Nubank Ultravioleta, the experience for high-income Nubank customers in Brazil, is partnering with Wise Platform, the global infrastructure solution for banks and large companies, to enter the travel segment with the pre-launch of its new ‘Global Account’.
The new Global Account at Nubank Ultravioleta, powered by Wise Platform, will enable users to instantly make balance conversions from Real to dollar and euro through the Nubank app without the hassle of managing a new app or transferring money between accounts.
The account offering also boasts a conversion rate of 0.9 per cent, the lowest in the segment, with a favourable exchange rate using the commercial dollar or euro, and a reduced IOF (a Brazilian tax for foreign operations) of 1.1 per cent. This option is even more advantageous than using other means of payment outside the country, bringing savings up to nine per cent compared to traditional credit cards for international travel.
Livia Chanes, CEO of Nubank, commented: “The Global Account at Nubank Ultravioleta comes to meet the growing demand from high-income customers for international financial solutions that are flexible and advantageous.
“The travel segment is a priority for this audience and we enter it with the Ultravioleta differentials that customers already know – a product developed specifically for their needs, with a 100 per cent integrated experience in our app, which can be used anywhere in the world, with special conditions and unique benefits, such as better conversion rates, as well as free internet included.”
Nubank Ultravioleta customers can now sign up in advance for first-hand access to the service, which is set to launch in the coming weeks.
Supporting global travel
The debit card associated with the Global Account offers coverage in over 200 countries and territories. Ultravioleta customers have no fees for issuing the card or opening or maintaining the Global Account.
For customers who also like to travel with cash, the Global Account offers the convenience of two free foreign currency withdrawals per month, with no limit on the amount, from ATMs around the world, at commercial rates.
Steve Naudé, global managing director for Wise Platform, also commented: “Partnering with Nubank, one of South America’s largest financial services providers, is another major milestone for Wise Platform.
“Through this partnership, we’re helping Nubank customers access fast, transparent payments and the ability to easily manage money across currencies.
“Across the sector, we are seeing a real push from banks and financial institutions to provide their customers with best-in-class international payments services. By working with Wise Platform, banks are able to achieve this in a matter of months or even weeks. We’re thrilled to be working with Nubank, which joins a growing list of major partner banks and financial services providers, including Shinhan Bank, Bank Mandiri, BPCE and IndusInd.”
Another feature of the Nubank Global Account is the benefit of free internet on international trips. By subscribing to the product, Ultravioleta customers get 10GB of internet, valid for 30 days in more than 40 countries, with a virtual SIM card (eSIM) that can be activated once a year.
