Discovering Brazil

Page 17

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.