Nubank It is the main digital bank in Brazil, with more than 20 million clients and a valuation of more than 10 billion dollars. It is also one of the largest credit card issuers in Brazil and the largest independent digital bank in the world. Nubank It is expanding its operations in neighboring countries and has already entered the Argentine and Mexican markets.
NuConta Digital Account with Savings Feature
The Nubank account either NuConta — is not a checking account or a savings account. It is a payment account, which allows the money deposited in it to be invested in Federal Government Bonds and always be earning. NuConta customers can also choose to deposit their money in RDBs instead of Government Bonds.
The free Nubank digital account allows customers to make an unlimited number of transfers to any bank. Transfers can be scheduled or same day transfers (TEDs).
Its unique feature is that money deposited in NuConta automatically earns interest every business day at a higher rate than savings.
The yield on savings in Brazil is set at around 70% of the CDI (an index widely used in the economy that determines the annual yield of various types of investments), which is currently equivalent to 2.1%. At the same time, the return on the Nubank account is 100% of the CDI, which means 2.9% annually.
With the Nubank account, it is possible to separate the saved money from the balance available for use: the customer can activate the Save money function to do so automatically every month.
Another advantage is that you can withdraw money at any time without losing income.
Nubank card
The Nu credit card is a rapidly growing financial product in Mexico, aimed at those dissatisfied with their current bank or who want to build a credit history. Issued by Nu México, backed by Mastercard Gold, the card offers international acceptance and associated benefits at Gold level. The application process is completely online and does not require proof of income.
Among its advantages, the Nu card has no commissions or annuities, and offers a fixed annual weighted average interest rate of 59.46% without VAT. You can make online payments, defer balances and installment purchases, and use contactless technology with Apple devices. However, it does not offer a rewards program and initial lines of credit can be low, although with good usage and payment behavior, they can increase up to $100,000 MXN.
Cash withdrawal
Nubank customers can receive a credit card with optional debit function. Source: facebook.com
With the debit card, it is possible to withdraw money directly from the NuConta account at ATMs in the Banco24horas / Tecban network or the Saque e Pague network. Each withdrawal costs 6.50 reais.
Some limitations apply:
Maximum limit of R$2,000 for a single withdrawal;
Maximum limit of 2,000 reais withdrawn in a 24-hour period.
At the ATM or self-service terminal, customers may encounter the message that a convenience fee will be charged in addition to the standard withdrawal fee. This commission is determined by the network that controls that terminal and will always be shown to the client before they confirm the withdrawal.
Nubank Rewards
Nubank Rewards is a rewards program that allows users to accumulate points that never expire, which can be used on airline tickets, hotels, restaurants and on products and services from associated brands. Every R$1 spent with the Nubank Card is equivalent to one point, and special promotions may offer additional points.
The conversion of points is 100 points per R$1 on restaurants, accommodation or services from Rewards members, and 80 points per R$1 on plane tickets. It is also possible to transfer points to the Smiles loyalty program, where 4 reward points are converted into 1 mile. Additionally, users can get discounts on partner brand sites.
Nubank Rewards is optional and costs 19 reais per month or 190 reais per year, but it offers a free 30-day trial period and can be canceled at any time through the application.
Nubank Availability
Countries where Nubank is available:
Updated March 1, 2024:
- Brazil: Country of origin of Nubank, with a wide range of financial products and services.
- Colombia: It has the Nu credit card, NuCuenta (savings account) and NuInvest (investments).
- Mexico: Offers the Nu credit card and NuCuenta.
Upcoming releases:
- Argentina: Nubank is expected to arrive in 2024, starting with the Nu credit card.
Countries under evaluation:
- Chili: Nubank has shown interest in the Chilean market, but there is still no definitive date for its launch.
- USA: Studies are being carried out to evaluate the viability of Nubank’s entry into the US market.
Nubank has revolutionized the banking sector in Brazil with its innovative digital platform, offering easy-to-use, efficient and transparent financial services. It has successfully solved problems that traditional banks could not solve, making banking accessible and convenient for millions of Brazilians. If you want to know what other options you have in terms of neobanking, visit our article on the best 20 neobanks in the world.