SWIFT codes in Brazil
BR · BRL
30 banks in Brazil, from BANCO ORIGINAL S.A. (BORIBRSP) onward; every code carries BR as its country part.
Banks
30
SWIFT codes
1
Branches
1
Currency
BRL
Banks and SWIFT codes in Brazil
BBANCO ORIGINAL S.A.
| SWIFT/BIC | City |
|---|---|
BORIBRSPXXX | SAO PAULO |
Brazil SWIFT code questions
What does a Brazil SWIFT code look like?
BORIBRSPXXX (BANCO ORIGINAL S.A.): bank BORI, country BR, location SP, branch XXX.
What are the SWIFT codes for major Brazilian banks?
Key Brazilian bank SWIFT codes include: Banco do Brasil — BRASBRRJ, Itaú Unibanco — ITAUBRSP, Bradesco — BBDEBRSP, Santander Brasil — BSCHBRSP, Caixa Econômica Federal — CEFXBRSP, and Nubank — NUBKBRSP. Multiple SWIFT codes may exist per bank for different cities. Always confirm with the recipient's bank.
Can Pix receive international transfers?
No. Pix is Brazil's domestic instant payment system, operating 24/7 and free for individuals. It handles only BRL transfers between Brazilian financial institutions and cannot receive international SWIFT payments. For inbound international wires, the sender must use the recipient bank's SWIFT code. Some providers are building bridges between international transfers and Pix payouts, but a direct SWIFT-to-Pix path does not yet exist for standard bank transfers.
What is IOF tax and how does it affect receiving a SWIFT transfer in Brazil?
IOF (Imposto sobre Operações Financeiras) is a Brazilian financial operations tax applied to foreign exchange transactions. For inbound personal remittances, the IOF rate is typically 0.38% of the BRL equivalent. Business transfers, loan remittances, or investment transfers may attract different IOF rates. The receiving bank deducts IOF automatically before crediting the account. This is separate from any bank processing fees.
How long does a SWIFT transfer to Brazil take?
SWIFT transfers to Brazil typically take two to four business days due to BCB compliance requirements and the mandatory foreign exchange contracting process. All inbound foreign currency must be formally contracted through a licensed dealer (the receiving bank), which adds a processing step not present in most other countries. Business transfers with documentation generally process faster than undocumented personal transfers.
What is the Natureza (purpose code) requirement for transfers to Brazil?
Brazil's Banco Central requires that every inbound foreign currency transfer be assigned a Natureza (purpose code) that describes the transaction type: family remittance, service payment, goods import, investment, etc. The receiving bank files this with BCB. If the declared Natureza does not match the actual transaction, the bank may freeze the funds pending clarification. Always ensure the payment reference in your transfer matches the true purpose.
Are there fees for receiving a SWIFT transfer in Brazil?
Brazilian banks typically charge a foreign exchange contracting fee (spread) and may charge an inbound wire processing fee. The total cost of receiving a SWIFT transfer in BRL includes the bank's exchange rate spread (often 1–3% over mid-market) plus IOF tax (0.38% for personal remittances) plus any bank service fee. Comparing total costs across providers — not just the headline exchange rate — is important for transfers to Brazil.
Can I receive USD or EUR in a Brazilian bank account?
Brazilian residents generally cannot hold foreign currency balances in domestic accounts — BCB regulations require conversion to BRL. Exceptions exist for certain non-resident accounts and foreign trade operations. Businesses regularly transacting in foreign currency can apply for specific BCB authorizations. For standard personal remittances, the foreign currency is always converted to BRL upon receipt.
How SWIFT works in Brazil
The Banco Central do Brasil (BCB) regulates all international payments and foreign exchange transactions. Brazil operates the Pix instant payment system for domestic transfers — a 24/7, zero-fee network launched in 2020 — but Pix cannot receive international SWIFT payments. Inbound international wires require SWIFT codes and are subject to BCB reporting requirements. Brazil has strict foreign exchange regulations compared to most Latin American countries.
- Brazil's major banks connected to SWIFT include Banco do Brasil, Itaú Unibanco, Bradesco, Santander Brasil, and Caixa Econômica Federal. Itaú and Bradesco have the widest correspondent banking networks internationally. For business payments, many multinational companies use the SWIFT code of their Brazilian subsidiary's main bank.
- All inbound foreign currency transfers to Brazil must be contracted through a Brazilian authorized dealer (a bank or licensed foreign exchange broker). The foreign currency is converted to BRL at the commercial rate, and the bank files a regulatory report (Natureza) with the BCB. The purpose code declared must match the underlying transaction — mismatches can freeze the funds pending investigation.
- Brazil charges IOF (Imposto sobre Operações Financeiras), a financial operations tax, on foreign exchange transactions. The IOF rate for inbound personal remittances is typically 0.38%, applied to the BRL value received. Business transfers or loan-related payments may attract different IOF rates. This tax is deducted by the receiving bank before crediting the account.
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Brazil IBANs run 29 characters, e.g. BR18 0036 0305 0000 1000 9795 493C 1.
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