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Brazilian Wealthtech XP with Mastercard launches global account and card for dollar transactions

August 29, 2023
Por
Monique Lima
Monique Lima
Jornalista | Repórter em InfoMoney
📷
LinkedIn
The global account will initially be available to clients who already have the bank's international investment account.
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Just over a year after creating its international investment account, which allows clients to invest directly abroad, XP Inc. announces the launch of its global account. The new service offers currency conversion, transfers and payments in dollars.

With no monthly or maintenance fees, the global account - which will work like a current account - will have a debit card for transactions and withdrawals, in both physical and digital versions. The partner brand is Mastercard, which is accepted in more than 210 countries.

According to Luísa Garcia, head of digital and global accounts at XP Inc., the launch is a complement to the services already offered. "XP's DNA is investments, so we started internationalisation with the investment account. Now, with the product already consolidated, we've come up with the complement, which is the global banking account."

XP's international investment account currently has around 1 million investors, who will be the initial base for the global account. At first, only the bank's clients will be able to access the new service.

The global account will be integrated with the investment account, as well as with the banking and investment service in Brazil, making it another service available on XP's platform. "It was a gap we had, and now it's closed," says José Berenguer, CEO of Banco XP. "It's an important service that complements our 'one stop shop' application."
Marta Pinheiro, director of banking at XP Inc., says that the time is right for the product to arrive. "With tourism picking up again, the timing for the global account couldn't be better. There is a latent customer need to use money abroad and our card will greatly simplify financial life with a complete ecosystem in the same app."

Data from ABECS (Brazilian Association of Credit Card and Services Companies) shows that tourism and international consumption are on the rise. The use of cards abroad increased by 36 per cent in the first half of 2023. Brazilians spent more than US$ 5.9 billion with cards outside the country in this period.


XP's global account card can be used in more than 210 countries, in establishments that accept the Mastercard flag. At the time of payment, the card will automatically convert the transaction currency into dollars, according to the executives.


Marcio Soares, senior vice-president of Digital Partnerships and Fintechs at Mastercard, said that the card model chosen for the partnership is premium and exclusive, unprecedented in Brazil. "These are international benefits on a card that doesn't yet exist in Brazil and will be exclusive to the XP global account," said Soares.


Among the benefits are concierge services at airports, exclusive offers from the "Priceless" programme and travel services with perks such as breakfast and accommodation at lower prices. Further announcements will be made at the official launch of the account, which will take place at Expert XP on 1 and 2 September.

How does the global account work?

The global account must be released in the XP app, just like the debit card - which will first release the digital version and then the physical card.

Like other global accounts, the balance is dollarised. Remittances for currency exchange can be made via PIX or transfer. The IOF (Financial Operations Tax) is 1.1 per cent.

The company did not inform us of the spread (exchange conversion rate). Luísa only said that they will be "competitive values, similar to those already available on the market" - which today are between 0.5% and 2%. There are no other costs, such as account opening and maintenance fees.

At a press conference, the executives said that the currency exchange will operate every day of the week and at any time and the account will be covered for up to US$250,000 by the FDIC (Federal Deposit Insurance Corporation), the US federal agency that guarantees bank deposits.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Just over a year after creating its international investment account, which allows clients to invest directly abroad, XP Inc. announces the launch of its global account. The new service offers currency conversion, transfers and payments in dollars.

With no monthly or maintenance fees, the global account - which will work like a current account - will have a debit card for transactions and withdrawals, in both physical and digital versions. The partner brand is Mastercard, which is accepted in more than 210 countries.

According to Luísa Garcia, head of digital and global accounts at XP Inc., the launch is a complement to the services already offered. "XP's DNA is investments, so we started internationalisation with the investment account. Now, with the product already consolidated, we've come up with the complement, which is the global banking account."

XP's international investment account currently has around 1 million investors, who will be the initial base for the global account. At first, only the bank's clients will be able to access the new service.

The global account will be integrated with the investment account, as well as with the banking and investment service in Brazil, making it another service available on XP's platform. "It was a gap we had, and now it's closed," says José Berenguer, CEO of Banco XP. "It's an important service that complements our 'one stop shop' application."
Marta Pinheiro, director of banking at XP Inc., says that the time is right for the product to arrive. "With tourism picking up again, the timing for the global account couldn't be better. There is a latent customer need to use money abroad and our card will greatly simplify financial life with a complete ecosystem in the same app."

Data from ABECS (Brazilian Association of Credit Card and Services Companies) shows that tourism and international consumption are on the rise. The use of cards abroad increased by 36 per cent in the first half of 2023. Brazilians spent more than US$ 5.9 billion with cards outside the country in this period.


XP's global account card can be used in more than 210 countries, in establishments that accept the Mastercard flag. At the time of payment, the card will automatically convert the transaction currency into dollars, according to the executives.


Marcio Soares, senior vice-president of Digital Partnerships and Fintechs at Mastercard, said that the card model chosen for the partnership is premium and exclusive, unprecedented in Brazil. "These are international benefits on a card that doesn't yet exist in Brazil and will be exclusive to the XP global account," said Soares.


Among the benefits are concierge services at airports, exclusive offers from the "Priceless" programme and travel services with perks such as breakfast and accommodation at lower prices. Further announcements will be made at the official launch of the account, which will take place at Expert XP on 1 and 2 September.

How does the global account work?

The global account must be released in the XP app, just like the debit card - which will first release the digital version and then the physical card.

Like other global accounts, the balance is dollarised. Remittances for currency exchange can be made via PIX or transfer. The IOF (Financial Operations Tax) is 1.1 per cent.

The company did not inform us of the spread (exchange conversion rate). Luísa only said that they will be "competitive values, similar to those already available on the market" - which today are between 0.5% and 2%. There are no other costs, such as account opening and maintenance fees.

At a press conference, the executives said that the currency exchange will operate every day of the week and at any time and the account will be covered for up to US$250,000 by the FDIC (Federal Deposit Insurance Corporation), the US federal agency that guarantees bank deposits.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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