Before you start

CPF
A Brazilian mobile number, which itself needs the CPF
Passport plus CRNM or the Federal Police protocol
Proof of a Belo Horizonte address, for traditional banks and cooperatives

Step-by-step

1
CPF before anything else
No Brazilian institution opens an account without one, and there is no workaround. Obtaining it from a consulate before departure is the single most useful preparatory step.
OnlineWho: You
2
Open with a digital bank first
Nubank, Inter — itself founded in Belo Horizonte — C6 and PicPay approve app applications from CRNM holders in days and tolerate an empty Brazilian credit file.
Mobile appWho: You2–7 days
3
Register your Pix keys on day one
Link CPF, phone and email. Pix settles in seconds, costs nothing between individuals, works at any hour, and is how you pay rent, the market, the boteco tab and a tradesman.
Mobile appWho: YouDay 1
4
Consider a credit union once you are settled
Sicoob, Sicredi and the smaller Minas cooperatives are member-owned, physically present across the state, and frequently more willing than a national bank to build a relationship with someone whose credit file is thin. Membership involves buying a small capital share.
In personWho: You
5
Learn to pay a boleto
Rent, condomínio, IPTU, IPVA, insurance and many subscriptions arrive as barcoded slips. Any banking app scans and pays one. They have hard due dates after which interest accrues automatically and they cannot be part-paid.
Mobile appWho: You
6
Plan the relocation transfer around IOF
The federal financial-operations tax varies by purpose, with consumption and availability transfers taxed more heavily than investment ones. Compare landed cost rather than the advertised exchange rate.
OnlineWho: You

Documents you’ll need

CPF
Passport
CRNM or Federal Police protocol
Brazilian mobile number
Proof of Belo Horizonte address, for traditional banks and cooperatives

Things most newcomers don’t know

Minas Gerais runs on credit unions to a degree the rest of Brazil does not.

Cooperativas de crédito have deep historical roots across the state, hold a large share of local deposits, and operate as member-owned institutions rather than shareholder banks. For a foreign resident with a thin credit file, a cooperative branch that can actually meet you is often more willing to extend a card or a loan than a national bank's algorithm. It is a genuinely regional option nobody mentions.

Source: Banco Central do Brasil cooperative credit data

The boleto is half of Brazilian payments and nobody explains it to newcomers.

Rent, condominium fees, IPTU, IPVA and most recurring bills arrive as a barcoded slip rather than a direct debit. Any banking app pays one by scanning it. What catches people out is that a boleto has a hard due date, accrues interest automatically the following day, and cannot be part-paid — so a bill lost in an email folder becomes a penalty.

Source: Febraban and Banco Central payment standards

IOF is charged by purpose, and the wrong operation costs money for no benefit.

Bringing funds into an ordinary account, spending abroad on a card, and routing money into an investment account attract materially different IOF rates. On a relocation-sized sum the difference is real and no bank will optimise it for you. One conversation with a Brazilian accountant before the first large transfer usually pays for itself.

Source: Decreto 6.306/2007 and subsequent amendments

A fresh CPF scores as unknown rather than clean, and it hurts most when you try to rent.

Serasa and Boa Vista files start empty. Digital banks will open an account regardless; seguro-fiança underwriters, which is the guarantee most Belo Horizonte agencies prefer, generally will not. Paying utilities in your own name and holding a secured card builds a file over a few months, so start on arrival rather than when a landlord asks.

Source: community-reported, consistent across Brazilian arrivals

Common mistakes to avoid

Attempting any account before the CPF exists.
Missing a boleto due date for rent or condomínio and accruing automatic interest.
Never considering a credit union in the state where they are strongest.
Comparing transfer providers on FX rate while ignoring IOF.
Leaving Pix night-time limits at the default maximum.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.

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