Open Bank Account in Brazil

[jeduardo]

The requirements for a foreigneer to open a bank account in Brazil varies from Bank to Bank but the most important document is the CPF which is Brazilian equivalent to U.S. SSN.
See Foreigners - How to Get a CPF (Social Security Number) in Brazil - BootsnAll Travel Network

With CPF in hand you can request electricity (COSERN), phone (OI), and water (CAERN). Any one of these will serve as proof of residence. You should provide a copy of the bill you receive in the mail rather than one you get from the Internet. Bring both original and copy at time of application.

You also need proof of income which is difficult if you are not working in Brazil. The way around this is to have a Brazilian accountant submit a form to the Receita Federal declaring your income. Banco do Brasil will accept this. The accountant usually charges around R$70 for this service. Be aware though that if you do this the Receita Federal will be looking for your tax declaration every year so keep this declared income under R$14.992,32 annual. Starting in 2008 if you are under this limit you don't need to do anything. Prior to 2008 you had to declare annually that you were exempt.

With Banco Brasil you can open an account via the Internet but you really don't gain much here since you will be asked to physically go to the bank with all your documents in order to finalize the application.

[debzor]

Originally Posted by jeduardo

The requirements for a foreigneer to open a bank account in Brazil varies from Bank to Bank but the most important document is the CPF which is Brazilian equivalent to U.S. SSN.
See BOARDSdotBOOTSNALLdotCOM/eve/forums/a/tpc/f/591098755/m/83100639216

With CPF in hand you can request electricity (COSERN), phone (OI), and water (CAERN). Any one of these will serve as proof of residence. You should provide a copy of the bill you receive in the mail rather than one you get from the Internet. Bring both original and copy at time of application.

You also need proof of income which is difficult if you are not working in Brazil. The way around this is to have a Brazilian accountant submit a form to the Receita Federal declaring your income. Banco do Brasil will accept this. The accountant usually charges around R$70 for this service. Be aware though that if you do this the Receita Federal will be looking for your tax declaration every year so keep this declared income under R$14.992,32 annual. Starting in 2008 if you are under this limit you don't need to do anything. Prior to 2008 you had to declare annually that you were exempt.

With Banco Brasil you can open an account via the Internet but you really don't gain much here since you will be asked to physically go to the bank with all your documents in order to finalize the application.

Hi Jeduardo

Welcome, but this has been discussed ad infinitum in these threads.

The accepted reality (for foreigners) is that while the law allows them to open accounts, in practise this will not happen because of the Draconian measures that the banks have to accept if they should open such a (C5) account. Thus they will no longer do so.

Out of interest, I have found that you can open a poupanca (deposit/savings) account without proof of income, but do need it for a corrente (current/checking). But only if you are resident.

Sorry...

[jeduardo]

Yes, it has been discussed at length, but most likely by people that got the runaround when they tried to do it and they gave up.

I opened an account with UniBanco in 2007 with just my Passport, CPF, and proof of residence(Electric bill). It is checking+savings and came with both Mastercard and Visa. They waived the requirement for proof of income since they were running a campaign to drum up new customers.

You are right - Banco do Brasil and many other Banks will open a savings account without proof of income. If you can get your foot in the door you could probably upgrade it to a checking account later on.

[debzor]

Originally Posted by jeduardo

Yes, it has been discussed at length, but most likely by people that got the runaround when they tried to do it and they gave up.

I opened an account with UniBanco in 2007 with just my Passport, CPF, and proof of residence(Electric bill). It is checking+savings and came with both Mastercard and Visa. They waived the requirement for proof of income since they were running a campaign to drum up new customers.

You are right - Banco do Brasil and many other Banks will open a savings account without proof of income. If you can get your foot in the door you could probably upgrade it to a checking account later on.

Yes I have friends who also had success with opening an account as late as 2007, but you try it now! This is the point - we need to keep threads relevant and up to date, not relate stories and present them as current fact, when the truth is that it cannot occur now. When did you last try to open an account for a foreigner?

They will not accept an electric bill as proof of residence, to start with, it will only prove address - they want to see a permanent visa or RNE (or at least the protocol for an RNE).

However I am pleased for you that you achieved success before the bureaucrats slammed the door!

[jayjayh]

HI all,
I have been trying for the past 12 months to get an account set up and failed !! unless you have a temporary visa ( minimum 4years) a work visa ( investment visa) or RNE you DONT HAVE ANY CHANCE!!.... this is the unfortunate truth and it is a real hassle to work arround as I have to send my loan payments for the contractors every month..
Having a CPF and utility bill does not do anything....I am hanving a meeting with a guy from Banco Banif ( a portugeuse bank starting up in Brazil) next week and I have been told there may be a way aound things, however you will be expected to produce lots of supporting info ( salary, personal wealth, status, tax paid for past 5 years + other things!!) ... will keep you posted.
regards

[jeduardo]

I have been trying for the past 12 months to get an account set up and failed

Which Bank(s) have you tried and in what city/state? I know this shouldn't matter but sometimes you can get lucky.

[jayjayh]

hi,

I have tried Itau Personalite, Banco de Brasil and hsbc all in rio de janeiro.. no luck with any. need RNE which I can't get. If you have any other suggestions it would really be welcome, if i get any joy from Banco Banif I will post... best regards..

[robh]

Originally Posted by jayjayh

hi,

I have tried Itau Personalite, Banco de Brasil and hsbc all in rio de janeiro.. no luck with any. need RNE which I can't get. If you have any other suggestions it would really be welcome, if i get any joy from Banco Banif I will post... best regards..

If you really, really need an account you can get one by opening a brazilian company, but this isn't cheap and is expensive to keep running.

Regards,
Rob.

[jeduardo]

If you really, really need an account you can get one by opening a brazilian company, but this isn't cheap and is expensive to keep running.

It's been a long time since I checked but don't you need a permanent visa (RNE) for a foreigner to open a company and get a CNPJ?

[robh]

Originally Posted by jeduardo

It's been a long time since I checked but don't you need a permanent visa (RNE) for a foreigner to open a company and get a CNPJ?

As a foreigner without a permanent visa you can open and own shares in the company, but you will need a company administrator (who must be Brazilian or have a perm visa) to manage your bank account for you.

Regards,
Rob.