PagBank is PagSeguro's digital bank, a 100% free online account with an app available for Android and iPhone (iOS). There are only three types of card: the account itself, the credit card and the prepaid card which do not have annuities. The app also allows you to pay bills and slips, receive money, does not charge flat fees and account registration can be done directly by him, in a few minutes. O TechTudo has separated six questions and answers to cast doubt on yet another "rival" of Nubank.
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How does PagBank work? Get to know PagSeguro's digital account and card Photo: Divulgao / PagBank
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1. What and how does it work?
PagBank is PagSeguro's new digital account, almost completely free. The service does not charge annual or maintenance fees, and opening the account 100% online, avoiding bureaucracies. In addition, it is possible to receive up to 3% of your money back when the payment is made by "Point and Pag" in the app itself via QR Code.
Although most services are free, there is a limit to TED bank transfers that can be made to other banks, a total of five per month if exceeded, a charge of $ 1.99 will be charged for each transaction. If made for an account with the same CPF, the limit is once a month, and from the second charged a fee of $ 3.50. In addition, each withdrawal made in boxes of the Banco24Horas network costs $ 7.50.
On PagBank, TED transfers can be made up to five times a month for free. Photo: Divulgação / PagBank
To create a PagBank digital account, you need to download the app, available for Android and iPhone (iOS), or sign in through the site. Simply enter your mobile number, full name, social security number and email, or register as a legal entity using your CNPJ. Registration is done within minutes and, to validate your documentation, the app asks for photos of your two-sided identity and some other documents.
The strength of the digital account is not having fees or annuities for the account and some of your cards, which are also free of annual and maintenance fees. Only the prepaid card has an initial cost of $ 12.90. In addition to the fee of R $ 7.50 per withdrawal on Banco24Horas network, there are charges for transfers that exceed account limits, such as five TEDs per month.
PagBank digital account does not charge fees or dues Photo: Divulgao / PagBank
4. If the digital account does not charge fees, how does PagBank make money?
Although it does not charge fees or annuities to the account and cards, PagBank makes money by collecting withdrawals from the Banco24Horas network, and with international purchases, thanks to a 5% tax on currency conversion. In addition, digital banks often profit from fines paid for credit card billing delays.
5. What is the difference for Nubank and other digital banks?
PagSeguro's digital account allows the customer to make transactions with a QR Code in physical and digital stores through their own mobile phone, as well as providing personal loans to their users. These features are not yet available to all Nubank customers, but NuConta can receive and transfer money via TED for free and unlimited. In addition, the client may invest the balance in 100% CDI yields, as all money will be protected by the Credit Guarantee Fund (FGC). This feature is not available on PagBank.
6. Types of cards offered by the account
The digital account offers three types of cards: one of its own, one of credit and one prepaid. The first, Visa brand, is directly connected to the money the user has in their account, basically a debit card. The second is the credit card, also Visa, and serves when an extra limit is required or even to parcel out a purchase. Already with the prepaid card, branded MasterCard, it is only possible to spend the balance that the user put in the device. To recharge it, you can use your own digital account money, plus deposits, slips or online debit.
It is important to note that all the cards mentioned do not have annuity fees or maintenance charges, but prepaid has an initial cost of R $ 12.90.
PagBank digital account cards are free of charge and dues Photo: Divulgation / PagBank
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