Top 10 banks in Brazil (2026): Guide to Brazilian banking system

Brazil’s banking system is large, sophisticated and highly regulated and, banks in Brazil are leaders in digital innovation. Major players include private giants like Itaú Unibanco and Bradesco, state-owned leaders like Banco do Brasil and Caixa Econômica Federal, and global institutions such as Santander Brasil, BTG Pactual, and digital-first innovators like Nubank. 

In this comprehensive guide, you’ll learn how the Brazilian banking system works, and what the largest banks in Brazil are. You’ll also understand how payment systems like PIX transformed the economy, and which top banks in Brazil offer the best services for everyday banking, digital banking, and foreigners. 

Banks in Brazil: Key Takeaways

• Brazil’s banking system is modern, well-regulated, and strongly supervised by the Central Bank of Brazil (BCB), the National Monetary Council (CMN), and COPOM, which sets the SELIC rate. 
• The country’s financial market is led by large institutions such as Itaú Unibanco, Banco do Brasil, Bradesco, Caixa Econômica Federal, Santander Brasil, BTG Pactual, Safra, Nubank, Inter, and C6 Bank. 
• PIX, launched in 2020 by the Central Bank, enables instant, 24/7 payments at no cost for individuals and is now the dominant method for everyday transactions. 
• Other main payment systems include Boleto Bancário for bank-slip payments and the Brazilian Payments System (SPB) for clearing TED/DOC transfers, card transactions, and interbank settlements. 
• Brazil offers several bank types: state-owned banks, private banks, foreign banks, and fast-growing digital banks. 
• Nubank, Inter, and C6 are favored for low fees and fast onboarding, while Itaú, Bradesco, and Banco do Brasil remain the most comprehensive full-service traditional banks. 
• Foreigners can open a bank account in Brazil, but typically need a passport, CPF (Brazilian tax ID), proof of address, and, in some cases, a residency card (CRNM). 
• Digital banks tend to be more flexible for new arrivals, while traditional banks may require an in-person appointment for identity verification. 
• Banking fees vary widely, but PIX significantly reduces transfer costs, and digital banks commonly offer zero-fee accounts. 
• Expats and investors moving to the country may benefit from accounts that support international transfers or multicurrency features, especially when paired with the Brazil Investor Visa for long-term residency. 

Brazil’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. 

Together, 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. 

01/ 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. 

02/ 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. 

03/ 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. 

Gain stronger banking access and mobility benefits through the 
Brazil Investor Visa.

Learn more

04/ 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. 

Brazil’s payment ecosystem is one of the most advanced globally. 

PIX, launched by the Central Bank in 2020, enables instant, 24/7 transfers at no cost for individuals and is now the dominant payment method across retail, services, utilities, and government platforms. It is supported by the SPI settlement engine and DICT, which manages PIX keys. 

Traditional Boleto Bancário slips remain widely used for bills, e-commerce, and payments made without a bank account. All banking operations, from cards to transfers, run through the SPB, the Central Bank’s integrated system that clears TED/DOC transfers, PIX, card transactions, and interbank settlements. 

For foreigners, these systems make daily life and bill payments significantly easier once a local account is opened. 

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

01/ Itaú Unibanco

Best for: full-service banking, corporate clients, affluent professionals and long-term residents who want a stable, complete banking experience. 

Itaú Unibanco is Brazil’s largest private-sector bank and consistently ranks as the biggest bank in Latin America, with total assets exceeding R$2 trillion. Serving more than 60 million clients, Itaú commands a substantial share of the retail and corporate banking market, supported by a sophisticated digital ecosystem and thousands of branches nationwide. 

Its mobile app is often recognized as the most advanced in the country, and Itaú’s investment arm, Itaú Corretora, is a dominant force among retail and high-net-worth investors alike. 

02/ Banco do Brasil (BB)

Best for: individuals wanting a government-backed institution, expats who need stability, agribusiness clients, and those needing in-person support across the entire country. 

With roots dating back to 1808, Banco do Brasil is one of the oldest financial institutions in continuous operation worldwide and remains majority state-owned. It holds more than R$1.9 trillion in assets and serves over 70 million customers, placing it among the top banking groups in Latin America. 

Banco do Brasil plays a crucial role in agribusiness financing, government payments, and public sector banking. Its vast branch network reaches deep into rural regions, giving it unmatched geographic penetration. 

03/ Bradesco

Best for: customers who want hybrid banking (in-person + digital), families, retirees, and SMEs that value accessible local support. 

Bradesco is one of Brazil’s top private banks, with approximately R$1.6 trillion in assets and tens of millions of active customers. It maintains one of the largest branch and ATM networks in Brazil, historically exceeding 4,000 branches, and is a leader in insurance and pension products through Bradesco Seguros. 

The bank combines strong physical infrastructure with steadily improving digital services, maintaining relevance across generations and demographics. 

04/ Caixa Econômica Federal (Caixa)

Best for: individuals accessing social benefits, subsidized loans, or housing finance, as well as residents needing a simple, government-linked banking option. 

Caixa is a fully state-owned bank and a cornerstone of Brazil’s social and housing programs. With assets surpassing R$1.5 trillion and one of the largest savings account bases in the country, Caixa manages vital public programs including FGTS, Minha Casa Minha Vida housing loans, and federal social benefits. 

Its mission-driven mandate makes Caixa indispensable for low-income households and workers who rely on subsidized financial products. 

05/ Santander Brasil

Best for: expats, internationally connected professionals, corporate clients, and individuals needing reliable cross-border solutions. 

Santander Brasil, part of the global Santander Group, is recognized as one of the largest foreign-owned banks in Latin America. With more than R$1 trillion in assets and roughly 40 million clients, it is a powerful competitor in retail lending, credit cards, auto financing, and corporate banking. 

Its global reach and international service standards make Santander especially appealing to foreign nationals, multinational companies, and Brazilians who frequently travel or transact abroad. 

06/ BTG Pactual

Best for: high-net-worth individuals, active investors, corporate leaders, and anyone seeking advanced investment and wealth management strategies. 

BTG Pactual is the largest investment bank in Latin America, managing hundreds of billions of reais through its asset management, wealth management, and investment banking divisions. Its balance sheet, over R$400 billion in assets, reflects a focus on advisory services, capital markets, private equity, and sophisticated financial solutions. 

BTG does not compete in everyday retail banking; instead, it is built for high-value clients and institutional investors requiring deep financial expertise. 

07/ Banco Safra

Best for: wealthy clients, business owners, and customers seeking highly personalized, relationship-driven banking with a conservative investment philosophy. 

Banco Safra is one of Brazil’s most respected private banking institutions, built on conservative fiscal management and a legacy of serving wealthy families and large corporations. 

With assets estimated above R$250 billion (about $770 per person in the US), Safra is known for its discretion, risk-averse strategies, and personal client relationships. The bank excels in premium services, business lending, and custom advisory work. 

08/ Nubank

Best for: digital-first users, younger customers, foreigners needing quick onboarding, and anyone wanting low-fee everyday banking with a top-rated mobile experience. 

Nubank is a global digital-banking success story, serving more than 90 million users (about twice the population of California) across Brazil, Mexico, and Colombia. Although it has no branches, it has become one of Brazil’s largest financial institutions by customer volume, with rapidly growing assets and a highly agile fintech structure. 

Its signature fee-free digital account (i.e. no extra charge for premium banking services), instant PIX payments, and simple credit card model transformed the banking experience for millions of Brazilians and expats. 

09/ Banco Inter

Best for: expats, freelancers, remote workers, and travelers seeking low fees, international usability, and simple digital account management. 

Banco Inter is another major digital-bank competitor, with millions of customers and a growing portfolio of assets, now exceeding R$100 billion (about $310 per person in the US), focusing heavily on online banking services. Known for its fully free checking account, international debit card, investment marketplace, and built-in shopping portal, Inter offers a uniquely integrated digital ecosystem. 

Its global account product supports foreign transactions and currency balances, making it especially attractive for those with international financial needs. 

10/ C6 Bank

Best for: tech-savvy customers, frequent travelers, SMEs, and individuals who want modern banking plus value-added financial tools. 

C6 Bank is a fast-growing digital institution offering personal and business accounts, investment tools, global accounts, and travel benefits. 

With assets rising rapidly and millions of active customers, C6 has positioned itself as a flexible, innovation-driven alternative to both traditional and fintech competitors. 

Its customizable credit card programs, multi-currency options, and strong digital experience appeal to financially active and mobile users. 

Opening a bank account in Brazil as a foreigner is entirely possible, though the information on requirements varies depending on your residency status and the bank you choose. In general, private banks and digital banks tend to be more flexible than state-owned institutions. 

Documents required

Most banks will ask for the following: 

• Passport (or Brazilian foreigner ID card if you have one). 
• CPF (Cadastro de Pessoa Física), the Brazilian taxpayer number. 
• Proof of address in Brazil (utility bill, rental agreement, or hotel declaration). 
• Proof of income (sometimes required for credit cards or premium accounts). 
• Residency card (CRNM) if you are a legal resident. 

Digital banks like Nubank and Inter may accept fewer documents, making onboarding easier. 

Step-by-step process to open an account

1. Obtain your CPF

This is the most essential piece of identification for financial life in Brazil. You cannot open most bank accounts without it.

2. Choose a bank that suits your needs

• Traditional branches for those who prefer in-person service.
• Digital banks for flexibility and low fees.
• International banks for cross-border support.

3. Gather your documents

Make sure your passport and CPF are valid and that you have proof of address ready.

4. Apply online or visit a branch

Brazilian banks may require a branch visit for identity verification, but several offer fully online applications, especially digital banks.

5. Complete verification

The bank may request additional documentation, conduct a brief video interview, or ask for proof of financial ties to Brazil.

6. Activate your account

Once approved, you’ll receive access to:

• A BRL-denominated bank account. 
• PIX instant payments. 
• A debit card. 
• Optional credit card services. 
• Mobile banking apps. 

From here, you can pay bills, transfer money, receive income, or manage everyday expenses easily.