Banks and ATMs

On the one hand, there is very little integration between foreign banks and their Brazilian subsidiaries. For example, BankBoston (Now known as FleetBoston in the US) clients cannot even use their ATM cards in BankBoston machines in Brazil or transfer money to or from their accounts back home:

They need to find Citibank ATMs which are part of the Cirrus network!

On the other hand, opening a bank account in Brazil is an ordeal, to say the least. You will need a CIC or CPF (Tax-payer's identification card), identification, proof of residence and proof of income if you want to have a checking account.

A savings account is easier to get but not very useful in a country in which the wait in a bank line can take hours. Internet Banking in Brazil is arguably the best in the world, and so if you plan to be in the country for an extended period, this can be a real life-
saver.

Look for a bank with many ATMs. The top 3 Brazilian banks are Bradesco, Itau and Unibanco, but there are many others to choose from, both domestic and international. You may want to choose a bank
with many ATMs scattered throughout the city, but using these after dark or in isolated places is very dangerous and should be avoided.
Instead, use checks which are accepted in Brazil even by taxi drivers and McDonalds!

Brazilian banks have seemingly convenient features such as overdraft protection ("cheque especial" in Portuguese) but the interest rates are so high (up to 120% a year), you are probably better off borrowing from a loan shark when your cash flow gets too low.

You may also want to have a substantial amount of money deposited in an account with a bank in your home country and leave only enough in the Brazilian one to cover expenses. This is because the Brazilian
government is notorious for levying various taxes on top of taxes on every banking transaction to help their own cash flow. These taxes eat away at the value of your money. Plan for this with your company, if possible.

Globond Web Site

Boris,
I may be renting an aprtment from Kenn at EZ-rentals for a few nights. What can you tell me about Kenn and EZ-rentals? I may also be taking a ride from the airport from one of his drivers - 50 reias. Am I safer doing that, or just taking the 3 reis bus ride from the airport? Or relying on an indepedent taxi?
Thanks, Karl

Hi Karl,

I've known Kenn for a while. His services are reliable and reasonably priced.

The drivers Kenn uses are safe and tested. You may also pick a radio taxi directly (Coopertram...) at the airport for about R$43 or take the bus with A/C for R$4.0.

All the options are safe as long as you do not take an unmarked taxi.

Boris.

What apartment are you staying at?

Thanks Boris,
I have rented apartment 901-A, the ocean front large studio, for my first two nights. Do you know the apartment? What is it near? It looks very central, and muito legal.

I may wind up staying there longer, but there's the possibility that I may leave Copa for three or four days, so I could only commit to my first two.
I'll be using Kenn's driver to bring me in. I usually like to save by just taking the bus, but what the heck, it'll get me into Copa that much quicker.
Karl

You are welcome, Karl.

I do not know the apartment, but by the view from the window looks like it is located at Posto 6 on a fairly high floor.

The place is near everything and not far from where I live.

Drop me an e-mail if you have any specific questions.

Boris