Banking in Brazil
Latin America’s largest economy — a Pix & Open Finance leader
Brazil pairs large incumbents (Itaú, Banco do Brasil, Bradesco) with a deep, fast-growing digital layer (Nubank, Inter). Pix instant payments and Open Finance are near-universal, making everyday business banking cheap and real-time. Opening a business account requires a local entity (CNPJ) and the partners’ CPF; non-resident / foreign-owned access is restricted and usually routes through a Brazilian company first.
Find my Brazil account →Top business accounts — Brazil
| Bank | |||||
|---|---|---|---|---|---|
| Free · 64% | None · 64% | 2 days · 58% | 69/100 · B | ||
| Free · 64% | None · 64% | 3 days · 58% | 65/100 · B | ||
| R$50 | None · 56% | 7 days | 58/100 · C | ||
| R$45 | None · 56% | 8 days | 57/100 · C | ||
| R$48 | None · 56% | 8 days | 56/100 · C |
Who regulates banking in Brazil
Brazilian residents & companies
Widest access across incumbents and digital banks; in-branch or fully app-based onboarding. A CNPJ (business tax ID) and the partners’ CPF are core requirements; digital banks can open in days.
Non-residents / foreign-owned
Restricted at most banks. The practical route is to incorporate a Brazilian company (CNPJ) with a resident administrator/CPF first, then bank locally. Always verify current eligibility with the provider.
Entity types (LTDA, MEI, SA)
MEI (Microempreendedor Individual) suits the smallest businesses; LTDA (limited company) and EIRELI are the common SME forms; SA (sociedade anônima) is the corporation form. All are bankable with CNPJ and Contrato Social.
Best business banks — Brazil
See all →- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~72%).
- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~70%).
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best digital banks (Pix)
See all →- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for MEI & small business
See all →- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~72%).
- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~70%).
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Brazil banking — frequently asked
Can a non-resident or foreign-owned company open a Brazilian business account?
It is restricted at most Brazilian banks. The practical route is to incorporate a Brazilian company (obtaining a CNPJ) — typically with a resident administrator holding a CPF — and then open the account locally. Some incumbents support foreign-owned structures with extra documentation. Always verify current eligibility with the provider before applying.
What is a CNPJ and why do banks require it?
A CNPJ (Cadastro Nacional da Pessoa Jurídica) is the federal tax ID for a business, issued by the Receita Federal. Banks require it — alongside the Contrato Social (articles of association) and the CPF/ID of the partners — to open any business (PJ) account.
MEI vs LTDA — which entity is right for my business?
MEI (Microempreendedor Individual) is the simplest, lowest-cost form for very small one-person businesses with a revenue cap and limited activities; most digital banks (Nubank, Inter) open MEI accounts in minutes. An LTDA (limited company) suits businesses with partners, higher revenue or activities outside the MEI list, and is accepted across both incumbents and digital banks. Many founders start as MEI and migrate to LTDA as they grow.