TABLE OF CONTENT

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NOTE: You will need a CPF to open a Brazilian bank account, if you do not have one, please go to this guide first and obtain a CPF and then return to this guide to continue the process.

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1. Where can I open my Brazilian bank account?

It can be really difficult to open a Brazilian bank account for a foreigner, this is the exact reason why I am writing this post, to help you go through this process easily and quickly.

The bank we’re going to be using is Banco Rendimento, we will be opening a CDE (Conta de Domiciliado no Exterior) in the mentioned bank completely online with the default documents that you would need for opening a bank account in most countries around the world.

Let’s get started, you can open your CDE account in Banco Rendimento following this link.

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2. Documents & Application Process

At the top of the website, you will see a form that says “Open NRA” or simply scroll down to find the form. Fill out this form and you will receive an email with the further instructions that I will guide you through.

Email will contain a welcome message and a link to open your account, most of the Banco Rendimento forms and emails have English translation, so that should help you through the process.

Following the link, you will be asked information such as the following:

-CPF

-Residential address and country

-Phone number

-Monthly income

-Monthly expenses

-Upload of utility bill with your residential address on it

-Upload of selfie

-Upload of your passport

After this, you will receive another email to sign the contract with the bank and after that, you will be put in the process of bank account creation and will be emailed within 3 business days whether or not your application was accepted. You will get a copy of the contract, I suggest that you keep it.

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NOTE: You might be asked in the future to upload a proof of income, this is not important for now, but if you want to know more when this is needed, read more about it in our Step 4: Daily & Annual Limits.

Official Banco Rendimento emails for this process are <naoresponda@rendimento.com.br> and <cadastrodigital@rendimento.com.br>, any other emails are attempt of scam or a phishing attack.

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3. Basic & Premium Plan

Banco Rendimento CDE offers two plans, depending on what you will need, you can pick between Basic or Premium plan:

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As you can see, the basic plan has fees for standard bank transactions which is also called TED, the fee value is fixed (R$20) per operation, so it is good for a large sum of money since it is not based on percentage of your transaction value. You do not need to worry since most people in Brazil use PIX which is completely free to use with no fees using Banco Rendimento.

Premium plan is worth it you’re going to do a lot of TED transactions because those R$299,90/month will include unlimited TED transactions without the R$20 fee per operation as well as offer you a prepaid card and there is no annual fee.

Personally I went with the basic plan in 2024. and there were no issues so far, I am satisfied and I use my account to invest in CDBs, pay my utility bills and other PIX payments in Brazil.

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4. Daily & Annual Limits

Daily limit of PIX transactions is R$50.000, which you will need to increase by yourself inside the Banco Rendimento app and since it’s a larger sum of money, you will need to respond to an email from their customer support to confirm that it was you indeed who asked for this change.

Be careful because Banco Rendimento has separated limits during the day and during the night using the Brasilia time zone, so that means if you’ve changed the limit to R$50.000 during the day, the same limit is not applied at night (exact hours are written inside the app), so make sure to change both if you want your money limit active 24 hours.

As for the annual limits, any value of international payments (total, paid once or paid in increments) of above R$100,000 in a financial year will require more verification.

They will usually ask via e-mail a proof of origin of funds before they let you do the transaction, these are usually salary slips, income tax returns and assets you might have such as stocks, asset purchase agreements and so on.

For domestic payments you do not need to go through this process, this is strictly for international payments above R$100,000/year.

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