Opening a bank account in Brazil

Last activity 29 September 2011 by Christine

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JulienFounder28 September 2011 07:43:18

52729

Hi all,

is it difficult for expats to open a bank account in Brazil ?

Which documents are required to open a bank account in Brazil ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance) ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien

JamesViP28 September 2011 19:59:15

11272

Bank Accounts The Brazilian banking system is one of the most complex and bureaucratic in the civilized world. You cannot hold a bank account in this country unless you have permanency (i.e. your RNE and CPF), you will need to produce proof of residence, proof of income and other documents in order to open an account. It is a frustrating process and may not be instantly successful. It may take several tries to get it right. I personally recommend opening an account with an international bank such as Citibank, HSBC or others that may also operate in your home country. This may facilitate transfers of funds you may have in your country of origin. If you are coming to Brazil and cant open an account here then your best bet is open an HSBC account in your home country. If you have an HSBC account then you can perform international ATM transactions at any HSBC or affiliated network machine in the country. Otherwise, you can only perform international transactions at Banco do Brasils main branches and only at specific ATMs at that location. Trust me, this one is a real pain in the butt.

If you want to know just how complicated it really is to open a bank account read the article at this link........ it was written rather tongue in cheek, but it is TRUE

http://www.globalpost.com/dispatch/braz … ?page=full

ChristineViP29 September 2011 05:39:07

42879

Thank you for this information wjwoodward!

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