Brazil's Two Bank Code Systems: COMPE and ISPB

Brazil uses two parallel bank identification systems that reflect its payment infrastructure evolution. The older COMPE (Comissao de Procedimentos de Exames e Pagamentos) codes are 3-digit numbers used for traditional interbank transfers (TED and DOC) and cheque clearing. Every major Brazilian bank has a COMPE code: Itau Unibanco is 341, Bradesco is 237, Banco do Brasil is 001, Caixa Economica Federal is 104, and Santander Brasil is 033.

The modern system uses ISPB (Identificador do Sistema de Pagamentos Brasileiro), an 8-digit code assigned by Banco Central do Brasil (BCB) to every licensed financial institution. ISPB codes are used by PIX (the instant payment system) and the SPB (Sistema de Pagamentos Brasileiro) settlement infrastructure. Itau's ISPB is 60701190, Nubank's is 18236120, and Banco do Brasil's is 00000000.

Both codes identify the same institution but are used by different payment rails. If someone asks for your bank code in Brazil, they usually want the 3-digit COMPE code. If a payment app or PIX transfer needs a code, it uses the ISPB internally, though most apps resolve this automatically when you enter a PIX key.

What Is PIX and How Does It Work?

PIX is Brazil's instant payment infrastructure launched by Banco Central do Brasil in November 2020. It allows instant transfers 24 hours a day, every day of the year, with funds settling in seconds. For individuals, PIX transfers are free. PIX quickly became the dominant payment method in Brazil, processing over 30 billion transactions by 2023, surpassing TED, DOC, and credit card payments combined.

To send or receive via PIX, you register a PIX key with your bank. A PIX key can be your CPF (individual tax ID), CNPJ (company tax ID), mobile phone number, email address, or a randomly generated alphanumeric key. When someone sends you PIX, they enter your key and the amount. The routing happens automatically using the ISPB system in the background. You do not need to share your ISPB code directly with the sender.

All BCB-licensed banks and payment institutions are required to participate in PIX. Digital banks like Nubank, Inter, and C6 Bank were early PIX adopters and built their entire user experience around it. Traditional banks like Itau and Bradesco also support PIX alongside their legacy TED infrastructure.

Receiving International Transfers to Brazil

For international wire transfers to Brazil, the sender needs your bank's SWIFT code, your account number, and your CPF or CNPJ (Brazilian tax identification number). Brazilian banking regulations require this tax ID for all inbound international transfers. Itau's SWIFT code is ITAUBRSP. Bradesco's is BBDEBRSP. Banco do Brasil's is BRASBRRJXXX. Santander Brasil's is BSCHBRSPXXX.

The COMPE and ISPB codes are not used for international transfers. Only the SWIFT code matters for cross-border wires. For smaller amounts sent by the diaspora community, services like Wise, Remitly, and Western Union provide better exchange rates than bank wire transfers and typically deposit directly to the recipient's Brazilian account within hours.

Bank code data sourced from Banco Central do Brasil (BCB) public ISPB and COMPE registries. Data last updated: January 2025.

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