Discovering Brazil

Money and Banking

Banks For long-term assignments it is recommended to apply for a local credit card via your bank. There are also cards provided by the banks that can be used to pay in cash, and the debit from your account is made online. Banks typically charge administration fees for all bank services, which vary from bank to bank. Service packages are available. Checks are more acceptable in Brazil than in Europe or the U.S. For expensive purchases, such as clothes or household appliances, stores may divide the payment into monthly quotas (three installments with no interest) or pre-dated checks – in this case the interest is not included. Expensive purchases made in cash may offer 5 to 10% off the purchase price; normally this is not applicable for credit cards. Opening a Bank Account This is normally done after you have been included in your company’s payroll, which is completed only after you have received your CTPS work booklet. Necessary documents for opening a bank account are:  RNE protocol and number  CPF protocol and number  Proof of residence  Most banks will also require your CTPS and a letter from your employer when opening an account where your payment will be deposited Exchange Typically, the best rates are found in travel agencies. Cash or travelers checks, especially U.S. dollars, may be exchanged mostly in banks and specialty establishments, and also in main hotels. Note: Avoid exchanging money while on the streets. Credit Cards Almost all major credit cards are accepted in Brazil. MasterCard and Visa are the most widely accepted, although not everywhere. American Express is also accepted, although not as widely. Almost all commercial establishments accept at least one or two different credit cards. There are some that do not accept any credit cards, so be sure to check in advance. Taxes While in Brazil, you are required to submit an Income Tax Declaration every year. If you receive part of your monthly payment at your home country, or receive any income abroad, you need to pay Carnê Leão , a form of tax, every month. If you need more information and/or support on this, your Consultant can refer you to professionals in the area.

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Discovering Brazil