How to Open an Itaú Bank Account in Brazil with a CRNM: Expats Guide

Moving to Brazil, and especially to the magnificent Magic island (Florianópolis), comes with many organizational steps. One of the most important is opening a local bank account to comfortably live your life. Among all traditional banks in Brazil, Itaú Unibanco stands out as one of the most expat-friendly and user-friendly options. In this guide, we will detail how to open an account with Itaú if you already have your residency card (CRNM).

Why Itaú is a popular choice among expats

Itaú Unibanco is the largest private bank in Latin America. Expats choose it for several reasons:

• A vast network of ATMs and branches throughout the country, including Florianópolis.
• One of the best and most stable mobile apps on the market.
• Relatively lenient towards foreigners with residency.
• Integration with the Pix system and Apple/Google Pay.

If you don't yet know how banks in Brazil work, be sure to check out our general guide.

What you need to open an account

You will need more than just a CPF; a full residency card is required:

1. CRNM (Carteira de Registro Nacional Migratório): The mandatory document for opening a fully functional account via the app.
2. Valid address in Brazil (Comprovante de residência): Usually an electricity (Celesc), water, or internet bill in your name, issued within the last 3 months.
3. CPF (Cadastro de Pessoas Físicas): Individual taxpayer registry number.
4. Your smartphone with a good camera for selfies and scanning documents.

Account types: conta corrente vs conta poupança

When opening, you will be asked to choose an account type:

• Conta Corrente (Checking Account): A full transactional account. It allows receiving transfers, using credit limits (if approved), and writing checks.
• Conta Poupança (Savings Account): A restricted account for savings, which accrues a small interest rate on the balance. Fewer options for daily transactions.

It's recommended to choose Conta Corrente, as it covers 100% of your daily needs in Brazil.

Step-by-step instructions for opening an account

The process can be completed entirely online, without visiting a branch:

1. Download the Itaú app (App Itaú): Available on the App Store and Google Play.
2. Start the process: Tap the Abrir Conta (Open Account) button.
3. Fill in your details: Enter your CPF, email, phone number, and residential address.
4. Choose a service package: The app will prompt you to choose a tariff plan (see the tariffs section below).
5. Upload documents: Take a photo of your CRNM card (both sides). Sometimes the app might also ask for your passaporte.
6. Selfie: Take a selfie in a well-lit place for biometric verification.
7. Wait for verification: Submit the application. Review usually takes 1 to 3 business days. You will receive an answer via email.

Alternative: Nu Bank

If Itaú seems too traditional for you, an excellent alternative is Nubank — the largest digital bank (fintech) in Latin America. It's entirely online, has no physical branches, but also requires a CRNM or a valid visa (visto válido) combined with a CPF. The Nubank app is highly intuitive and very popular among foreign remote workers. If you have income from abroad, don't forget to familiarize yourself with the rules for paying taxes.

Important: If you don't have a CRNM

Foreigners without a CRNM are usually rejected by Itaú when applying online. Opening an account with just a tourist CPF is much harder. In this case, a physical visit to a branch (agência) is required. You will likely need a translator or a Portuguese-speaking friend, as well as a rental contract and proof of income. Even then, the manager might decline, as bank policies for non-residents are very strict. To learn how to get a visa, read our visa guide. And if you plan to start a business, check out how to get a CNPJ.

Tariffs and service packages

• Itaú Click (free package): By law of the Central Bank of Brazil (Pacote de Serviços Essenciais), every citizen and resident is entitled to a free basic account. It includes a debit card, free Pix transfers, and a few free cash withdrawals per month.
• Itaú Personnalité: A premium service package for high-income clients or those with significant investments. It includes a personal manager, premium credit cards, and VIP lounge access. It requires proof of income and has a high monthly fee if investment conditions aren't met.

Comparison table: Itaú vs Nubank vs Caixa Econômica

Opening an account with Itaú is a great start to your financial independence in Brazil. Follow the instructions in the app, and in a few days, you'll have a fully functional bank account.