As vaccination progresses and the movement around tourism, the use of credit cards outside of Brazil should return. Focusing on these capabilities, Wise is launching an option in Brazil, issued under the Visa flag, that can be used in more than 200 countries and territories. According to the company, with savings of up to seven times compared to other alternatives.
The solution is the first in Brazil that covers 50+ currencies and allows Brazilians to get bank details in 11 currencies – from countries like the US, UK, Eurozone locations, Australia and more. Customers can maintain the balance in Riyals, as well as keep the funds reserved and separate. According to Wise, it’s like doing a currency exchange on your cell phone.
This card has already been used in more than 30 countries across regions such as Europe, North America, and Asia Pacific. In addition to tourists, it can be useful to anyone who spends, receives or sends money in other currencies, such as expats, freelancers, exchange students or customers of international online stores.
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Wise ensures that the spend uses the real exchange rate (as shown by Google), with no spreads or other hidden fees. Moreover, it promises the lowest conversion cost currently. An example is the dollar, which costs 0.9%, even half of what competitors charge.
Transfers between Wise account balances can be made instantly at any time. The company also reports that it does not charge an annual fee to maintain the account or card. All transactions are done directly through the application or through the Wise website, and it is also possible to make withdrawals from ATMs in different parts of the world.
how to order
The card can only be requested by Brazilian residents who already have a WISE account with a balance in riyals. For this, the following is necessary:
- Brazilian ID verified;
- address in Brazil as the main title of the profile;
- valid CPF;
- A valid phone number.
Customers who have not previously transferred from Brazil abroad through their account must add R$25 to their account in order to apply for the card.
Source: Sage
