How to Open a Bank Account in Brazil. Living in Brazil is one of the interesting options to choose from by many foreigners. The country has various remarkable places with a lot of job openings for expatriates. Therefore, moving to the country is a common thing. This also leads to the need for information related to how to open a bank account in Brazil.
Besides searching for a good resident and school, opening a bank account is also a necessary thing to understand. To give some overview about this activity, the following paragraphs will help to explain it better.
The benefit of Open a Bank Account in Brazil
Opening a bank account in the local bank when you decide to move to another country will give you many benefits. That is why many expatriates decide to have this activity by the time they arrive in the country. By opening a bank account in Brazil, the following points of benefit can be get.
• Easier Way to Withdraw Money
Through a local bank account, it will allow you to withdraw money more easily. You can withdraw through the teller machine or teller officer at the branch. Therefore, you wouldn’t get any problems in case you need cash or some amount of money in sudden time.
• Less Charge of Any Transaction
The most benefit that loved by everyone is less charge and less fee. With a local bank account, you don’t need to get any charge for money withdrawal. While having a bank account from your origin country means you need to pay some fee or charges every time you decide to withdraw money in local currency. This will give you a more economical option to get cash in Brazil.
• Number of ATM and Branches Across the Country
The local bank usually has many ATMs and branches across the country. Whenever you need to make travel along with Brazil, you can easily find those services. So that you can easily perform any financial transaction including withdrawing money everywhere.
• Various Kind of Services
A local bank also can support various important services as needed while you stay in the country. Through this account, you will eligible for online banking services and mobile banking services. Some banks also offer credit card services and personal loans. This can help you to manage many things related to your finances while you stay in the country.
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Documents to Support Open a Bank Account in Brazil
If you decide to open a bank account in Brazil, you need to know that there are some important documents to provide. Most of the banks in Brazil will request you to provide a passport and VISA. Therefore, you need to prepare your valid passport and valid VISA. Otherwise, it will be difficult to get approval for a new bank account in a local bank in Brazil.
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The bank will also request you to have a permanent address and local phone number. You might also request to provide a job permit too. For this request, you can replace it with CPF A cadastro de pessoa fisíca, which is a personal tax ID number for expatriates in Brazil. It is easy to get and can help those with no permanent resident in Brazil.
Steps to Open a Bank Account in Brazil
Once all of the required documents are complete, then the next important thing to perform is a presence at the local bank you selected. There are many options for local banks to select.
The most important thing is to consider the number of ATMs, the number of branches, the provided services, and the administration fees. If you have compared all of these and feel sure with your selected bank, then you can directly come to the bank office and bring all the requested documents.
After you reach the bank office, you might need to ask the bank officer to guide you. Usually, when you want to open a bank account in Brazil, the bank officer will give you several forms to fill in. Make sure to fill the form correctly according to your legal documentation. So that it can help the bank officer to make verification of your data. Therefore, it is better to fill the form according to your passport and visa.
Once you finish filling the form, you will need to show your original documents for evidence. Then, the bank officer will make a copy of these documents and start to input your data for getting a new bank account. After the data is processed, then your bank account is ready to be given.
But first, you need to make a deposit amount following the bank requirement. Last, after the deposit is given, then your bank book and debit card will be activated and ready to use the day after.
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By reading the above information, it is now clear how to open a bank account in Brazil. So that anyone that plans to leave or move to the country will not experience any financial transaction anymore. With a bank account in a local bank, the foreigners can freely perform payment, withdrawal, money transfer, and many more. Therefore, in case that you stay for a longer time in Brazil, it is suggested to consider this option.