Brazilian challenger Nubank has partnered with Wise Platform, Wise’s payment infrastructure for banks and fintechs, to power the launch of its new Global Account offering and international debit card.
The digital bank’s Global Account product will offer its high-income Ultravioleta customers a means to access and manage their money when travelling abroad.
Nubank says the offering “will allow 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”. It adds the associated debit card can be used to make payments in local currencies “in more than 200 countries and territories”.
Additional features include two free cash withdrawals from foreign ATMs per month and access to a virtual SIM card compatible with over 40 countries.
The bank began allowing its top-tier Ultravioleta customers to enrol in advance for a Global Account this week, with plans to launch the product fully “in the coming weeks”.
Livia Chanes, CEO of Nubank, says the launch of the service is an attempt to meet “the growing demand” among its Ultravioleta 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.”
The bank is leveraging Wise Platform to power the offering. Wise previously incorporated new features into the platform last July to enable other fintechs to issue multi-currency accounts and digital debit cards to their customers.
Steve Naudé, global managing director for Wise Platform, says the partnership with Nubank is “another major milestone” for the company following its deals with other global players including Shinhan Bank, Bank Mandiri, BPCE and IndusInd.
Source: fintechfutures.com
