Until the not-so-distant past, a very small portion of the Brazilian population had an account abroad. However, in recent years, digital banks have revolutionized the financial market, making it easier for everyone to open international accounts. Some companies allow this process to be done entirely online.
Anyone thinking of living or working outside of Brazil knows that opening a global account is essential. There are still people who don't want to leave the country or provide services to companies overseas, but opening an account is more practical when shopping and investing online. Whatever the reason, experts feel that having an international account is important.
Felipe Miranda, a partner at brokerage 305 Markets, says that opening an account abroad can be a very advantageous strategy, especially for those who want to diversify their assets and are not exposed to a market like the real one. By keeping a portion of your resources in a foreign currency such as the dollar, the person may ultimately benefit from appreciation, the expert explains.
It not only provides an opportunity to protect assets, but also allows a person to participate in the world's largest financial market, increasing security and diversifying investments.
“Opening an account abroad is recommended for those who want to protect their resources and avoid unique exposure to the real, especially considering that we are affected by the fluctuations of the dollar, it is better to keep part of our assets in a strong currency like the dollar. A smart strategy for those looking for appreciation and security at the same time,” says Miranda.
Rafael Haubrich, head of offshore at Manchester Investimentos, reinforces Miranda's reasoning. According to the expert, diversification in international assets is part of the wealth planning process and portfolio diversification strategy.
“With an account and assets in other currencies outside of Brazil, you have access to more assets than you can with a local account. And today the process of opening an account abroad is very simple. An account can be opened. Almost immediately,” he says.
Advantages of opening an account abroad
An international account allows a person to transact in a foreign currency. The user can receive and send money outside the country, as well as invest abroad to diversify the portfolio and explore financial markets around the world.
Other benefits, according to experts:
- Hold a balance in hard currency;
- Invest;
- Pay and receive payments at home or abroad;
- Improving the financial management process;
- Carry out highly simplified financial transactions at low cost;
- practice in international travel and exchange;
- Integrated Financial Life: All currencies in one place.
How to open an account abroad
The first step to opening an account abroad is to choose a reliable bank or exchange broker. Generally, it is necessary to provide documents such as identity or passport, proof of address, proof of income, information about your business activity and bank statements.
Before deciding on a financial institution, it is interesting to examine the criteria, terms and conditions of each bank so as not to get caught up in fees and charges. Some banks may require an initial deposit to open an account. In the case of a broker, it is important to look for a broker who has all the necessary licenses and permits to operate safely.
“Nowadays, there are many brokers with competitive prices and better conditions than traditional banks offer. The process of sending funds abroad through these brokers is similar to that done by banks. This includes checking security and sending documents. Make sure to comply with the regulations,” says Miranda.
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