How Nomad bank works and the advantages of the account

Know how Nomad bank works and the advantages of the account is important, especially if you want to open an account with this institution. This account is free of charge and there are no maintenance or opening fees. Check it out below. 

How the Nomad bank works

Know how the Nomad bank works and its advantages is the first step to finding out whether or not this is the best option for your profile. This is a great alternative for making transactions with the US dollar.

First of all, it's important to note that Nomad is an independent fintech company. In other words, it is not related to any financial institution in Brazil. In addition to adding US dollars, customers can also invest in bonds. 

Customers can add amounts to the account via TED or PIX. The procedure can be done through a Brazilian current account. In this case, the transfer is made in Brazilian reais and then converted into foreign currency. 

To make the conversion, users need to have a minimum amount added to their account, which is R $500.00. If you plan to travel abroad or live in another country, Nomad is an institution that can meet your needs.

Advantages of the Nomad bank

Now that you know how Banco Nomad's digital account works, you're probably wondering what makes this institution different from others. There are several advantages you can enjoy when you open your account with the bank. Check them out below:

1. It was developed with Brazilians in mind

Since the bank was launched on the market, the fintech company has thought about expanding its operations to Brazilians. Through this platform, customers have more freedom to buy abroad. In addition, it is possible to invest in securities and financial products from around the world. 

To open an account with Nomad Bank, customers need to meet certain minimum requirements: have Brazilian citizenship or naturalization, be over 18 years of age, present proof of residence, a valid national document and a telephone number from the United States or Brazil. 

If you want to get in touch with the financial institution, the opening hours are the country's business hours. It's worth noting that all service is provided in Portuguese. Users can also contact the fintech professionals via e-mail. 

2. Withdrawals anywhere in the world

Withdrawals from the Nomad bank can be made anywhere in the world and, best of all, without any fees or charges. Unlike most credit cards, which charge an IOF of 6.38%, this model is free. 

Another feature of Nomad is that the money is already in dollars the moment it lands in the account, as long as the transfer is made from a Brazilian account. During this process, the exchange rate is commercial, with service fees ranging up to 2% and 1.1% IOF. These amounts are charged when the balance is added. 

On the other hand, there are no complications when it comes to withdrawing money from the account. Currently, the institution offers free withdrawals per month on ATM networks, but if it's on the Allpoint network, there are no limits. 

In this sense, after making two withdrawals from an ATM network, a fee of US $5 is charged for the next few times. It's worth noting that this charge only applies if consumers withdraw more than twice a month. 

3. Access cards with no annual fee

Another advantage of Nomad is the availability of annual fee-free cards. In other words, Nomad's international debit card is free of any fees, and the money goes straight into your account. 

In other words, consumers don't have to pay any account maintenance fees and avoid annual fees. When you start the account opening process, you need to send important documents for analysis. Approval is sent within two working days. 

When the first deposit lands in your account, go to the "Cards" area of the platform and activate the virtual model. The same procedure must be done with the physical card. In short, as long as you have a balance in your account, you can request that the product be issued. 

4. Safety at all times

By opening a digital account with Nomad Bank, customers can have complete confidence that they will be safe. This is because their money will be protected at one of the leading financial institutions in the United States. 

Another security system used on the platform is SIPC. Through this technology, investors have the standard protection of the US investment industry, with a limit of US $500 thousand. 

Through the Nomad account, you can find one of the world's leading bank accounts. What's more, consumers don't have to worry about different legislation or inaccurate information that other models often have. 

Step by step to open a Nomad account

If you're interested in all the advantages the Nomad account has to offer, the account opening process is simple and practical. What's more, all the steps are done online. Check it out below:

1. Download the official Nomad app on your smartphone, available for Android and iOS;

2. Fill in all your personal details, such as your full name, date of birth, telephone number, etc;

3. Enter your full residential address;

4. Then enter a valid passport;

5. To finish opening your account, record a five-second video of yourself holding your passport. You need to repeat a phrase to complete the procedure successfully. 

Once you have completed all of the above steps, you must wait for the financial institution to respond. The analysis process can take up to two working days. 

If the answer is positive, access the platform and send a remittance to start using Nomad's services. As soon as the bank transfer takes place, consumers have access to the amount deposited, with the IOF already deducted. 

From then on, you need to access your bank details to make transfers via TED from an account in Brazil.