Expat Exchange Community
12 years ago
Brazil banking non-resident
12 years ago
This is gonna sound kind of odd but what I want to do is:
1. Open savings account in Brazil as a non-resident (I intend at this time to live in Malaysia).
2. Transfer BRL500,000 into that account.
3. Have the monthly interest from that deposit paid into a 2nd account.
4. Use that money to buy stuff in Malaysia.
Is this sort of thing possible or am I just wasting my time? The interest rates are better than what I can find outside Brazil so that was the basis of the plan.
If it is not possible to do in Brazil, does anyone know another country where something similar can be done and the interest is worth all that hassle?
Is it possible to open that account in some currency other than BRL, for example to open it as AUD or USD?
Also the BRL seems quite good at the moment where there is a bit of uncertainty over USD so maybe it would be more intelligent to actually have it as BRL after all, but I'm just not smart enough to work it out.
1. Open savings account in Brazil as a non-resident (I intend at this time to live in Malaysia).
2. Transfer BRL500,000 into that account.
3. Have the monthly interest from that deposit paid into a 2nd account.
4. Use that money to buy stuff in Malaysia.
Is this sort of thing possible or am I just wasting my time? The interest rates are better than what I can find outside Brazil so that was the basis of the plan.
If it is not possible to do in Brazil, does anyone know another country where something similar can be done and the interest is worth all that hassle?
Is it possible to open that account in some currency other than BRL, for example to open it as AUD or USD?
Also the BRL seems quite good at the moment where there is a bit of uncertainty over USD so maybe it would be more intelligent to actually have it as BRL after all, but I'm just not smart enough to work it out.
