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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.
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.
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.
Wise, a specialist money transmitter platform, provides a simple solution to large transfer fees and poor exchange rates, letting you send money to and from Brazil with ease.
At Wise, you can always expect a fair exchange rate, with the opportunity to send payments to 80+ countries using the mid-market exchange rate.
Their simple online calculator breaks down the whole process for you, including transparent and upfront fee information for every transaction*.
On many popular routes, Wise can even send your money to Brazil as an instant money or same-day transfer, helping you reach people that little bit faster**.
** The speed of transaction claim depends on funds availability, approval by Wise's proprietary verification system and systems availability of our partners' banking system, and may not be available for all transactions
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|
Nubank offers a wide range of services for its customers, including options tailored to individuals or business owners.
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)
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
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 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
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.
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
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.
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.
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:|
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.
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
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.
- The Financial Brand
- Nubank Digital Account
- Forex Suggest
- Nubank Digital Account
- Nubank Credit Card
- Nubank Life
- Nubank Business Account
- Nubank Investments
- The Financial Brand
- Market Watch
Sources checked on 02.07.2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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