Opening a bank account in Brazil is one of the most important steps for Americans who want to invest in the country. A local account makes it easier to receive profits, pay taxes, transfer funds, and access Brazilian investment platforms.
Although the process is regulated, it is straightforward when you understand the required documents and available options.
1. Resident vs. Non-Resident Accounts
Brazil allows foreigners to open bank accounts as:
• Residents – People living in Brazil with a permanent or temporary visa.
• Non-residents – Investors living abroad who want to operate in Brazil from overseas.
Non-resident accounts are fully legal but follow stricter compliance rules. They are also required for investing through official Brazilian financial institutions.
2. Required Documents
Most banks will ask for the following documents:
- A valid passport
- Your Brazilian Individual Taxpayer Number (CPF)
- Proof of address (Brazilian or foreign, depending on the bank)
- Proof of income or employment (for compliance)
- A Brazilian mobile number (recommended for app verification)
Some banks may request a video call, signature verification, or additional financial information for security purposes.
3. Digital Banks vs. Traditional Banks
Brazil has two types of institutions available to foreigners:
Traditional Banks
Examples: Itaú, Bradesco, Banco do Brasil, Santander
- Offer more complete services
- Usually allow in-branch support
- Often have higher fees
Digital Banks
Examples: Nubank, Inter, C6 Bank
- Faster onboarding
- Lower fees
- App-based operations
Not all digital banks open accounts for non-residents, so checking eligibility is essential.
4. Why You Need a Bank Account to Invest
A Brazilian bank account allows you to:
- Receive investment dividends
- Fund your brokerage or investment accounts
- Pay taxes and required declarations
- Move money between Brazil and the U.S. efficiently
- Operate within regulatory compliance
Having a local account greatly simplifies every investment process.
5. Step-by-Step Process
- Obtain your CPF (can be done online through the Brazilian consulate).
- Choose whether you will apply as a resident or non-resident.
- Select a Brazilian bank and check eligibility requirements.
- Submit your documentation online or in person.
- Complete identity verification (may require video call).
- Make your first deposit to activate the account.
6. Tips for Americans Opening an Account
- Prefer banks that support remote onboarding.
- Keep your U.S. tax documentation updated for FATCA compliance.
- Activate two-factor authentication (2FA) for security.
- Confirm all fees before opening the account.
- Use reputable banks to facilitate international transfers.
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