How can a foreigner open a Brazilian bank account?
Bank accounts in Brazil can be opened by a foreigner if they have a permanent visa and buying a property doesn’t automatically entitle you to have a permanent visa, although this of course does not stop you from buying your property in Brazil as funds are sent direct from your bank account to the sellers bank account in Brazil using the usual route for international bank-to-bank transfers (SWIFT or CHAPS are examples of organisations that will be involved here). If you have a permanent visa then you gain the benefit of being able to open a current/checking account (Conta Corrente) or deposit/savings account (Conta de Poupança). Current/checking accounts give all the usual benefits including cheque books and cash withdrawal cards which you use at ATM’s or for point of sale transactions in Brazil. Deposit or savings accounts in Brazil offer extremely favourable interest rates for your investment when comparing to other countries around the world. Both ‘Conta Corrente’ and ‘Conta de Poupa
