Get Your CPF First
Before anything else, get a CPF (Cadastro de Pessoas Físicas) — Brazil's individual tax ID number. Without it, you cannot open a bank account, rent an apartment, buy a SIM card or do almost anything formal in Brazil. Apply at any Receita Federal office with your passport. It's free and takes 30 minutes in person; processing takes 3–7 days. Airport Receita Federal counters exist at Guarulhos (São Paulo) and Galeão (Rio).
The Easiest Option: Nubank
Nubank (nubank.com.br) is Brazil's largest digital bank and by far the most foreigner-friendly. The entire process is done via the app — no branch visits required. Requirements: valid CPF, valid Brazilian address, selfie with your document. Foreigners with a valid visa or RNM card can open a Nubank account in 1–3 days. Nubank offers a credit card, current account, savings (Conta) and investments (NuInvest). No monthly fees.
Traditional Banks for Foreigners
Traditional banks (Itaú, Bradesco, Santander, Banco do Brasil) require an in-person visit, more documentation and often a minimum balance or income. Santander and Itaú are the most accessible for foreigners. You'll typically need: CPF, passport/RNM, proof of address, proof of income. The process takes 1–2 weeks and often requires a second visit to collect your card.
PIX — Brazil's Payment System
PIX is Brazil's instant payment system — free, 24/7, instant transfer between any Brazilian bank account. It has essentially replaced bank transfers, cash and checks for most transactions. You register a PIX key (your CPF, phone number or email) and anyone can send money to that key instantly. Essential for paying rent, splitting bills and receiving payments. Set up your PIX key in the Nubank app immediately.
International Transfers
Receiving money from abroad: Wise and Remitly both offer competitive BRL exchange rates for receiving foreign transfers into a Brazilian account. The official PTAX rate (Brazil's central bank rate) is the benchmark — look for transfers within 1–2% of PTAX. Avoid using traditional bank wire transfers (SWIFT) — fees are high and exchange rates are poor.
Keeping Your Home Account
Do not close your home bank account. Keep a Wise multi-currency account as your bridge between your home currency and BRL. This gives you the real exchange rate on withdrawals and card payments in Brazil without fees. The Wise card works at all Brazilian ATMs (maximum R$2,500 per transaction at Banco24Horas network ATMs).