Our experts in setting up companies in Brazil assist natural and legal persons interested in opening a bank account in Brazil.
| Quick Facts | |
|---|---|
| Mandatory local bank account for companies (Yes/No) | Yes |
Mandatory residence requirement | No |
Bank account opening time | 2 business days in some cases for personal accounts > 1 week for corporate accounts (times can vary) |
| Online bank account opening | In some cases |
| Bank accounts for foreign nationals in Brazil | Yes |
| Required documents – companies | Proof of company registration (with local tax number) |
| Required documents – individuals | Brazilian Individual Taxpayer Number |
| Special requirements for foreign nationals | Must obtain the CPF (The Individual Taxpayer Identification Number) |
| Bank fees | Examples include: $15 maintenance fee when the balance is below a certain amount $30 outgoing international online wires $3 out of network ATM withdrawals $5 replacement fee for a lost standard domestic debit card |
| Initial deposit | $3,000 for some banks |
| Types of accounts | Checking accounts – standard and premium Salary account University account Saving accounts |
| Online banking options | Yes. Features vary depending on chosen bank |
| Local agent requirements | Power of attorney to perform banking actions on behalf of the account holder |
| Main banks in Germany | Itaú Unibanco Banco do Brasil Banco Bradesco Santander Brasil and others |
| Criteria for choosing the bank | Online banking/mobile banking services Monthly account management fees Fees for other transactions Branch/ATM availability in the country or internationally |
Table of Contents
Who is required to open a bank account in Brazil?
Individuals and companies deriving income from Brazil are required to set up a bank account to receive and make payments.
For foreign nationals, bank account opening is conditioned by lawful residence in Brazil.
For corporations, a bank account is set up as part of the company incorporation process, and mandatory documents concerning the legal entity are provided upon setup.
What documents are required for corporate bank account opening?
The main documents required for bank account creation in Brazil for companies are the ones mentioned in the steps presented above:
- the CNPJ number;
- a copy of the company’s incorporation documents;
- proof of address;
- power of attorney if the bank account is opened through a duly appointed agent and not the company’s director;
- personal documents for the local director or directors; this is also required for foreign directors;
- details about the shareholding structure, as well as other information, as may be required by the bank (such as the ultimate beneficiary).
Once the documents are provided and the bank makes the needed verifications, the client and the bank will sign a services agreement.
The agreement between the bank and the client will set forth the type of services agreed upon by the company that will open a bank account in Brazil.
Our company registration representatives in Brazil can assist companies interested in opening a bank account here.
What documents are required to open an individual bank account in Brazil?
As a natural person, the following documents are relevant when opening a bank account in Brazil:
- Passport;
- Proof of lawful stay in the country (visa/residence permit);
- Tax ID (the CPF number);
- Proof of address (a recent utility bill can be provided);
- Proof of income (such as the payslip or the employment agreement).
Foreign nationals are required to obtain their CPF number before they start the bank account application process. The number is issued by the Brazilian tax authority following a special application.
Please keep in mind that banks may require foreign nationals living in Brazil to provide additional documents, such as translations for those issued in languages other than Portuguese.
How long does it take to open a bank account in Brazil?
Bank account opening for corporations can be expected to be lengthier than in the case of individual accounts.
Entrepreneurs are advised to reserve one to three business days. In some cases, account opening can be faster when the client already has an account with the bank (for example, for clients who already have an active plan with Itaú Unibanco, one of the main banks in the country).
How to choose a bank in Brazil?
Opening a bank account for a newly created company in Brazil will also mean choosing a suitable bank to work with.
While there are many criteria, investors can base their choice on the following:
- Account maintenance fees: these differ according to the chosen bank and can be lower in some cases; investors can take the time to find information about these fees;
- Number of ATMs and branches: this can be important if the company wishes to have easy access to the bank’s ATM and branch network throughout the country;
- Online and mobile banking: companies benefit from working with a bank that offers easy options for online and mobile banking;
- Others: for foreign companies, it may be easier to open a bank account with a bank branch with which they already work in their country of origin; the company beneficiaries may also wish to open a corporate bank account with a bank with which they already have a personal account if the said bank offers convenient conditions for corporate accounts.
What types of banking services are available for companies in Brazil?
Banks offer a wide range of solutions for companies. Examples include the following:
- Payment and transfer solutions: electronic slip issuance, 100% digital payments, secure payments;
- Payroll: secure management for payments made to employees (desktop and app options to handle payments);
- Receipts and billing: issue bills, automatic check deposits, receipts storage, management, and organization;
- Financial management: business reconciliation solutions, complete account control for the business, risk data and credit scores, and pending transaction issues.
Business insurance is a particular type of service offered to those who open a bank account in Brazil, with conditions depending on the chosen bank.
Business, lender, and life insurance options are available. Examples of business insurance include:
- Fire insurance (payments related to property and equipment damage, but also fixed expenses such as salaries and rent);
- Electrical damage cover;
- Coverage for windstorms (damage caused by hurricanes, for example).
Not all companies must request the same banking solutions. While some will look for efficient and easy-to-manage payment solutions (such as merchant accounts, to handle online payments from clients), others could be more interested in insurance solutions.
What are some examples of local and foreign banks operating in Brazil?
Banco do Brasil is the first bank in Brazil, founded in 1808.
Caixa Econômica Federal is a state-owned financial services company and one of the leading banking institutions in the country.
Itaú Unibanco is Brazil’s largest private bank.
According to the Central Bank, the following branches of foreign banks can be found in Brazil:
- Santander;
- Citi Brasil;
- American Express;
- Societe Generale Brasil, and others.
What are some examples of fees and costs associated with bank accounts in Brazil?
As in any country, banks in Brazil impose fees for bank account opening and for the ongoing management of the account.
The aggregated value of these fees depends on the type of selected account, the services provided to the client, or additional solutions offered by that bank.
Below, we offer examples of banking plans for companies and their costs, as enforced by Itaú Unibanco, for exemplification purposes only:
- R$169/month for the simple banking package for companies, including 15 external transfers, unlimited salary electronic payments, unlimited transfers between Itaú accounts, and others;
- R$399/month for the plan with 27 external transfers, unlimited salary electronic payments, unlimited transfers between Itaú accounts, unlimited payslip issuance, and others.
How much does it cost to open a bank account in Brazil?
Our company formation packages are tailored to assist clients throughout the incorporation stages, including the post-registration steps, such as bank account opening.
As part of our official costs, you can expect USD400 to open a bank account.
If you have further questions about corporate bank accounts in Brazil or need help in setting up a company in Brazil in 2026, please contact us.