highly recommend Itau they are the best commercial bank in Brazil IMO as many big companies use them

@roddiesho thanks thats useful info

@JohnC for clarity, I successfully opened a digital account with Iti using only a cpf. I did not require an RNE.

I tried with nubank but you need an RNE....

@Cayari I will point out that NuBank is a much better product than the digital account with Itau. Iti is somewhat limited with its restrictions on its use and such that make it less than Ideal in some respects, where as NuBank is more full service offering all the services of a full service bank account. 

In my experience, needing either a personal bank account or an account for a Ltda Inter was the best bank around, very easy to set up and manage the account and good customer service.

@JohnC what are the specific restrictions on the iti account you refer to ? many thanks

@JohnC Sorry, should have said "who your married to."

Roddie in Retirement

@56tbourne UPDATE: Apparently no CRNM yet only goes so far. Yes I have a Banco Do Brazil account and debit card, but I am still working my way through the residency process, so I was turned away from making a wire transfer to my account. They "caught" me with a no CRNM bank account. They were nice enough to let me keep the bank account and return the money back to it's source. My chief advisor (married for almost 23 years) told me to pause on putting money into my Banco Do Brazil account until I cleared residency.

Roddie in Retirement

@roddiesho: Does the bank also block transfers into your account using services like WU/Wise?

I wonder to what extent they can prevent you from receiving money, such as transfers for family support.

Update regarding Iti digital account:

I've been using it for a couple of weeks now. Working well so far and the mobile phone app is really easy to use.

The process is a bit different for withdrawals. You have to go to a Banco24Horas and scan a QR code with your phone. It doesn't work inserting the card + PIN.

They also offer a credit card that can be associated to this digital account but I didn't try it.

Regards,

Martin

@martinsan

@martinsan Sorry, I am not sure how much detail I put in the previous post. Basically I am not supposed to have a bank account, because I do not have the full CRNM yet. I received the bank account because my wife knows the manager etc...  The going plan is just to put the bank account on pause until I have the proper paperwork etc.  This is something anyone else should not have to worry about. If you have your CRNM and the bank account you should be fine.

Roddie in Retirement

Any opinions on using Wise vs. Remitly? I have always used Remitly because you can transfer directly to someone using their PIX key.

05/07/23 Re:  bank accounts, first or otherwise.  If you're using a peer-to-peer service for your transfers rather than SWIFT, just make sure to always have a reserve in your BRL account to cover possible delays related to banking regulations that are beyond the service's ability to control or predict.  If you wait until your down to your last real before ordering more, you could find yourself scrambling for money while some new complication works itself out.

Any opinions on using Wise vs. Remitly? I have always used Remitly because you can transfer directly to someone using their PIX key.
-@jasonlovesdogs

This is like asking what brand of oil to use in your car, everyone has a hugely different opinion. Personally, I had nothing but problems with Remity, blocked transfers, and multi-day delays, They were always requiring additional information. Remity was very difficult to contact for help. On several occasions, Remeity required photos of me holding up my passport to my forehead. They required copies of my US bank statements on two separate occasions, delaying transfers each time, the last time, I said never again. I use Wise and have never had an issue, and yet, I know other people have had some. One time, for a large transfer, they required additional information about me, delaying the transfer by one day. I have tried PayPal, Western Union, bank wire transfers, etc. For now, I am sticking with Wise. I would love to find a good "Plan B".

@jasonlovesdogs First I would definitely take into account @rraypo's post. I thought I had it bad with Remitly. I did get a little better personal touch since they called me in Brazil at a time when I couldn't reach anyone by phone to talk about my situation before they thru me under the bus. I was also turned down by Wise, I think it was the PayPal vs. an American bank thing. Anyway these transfers can be iffy, so definitely consider a plan B. Once one cancelled it seemed it steamrolled.

I would also follow @abthree´s advice because they will not reach out to you to ask if this is a good time to cancel, they will get you when you most need them.

Good Luck.

Roddie in Retirement aka "Living in Brazil is an Adventure

The ONLY problem I'm having with Itaú….. Is a Brazilian phone number🤦‍♂️…Any advice?

I'm soon getting a phone plan in Brazil, I'm looking at the company Vivo. And getting a monthly subscription.

I also created an American account with BB Americas (Banco do Brasil S.A) located in Florida.

Anyone think this was a good move?

06/03/23 The ONLY problem I'm having with Itaú….. Is a Brazilian phone number🤦‍♂️…Any advice?
I'm soon getting a phone plan in Brazil, I'm looking at the company Vivo. And getting a monthly subscription.
I also created an American account with BB Americas (Banco do Brasil S.A) located in Florida.
Anyone think this was a good move?
-@antonioggriffin

I know how cynical this sounds, but all of the Brazilian cell carriers are terrible, and they're about equally terrible, so it doesn't much matter which you use. For many people the deciding factor is which one most of their family/friends/contacts use, so that they're not charged for off-network calls.

You won't be able to open a regular bank account at a bricks-and-mortar bank until you're a legal resident with a CRNM, so I assume you're talking about Itaú's online bank. Some people report success in opening online accounts without having their residency; we'll have to see how that works as a longterm solution.

BB Americas in Florida is under the same ownership but a different corporate entity from Banco do Brasil in Brazil itself. Several people who have done what you did have reported problems with them, and will probably chime in. I hope that you have better luck.

I also created an American account with BB Americas (Banco do Brasil S.A) located in Florida.
Anyone think this was a good move?
-@antonioggriffin

No, other than the name on the building, there is no relationship in between a bank name in Brazil and one in the USA, nothing, no connection.

I successfully (and relatively easily) opened an account with Banco Iti, Itaú,s on-line presence. I only needed a CPF and a Brazilian address.

Oh, about the Brazilian phone number, get yourself a prepaid SIM card at any Loja Americanas. I got a Claro card and it works fine.