Banking in Canada: Guide for Brazilian Immigrants (2026)

⏱

Tax Deadline: April 30, 2026

Get your CRA refund 2-3 days faster — set up direct deposit to KOHO (free account, code BREMO2026 for $100 bonus).

Get KOHO Free →

Brazil is one of the fastest-growing source countries for Canadian immigration. Thousands of Brasileiros arrive each year through Express Entry, the Atlantic Immigration Program, and student pathways. Brazil has an advanced fintech ecosystem (home to Nubank, the world's largest digital bank), making Canadian banking feel a little familiar — but with important differences.

Bem-vindo ao Canadá! Start Banking Today

KOHO is perfect for Brazilian newcomers — open with your Brazilian passport, no SIN needed, no fees, no credit history required. Get $100 with code BREMO2026.

Get $100 with KOHO

Code: BREMO2026

Brazilian Banking vs. Canadian Banking

Major Brazilian Banks

If you banked with Itaú, Bradesco, Banco do Brasil, Caixa Econômica Federal, Santander Brasil, or Nubank in Brazil — none of these operate in Canada. However, understanding that Canada has a similar structure (5 major banks dominating the market) will feel familiar. Nubank users will find KOHO's digital-first approach similar.

PIX vs. Interac e-Transfer

Brazil: PIX is Brazil's real-time payment system (launched 2020) — instant transfers 24/7 using CPF, email, phone, or a random key. Extremely fast (under 10 seconds), free, widely adopted.
Canada: Interac e-Transfer is the Canadian equivalent — sends money using email or phone number, usually arrives within minutes. Free at most banks. Less instant than PIX but widely trusted and used.

Credit System

Brazil: Serasa Experian and SPC Brasil manage credit scores. Score Serasa (0-1000) is common for assessing creditworthiness. Brazilians with "nome sujo" (dirty name from defaults) face real restrictions.
Canada: Equifax and TransUnion (300-900 range). Your Brazilian Serasa score does NOT transfer. You start fresh and must build Canadian credit from scratch. The good news: starting fresh means you leave any negative Brazilian credit history behind.

Nubank Brazil vs. KOHO Canada

Both Nubank and KOHO are digital-first fintechs that disrupted traditional banking. If you loved Nubank's no-fee, app-based approach, KOHO will feel familiar. KOHO offers: no monthly fees (basic), cashback on spending, credit building, and instant virtual card. Think of KOHO as Canada's Nubank equivalent.

Documents Brazilian Immigrants Need for Banking

Brazilian passport (Passaporte brasileiro) — primary ID
Canadian immigration document — PR card, COPR, work permit, study permit
SIN — apply at Service Canada
CPF (Brazilian tax ID) — no longer needed once you're in Canada, but keep it for Brazilian tax obligations
Canadian address proof — rental agreement, letter from employer, or accommodation letter

Best Banks for Brazilian Newcomers

KOHO: Open with Brazilian passport, no SIN needed — best for immediate banking on Day 1. App-based like Nubank, so the experience feels intuitive.
TD Bank: Large branch network, newcomer package. TD has Portuguese-speaking staff at some GTA branches.
Scotiabank: StartRight newcomer program. Scotiabank has strong operations in Latin America (BBVA connections) — familiar name for some.
RBC: Good newcomer program, multilingual service.

Brazilian Communities in Canada

Brazilian-Canadians are concentrated in:

Toronto: Largest Brazilian community in Canada — Little Portugal area and downtown
Vancouver: Growing community, especially tech workers and students
Ottawa: Brazilian government workers and students at University of Ottawa and Carleton
Montreal: French-speaking Brazilians find the French environment familiar

Sending Money to Brazil from Canada

CAD to BRL transfers are common for Brazilian-Canadians sending remittances home. Best options:

Wise: Excellent rates for CAD to BRL, delivers to Brazilian bank accounts via PIX or TED
Remitly: Competitive rates, good for Brazil transfers
Western Union: Available for Brazil; cash pickup and bank deposit
Nubank international (coming): Nubank has been expanding internationally — check if CAD deposits are available from Canada

CPF and Canadian Taxes: As a Brazilian national living in Canada, you likely still have Brazilian tax obligations (Declaração Anual de Ajuste do IR) even while abroad, depending on whether you maintained Brazilian fiscal residency. Consult a cross-border tax advisor to understand both Canadian and Brazilian obligations.

Building Credit in Canada as a Brazilian Immigrant

Coming from Brazil's credit culture (where defaults are life-affecting and "limpar o nome" is a major concern), Canadian credit may feel similarly important. Start building right away:

Open KOHO — start Credit Building subscription right away
Apply for a secured credit card (Capital One or your bank's newcomer card)
Use it monthly, pay full balance, never miss a payment
Check your score on Borrowell (free) after 3-6 months

Related Guides

Start Banking in Canada — Just Like Nubank, But Canadian

KOHO is Canada's digital banking app — no fees, no credit check, open with your Brazilian passport. Get $100 with code BREMO2026.

Open KOHO Account