Brazil’s Nubank partners with Remessa Online to offer international money transfer service

RIO DE JANEIRO, BRAZIL – Nubank, Latin America’s largest digital bank, on Monday (26) began offering an international money transfer service for customers to send and receive money from abroad through its app, in partnership with Remessa Online international money transfer platform.

“Offering international transfers through a partnership was the best way found to offer our customers this additional service as soon as possible,” Nubank’s co-founder Cristina Junqueira said.

The agreement guarantees Nubank clients a discount on administrative fees. In the partnership’s first 8 weeks, the promotional discount will be 15%.

The process of sending money to another country is started within the Nubank app, using the “Transfer Internationally” feature. Customers fill in the desired amount and select the destination country. The simulator will then display the converted amount and direct customers to the Remessa Online platform to finalize the transfer.

To receive money from abroad, Nubank’s customers must register with Remessa Online, which will provide an IBAN (international bank account number) in their name, to be sent to the payer. The platform will report all of the transfer’s steps by e-mail.

With the partnership, Remessa Online expects to grow from 350,000 to 1 million customers over the next 12 months and to post a 150% revenue growth in 2022, the same growth rate expected for 2021.

The new feature also expands Nubank’s product portfolio, which, in addition to a credit card, includes investment options, insurance, personal loans and instant payment solutions.