A List of Top 10 banks in Brazil in 2026

Banks in Brazil are part of one of the largest and most advanced banking systems in Latin America. The country has long-established state-owned and private banks,  international institutions and fast-growing digital banks like Nubank. There are also banking options to suit almost every need.  

Whether you’re moving to Brazil, investing, starting a business, or opening your first local account, understanding how the banking system works can help you choose the right bank. 

This guide will cover everything you need to know about banks in Brazil. This includes how the banking system works, the 10 best banks in Brazil, how to open an account as a resident and a non-resident, and more.  

Key Takeaways on Banks in Brazil  

Brazil has one of Latin America’s largest and most advanced banking systems, with a mix of state-owned, private, international, and digital banks offering services for residents, expats, businesses, and investors.  

The best bank depends on your needs. Traditional banks such as Itaú Unibanco and Banco do Brasil offer comprehensive banking services, while digital banks like Nubank and Banco Inter provide low-cost, app-based banking. 

Pix has transformed banking in Brazil, allowing instant payments 24 hours a day, seven days a week, and is now one of the country’s most widely used payment methods.  

Foreigners can open a bank account in Brazil, but the requirements differ for residents and non-residents. Most applicants will need a CPF (Brazilian taxpayer identification number).  

Brazil’s banking sector is regulated by the Central Bank of Brazil, with strong security measures and modern digital payment systems designed to protect customers and reduce fraud.  

Brazil’s banking system is modern, tightly regulated, and increasingly digital. Much of its strength comes from cooBrazil’s banking system is modern, tightly regulated, and increasingly digital. Much of its strength comes from coordinated oversight and a nationwide push toward financial inclusion, driven by both traditional institutions and innovative fintechs.  These elements create one of the most advanced financial ecosystems in Latin America.  

Regulation 

At the center of the system is the Banco Central do Brasil (BCB or BACEN), which supervises banks, guides monetary policy, and regulates payment systems such as PIX. The Central Bank works alongside:  

• The National Monetary Council (CMN): Sets overall monetary and credit policy for the country.  
• COPOM (Monetary Policy Committee): Adjusts the SELIC rate, the benchmark interest rate that influences borrowing costs, savings returns, and the broader economy.  

These institutions ensure stability, transparency, and consistency across Brazil’s financial market.  

Currency and main economic drivers 

Brazil’s banking activity revolves around the Brazilian Real (BRL), the country’s national currency. Across all banks, interest rates and lending conditions are shaped by the SELIC rate, which determines everything from mortgage affordability to investment yields.  

Changes in the SELIC rate ripple through the entire system, affecting individuals, businesses, and investors alike.  

Financial inclusion and modernization 

One of Brazil’s biggest achievements has been expanding access to banking services. Over the past decade, millions of people entered the formal financial system thanks to:  

• PIX, the instant payment system.  
• Boleto Bancário, a bank slip system widely used for cash payments.  
• Digital accounts, available even to people without a banking history.  
• Mobile banking apps, offering low-cost or no-fee services.  

The rise of digital banks and neobanks has dramatically lowered barriers, making it easier for Brazilian, and now growing numbers of expats, to manage daily finances.  

Brazil’s banking system is made up of several categories of institutions, each serving different financial needs. Understanding these groups helps newcomers, expats, and investors identify which banks align best with their goals. 

1. Public (state-owned) banks

Public banks are government-controlled institutions that play a strategic role in national development, financial inclusion, and social programs. They often manage public funds, support low-income lending, and offer products aligned with national policy objectives. Public banks are widely used by residents and often have extensive branch networks across the country. 

2. Private banks

Private banks make up the largest share of the Brazilian financial sector. These institutions are owned by private shareholders and compete in retail banking, corporate banking, investment products, insurance, and wealth management. 

They provide checking and savings accounts, offer investment and wealth management services, and invest heavily in digital banking and technology. Overall, private banks offer broader product ranges and more competitive digital services than public banks. 

3. International banks in Brazil

International or foreign banks operate in Brazil to serve multinational companies, expatriates, investors, and high-net-worth clients. While some offer retail services, most focus on corporate and institutional banking. 

These institutions are often ideal for foreign investors or businesses entering Brazil’s market, including those exploring residency routes such as the Brazil Investor Visa. 

• Santander Brasil: A major foreign-owned retail and corporate bank. 
• Citibank: Specializes in corporate banking and treasury services. 
• BNP Paribas, JPMorgan, Deutsche Bank: Focused on institutional banking, capital markets, and investment services. 

4. Digital banks

Digital banks, known locally as “fintechs” or “neobanks”, have transformed financial inclusion in Brazil. They operate primarily online, have no physical branches, and are regulated by the Central Bank. 

Digital banks are especially popular among newcomers to Brazil and remote workers, thanks to their ease of use and English-friendly interfaces. 

They offer low-fee or zero-fee checking and savings accounts, provide fast account opening via mobile apps, offer international cards, multi-currency features, and investment products, and reduce barriers for younger customers and expats. 

Below is an overview of the top 10 banks in Brazil to give you a sense of which one suits your needs best: 

1. Itaú Unibanco 

• Best for: High-net-worth wealth management, corporate banking, and institutional investing

Itaú Unibanco is one of Brazil’s largest private-sector banks and the largest in Latin America by assets, managing a credit portfolio of approximately R$1.5 trillion around $275 billion. It provides a full suite of retail, corporate, investment, and wealth management services, so it is a popular choice for professionals, multinational companies, and institutional investors. 

Its premium banking divisions, Itaú Personnalité and Itaú BBA, have tailored wealth management, investment banking, private equity opportunities, and international financial services. The bank also maintains an impressive financial performance, reporting an annualized return on equity (ROE) of approximately 24%, while its disciplined lending practices have helped keep its 90-day non-performing loan (NPL) ratio at just 1.9%, which reflects effective risk management. 

2. Bradesco 

• Best for: Middle-market corporate lending, insurance, and regional commercial banking

Bradesco is another one of Brazil’s largest financial institutions, serving more than 110 million customers through an extensive nationwide network of branches, ATMs, and digital banking services. Its presence across nearly every Brazilian municipality makes it particularly attractive to businesses and customers who value access to both digital and in-person banking. 

One of Bradesco’s biggest competitive advantages is Grupo Bradesco Seguros, Brazil’s largest insurance provider, which offers a broad range of health, life, property, and commercial insurance products. By bringing together banking and insurance under one group, Bradesco provides integrated financial solutions for people and businesses. 

3. Santander Brasil 

• Best for: Expats, international trade, and foreign exchange

Santander Brasil is the Brazilian subsidiary of the Spanish Santander Group and is the only major European-headquartered bank operating a large-scale retail, corporate, and investment banking network in Brazil. Its international footprint makes it a good option for expatriates, multinational businesses, and clients managing cross-border finances. 

The bank offers comprehensive foreign exchange services, international money transfers, and multicurrency banking solutions that simplify transactions between Brazil, Europe, and North America. 

4. Banco do Brasil 

• Best for: Agribusiness financing, government-backed credit, and dividend-focused investors

Founded in 1808, Banco do Brasil is one of the world’s oldest continuously operating financial institutions and remains majority owned by the Brazilian government. It plays a central role in Brazil’s banking system by supporting public sector finance, corporate banking, retail banking, and agricultural development. 

Banco do Brasil is the country’s leading provider of agricultural finance, controlling more than half of Brazil’s agricultural credit market and serving as the primary gateway to the federally subsidized Plano Safra lending program. Through its investment management subsidiary, BB Asset, the bank also manages more than R$1.9 trillion in assets, meaning it is Brazil’s largest asset manager. 

5. Caixa Econômica Federal 

• Best for: Mortgage lending, housing finance, and government-backed programs

Caixa Econômica Federal is a fully state-owned financial institution that plays a big role in Brazil’s housing market and public welfare system. As the operational bank for many federal social programs, it provides financial services that support infrastructure development, affordable housing, and economic inclusion. The bank dominates Brazil’s mortgage market, accounting for approximately 70% of domestic real estate lending.  

6. BTG Pactual 

• Best for: Investment banking, mergers and acquisitions, and wealth management. 

BTG Pactual is Latin America’s largest independent investment bank, serving institutional investors, corporations, and high-net-worth individuals. It operats under a partnership model so the bank has established itself as a market leader in investment banking and capital markets across Brazil. 

BTG Pactual is one of Brazil’s leading investment banks, helping companies raise money, go public through initial public offerings (IPOs), and manage mergers, acquisitions, and other major business deals. Through BTG Pactual Digital, customers can also invest in a wide range of products, including Brazil’s tax-exempt LCI and LCA fixed-income investments, making it a popular choice for both local and international investors. 

7. Banco Safra 

• Best for: Ultra-high-net-worth individuals, family offices, and wealth preservation

Banco Safra is one of Brazil’s most prestigious privately owned banking groups, with a long-standing reputation for serving ultra-high-net-worth individuals, family offices, and large privately owned businesses. The bank is known for its highly personalised approach to private banking and investment management. 

Its services focus on long-term wealth preservation through conservative investment strategies, estate planning, and bespoke portfolio management. Banco Safra also provides customised commercial lending solutions for corporate groups, family businesses, and large real estate developments. 

8. Nubank (Nu) 

• Best for: Zero-fee everyday banking, digital savings, and app-based credit 

Nubank is a fully licensed, publicly traded digital bank that has transformed retail banking across Latin America. By 2026, it served more than 110 million customers in Brazil and over 135 million globally, making it one of the region’s largest financial institutions. 

Its fast expansion allowed Nubank to overtake Bradesco by customer numbers, becoming the second-largest financial institution in Brazil by client base. As one of the region’s fastest-growing banks, it continues to add millions of new users each year while offering a fully digital banking experience. Popular features include fee-free current accounts, instant PIX payments, simplified credit products, and Caixinhas, flexible savings accounts that currently earn 100% of the CDI rate while remaining protected by Brazil’s Deposit Guarantee Fund (FGC). 

9. Banco Inter 

• Best for: Digital banking, commission-free investing, and international banking 

Banco Inter is a Nasdaq-listed digital bank that pioneered Brazil’s first fully fee-free digital current account. Since its launch, it has expanded into a full financial platform that  has everyday banking, investing, shopping, insurance, and international services within a single mobile app. 

Its Inter Invest platform enables customers to trade Brazilian shares, invest in US equities, and access fixed-income products without switching platforms. Banco Inter also offers integrated US dollar accounts and international debit cards. This is another practical choice for expatriates, remote workers, and customers who regularly manage finances across multiple countries. 

10. C6 Bank 

• Best for: Multi-currency banking, SMEs, and international spending

C6 Bank is a premium digital bank serving more than 40 million customers and is backed by a significant equity investment from JPMorgan Chase. It mixes digital banking with business banking solutions, so it is particularly attractive to entrepreneurs, professionals, and internationally mobile customers. 

The bank’s multi-currency global accounts allow customers to hold and transfer balances in both US dollars (USD) and euros (EUR) directly through the mobile app.  

The Central Bank of Brazil oversees the entire system and has introduced strong security measures to help protect users from fraud. These include identity verification, the Celular Seguro device-blocking platform for lost or stolen phones, and the BC Protege+ system to help prevent identity theft. 

 Additional safeguards include a R$1,000 limit on certain nighttime transfers, temporary holds on suspicious transactions, and extra verification for payments made from new or unrecognized devices. 

Foreigner nationals can open a bank account in Brazil, but the process depends on whether you are a resident or non-resident. Residents can open a standard current account at most banks, non-residents will need a specialised account and should expect additional requirements. 

Opening a Bank Account as a Resident 

If you have a temporary or permanent residence permit valid for more than 12 months, such as the Brazil Investment Visa, you can open a standard current account (conta corrente) at most traditional and digital banks. 

Documents you’ll need 

Most banks will ask for: 

• A valid CRNM (National Migration Registry Card) or your Federal Police registration receipt if your card is still being processed  
• A CPF (Cadastro de Pessoas Físicas), which is Brazil’s taxpayer identification number  
• A valid passport or national identity document  
• Proof of your Brazilian address, such as a recent utility bill or rental agreement  
• Proof of income, such as payslips, an employment contract, or recent tax returns (required by some banks)  

Once your documents have been verified, you’ll usually receive access to a current account, debit card, online banking, and Pix payments. 

Opening a Bank Account as a Non-Resident 

If you don’t live in Brazil, such as if you’re visiting on a tourist visa or planning to invest in property before relocating, you’ll need a Non-Resident Account (CNR – Conta de Não Residentes).  

However, since 1 January 2025, Brazil’s non-resident account has officially been renamed from CDE (Conta de Domiciliado no Exterior) to CNR (Conta de Não Residentes). These accounts are available at selected banks and allow eligible foreigners to manage money in Brazil before becoming tax residents. 

What you’ll need 

Requirements will be different depending on the bank, but you’ll need: 

• A valid passport  
• A CPF (Brazilian taxpayer number)  
• Proof that you are not a Brazilian tax resident  
• Proof of your overseas residential address, usually issued within the last six months  

Some banks now allow eligible applicants to open a CNR account remotely, although availability varies. 

Note: Not all banks offer CNR accounts, and some applications may require additional compliance checks or assistance from a legal or financial adviser.    

A CPF (Cadastro de Pessoas Físicas) is required to open almost any bank account in Brazil, whether you’re a resident or non-resident. The good news is that you can usually apply for one before arriving in the country. 

Step 1: Complete the online application 

Visit the Receita Federal website and complete the CPF application form for foreigners. Save the confirmation receipt once you’ve submitted the form. 

Step 2: Prepare your documents 

You’ll need: 

• A valid passport  
• A clear selfie holding your passport open to the photo page  
• Your birth certificate (if requested by your local Brazilian consulate)  

Step 3: Submit your application 

Email the required documents to your nearest Brazilian Consulate, following the instructions provided by that office. 

Step 4: Receive your CPF 

Once your application has been processed, you’ll receive your 11-digit CPF number, typically within two to five business days, although processing times may vary by consulate