What is Nubank?

Nubank® is a digital bank that helps customers in Brazil, Mexico, and Colombia manage their money with freedom.

Nubank is just one digital banking option in the Latin American world. We’ll cover everything you need to know about Nubank, including how to open an account and its key services.

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Overview: what is Nubank?

If you’ve ever sent money to Brazil, you might have come across Nubank. This digital company is actually the biggest neobank in Latin America.₁

Enthusiastic about the financial technology sector, Nubank uses the latest technology to create streamlined, uncomplicated, and completely digital banking options for its customers.

Since its creation in 2013, Nubank continues to grow. It offers a variety of services for its customers, such as credit card applications, loans, life insurance, and business accounts.

Nubank wants to improve the banking experience for customers across Latin America. Digital account holders can send and receive money in real-time to any bank, free of charge.₂

As of January 2023, Nubank has 34 million registered users.₃ However, unlike other digital banks, Nubank currently only operates in Brazil, Colombia, and Mexico.

Is Nubank a real bank?

Nubank is a real neobank — meaning it’s 100% digital. This removes the need for a physical location, moving all account transactions online.

Customers can still access a similar range of services to traditional banks, such as loans and credit card applications.

However, unlike traditional banks, Nubank doesn’t have any fees associated with its credit cards.

From annual charges to late payment fees, customers can enjoy the freedom of managing their own money.

Available as a convenient mobile app, Nubank customers can stay on top of payments, save money, and track spending from anywhere.

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Pros and cons of Nubank

If you’re thinking of using Nubank, it’s important to make an informed decision with your hard-earned money.

Let’s look at a few pros and cons, to help you make the right choice for you.

✅ Pros	❌ Cons
Free to set up a Nubank personal or business account No account maintenance fees User-friendly app No fees for instant money transfers	6.50 BRL per ATM cash withdrawal₄ Only available to residents of Brazil Limited product offering

Which services does Nubank offer?

Nubank offers a wide range of services for its customers, including options tailored to individuals or business owners.

Digital account

Nubank customers can hold money in a secure digital account for free.

You can send or receive payments, earn interest, and save a bit of time with contactless debit payments.

Nubank doesn’t offer separate savings accounts. Instead, you can earn interest on Nubank’s regular digital account.

Price: Free, except for ATM cash withdrawals (6.50 BRL)

Credit cards

Nubank customers can apply for a Nubank MasterCard credit card.

As well as avoiding annual or late payment fees, Nubank customers can also ask for a greater limit to manage their own money.₅

Price: Free

Personal loans

Alongside its digital bank accounts and fee-free credit card solutions, Nubank also offers a personal loan service based on individual customer needs.

Nubank customers can use the loan calculator in the app to understand any available loan options.

Price: Interest is charged on the loan. The level of interest varies from person to person.

Nubank life

Nubank offers a life insurance option for all of its customers, including no hidden fees.

There are basic and advanced cover options, depending on individual customer needs.

Price: Starts at 9 BRL per month₆

Business account

The Nubank business account provides services specifically for businesses, like letting business owners organize their bills in the app or access unlimited instant transfers.

Businesses can also receive a free, personalized business credit card for their company.

Price: Free₇

Investments

Nubank customers can invest as much or as little of their money as they want using the NuInvest app.

This app helps Nubank customers understand how to invest their money in a safe and secure place, such as stocks and BDR.

Price: Free, including no brokerage fee.₈

Can you hold cryptocurrency with Nubank?

Nubank doesn’t currently let customers directly trade in cryptocurrency through their digital services — but it’s a forward-thinking, crypto-friendly bank.

Customers in Brazil must deposit BRL into digital-asset trading platforms using their Nubank accounts, in order to hold and trade in cryptocurrency.

Who can get a Nubank account?

If you want to open a Nubank account, there are a few things to consider.

Nubank customers must be 18 years old and a resident of Brazil, with a regular CPF status on the Receita Federal Brasileira (RFB). This is the Brazilian version of the IRS.

You also need to own a smartphone compatible with the Nubank Android or iOS app, as all services are digital.

What do you need to open an account with Nubank?

Unlike traditional banks, Nubank runs a basic enrollment analysis for all of its potential customers, rather than a full credit check.

There are a few documents you’ll need before opening a digital account, including:
proof of CPF status photo ID, submitted via the Nubank app if you’re a foreigner, you’ll need CNH, RG or RNE documents

When did Nubank do its IPO?

Nubank did its IPO on 9 December 2021, reaching a valuation of more than 40 billion USD.₉

Nubank famously has the support of investment legend Warren Buffett, who purchased a 500 million USD stake just before the company went public.

What is Nubank's stock symbol?

Nubank uses the stock symbol Nu Holdings Ltd.

As of 27 January 2023, the stock prices for Nu Holdings Ltd. reached 4.21 USD on the New York Stock Exchange (NYSE).₁₀

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Nubank is a popular choice for individuals and businesses.

Although account holders must be residents of Brazil, limiting the company’s global reach, there’s a reason so many Latin American customers trust Nubank with their money!

Don’t forget to check out Wise to find out more about your global transfer options.

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Sources:

1. The Financial Brand
2. Nubank Digital Account
3. Forex Suggest
4. Nubank Digital Account
5. Nubank Credit Card
6. Nubank Life
7. Nubank Business Account
8. Nubank Investments
9. The Financial Brand
10. Market Watch
    Sources checked on 02.07.2023