Central Bank of Brazil expands possibilities for foreign currency accounts in Brazil

The Central Bank of Brazil (“BC”) published BCB Resolution No. 575, on June 18, 2026, which amends BCB Resolution No. 277 and BCB Resolution No. 278, both dated December 31, 2022. The new rules expand the possibilities for opening and operating foreign currency deposit accounts in Brazil and adjust the rules applicable to external credit and foreign direct investment transactions.

According to the BC, the measure aims to modernize the foreign exchange market, increase the efficiency of international transactions, and reduce costs for companies that carry out transactions in the international market. The new regulations do not change the rules restricting the use of foreign currency for payments within Brazil, nor does it interfere with the formation of the foreign exchange rate.

The new resolution will come into force on October 1, 2026, allowing banking institutions authorized to operate in the foreign exchange market to make the necessary adjustments to their systems and processes.

Find the key points of the edited regulations below:

1. Expansion of the list of foreign currency account holders

Foreign exchange regulations already allowed the use of foreign currency deposit accounts by certain economic agents, such as financial institutions, embassies, insurers, and companies operating in specific sectors. BCB Resolution No. 575 expands this list by authorizing new categories of account holders.

Under the new regulation, (i) legal entities that export goods, (ii) companies with foreign debt, (iii) companies with foreign equity participation, (iv) nonresident entities that carry out external credit or foreign direct investment transactions, and (v) nonresident entities holding direct equity participation in companies headquartered in Brazil may also hold foreign currency deposit accounts in the country.

2. Conditions for opening and operating the accounts

To ensure safety and adequate risk management, the new resolution establishes specific conditions for opening and operating these accounts. Among other provisions, the regulation prohibits cash withdrawals and cash deposits in foreign currency deposit accounts held by the new categories of account holders.

In the case of legal entities that export goods, the amounts credited to the accounts must originate from export revenues or transfers from abroad. For accounts related to external credit and foreign direct investment transactions, proof of the relevant transactions with the BC and compliance with international capital regulations will be required.

3. Transfers between foreign currency accounts

The new resolution provides for a waiver of foreign exchange transactions for transfers of foreign currency between foreign currency deposit accounts in the cases provided for in the regulation. The measure seeks to simplify transactions and reduce costs for account holders.

In this context, the regulation also amends BCB Resolution No. 278/2022 to address payments and receipts settled through debits and credits in foreign currency deposit accounts in Brazil, including within the scope of information relating to external credit transactions.

4. Reporting to the BC

Institutions authorized to operate in the foreign exchange market that maintain foreign currency deposit accounts must submit information to the BC through Sistema Câmbio by the fifth day of the month following the reference month.

The information to be submitted includes:

• • client identification;
  • the classification of the account holder for account opening purposes;
  • the account identifier in International Bank Account Number (“IBAN”) format;
  • the foreign currency in which the account is denominated;
  • the reference month and the amounts, in the currency in which the account is denominated, corresponding to the balance, on the first day of the month, to the total credits, to the total debits, and to the balance on the last day of the month.

5. Compliance with AML/CFT and international capital rules

The new resolution preserves the requirements related to anti-money laundering and counter-terrorist financing (AML/CFT), in line with international standards.

In addition, persons eligible to open and hold foreign currency accounts related to external credit or foreign direct investment transactions must prove the existence of outstanding transactions subject to the appropriate regulations. As applicable, they must certify, to the banking institution responsible for opening and maintaining the account, that the corresponding information has been reported and updated in the information report systems SCE-Crédito or SCE-IED.

6. Practical impacts

The expansion of the list of foreign currency deposit account holders is expected to benefit companies engaged in international transactions, especially exporters, companies with foreign equity participation, and companies with external credit transactions. Among the potential benefits expected with this measure are improved fund management, reduced foreign exchange exposure, and strengthened competitiveness among local companies.

The measure may also help attract certain financial services currently provided abroad to the Brazilian financial system, without removing the regulatory controls applicable to international transactions and reporting obligations to the BC.

Banking institutions authorized to operate in the foreign exchange market must assess the operational impacts of the new resolution, especially with respect to opening and maintaining the new types of accounts, the prohibition on cash transactions, controls on the origin and destination of funds, and the monthly submission of information to the BC through Sistema Câmbio.

Companies that may be eligible to open foreign currency deposit accounts in Brazil must assess whether their transactions fall within the scope of the new regulation, as well as review their cash inflows, international payments, cash management, and internal controls related to foreign exchange, external credit, foreign direct investment, and AML/CFT.

Read BCB Resolution No. 575 in full on the BC’s website.

Demarest’s Banking and Finance team remains available to provide any further clarification on the matter.