Banking in Brazil is important for anyone doing business in Brazil. There are many banks in Brazil, including commercial and international banks, in addition to rural and service banks. These banks cover many banking needs, but a detailed knowledge of Brazilian banks is needed if you want to take advantage of the banking system.
Brazil banks are not hard to use, but you need to keep in mind the issues for foreigners when dealing with them. You should also remember that foreigners involved in international banking in Brazil must follow government restrictions on foreign banking. There are global banks in Brazil, but foreign investors need to fully understand Brazilian banking practices.
When you want to use the banks of Brazil, you should remember the following:
1. Find the right banks in Brazil to meet your business’s needs.
2. Check the rules for foreign banking before you consider banking Brazil.
3. Compare Brazilian banks to find the right one for your business.
Action Steps
The best contacts and resources to help you get it done
Look for general information about Brazil banks
Websites maintained by the Brazilian government as well as by private companies can give information about banking in Brazil.
I recommend: Banco Central do Brasil, one of the global central banks in Brazil , has information about banking history, the Brazilian economy, currency and foreign exchange. Individual banks, such as
HSBC and
Banco do Brasil, offer information about Brazilian banking such as products and services, credit portfolio risk levels, capital market, shares and warrant information on their websites.
Search multiple Brazilian banks to find the right one
With so many banks to choose from, it is important to check out as many banks as possible before banking in Brazil.
I recommend: Banco Central do Brasil has a form that can be used to find the top 50 banks meeting different criteria.
Delta Translator lists the 10 largest Brazilian banks and also gives basic information about the Brazilian banking system. An extensive list of Brazilian banks is given by
Qualisteam, with links to most banks' websites.
Research investing regulations and foreign banking in Brazil
According to regulations, it should not be hard for a foreigner to open a bank account in Brazil. However, this can be much more difficult in practice. By knowing the actual regulations, a customer can be sure of actually opening an account.
I recommend: You can find practical instructions for opening a bank account on
TripAdvisor. In order to open an account, foreigners need to get an identification number called the
CPF. You can find forms for the CPF at the
Brazilian Ministerio da Fazenda. Once you have your paperwork,
Translation Services USA has an article that offers step-by-step instructions for using Brazilian banks.
Tips & Tactics
Helpful advice for making the most of this Guide
- The larger banks of Brazil offer high-tech options to their customers -- even more than in American banks. You can pay your bills at an ATM, you can settle debts over the Internet and you can even pay taxes electronically from home.
The official source of Banks in Brazil is the Banks in Brazil page at Business.com
Related Resources from Business.com
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