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Wise (formerly Transferwise), a global company specializing in international transfers, announced on Wednesday (8) the international prepaid debit card in Brazil.
The card is issued under the Visa brand and is aimed at expatriates and tourists for their private account and exchanges and allow the user to buy in more than 50 currencies, whether traveling internationally or online. There is also the option to withdraw from authorized ATMs, such as the Banco24 horas network.
According to Pedro Barreiro, WISE pioneer in banking partnerships and expansion in Brazil, the card provides access to checking account services in 11 currencies, such as the dollar and the euro, in addition to, for example, the British pound, Canadian pound and the Australian dollar.
It is also possible to have an in-app balance in more than 50 currencies, with the riyal included in the options while the card is launched in the country.
“It is a project that we have globally. Brazil is one of WISE’s priority markets, and there is a demand from Brazilians for international markets and we feel that need,” Barreiro said during a press conference on Wednesday.
According to him, the user can get the riyal in the application by bank transfers or via direct deposits to international accounts in foreign currencies, via a bank receipt, debit card or credit card. Transfer via Pix is in the plans, but it’s not part of the features yet.
Wise’s Card charges a flat IOF fee of 1.1%, applicable for foreign exchange transactions, and 0.38%, in other currencies to riyals. For credit and debit cards from traditional financial institutions, the IOF fee is currently 6.38%.
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