XP Inc. Launches Global Account to Facilitate International Investments
Favorable Moment for Global Account Launch
XP Inc., a leading financial services company, has announced the launch of its new global account, a complement to its existing international investment account. The timing couldn’t be better with the resumption of tourism, creating a greater need for financial services when traveling abroad. The global account will simplify financial transactions and offer a complete ecosystem in one application, improving the overall customer experience.
Exclusive Benefits and Features of the Global Account
- No monthly or maintenance fees
- Debit card for transactions and withdrawals in physical and digital versions
- Mastercard flag, accepted in over 210 countries
- Airport concierge and exclusive offers through the “Priceless” program
- Lower prices for travel services, including breakfast and lodging
Integration with Existing Services
The global account will be integrated with XP’s investment account, as well as the banking and investment services in Brazil, making it a seamless addition to the XP platform. The company aims to provide a “one-stop shop” for its customers, offering a wide range of financial products and services.
The Growing Demand for International Transactions
The demand for international transactions is on the rise, as shown by data from the Brazilian Association of Service Companies and Credit Cards (ABECS). Brazilians spent more than 5.9 billion dollars with cards outside the country in the first half of 2023, indicating a significant market opportunity for the global account.
How Does the Global Account Work?
The global account is designed to simplify international transactions and provide a convenient banking experience for customers. Here are the key features:
- The account balance is in dollars, making it easier to manage finances for international investments.
- Shipments for currency exchange can be made via PIX or transfer, providing flexibility for customers.
- The Financial Operations Tax (IOF) is 1.1%, a competitive rate compared to the market.
- The currency conversion is available every day of the week and at any time, ensuring convenience for customers.
- The account is covered up to USD 250,000 by the FDIC, offering extra security for deposits.
Expert Insights on Global Account Launch
“The global XP account offers unprecedented benefits and exclusivity, setting a new standard for global accounts in Brazil. With this collaboration, we consolidate ourselves as a benchmark in the development of global accounts,” says Marcio Soares, Senior Vice President of Digital Alliances and Fintechs at Mastercard.
Conclusion
The launch of XP Inc.’s global account is a strategic move to meet the growing demand for international investments and transactions. With its seamless integration, exclusive benefits, and secure banking experience, the global account offers a holistic solution for customers seeking to manage their finances abroad. By providing a wide range of services through its platform, XP Inc. continues to reinforce its position as a leading financial services provider.
Summary
XP Inc., a leading financial services company, has launched its global account to facilitate international investments and transactions. The global account offers exclusive benefits such as no monthly or maintenance fees, a debit card for transactions and withdrawals, and integration with XP’s existing investment account. With the resumption of tourism, the timing for the global account launch couldn’t be better. Brazilians spent more than 5.9 billion dollars with cards outside the country in the first half of 2023, indicating a significant market opportunity. The global account simplifies international transactions with its dollarized balance, flexible currency exchange options, and competitive rates. With the FDIC’s coverage of up to USD 250,000, customers can have peace of mind. The collaboration with Mastercard brings unprecedented benefits and exclusivity to the global XP account. Overall, the global account strengthens XP’s position as a leading financial services provider by offering a comprehensive and convenient solution for international investments and transactions.
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Just over a year later the creation of the international investment account, which allows clients to invest directly abroad, XP Inc. announces the launch of its global account. The new service offers exchange conversion, transfers and payments in dollars.
With no monthly fee or maintenance fee, the global account -which will function as a checking account- will have a debit card for transactions and withdrawals, in physical and digital versions. The associated flag is Mastercard, accepted in more than 210 countries.
According to Luísa García, head of digital and global accounts at XP Inc., the launch is a complement to the services already offered. “XP’s DNA is investments, which is why we started internationalization with the investment account. Now, with the product already consolidated, we come with the complement that is the global account in the banking part”.
Currently, the XP’s international investment account has around 1 million investors, which will be the initial base of the global account. At first, only the bank’s customers will be able to launch the new service.
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The global account will be integrated with the investment account, and also with the banking and investment service in Brazil, being another service available on the XP platform. “It was a gap that we had, and from now on it closes,” says José Berenguer, CEO of Banco XP. “It’s an important service that complements our claim to be a ‘one stop shop.’”
favorable moment
Marta Pinheiro, director of banking at XP Inc., says the time has come for the arrival of the product. “With the resumption of tourism, the moment For the overall bill, it 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 application”.
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Data from ABECS (Brazilian Association of Service Companies and Credit Cards) show that tourism and international consumption are on the rise. The use of cards abroad increased by 36% in the first half of 2023. Brazilians spent more than 5.9 billion dollars with cards outside the country in this period.
The XP 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 currency of the transaction to dollars, according to the executives.
Marcio Soares, Senior Vice President of Digital Alliances and Fintechs at Mastercard, said that the card model chosen for the alliance is premium and exclusive, unprecedented in Brazil.
These are international benefits, on a card that does not yet exist in Brazil and that will be exclusive to the global XP account”, says Soares. “With this collaboration, we consolidate ourselves as a benchmark in the development of global accounts.”
Among the benefits are airport concierge, exclusive offers from the “Priceless” program and travel services with advantages such as breakfast and lodging at lower prices. Further announcements will be made at the official account launch, which will take place on Expert XP on September 1-2.
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How does the global account work?
The global account must be released in the XP application, as well as the debit card -which will release the digital version first and then the physical card-.
Like other global accounts, the balance is dollarized. Shipments for currency exchange can be made via PIX or transfer. The IOF (Financial Operations Tax) is 1.1%.
already the value of spread (exchange conversion rate), the company did not report. Luísa only informed that they will be “competitive values, similar to those already available in the market” -which today range between 0.5% and 2%-. There are no other costs, such as the account opening and maintenance fee.
At a press conference, the executives reported that the The currency conversion will work every day of the week and at any time and the account will be covered up to USD 250 thousand by the FDIC. (Federal Deposit Insurance Corporation), US federal agency that insures bank deposits.
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