Opening a bank account

Discussion in 'Brazil Property' started by ZambeziDave, Oct 8, 2009.

  1. ZambeziDave

    ZambeziDave New Member

    Hi all,
    I have been looking through old posts to see if I can find current info, but everything seems to be from 2007 concerning this.
    As I posted before I intend to move to Brazil (Bahia) in November - I have applied for my CPF (at the Br consulate in London 5 weeks ago and it still has not reached the Fazenda in Brazil!), and will be applying for a Vitem once I have the required documents. I will probably have to move out initially as a tourist and sort out accommodation (intend to buy rather than rent), then return home to collect my visa to enter officially on it.
    It appears that you can open a bank account with just a CPF, but I have seen several posts which state that a RNE is also needed (I am going out initially as a volunteer for up to 2 years), so could I have some clarification of the current situation? I will have an UK bank account, but don't really want to rely on ATM's (and exchange charges!) the whole time I am out in Brazil.
    Regards,
    Dave.
     
  2. JMBroad

    JMBroad New Member

    Hi Dave

    There are a couple of threads and more recent posts discussing this issue but to summarise it for you... In a nutshell while it is possible to open a bank account as a foreigner not living in Brazil in reality it is quite difficult to actually find a bank that will open the account for you. The easiest way is as a resident.

    Probably not the news you were looking for but I hope that helped

    Cheers

    John
     
  3. robh

    robh Administrator Staff Member Premium Member

    Talk to moneycorp they are opening accounts for foreigners in Brazil. You can have a visa debit card attached, check your balance online and have direct debits organised.

    Regards,
    Rob.
     
  4. JMBroad

    JMBroad New Member

    I always forget Moneycorp.
     
  5. timatthebeach

    timatthebeach New Member

    going to be very tough to get bank account without residency. so you could get a nationwide flex account with online access.
    It used to be free to withdraw cash abroad and you got the current exchange rate (not the tourist rate bureaus and banks give - generally a little better).
    its no longer free outside EU but they only charge 0.84% (the actual fee visa charge them to process) so 84p on £100 - which isn't too bad.
    but you are still at the mercy of exchange rates.............
     
    Last edited: Oct 8, 2009
  6. Blc

    Blc New Member

     
  7. timatthebeach

    timatthebeach New Member

    forgot to be clear this is a british account with a british bank just seems to be a good one for taking money out abroad.
     
  8. robh

    robh Administrator Staff Member Premium Member

    Rendimento is whom moneycorp are using to setup accounts which do have ATM/Visa card and DD. Whilst it isn't an ideal setup it beats having nothing at all!

    Regards,
    Rob.
     
  9. ZambeziDave

    ZambeziDave New Member

    Bank accounts

    Many thanks for all the replies - looks as though it will have to be ATM's for the foreseeable future.
    Regards,
    Dave
     
  10. Frank_London

    Frank_London New Member

    I have a HSBC bank account in the UK and it was quite simple to open a bank account with HSBC Brazil.

    They have a Global View in their internet banking website and you will be able to see both accounts and balances in just one page. It´s also easy to transfer money from one account to another and their exchange rate is ok.

    Please contact a local manager and request for additional information.
     
  11. ZambeziDave

    ZambeziDave New Member

    Hsbc

    Hi Frank_London,
    Thank you for this - my bank is First Direct, which is part of HSBC so hopefully they can help. I have told them I am going to Brazil, but they didn't mention this, just that the new Visa Debit cards would work over there (my Maestro didn't!)
    Regards,
    Dave.
     
  12. robh

    robh Administrator Staff Member Premium Member

    Make sure you take other cards as well, as I have been caught out before when one bank won't accept certain types of cards and you are miles from another atm.

    Regards,
    Rob.
     
  13. JMBroad

    JMBroad New Member

    An interesting snippit on this topic:

    Mortgages for foreign property investors in Brazil expected within the next 12 months | South America | News

    "The government and property industry in Brazil is putting pressure on the countries banks to offer financing options to foreign investors who want a mortgage to buy real estate.

    Although buying off-plan is common in Brazil and foreign buyers who live and work in Brazil can obtain a mortgage, international investors currently find it hard to obtain finance from Brazilian lenders.

    It is a situation that needs to change, according to Laercio de Souza, general co-ordinator for investment promotion at the Ministry of Tourism, and a former banker.

    He said that extensive negotiations are taking place with officials and he is confident that mortgages will be available to foreign real estate investors within the next 12 months"

    Obviously if you'll be able to get a loan you'll be able to get a bank account...
     
  14. timatthebeach

    timatthebeach New Member

    would make sense ............................ but it is brazil ;)
     
  15. Matida Fernandes

    Matida Fernandes New Member

    As Frank said, by holding a HSBC bank account should be easier. But in Brazil just "Premier" customers are allowed to, Im not quite sure how it is in England.
    On the other hand, if you are prepared to buy a property in Brazil, you could open a company and open a bank account for the that. Once you opened the bank account (what can be managed by you) in the name of the company you can transfer funds to it and buy the property in its name. And if the funds tranfered are more the R$150.000,00 (one hundred and fifty thousand reais) you can use it to apply for your visa as well. But dont forget that only the money tranfered will not garantee your visa you will be required to present a "Plan of Investiment" and that will have to accepted by the Brazilian government.
     
  16. ZambeziDave

    ZambeziDave New Member

    It appears that I would have to be an UK HSBC Premier customer to get reciprocal banking in Brazil - but as the transaction costs are the same as for standard customers, and Premier banking is open (free of charge) to those with investments with them of over £50,000 or with an annual income (paid into the account) of over £100,000, there seems little chance of me getting it, or it being worth it. I will just have to suck it and see when I get out there.
    My intention is to buy property in Brazil to live in during my volunteer posting - if I ever get the visa (long story!) - and while there I am looking at other options.
    Many thanks for the responses.
    Dave.
     
  17. Matida Fernandes

    Matida Fernandes New Member

    It sounds far too much. When are you planing to come. I am based in Natal and have a HSBC bank account. My manager actually deals with a lot of foreigns and I can easilly give her a call tomorrow and check if she´s got any other sugestion/information in order to help you.
     
  18. ZambeziDave

    ZambeziDave New Member

    Oi Matida,
    Many thanks for this. I arrive in Salvador next Tuesday (24th) and am heading straight into the Chapada Diamantina. My plan is to stay two months as a tourist, and by then my volunteer visa should be through. My nephew lives in Salvador and banks with Itau so I will see how he managed to get it done.
    Regards,
    Dave.
     
  19. debzor

    debzor New Member

    Unfortunately having an HSBC account of any type in the UK will not get you a bank account in Brazil - you need to have a permanent visa. FULL STOP!

    Also the investment visa is much, much more complicated. For example, you cannot get it by transferring R$150k to build your own personal property, as was suggested. In fact it is not getting the visa that is difficult, it is renewing it, after you have spent the money, moved to Brazil, etc, that is the difficult part.

    Only listen to visa advise from immigration experts, never from sales people who have no commitment to your future other than selling you a property.
     
  20. robh

    robh Administrator Staff Member Premium Member

    You also need to employ a Brazilian or two which isn't hard to do, nor expensive, but the easy days of getting visas are over. If anyone wants an investment visa then I suggest to do so sooner than later as it will not be getting any easier in the future.

    Regards,
    Rob
     
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