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Inter bank good? Check out how it works and digital account rates | Productivity

Banco Inter is a financial institution that offers digital account opening without fees to its users. Through the app of the same name, available for Android and iPhone (iOS), you can request yours in a few steps this is the only way to become a bank customer, which is digital and has no physical agencies. The difference between Banco Inter and other digital banks, such as Neon and Nubank, is that the user will not be charged to perform services linked to his current account, such as transfer to other banks, withdrawals in Banco24Horas and deposits through bank slips, for example.

The bank can still be interesting for those who want to benefit not only from a digital checking account, but also from the use of credit cards. The revolving interest rate charged by the operator is one of the lowest among digital banks, and there is no annual fee for using the service. Following are the key questions and answers about how Banco Inter's digital account works. To request yours, you must first download the application from the dnetc Downloads page.

READ: How to consult Banco Inter's income statement

Inter bank good? Check out how it works and digital account rates Photo: Anna Kellen Bull / dnetcInter bank good? Check out how it works and digital account rates Photo: Anna Kellen Bull / dnetc

Inter bank good? Check out how it works and digital account rates Photo: Anna Kellen Bull / dnetc

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1. What and how does Banco Inter's digital account work?

The main feature of the digital account offered by Banco Inter is its practicality. Because no physical agency is linked, the user can create one on their behalf through the Inter Bank app, available for Android and iPhone (iOS). After opening a checking account, the user can move their money, make transfers and make payments through the platform. As it is a digital service, any current account related action or problem should be performed and resolved directly in the app.

Inter Bank offers a complete free digital account; opening made through the app Photo: Reproduo / Maria DiasInter Bank offers a complete free digital account; opening made through the app Photo: Reproduo / Maria Dias

Inter Bank offers a complete free digital account; opening made through the app Photo: Reproduo / Maria Dias

Among the main benefits offered to Banco Inter account holders is the absence of charges for bank transfers to other banks and withdrawals on the Banco24Horas network are free and unlimited. It is also possible to make purchases, pay bills and transfers via QR Code through the app, make deposits by check or check deposits by image. The platform offers investment services, loans, financing and insurance that can be contracted by the user. In addition, mobile recharges can be performed directly from the Banco Inter app.

2. How to open a digital account at Banco Inter?

In a few steps, you can open a checking account with Banco Inter. Just download the app and be with documents like ID, driver's license and current proof of address in hands. Upon entering the app, the user must fill in his registration with some personal data. Then you will need to photograph two-sided documents of the requested documents. After confirming your personal signature, the customer should take a selfie to finalize their account opening request.

To open a digital account at Banco Inter, you need to download the app and register with personal data. Photo: Reproduction / Maria DiasTo open a digital account at Banco Inter, you need to download the app and register with personal data. Photo: Reproduction / Maria Dias

To open a digital account at Banco Inter, you need to download the app and register with personal data. Photo: Reproduction / Maria Dias

Your digital account status should be tracked directly in the app and it can take up to ten business days to be approved. If successful, the user may use the same application to perform account movements, transfers, payments and other services offered to Banco Inter account holders. It will also be possible to request a credit card linked account, which goes through another review process in order for its use to be released.

3. What is the difference between Inter, Neon, Nubank and other digital banks?

The main difference between Inter and other digital banks, such as Neon and Nubank, is the absence of digital account holder fees. With Banco Inter, users can make transfers to other financial institutions and withdrawals on the Banco24Horas network for free and unlimited. Although there are no annuity fees or monthly fees linked to account opening, Neon charges for the services mentioned and for issuing bank slips for the second use in the month. NuConta, from Nubank, does not charge TEDs to other banks or bank deposits, but issues a fee of $ 6.50 for withdrawals through the Banco24Horas network.

Transfers to other banks and bank deposits are free services for Banco Inter clients. Photo: Reproduction / Maria DiasTransfers to other banks and bank deposits are free services for Banco Inter clients. Photo: Reproduction / Maria Dias

Transfers to other banks and bank deposits are free services for Banco Inter clients. Photo: Reproduction / Maria Dias

The Nubank differential is that by depositing money with NuConta, the user can automatically apply the amount to a Treasury Direct, which yields more than savings. Although the same resource is not available to Banco Inter users, the company offers investment options such as savings, fixed income, social security and others. Regarding the credit card, Banco Inter, Nubank and Neon do not charge annual fees, but differ in revolving interest in case of late payment of the invoice:

  • Inter Bank: fine of 2% on the outstanding + revolving balance (7.7% per month) + IOF;
  • Neon: 2% fine on the outstanding + revolving balance (9.9% per month) + IOF;
  • Nubank: 2% fine on the outstanding + revolving balance (2.75% to 14% per month) + IOF.

4. If the digital account does not charge fees, how does Banco Inter make money?

By offering a completely free digital account, Banco Inter does not charge fees and dues to its users, which can give rise to doubts about how the institution generates money. Part of the company's revenue is in cutting expenses related to the maintenance of agencies and employees, for example, which are required in physical structures.

The institution also profits from the use of physical and user account cards, as well as the late payment of the credit card bill. In addition, the bank offers other products, such as loans, real estate credit and insurance, which provide gains through fees and fees from the contract.

Users of Banco Inter's digital account may request services such as loans and insurance. Photo: Reproduction / Maria DiasUsers of Banco Inter's digital account may request services such as loans and insurance. Photo: Reproduction / Maria Dias

Users of Banco Inter's digital account may request services such as loans and insurance. Photo: Reproduction / Maria Dias

5. What are the main features available in the digital account?

In addition to traditional functions such as transfers, payments and deposits, Inter bank's digital account offers practical features for bank movement. These include InterPag, a system for paying, transferring or receiving via QR Code. The function can only be used between Banco Inter account holders and facilitates the transfer of money between friends, as well as making it possible to pay purchases in merchants without the use of the machine. To use the service, the user must access the application, go to the "InterPag" section and generate a QR code with the amount of debt to be received. If he is the debtor, he must use his cell phone to read someone else's QR Code and make the payment.

InterPag is a QR Code payment system, available only to Banco Inter account holders. Foto: Reproduction / Maria DiasInterPag is a QR Code payment system, available only to Banco Inter account holders. Foto: Reproduction / Maria Dias

InterPag is a QR Code payment system, available only to Banco Inter account holders. Foto: Reproduction / Maria Dias

InterPag can also be used to make purchases at merchants without using the physical card within the app. You can view a list of which merchants are accredited to accept this form of payment. The system is similar to Iti Ita, a product announced this year by Banco Ita with the objective of facilitating the payment and receipt of amounts among users, consumers and traders.

Banco Inter's digital account also offers other types of services such as loan application, credit card, insurance and mobile recharges. To hire them, the user must pay the specific rates and fees of each product.

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