Business banking in South America: how it works across the region

Snapshot

South America has large established banks concentrated in Brazil, a fast growing set of neobanks led by Nubank, and currencies and rules that differ widely by country. Companies usually choose between a local bank and a digital provider. Figures here are as of 12 June 2026.

Largest banks: Itau Unibanco, Banco do Brasil, Caixa Economica Federal, and Bradesco in Brazil, with leaders such as Bancolombia and Banco de Credito del Peru elsewhere.
Neobanks: Nubank, regulated by the Central Bank of Brazil, is the largest in the region and offers business accounts.
Currencies and rules: Vary widely by country, and some have had currency or capital controls that change over time.
Watch out for: Stricter checks for non resident or shell companies, and rules that can change quickly.

Fees and features as of 12 June 2026Last reviewed 12 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

South America combines large established banks, concentrated in Brazil, with a fast growing set of neobanks and digital providers, and currencies and rules that differ widely by country. As of 12 June 2026, the largest banks by assets include Itau Unibanco, Banco do Brasil, Caixa Economica Federal, and Bradesco in Brazil, with leaders such as Bancolombia in Colombia and Banco de Credito del Peru in Peru. Nubank, based in Brazil and regulated by the Central Bank of Brazil, is the largest neobank in Latin America and offers business accounts. Some countries have had currency or capital controls that change over time, so confirm the current position for the specific country before you apply.

The South American banking landscape

Banking in South America is led by Brazil, which holds most of the region largest banks, including Itau Unibanco, Banco do Brasil, Caixa Economica Federal, and Bradesco, with Santander Brasil also among the largest. Other countries have their own leaders, such as Bancolombia in Colombia and Banco de Credito del Peru in Peru, alongside the regional presence of international groups such as Santander and BBVA. Established banks offer branch access, lending, and a full range of services for companies registered in the country.

Digital banking has grown quickly. As of 12 June 2026, Nubank, based in Sao Paulo and regulated by the Central Bank of Brazil, is the largest neobank in Latin America and offers business accounts, and other digital providers operate in several markets. A company may therefore have both an established bank and a digital option, depending on the country.

Currencies and changing rules

Currencies and monetary rules differ widely across the continent, and several countries have used currency or capital controls at different times. These rules can change quickly. Argentina, for example, lifted most of its currency controls in 2025, which changed how companies there access foreign currency. Because the position can shift, confirm the current rules for the specific country with the bank or a qualified adviser before you rely on them. As of 12 June 2026.

What you usually need to open an account

Requirements differ by country and bank, but the pattern is broadly similar.

Local company registration in the country of incorporation.
A local tax number for the business.
Identification for directors and beneficial owners and a clear ownership structure.
Evidence of genuine business activity in the country.

Compare business account options in South America

Established banks and digital providers serve businesses registered in South American countries. Browse the provider reviews to compare features, then confirm current eligibility and terms for the specific country before applying. Shown as of 12 June 2026.

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Common questions

Which are the largest banks in South America?

The largest banks by assets are concentrated in Brazil and include Itau Unibanco, Banco do Brasil, Caixa Economica Federal, and Bradesco, with Santander Brasil also large. Elsewhere, banks such as Bancolombia and Banco de Credito del Peru lead their markets. As of 12 June 2026. Verify with the provider.

Are there neobanks for businesses in South America?

Yes. Nubank, based in Brazil and regulated by the Central Bank of Brazil, is the largest neobank in Latin America and offers business accounts, and other digital providers operate in several countries. Availability and features vary by country. As of 12 June 2026. Verify with the provider.

What should a business know about currencies and capital rules?

Currencies and rules differ widely. Some countries have had currency or capital controls that change over time. Argentina, for example, lifted most of its currency controls in 2025. Rules can change quickly, so confirm the current position before relying on it. As of 12 June 2026.

Can a non resident open a business account in South America?

It is sometimes possible, but banks commonly expect local company registration, a local tax number, and evidence of genuine activity, and checks are stricter for non resident or shell companies. Requirements vary by country and bank. As of 12 June 2026. Verify with the provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 12 June 2026. Confirm current terms with the provider before applying.