Traditional Banking: Challenges and Opportunities in Brazil: real experience from chats

Many banks require a Cadastro de Pessoas Físicas (CPF) and proof of residency, or an existing Visto Temporário (temporary visa). Some banks, like Nubank, may have specific requirements or deny applications based on credit history or lack of local ID. Options for non-residents may include: 1. **Sicredi:** Reports suggest it might open accounts with just a CPF. 2. **Santander:** Some individuals have successfully opened accounts. 3. **Bradesco:** May offer options, but specific requirements need verification. 4. **Banco Rendimento:** Website navigation can be difficult; CPF might be a prerequisite. For international usability, it's important to check if the card supports international transactions and if the bank has specific protocols for travel notifications. SMS verification is often linked to a local phone number, which can be an issue with roaming.

Traditional banks (Banco do Brasil, Itaú) are highly restrictive for tourists. Fintech options like Nubank or PicPay are more accessible, though some (C6 Bank) charge for account maintenance and debit card issuance. International transfers via SWIFT to Brazilian accounts are often slow, expensive (due to exchange rate spreads and bank fees), and prone to compliance blocks. Alternative methods like P2P or regulated crypto-to-fiat gateways are often preferred for higher volumes.

While some digital neo-banks or crypto card services might theoretically allow account opening with just CPF, success rates have decreased recently, and additional documentation may still be requested. For most foreigners, VNJ is a prerequisite for a standard bank account.

Banks like 'green,' 'red,' and 'blue' (often fintech or online-focused) may allow account opening with a CPF, phone number, and address, sometimes remotely. Travelers might need to bypass status checks or try multiple times. Some banks might not have apps in international app stores. Be aware that investment products may have stricter requirements than basic accounts or credit cards.

It is recommended to check the official bank websites for specific requirements. Carrying large amounts of cash can be inconvenient due to fluctuating exchange rates. International cards are generally more convenient, but obtaining a local card without residency is challenging.

Online banks like Wise and Revolut require a physical RNM (residence card) and will not open accounts with just a CPF. Non-residents/tourists can try mobile wallets like RecargaPay or InfinitePay, though approval is inconsistent. For those with a VNJ Protocol (temporary paper slip before the physical RNM card), major banks like Caixa, Bradesco, Nubank, and C6 usually refuse service. The only bank with a realistic chance of accepting a paper protocol is Banco do Brasil, though you may need to try multiple branches.

Banco do Brasil is a commonly suggested traditional bank to attempt. Caixa Econômica Federal offers the possibility of opening an account via its mobile application, requiring only a CPF and a local phone number. Crucially, the biometric verification process within the app must be completed accurately (e.g., good lighting, correct camera positioning) to avoid being redirected to a physical branch.

Tourists needing local payment solutions (PIX) are advised to look into crypto-platforms that support PIX, such as ByBit or digital wallets like WanderWallet, as traditional neo-banks (Nubank, C6) also mandate local plastic ID cards.

Success is anecdotal and rare; most traditional banks require formal residency documentation.

Reports indicate rejections due to the banking system requiring a local document beyond the CPF, making it challenging for non-residents.