How to Open a Bank Account in Brazil as a Foreigner

The CPF Requirement

Brazil's Banco Central requires all financial institutions to verify the CPF of every account holder. This applies to Nubank, Bradesco, Itau, Caixa and every other bank operating in Brazil without exception. The CPF is used to link your account to the national tax and credit system.

Your CPF must be active and registered in the Receita Federal database. A CPF that is pending, suspended or cancelled cannot be used to open a bank account.

If you are still waiting for your CPF or have not applied yet, this is the first step. The remote application process (using an authorized representative in Brazil) typically takes 5-14 business days.

An Exception: BTG Pactual's Non-Resident Account

Most Brazilian banks require both a CPF and a Brazilian identity document such as an RG or CRNM.

One important exception is BTG Pactual's Non-Resident Account (Conta Não Residente – CNR), which is designed for eligible individuals who are not Brazilian residents.

According to BTG Pactual, applicants generally need:

• A valid CPF
• A valid passport
• A foreign Tax Identification Number (TIN/NIF)
• Proof of address outside Brazil

Unlike most Brazilian banks, a Brazilian identity document is generally not required for this specific account.

Best Digital Banks for Foreigners

Digital banks are generally the easiest option for foreigners. Most Brazilian banks require a CPF together with a valid passport and a Brazilian identity document such as the CRNM. However, there are a few exceptions. BTG Pactual offers a Non-Resident Account (Conta Não Residente – CNR) specifically for eligible non-residents, allowing applications without a Brazilian identity document. All of the banks below support Pix and modern online banking features, although eligibility and documentation requirements vary.

Traditional Banks

Traditional banks (Bradesco, Itau, Caixa Economica Federal and Santander Brasil) offer a broader range of financial products - credit, mortgages, investment accounts and business banking. For most foreigners in the early stages of settling in Brazil, they are not the first choice.

Requirements typically include: an active CPF, a valid passport, a Brazilian identity document (RG, CNH or CRNM), proof of Brazilian address, proof of income (payslips or bank statements) and an in-person branch visit. Processing usually takes 1-3 weeks.

For most foreigners, obtaining a CRNM is one of the biggest requirements. The CRNM (National Migration Registration Card) is normally issued after receiving an eligible Brazilian residence visa and completing the migration registration process with the Polícia Federal. Without a CRNM, many traditional banks will not approve a new account application even if you already have a CPF.

Once you have a Brazilian address, local income and a CRNM, traditional banks become much more accessible. Many expats maintain a digital bank for daily use and add a traditional account later for mortgage or investment needs.

Documents Required

Digital Banks (Nubank, Inter, C6 Bank)

• Active CPF (registered and not suspended)
• Valid foreign passport
• Brazilian identity document (RG, CNH or CRNM with valid RNM number)
• Selfie (for identity verification)
• Brazilian address (some accept foreign address initially)

Traditional Banks (Bradesco, Itaú, Caixa)

• Active CPF
• Valid foreign passport
• Brazilian identity document (RG, CNH or CRNM with valid RNM number)
• Proof of Brazilian address (utility bill, rental contract, issued within 90 days)
• Proof of income (payslips, bank statements or income declaration)
• In-person branch visit

Opening an Account - Step by Step

1. 01

   Get your CPF

   If you do not have one, apply remotely through an authorized representative. Takes 5-14 business days.

2. 02

   Obtain your visa and CRNM

   Most Brazilian banks require a Brazilian identification document before approving an account. In practice, this usually means obtaining a residence visa and completing your migration registration to receive a CRNM (National Migration Registration Card) with a valid RNM number. Without a CRNM, many banks will reject the application even if you already have a CPF.

3. 03

   Download the Nubank app

   Available on iOS and Android. Select "Criar conta" (Create account) and follow the process in Portuguese (or use the English version if available in your region).

4. 04

   Enter your CPF

   This is the first field. Your CPF must be active - the system validates it in real time with the Receita Federal database.

5. 05

   Provide your personal details and documents

   Full name, date of birth, email, phone number, Brazilian identity document (RG, CNH or CRNM) and a selfie for face verification.

6. 06

   Add a Brazilian address

   You will need at least a temporary Brazilian address. Short-term accommodation address (hotel, Airbnb) works in some cases.

7. 07

   Wait for approval

   Typically 1-5 business days. You receive notification in the app and by email. Your debit card is mailed to your Brazilian address.

Pix - Brazil's Instant Payment System

Pix is Brazil's central bank instant payment system, launched in November 2020. It operates 24/7/365 and transfers are typically settled in under 10 seconds, free of charge.

Every Brazilian bank account includes at least one Pix key - typically your CPF, email, phone number or a random UUID key. To receive money from anyone in Brazil, you simply share your Pix key.

Pix has largely replaced cash and bank transfers for:

• Paying rent (landlords expect Pix)
• Paying bills and services
• Splitting costs with friends
• Receiving freelance or remote income from Brazilian clients
• Paying at most shops and restaurants

International Transfers

Sending money into or out of Brazil involves currency exchange (BRL/EUR, BRL/USD, etc.). The most cost-effective options for foreigners:

Brazil has currency control regulations. Large transfers may require documentation justifying the source of funds. Consult a local accountant for transfers above approximately USD 10,000.

Common Problems and How to Avoid Them

• CPF not active yet

  The most common blocker. Get your CPF first - the bank application cannot proceed without an active, valid CPF number.

• No Brazilian identification document (CRNM, RNM, RG or CNH)

  Many banks require a Brazilian identification document. If your CRNM has not yet been issued or your migration registration process has not been completed, some banks may reject the application even if you already have a CPF. In most cases, you will need to wait until your CRNM, RNM, RG or CNH is available.

• Rejected due to no Brazilian address

  Start with Nubank or Inter, which have more flexible address requirements than traditional banks. A temporary accommodation address can work in early stages.

• Application stuck in verification

  Usually caused by low-quality selfie or document photos. Retake in good lighting with the document clearly visible. The app will prompt you to retry.

• Attempting traditional bank before digital bank

  Most foreigners find traditional banks frustrating as a first step. Start with Nubank - once you have an account history and more Brazilian documentation, traditional banks become accessible.

Frequently Asked Questions - Banking in Brazil for Foreigners

12 questions covering CPF, digital banks, Brazilian ID documents, residency, Pix and international transfers.