How to open a dollar account in Brazil through a cell phone

RIO DE JANEIRO, BRAZIL – With the digital age, there has been a significant growth of digital banks and fintechs – companies focused on financial technology. In addition to offering convenience, agility and low fees for customers, some allow users to open a dollar account.

This is possible because institutions such as C6 Bank, BS2 and Nomad offer a global or international account, enabling transactions in foreign currencies (among them the dollar). Interested? Well, you should know that nowadays this procedure is less complex than it seems.

If you live in Brazil and still want to open a dollar account through your cell phone, check below the options available, and further information on international accounts.

WHAT IS AN INTERNATIONAL ACCOUNT?

An international account is a type of digital account that enables using foreign currency and can be opened without leaving Brazil. In addition to the option of international transactions, some may even offer an international debit card.

Typically, transactions on this type of account are made using the commercial dollar rate as a reference, rather than the tourist dollar rate. Because it is cheaper, this model may be more attractive to customers. However, it is very important to be aware of any extra fees that may be charged.

HOW TO OPEN A DOLLAR ACCOUNT IN BRAZIL THROUGH A CELL PHONE

C6 Bank

To open an international account at C6 Bank (Android | iOS), also known as the “Global Dollar Account,” one must be a C6 Bank customer – something that can be accomplished for free. However, the fee for opening and issuing an international debit card is US$30.

The amount will be converted into Brazilian currency at the day’s exchange rate and will be deducted from the bank’s Brazilian account. C6 Carbon clients or those who have investments of R$20,000 (US$3,700) or more in the institution’s CDBs (Deposit Certificates) are exempt from the fee.

There are no fees for account maintenance, transfers, or debit card purchases. The IOF tax is 1.1% per transfer (remember that the tax is 6.38% for credit cards), the annual transfer limit is R$15,000, and the minimum amount for transferring money to the account is US$100.

In addition, one should note that there is a US$5 fee per withdrawal, and if the account is inactive for a year, a US$10 fee will be charged annually.

BS2

At BS2 Bank (Android | iOS), one must hold a traditional account on the platform in order to open an international account. Then, access the “International Account” option on the app’s home screen, read and accept the terms, and send a photo ID.

Unlike C6 Bank, the institution does not charge a fee for opening the account and allows transfers to other banks and BS2 international accounts. However, for international order and payment sending, the cost is US$12 per transaction.

Nomad

Unlike C6 Bank and BS2, Nomad (Android | iOS) offers an account directly in the United States and therefore the money is FDIC insured (US federal agency, which insures account deposits up to US$250,000).