Best Banks in Brazil for Foreigners and Expats (2025 Guide)

Introduction

If you’re planning to live, work, or invest in Brazil, opening a local bank account is one of the first steps to making your life easier. The Brazilian banking system is modern, but it has unique requirements for foreigners.

In this guide, we’ll compare the best banks in Brazil for expats and foreigners, including traditional banks, digital banks, and international banking options.

1. What Foreigners Need to Open a Bank Account in Brazil

To open an account, most banks will ask for:

Passport (valid and with visa, if applicable)
CPF (Brazilian taxpayer identification number — easy to get at Receita Federal)
Proof of address in Brazil (utility bill, rental contract)
Proof of income (sometimes required for credit products)

💡 Tip: If you don’t have a fixed address yet, some digital banks allow account opening with a temporary address or hostel/hotel proof.

2. Top Traditional Banks for Foreigners

Banco do Brasil

Oldest bank in the country, with branches in most cities.
Offers accounts in BRL and foreign currency services.
Good for long-term residents and those dealing with government payments.

Bradesco

Extensive branch and ATM network.
Offers premium accounts for expats with multilingual support.
Strong for personal loans and insurance products.

Itaú Unibanco

Largest private bank in Latin America.
English-language website and app support.
Good for investors and high-income expats.

3. Best Digital Banks for Foreigners

Nubank

Fully digital, no maintenance fees.
Simple sign-up process (CPF required).
Great mobile app in English.

Banco Inter

Free international transfers via Wise integration.
No monthly fees.
Full investment platform in BRL and USD.

C6 Bank

Offers free global debit card (C6 Global Account).
Good currency exchange rates.
Low fees for international transactions.

4. International Banking Options

If you need a smoother transition, some global banks operate in Brazil:

HSBC (through Bradesco partnership) — Ideal for those with HSBC accounts abroad.
Citibank (corporate focus) — Mainly for business banking and high-net-worth clients.

💡 Tip: International banks often require higher minimum deposits and may focus on corporate services.

5. Fees and Services to Consider

Service Average Cost

Monthly account maintenance $3 – $15 USD (free in digital banks)

ATM withdrawal fee (out of network) $1 – $3 USD

International transfer fee $10 – $50 USD (varies by bank)

Currency exchange rate Official rate + 1%–5% spread

6. Which Bank Should You Choose?

For long-term expats with physical branch needs: Banco do Brasil, Bradesco, Itaú.
For low fees and easy setup: Nubank, Banco Inter, C6 Bank.
For global account integration: HSBC, Citibank.

7. How to Transfer Money to Brazil Cheaply

Instead of using your bank for international transfers, consider:

Wise (ex-TransferWise) — low fees, real exchange rate.
Remitly — fast transfers from the US, UK, and Europe.
Western Union — for cash pickups in remote areas.

Conclusion

Choosing the best bank in Brazil as a foreigner depends on your lifestyle, income source, and how much you rely on international transactions. Digital banks offer flexibility and low fees, while traditional banks provide more physical presence and services.