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Correspondent Banking: What it is, What it does and How it works


 Do you know what the correspondent is and what kind of service is offered by this institution?

We have prepared a complete guide for you regarding everything you need to know about correspondent banking , see below.

What is a Banking Correspondent?

What is a Banking Correspondent?

Correspondent banking is a company with services contracted by a bank, serving as an intermediary between banking institutions and clients.

The most common examples of these mediators are lottery, Postal Bank, credit shops and fintechs .

However, any non-financial institution that performs some banking service also falls into this category.


What does a Correspondent Banking do? How it works?


 What does a Correspondent Banking do? How it works?

To begin with, every bank correspondent must be a legal entity with authorization from the Central Bank to act in the financial market.

It must also carry out its work from the norms of the SFN (National Financial System).

This company can represent several banking institutions at the same time.

In addition to offering outsourced services, the correspondent can also use the banks’ resources with the consumers themselves.

For example, fintechs use partnerships with financial institutions to lend credits to their lending and financing business.

The activities outsourced to the banking correspondent become more accessible, because they reduce the costs of the agencies with care and personnel.

Also, the decentralization of banking services to several other companies allows the waiting time for service to be reduced.

In addition, intermediaries often operate in regions without close agencies, helping to expand banking services throughout the country.

They can also be an option in the case of bank strikes .

Correspondent Banking and Online Loans

What does a Correspondent Banking do? How it works?


One of the responsibilities of the banking correspondent is to make loans .

In some cases, the loans are made online, which usually lowers the value of interest to the consumer .

In these companies there may be the option to negotiate with vehicles or real estate guarantee.

It is also possible to choose between personal loan and payroll loan (with INSS or public alternatives ).

In addition to the financial factor, online loans offered by correspondents allow convenience and convenience in customer service .

Currently, there are many different companies that offer loan services.

If you are looking for personal loans, Bom Pra Crédito helps you choose the best option for your needs .

By registering on the site, you receive financial suggestions according to your profile.

There are more than 30 partner institutions and if you get approved, the money will be deposited into your account within 48 hours. In addition to personal loans, Bom Pra Crédito also offers:

Loan Consigned INSS ,

Loan with Vehicle Warranty and

Loan with Guarantee of Property .

In addition to loans, correspondents still offer a number of other services, such as those described below.

Receipt of Proposals for the Opening of Savings Accounts, Demand and Time Deposits


Customers can request the opening of accounts in bank correspondents and these companies pass these requests on to the associated banks.

In the case of intermediaries working with various financial institutions, it is advantageous for consumers to have different options .

Receipts and Account Payments

 Receipts and Account Payments

Correspondents allow payment and receipt of accounts of any kind.

In addition, they accept withdrawals and wire transfers for the purpose of account movement.

Tickets and invoices can also be paid at these places , including bills such as water, electricity, gas, telephone, credit card, etc.

Also, payments related to INSS and GPS can be made .

The service is usually more agile than in traditional agencies and also serves localities that do not have banks nearby.

Cadastral and Credit Analysis

 Cadastral and Credit Analysis

 The mediating institution can analyze customer data and profiles for the release of credits.

In the same way as in the case of opening accounts, the correspondent here can offer several options of banking companies .

Thus, the consumer has the ability to choose the best alternative for their situation.


Data Processing and Monitoring


Bank correspondents have a detailed database of information provided by customers at the time of registration.

These data are stored in the system and are used for monitoring and providing future services.


Financial Services


 Financial Services


Similar to loans, financing can be carried out by bank correspondents.

This service can also be done online at fintechs. Outsourced financing saves money and time.

It still allows the customer to choose the best bank to release the operation through the correspondent.


Credit and Debit Card Application


 Credit and Debit Card Application


 The bank correspondent is useful for facilitating the obtaining of credit and debit cards.

With the ability to present less bureaucracy and cheaper costs , it can be a good choice for workers, college students and retirees.

Several companies offer their own credit cards in partnership with financial institutions.


Receipt and Routing of Leasing Proposals


The correspondent may receive lease requests and forward them to be granted at financial institutions.

Leasing is also known as leasing and corresponds to the lease of assets, much used by companies.


Investment Funds and Redemptions


For those looking for ways to invest with greater profitability than savings, you can opt for investment funds.

In bank correspondents it is possible to start investing in making applications and then redeem the income obtained.

The funds are negotiating alternatives for those unfamiliar with trading on stock exchanges.

Guarantee Fund Applications and Redemptions

Guarantee Fund Applications and Redemptions


 The FGTS can be deposited and withdrawn more easily in bank correspondents.

In these locations, the Collection Guide (GRF), the Rescue Collection Guide (GRRF) and the Debt Collection Guide (GRDE) can also be generated.

Foreign Exchange Operations

 Foreign Exchange Operations

Foreign exchange correspondents carry out foreign exchange transactions authorized by banks and brokerage firms.

Travel agencies and hotels are some examples of these companies and serve to simplify the exchange of foreign currencies.

They have lower collection rates, since they require less spending on structure and service than financial institutions.

They are still more practical and comfortable , since they are closer to the tourists, making the process easier.

Permitted transactions are the purchase and sale of currency in kind or prepaid card, check or traveler’s check .

Correspondents can also forward requests for foreign exchange transactions to banks and brokerage houses to be carried out at the financial institution itself.

Payment Orders


Correspondents also allow for active and passive execution. In addition, payment orders for transfers from abroad are permitted, thus constituting foreign exchange transactions.

This service must be performed by foreign exchange correspondents and each payment order has a limit of US $ 3,000 per transaction .

Payments and Receipts of Bills of Exchange

 Payments and Receipts of Bills of Exchange


 Payment and receipt of bills of exchange are also accepted in correspondent banks , a type of credit.

It is a fixed income investment option with possibility of higher income than saving.

The bills of exchange have insurance called the Credit Guarantor Fund (FGC) up to the value of R $ 250 thousand.


Collection of Real Estate Financing Plots

 Collection of Real Estate Financing Plots

In the case of lottery, consumers can make payments of installments of housing financing made by Caixa Econômica Federal.

These charges are limited to the amount of R $ 2,000 per parcel, paid in cash or by check.

Rules and Rules to be followed by Bank Correspondents


The regulations of the Central Bank with respect to banking correspondents are in resolutions 3,110 , 3,156 and 3,954 .

They may only act as mediating agents of financial entities, legal entities authorized by Bacen, respecting the rules of the SFN.

The institution that hires a correspondent has full responsibility for outsourced services.

In addition, access by the Central Bank to all documents and data of the mediating companies is mandatory .

In the case of the contracting of a third company by the correspondent, the authorization of the financial institution is required.

Bank correspondents are not allowed to charge exclusive fees to the mediation service between bank and client.

They also can not request advances for funds to be released by financial agents . Moreover, the issuance of securities for their own benefit is prohibited.

The financial negotiations between contractor and contractor have the term of two business days to occur.

Bank correspondents are required to notice in a place of easy visibility in the company and the outsourced services of financial institution.

It is required by the Central Bank that the correspondent makes clear to the public his character of service provider contracted by a banking entity.


How to Become a Banking Correspondent?


 How to Become a Banking Correspondent?

Both large and small companies , physical or virtual, can become banking correspondents.

To do this, simply deliver the necessary documentation for the type of service you want to work with and contact financial and banking institutions.

The main documents required are CNPJ with a copy, a copy of the CPF and RG of the partners, the Company’s Articles of Incorporation, Operating Permit, FGTS Regularity Certificate, INSS Debit Certificate, Federal Taxes and Contributions, and Union Asset Debt , Proof of Municipal Registration, Company and Membership Registration, Statement of Criminal Background of Members, Social Contract, Proof of Residency (of the company and partners) and Proof of Bank Account.

Bank correspondents also need a Financial Certification from an Accredited Institution to be authorized by the Central Bank to act.

Certifications are required for the availability of credits to customers and some existing models are FEBRABAN Complete Correspondent and ABECIP CA-300.


What is the Correspondent Bank Certification?


What is the Correspondent Bank Certification?


 The most recommended certifications for banking correspondent work are FBB-100 and CA-300.

The FBB-100 ( FEBRABAN Complete Correspondent ) provides certifications that allow the provision of credit services, with the exception of real estate. The modalities offered are Consigned Credit, CDC (Direct Consumer Credit) and Vehicle Financing.

To obtain the certificate, it is necessary to take an online exam with 60 questions and two hours of duration .

The test requires a 70% use for the certification issue and there is no prerequisite to doing it. The FBB-100 is valid for three years.

The CA-300 (ABECIP CA-300) is suitable for Real Estate Credit.

Certification is open to correspondents, bankers and anyone seeking professional certification.

There are two exam options for acquiring the CA-300: regular and HIS (Enabling Social Interest).

The tests are presential and may have 30 to 40 questions (depending on the type of exam chosen).

The minimum use of the test is 60% and the certificate has a five-year validity.


What is the Gain of a Banking Correspondent?


 What is the Gain of a Banking Correspondent?


The average monthly earnings of bank correspondents depends on the size of the company, the variety of services and the number of associated financial institutions.

In the case of small bank correspondents , the values ​​are between R $ 1 thousand and R $ 1,500.

Already average correspondents can have a billing of up to R $ 2,500.

Establishments that only operate in this market and have many outsourced banking services can earn from R $ 3,000 to R $ 9,000.

The average category payment , however, is between R $ 1,500 and R $ 3,500.

In addition to salary, bank correspondents also receive commissions .

Advantages of a Banking Correspondent


For the consumer, the advantages are cheaper collection of interest in operations and greater agility in service.

In addition, in the case of online companies, there is also the convenience and comfort .

Practicality is another feature of banking correspondents as they may be held several talks in one place.

Also, the customer has more options to choose which bank , from those suggested by the company, is the best for their needs.

In turn, for the professional with this craft, this is a market on the rise.

The more covenants with financial institutions a mediator company has, the more profitability and clients it gets .

Offering various banking options makes consumers interested and looking for the company.

In case of establishments like stores, these services can also end up stimulating the purchase of other products .

In addition, anyone who acts as a banking correspondent can receive sales commissions and obtain professional certification from the Central Bank.


Tips For Not Falling Into Frauds


 Tips For Not Falling Into Frauds


 Although it has many benefits for the consumer, some care is needed when looking for a bank correspondent .

Consulting the websites of the IRS and the Central Bank serves to obtain information such as CNPJ and find out if the company is true.

No correspondent company may require a guarantor fee or other fee payment for services, nor may it request early deposits.

Therefore, it is good to be aware of this information.

Paying attention to the website, e-mail and social media of the company is important as well .

Make sure the web page has a security certificate, if the email has the business name in the domain, and how the web page behaves.

Also check what has already been said about the company on sites like the Reclame Here or even in the media.

Finally, carefully evaluate all contracts before signing, and if in doubt, make sure to ask the institutions.

Is Good Credit a Bank Correspondent?


Yes. Bom Pra Crédito is a type of differentiated bank correspondent and follows the Brazilian Central Bank standard 3.954 / 11.

It is the largest online credit marketplace in the country .

It has partnerships with the main financial institutions in Brazil: more than 30 institutions , enabling safe and practical loans and financing .

The company has already been awarded by the Brazilian Association of Commercial Banks and has already made more than 5 million loans online.



Bank correspondents have benefits for consumers who want access to banking services but can not or do not want to go to an agency.

Allowing different operations to be carried out in the same place, lowering interest rates, offering faster service is just a few of the advantages.

Still, they can function as an online company , which can be even more practical, convenient and without bureaucracy.

These institutions are not only positive for customers but also constitute a rising professional market .

Starting to act as a correspondent can bring good returns to the company and workers.

A company that offers many banking services and contracts with several entities, has a chance to grow in its segment.

In the face of all these benefits, it is natural that the search for correspondent banking is increasing.

Particularly in credit modalities , where consumers seek more affordable services, intermediary companies become better options than banks.

Online institutions have even more advantages because of the ease they present throughout the negotiation .

At Good Credit, services like personal loans can be made quickly .

First, you make an online registration by choosing the amount of the loan and the amount of payment installments.

In five minutes , the company searches the best options for you among more than 30 financials.

You choose the best alternative and as soon as you close the contract you get your money within 48 hours.

The entire process is done over the Internet and securely : information is protected and shielded from intruders.

To know this and other Bom Pra Crédito services, visit the website .


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