Opening a bank account is one of the first things you’ll do after getting your CPF. This step-by-step guide covers digital banks vs. traditional banks, which ones accept foreigners, exactly what you need, and how to get approved on the first try — so you can start using PIX and stop bleeding money on international card fees.
At a Glance
Digital banks like Nubank, Inter, and C6 Bank are free, app-based, and accept foreigners with just a CPF and passport. You can open an account in 15 minutes.
Without a Brazilian bank account, you can’t use PIX, pay boletos, receive salary, or avoid the 5–8% fees on every international card transaction.
You must have a CPF before opening any bank account — no exceptions. If you don’t have one, start with Guide #001.
Who This Guide Is For
Why You Need a Brazilian Bank Account
The cost of not having one
You can survive the first few days using international credit cards or cash, but it gets expensive fast. International card fees add up to 5–8% per transaction when you factor in exchange rate markups and foreign transaction charges. Brazilian merchants increasingly expect PIX — the instant payment system — and many landlords require bank transfers for rent. This is part of The Rio Times’ daily coverage of Latin American markets and financial news.
A local bank account gives you access to PIX (free instant transfers), boleto payments (how bills work here), better exchange rates through services like Wise or Remessa Online, and the ability to receive salary if you’re working in Brazil. It also unlocks discounts — many businesses offer 5–15% off when you pay with PIX instead of credit card.
Digital Banks vs. Traditional Banks
Know the landscape
Brazil’s banking landscape has transformed in the last five years. Digital banks now serve over 100 million Brazilians and are usually the fastest path for foreigners. Here’s how the major options compare for expats.
| Bank | Type | Foreigners? | Monthly Fee | Best For |
|---|---|---|---|---|
| Nubank | Digital | ✓ Yes | Free | Easiest approval for foreigners |
| Inter | Digital | ✓ Yes | Free | Free international transfers |
| C6 Bank | Digital | ✓ Yes | Free | USD/EUR account option |
| Bradesco | Traditional | ✓ Varies* | R$30–50/mo | Required by some employers |
| Itaú | Traditional | ✓ Varies* | R$30–60/mo | Largest branch network |
| Banco do Brasil | Traditional | ✓ Varies* | R$25–50/mo | Government services |
The Recommended Path: Start with Nubank
Fastest option
For most expats, Nubank is the best first bank account. It’s free, fully app-based, has an English-friendly interface, and has the highest approval rate for foreigners among digital banks. You can open an account in 10–15 minutes from your phone.
Step 1 — Download the Nubank App
App
Available on iOS and Android. The app is primarily in Portuguese, but you can change the language to English in settings after setup.
Step 2 — Start the Registration Process
App
You’ll need your CPF number, a Brazilian phone number (a prepaid SIM works), your passport, and a selfie for identity verification. Enter your name exactly as it appears on your CPF registration.
What You’ll Enter
- → CPF: Your 11-digit number
- → Telefone: A Brazilian +55 number (prepaid is fine)
- → Documento: Passport — data page photo
Also Needed
- → Selfie: For KYC identity verification
- → Endereço: A Brazilian mailing address
- → E-mail: For account confirmation
Step 3 — Upload Your Passport Photo
App
Take a clear photo of your passport data page. Make sure the lighting is good and all text is legible. The app uses OCR to read your details, so blurry photos get rejected.
Step 4 — Complete the Selfie Verification
App
The app will ask you to take a selfie and sometimes a short video. This is standard KYC (Know Your Customer) verification. Do it in good lighting, no sunglasses or hats.
Step 5 — Enter Your Brazilian Address
App
You’ll need a Brazilian address. This can be your rental, a friend’s address where you’re staying, or even a hotel if you haven’t signed a lease yet. Nubank will mail a physical card to this address.
Step 6 — Wait for Approval
24–48h
Most foreigners get approved within 24–48 hours. Some get instant approval. If you’re rejected, don’t panic — wait a week and try again, or try Inter or C6 as alternatives.
If You Need a Traditional Bank
In-branch route
Some employers, landlords, or visa processes require an account at a traditional bank (Bradesco, Itaú, Banco do Brasil). This takes longer and requires an in-person branch visit.
Required Documents
- → Passport (original + photocopy)
- → CPF (printed comprovante de inscrição)
- → Proof of address (utility bill, rental contract)
- → Proof of income (contract, pay stub, or tax return)
Good to Have
- → RNE/CRNM or protocol (for residents)
- → Minimum opening deposit (R$50–200 at some banks)
- → A Portuguese-speaking friend for support
- → Patience — expect 1–3 hours at the branch
Portuguese You’ll Need
Essential vocab
Key Terms for Banking
Common Mistakes to Avoid
Learn from others
⚠️ Don’t Make These Errors
Trying to open an account without a CPF. Get your CPF first — no bank, not even Nubank, will open an account without one. This is non-negotiable.
Using a non-Brazilian phone number during registration. Digital banks require a Brazilian phone number (+55). A prepaid SIM from any carrier works — even a R$15 chip from a newsstand.
Name mismatch between CPF and bank application. Your name must be identical across CPF, passport, and bank registration — every letter, every accent mark. Mismatches cause automatic rejection.
Giving up after one digital bank rejects you. Try all three major digital banks (Nubank, Inter, C6). Each has different approval algorithms. Some expats get rejected by one and approved by another the same day.
Ignoring monthly fees at traditional banks. Traditional bank fees are R$25–60/month. Always ask for the “pacote essencial” (basic package) — it’s legally required to be free or very low cost. Don’t accept the premium package they’ll try to sell you.
Frequently Asked Questions
Quick answers
Can I open a bank account on a tourist visa?
FAQ
Yes. Digital banks like Nubank, Inter, and C6 accept foreigners on tourist visas with just a CPF and passport. Traditional banks are more restrictive and may require a residency visa or proof of employment.
Can I receive international transfers in my Brazilian account?
FAQ
Yes, but the method varies. 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. For regular transfers, Wise to your Nubank via PIX is the cheapest route.
Do I need to declare my Brazilian bank account to my home country?
FAQ
In most cases, yes. U.S. citizens must report foreign accounts via FBAR (FinCEN 114) if the aggregate balance exceeds $10,000 at any point during the year. EU citizens should check their country’s specific reporting requirements. Consult a tax professional.
What if all three digital banks reject me?
FAQ
Go to a traditional bank branch in person. Bring all your documents and ask for the gerente (manager). Some expats report success at smaller branches. If you have a Brazilian employer, ask them to facilitate — many banks fast-track accounts when the employer has a corporate relationship.
Can I have accounts at multiple banks?
FAQ
Yes, and many expats do. A common setup is Nubank for daily spending and PIX, plus a traditional bank if your employer requires one for payroll. There’s no limit on the number of accounts you can hold.
Expat Essentials Series
Information verified against current banking policies · February 2026 · This guide is updated annually or when policies change
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