An international account is a banking modality that allows maintenance in foreign currency for residents in Brazil. The proposal facilitates the use of money in trips, purchases in foreign virtual stores or even in financial transfers to people abroad. Fintechs as C6 Bank and Nomad stand out in the offer of the modality, with exchange in commercial American dollar, which can make transactions cheaper. Check below for details on international accounts and learn about options available to Brazilians.
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International account modality is increasingly available in Brazil Photo: Daniel Dutra / TechTudo
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1. What is an international account?
The international account is a digital account in foreign currency. It assists international financial transactions and can offer an international debt card. Among the recurring advantages are the possibility of withdrawing money abroad in certain ATMs, and avoiding excessive fees with financial transactions in foreign currency.
2. What is the difference between an international account and a common current account?
The difference in the international account is the availability of money already converted into dollars in the bank balance. Thus, there is no need to worry about the fluctuation of the exchange rate or new incidences of taxes on foreign exchange transactions when using the money. In addition, the type of tax on financial transactions will be different.
It is necessary to pay attention, however, to some limits. As most of the time the international account is a debit account, it is not possible, for example, to keep the negative balance. In other words, this type of account requires more planning on the part of the account holder, since it is not possible to resort to credit mechanisms.
Another difference is that the amount of money transferred to an international account is not available for automatic investments in current investments in the Brazilian financial market. Money does not yield while it remains stationary, unlike what happens with many digital accounts already well positioned in the Brazilian financial market.
International account does not offer credit mode Photo: Pond5
3. What are the benefits of having an international account?
The main advantage of an international account is that you do not pay the international transaction fee each time you use it. You only need to pay the conversion fee when transferring money from your national account to your international account.
Furthermore, conversions are generally made using the quotation of the commercial dollar as a reference, and not that of the tourist dollar. As the cheapest commercial dollar, this difference in cost ends up being advantageous for the customer.
It is, therefore, an alternative for people who travel frequently or who make many purchases on international sales platforms, since the recurring use of a national account in these situations can result in a very large amount of tax expenses, such as tax. IOF (Tax on Financial Operations).
BS2 is a financial services hub focused on the digital environment. The bank offers the international account modality, which can be managed and accessed by customers through the application available on the Google Play Store and the App Store. The account uses US dollars and allows you to transfer amounts to other banks and BS2 international accounts. The included debit card allows withdrawals on self-service platforms linked to the Cirrus network.
BS2 international account does not charge for maintenance, but there are fees for some transactions Photo: Divulgao / BS2
BS2 does not charge a maintenance fee for the international account, and there are no costs to open it. However, there are a number of different rates for each type of financial transaction.
Sending an international payment, for example, implies a fee of US $ 12 per operation, the same amount for receiving an international payment order. Sending a duplicate debit card requires a fee of US $ 9.90. In addition, withdrawals that may be made at ATMs cost US $ 5 per operation, in addition to the fee that the ATM network may charge the user.
Nomad one fintech focused on financial services in the United States for non-residents. Opening an international account requires a Brazilian passport, a fixed address in Brazil and must be over 18 years old. There are no fees for opening or maintaining the account. As most fintechs that offer an international account, Nomad also contracts the exchange in commercial US dollars, which makes the transaction cheaper.
Nomad is based in the USA, but its target audience is non-residents. Photo: Divulgao / Nomad
The services available include a virtual and physical debit card, which allows withdrawals abroad and payments in physical stores. A disadvantage that Nomad Banking does not offer an application to manage the account by cell phone.
THE fintech Brazilian company C6 Bank offers the Global Account as an international account alternative for its customers. The opening of the account and issuance of the international debit card takes place by paying a fee of US $ 30 through a discount on the current account of C6 Bank in Brazil. However, customers who have more than R $ 20 thousand invested in CDBs through C6 Bank are exempt from this fee.
Despite the initial cost, there is no maintenance fee, no debit card purchase fees, and no transfer fees. Like other international accounts, the C6 Bank Global Account allows transfers and the use of the debit card. It is possible to make purchases in physical stores and withdrawals at Cirrus network terminals with the card.
C6 Bank also offers an international account Photo: Daniel Dutra / TechTudo
Anyway, I need to be aware of other possible tariffs. There is, for example, an inactivity fee in the amount of US $ 10 per year, in case the account is left without movement for a period of 12 months.
It is also necessary to remember that, in the case of the C6 Bank Global Account, IOF is charged when transfers are made. However, the IOF charged has a competitive value, according to C6 Bank itself. Only 1.1% is paid per transfer, which is more than the 6.38% IOF in credit card transactions, for example.
There are, however, some requirements in relation to transfers. you need to move at least $ 100 per transaction. In addition, there is an annual limit of money that can be transferred, according to the customer's profile. If you want to increase this limit, I need to contact C6 Bank through the application for Android and iPhone (iOS).
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