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Before you can open a bank account in Brazil you must obtain a CPF number and a foreign ID card.  I think you need a local address as well.

Keep in mind that a stack of reais and a stack of, um, pounds sterling or whatever are not going to hold the same value in relationship to each other because currency rates of exchange tend to change over time.   To make it simplistic.if your bank in London pays 2.0% per annum and your bank de Brasil pays 5% per annum but the reais\pound exchange rate loses 4% then you are getting 1% more in London than in Brazil.

Its a complicated subject and predicting changes in exchange rates is more difficult than predicting stock market changes.

Thank you for your reply,  I am aware of all this, just wanted to know which banks in Brazil offer the best rates of interest? My funds are already in Brazil so no issues of exchange rates.

Ikexplorer wrote:

Thank you for your reply,  I am aware of all this, just wanted to know which banks in Brazil offer the best rates of interest? My funds are already in Brazil so no issues of exchange rates.

The most liquid and secure is the Tesouro Direto. You can find this at any bank. Up to 6.6%/annum
depending on the type.



For other types of investment I would avoid big banks because of the ff:

1. Your money can have low capital gains.
2. High admin fees.
3. Conflict of interests.

I´ve seen smaller banks having better investment portfolios and lower admin fees.

If you want a diversified portfolio then go to XP investimentos. I like the "multimercado."



35%-50% a year appreciation is achievable depending on your risk profile.

robal

This may be a little different question. I looking for a Visa card reader to process transaction for my business that allows me to do offline transaction. So far the one I have will not work when it isn’t connected it made by Cielo from Bradesco Bank. If you know of any credit card machine available here in Brazil and from what bank it work with let me know thanks

Hi thanks for the advice. My funds are already in BR, but Bradesco does not want to open an acct for.me, and do not want to put me under my BR spouse active acct either. What do I do? Is there another bank.I can use?

Wazzup wrote:

Hi thanks for the advice. My funds are already in BR, but Bradesco does not want to open an acct for.me, and do not want to put me under my BR spouse active acct either. What do I do? Is there another bank.I can use?

Do you have your CPF and CRNM yet?

Thxs, I have CPF what is the other?

CRNM -- Carteira de Registro Nacional Migratório.  It's the ID card for foreigners who have been granted permanent residency in Brazil by the Federal Police.  Prior to November 2017, it was called CIE -- Cédula de Identidade de Estrangeiro, and referred to informally as "RNE".
If you're a foreigner and you have either of those, you can open a bank account in Brazil; if not, you can't.

Thanks 4 clearing that up. Yup, I was told to get it but perm resid is taking longer than I expected. I appreciate yr time to explain.

Rates are dropping w/ covid19 and the slowing economy.

I opened an account with Itau which do not require proof of residency in Brazil with bills or income.  They just wanted an address they can use to send you mail. They do require cpf and RMN/RNE. I asked for the account with no fees which has limit on number of withdrawals per month.

For a regular 'ol checking account or savings account at a big bank you will get basically 0%.
If you want to put some of your money into one of their 'applications' you'll need to closely look at what they're offering - and, just as importantly, what the fees are that you will be charged for the investment.
Most of the big retail banks' application offerings are not very good.

The investment platform that has the most investment options across the entire risk spectrum where you'll get the best rates is XP Investimentos. It's why Itaú bought (or at least tried) to buy them.

Good luck.

Thank you all for your replies.

XP investments has been mentioned to me a few times. Does anyone have a contact at XP investments that could assist me? Maybe someone you have used before?

I am based in Copacabana.

Thanks again for your help

Ikexplorer

It's all done online. After you've opened your account (assuming you succeed), you'll then have the option to choose who you want to be your Agente Autonomo de Investimento - basically a broker/advisor - other than the default the assign you blindly upon first opening the account.

Good luck.

Perfect! thank you BretK