Nomad Bank® is a popular global banking provider for digital nomads and international travelers. You can use your Nomad account to convert currencies or spend online and in person with your international debit card.
We take a look at everything you need to know about Nomad Bank, including key features, fees, costs, and pros and cons.
Heading abroad? Use Wise to send, spend, and receive your money in 150+ countries – all from just one account!
What is Nomad Bank and where does it operate?
Nomad Bank is the first Brazilian fintech company to offer a checking account in US dollars.¹ You can access a range of services via the Nomad app, including:
- A global bank account
- An international debit card
- Online transfers
- Currency exchange services
- Investments¹
Nomad Bank helps Brazilians spend money in US dollars – and you can use your global account to shop online or in person.
You can also convert Brazilian reals (BRL) into US dollars before you travel, with special perks for digital nomads and travelers heading overseas.
Let’s take a closer look at Nomad Bank, including key features, fees, and costs.
| Key features |
|
| Main fees |
|
| Great for | Brazilian nationals and digital nomads |
Nomad Bank: key features
Nomad Bank is known for its international spending solutions, including online transfers and investment opportunities. Let’s take a look at some of the key features for worldwide customers.
Ease of use
Nomad Bank is convenient and easy to use. You can use your Nomad card to:
|
|---|
You can even add your Nomad card to Google Pay®, Apple Pay®, Samsung Pay®, or your PayPal® wallet to make simple online or contactless payments while you travel.²
Customer service
You can access 24/7 customer service at Nomad Bank. Message Nomad’s digital chatbot or phone customer support for help and advice:
Brazil: (11) 4200-0204
US: +1 (689) 220-6078
Other countries: +1 (888) 998-2261⁴
You can also join the Nomad Pass loyalty scheme to access extra perks from your account. You’ll earn 1 point for every dollar – and each point gets you closer to unlocking discounts and bonuses.
You can even get up to 50% off the exchange rate when converting your money into dollars.⁵
Nomad Bank costs and fees
It’s important to understand any fees or costs associated with your Nomad Bank account.
If you want to send money to a Nomad checking account (BRL to USD), you’ll pay a financial transaction tax of 1.1% plus a markup of 2% per transaction.³
Mark up - known in Brazil as spread - is the difference between what the provider buys and sells their currencies for – and it may be added to your transaction as an exchange rate markup.
If you want to send money back to Brazil with Nomad Bank (USD to BRL), you’ll pay a financial transaction tax of 0.38% plus a spread of 2%. You’ll also pay an extra 10 USD charge per transaction.³
You may also experience a fee from any intermediary banks used by the sending financial institution whenever you spend money with Nomad Bank.³
However, it costs nothing to open your account and Nomad Bank doesn’t charge monthly or annual maintenance fees.³ You can also get your virtual card for free, but you may need to pay 20 USD to deliver your physical debit card to Brazil.³
Get a Wise account
As a financially-savvy individual, you know you have limited options for setting up a US account.
With that in mind, why not consider something different?
Wise is a money services business (MSB) and the Wise account helps you manage your money wherever you are. You can get a US routing number and account number, and anyone can use these to pay you — just like a local.
If you travel or do business internationally, you’ll know how important it is to convert money at a reasonable exchange rate.
With the Wise account you convert at the mid-market exchange rate, the same one you find on Google, this way you know how much it will cost you, with no hidden fees* or surprises in the end.
Get a Wise accountin minutes
Nomad Bank: pros and cons
Nomad Bank offers global solutions for travelers and digital nomads – but the costs can add up, especially when sending money from the US to Brazil.
We take a look at some pros and cons of using a digital Nomad Bank account.
| Pros | Cons |
|---|---|
|
|
What are the benefits of Nomad Bank?
You can use your Nomad card in 180+ countries, including the US, the UK, Brazil, and Canada.
You can access extra perks with the Nomad Pass scheme – and you can even use your account to access the Nomad Lounge® at Guarulhos International Airport (GRU), including WiFi, refreshments, and other amenities.⁶
There are no minimum balance requirements for your Nomad account and you can use Nomad’s investment opportunities to build and save money.³
What are the disadvantages of Nomad Bank?
There are some drawbacks to Nomad Bank. You’ll pay 10 USD to transfer money back to Brazil – and USD to BRL transactions can take longer to send. You’ll also need to send at least 100 USD to qualify for your transfer.³
You can only send 2 transactions per day between BRL and USD – and you can only make 24 USD to BRL transactions each year with Nomad Bank.³
Nomad also sets custom limits for international transactions. You’ll need to look into how much you can send from your account before making your transfer.³
Conclusion: is Nomad Bank the best choice for you?
Nomad is a good choice if you’re looking for a convenient global bank account.
However, it’s important to consider any fees and limits. If you regularly send money from the US to Brazil – or you need to make multiple transfers each day – Nomad Bank may not be the provider for you.
To start spending your money at the mid-market rate, check out Wise.
Sources:
Sources checked on 05.09.2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
