Brazil — Banking: Best Banks

Why this matters

Choosing the right bank affects how quickly you can start banking, whether you'll pay monthly fees, and whether you can get support in English.

Key facts

• Banco do Brasil is a quasi-government institution with a long history of serving non-resident foreigners, though its process is more bureaucratic.
• Itaú, Bradesco, and Santander are major private traditional banks with extensive branch networks across Brazil.
• Nubank is Brazil's largest digital bank, with over 90 million customers, and has a streamlined onboarding process for foreigners who already hold a CPF.
• Inter (Banco Inter) is a popular digital bank with investment features and an English-language interface option.
• C6 Bank offers a 'global account' feature letting customers hold both USD and BRL in the same app.

Steps

1. Opening a bank account — All banks require a CPF (Brazilian tax ID) and proof of identity/address; traditional banks may also require a visa/residence permit and in-person visit, while digital banks (Nubank, Inter, C6 Bank) can be opened via app for those with a CPF and Brazilian address.

Costs

• Monthly maintenance fees: Digital banks (Nubank, Inter, C6) are typically free; traditional banks often charge monthly fees depending on account tier
• Transaction fees: Varies by bank; PIX transfers are generally free or low-cost across most banks

Timelines

• Time to open an account: Digital banks: as little as 15 minutes to a few days; traditional banks: longer, often requiring a branch appointment

Required documents

• CPF (Cadastro de Pessoas Físicas)
• Proof of address
• Valid passport
• Visa/residence permit (RNM) — required by some traditional banks

Common mistakes

• Assuming all banks offer the same services, fees, or non-resident-friendliness — traditional and digital banks differ significantly in process and requirements

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