NuBank, Wise, Remessa Online…??

remessa is a Brazilian company and is 100% reliable in case of problems it will be easy to resolve. but wise can close your account overnight. I recommend remessa international and the costs are lower and easy to create

@Kurterino

i have used Wise to send $ to my NU Bank acct for 3 years. 👍🏻

I use Wise into my nubank account. Wise now supports PIX transfers and its instantaneous. You need to use the Website and not the phone app to do PIX transfers with Wise.

I have been using Wise for many years, to transfer from UK to Brazil and Argentina, never had any issue. I have a Iti account (Itau's digital Bank) and the money arrives in 1 or 2 days. I do small transfers only.

@Owen TODAN What cases have you experienced where Wise closes an account?

@Kurterino

As has been avdised on other threads before, NuBank does not work with IBAN or SWIFT. You need to open a proper bank account in Brazil, with permanent visa, in person, to achieve that...

I have not used Wise with Brazil.  I only used it to send to friends and companies I import from China and the rest of Asia.  I never had an issue.

I use Wise monthly with Banco do Brazil.  Transfers are via PIX and are completed instantly.

    I use Wise into my nubank account. Wise now supports PIX transfers and its instantaneous. You need to use the Website and not the phone app to do PIX transfers with Wise.
   

    -@duzzimenino

That's a really good advice for people who dont have (yet) a local account  Pix -when used carefully-  really makes a lot of things considerably easier.

    I use Wise monthly with Banco do Brazil.  Transfers are via PIX and are completed instantly.
   

    -@mikehunter

Me,  too.

Alan

So to summarize, both Wise and Remessa Online are reliable and easy to use, and they both have similar fees. In other words, for someone like me (who already has a Wise account), there's no reason to open an account with Remessa, and vice-versa. Right?

No.

You need multiple functioning accounts....... "money tunnels"........we use 4 different ones every month for transfers in both names. So 8 accounts spread over 4 services.

@Gasparzinho 777

And why the need to do so?

I had a good experience using Revolut, a prepaid debit card. The exchange rate is quite good, and 1% fee is applied only on weekends for currency exchange. I use it for payments only, I wouldn't recommend using it if you plan to get cash from an ATM.

@Owen TODAN

Not true. Not reliable at all, and they keep escaping from answering your questions when they know, they've done something wrong!

@Owen TODAN

Not true. They are not reliable and keep escaping from answering your questions when they know they've done something wrong.

@Kurterino

I'd say stick to Wize.

There are lots of flaws within Remessa Online' system that will prevent you from getting your money on time. They don't have very clear policies and processess. Sometimes, it may even look like a SCAM company. They offer you a 50% discount code, you pay them, then they just cancel your transaction after 5 days without an explanation (they still have your money!), and when you try to get an answer, they just don't answer it or worse, each attendant will give you a different answer, and at the end, you cannot use the discount anymore because you already used (but not really?). Eventually your money returns to your account, but you are probably late for your commitments that you needed that money for, and probably paying extra late fees or interest. And p... off with the disrespectful culture, not having an ombudsman channel to help you out.

@Kurterino I believe WISE is the best service to use on a regular basis, due to their fee structure, ease of use, and speed of transfers.

I have BB Remessa (which allows me to send from BB Americas Bank Personal Accounts in the United States to Banco do Brasil S.A. Personal Accounts in Brazil) as a backup in case something happens to Wise.  I've been using Wise for many years now, and have never had an issue. 

Now (as I and others have mentioned) Wise transfers are done in seconds via PIX, and after checking many times, they appear to be the most cost effective

service.

BB Remessa advertises that the are fee free.  What that means is they bake their fees into the exchange rate.  I've checked and it is always more expensive than Wise. 

I just checked Remitly.  They do offer a special rate for the first $1000 you transfer, with no extra fee for the 1st two transfers.  But, even taking all that into account, if you are transferring $3000 Wise still beats them, even with their introductory offer. 

If you use their intro offer for an artificially high transfer rate, that is limited to the first $1000 transferred, and yes that will beat the Wise transfer.  Personally, it isn't worth it to me to go through the enrollment process to save a few dollars for a one time transfer limited to $1000.

I second the recommendations for Wise over Remessa. I've used Wise to send funds in and out of Brasil for years, without any significant issues. I also have a Wise prepaid card for travel. In fact, with Pix Wise has gotten easier and faster. I tried Remessa once because I am a Nubank customer and they have a partnership with Remessa. The transfer was slow, slightly more expensive (even with a "discount") and fraught with problems. Never again!

I get free transfers from Bank of America to Brazil.

But the rate they typically give, still makes Wise the better choice if you are just counting pennies.

@KenAquarius Yeah, the problem I've noticed with those "Free" transfers is the fine print that says that they manipulate the exchange rates to cover their costs.  With WISE it's easy to know what rate you're paying (the mid-market rate) and the fees they charge.

Exchange rates fluctuate, at times significantly, and you acknowledge and accept all risks that may result from such fluctuations. If we assign an exchange rate to your foreign exchange transaction, that exchange rate will be determined by us in our sole discretion based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors, and is subject to change at any time without notice. You acknowledge that exchange rates for retail and commercial transactions, and for transactions effected after regular business hours and on weekends, are different from the exchange rates for large inter-bank transactions effected during the business day, as may be reported in The Wall Street Journal or elsewhere. Exchange rates offered by other dealers or shown at other sources by us or other dealers (including online sources) may be different from our exchange rates. The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying currency. We provide all-in pricing for exchange rates. The price provided may include profit, fees, costs, charges or other mark ups as determined by us in our sole discretion. The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution. We do not accept any liability for our exchange rates. Any and all liability for our exchange rates is disclaimed, including without limitation direct, indirect or consequential loss, and any liability if our exchange rates are different from rates offered or reported by third parties, or offered by us at a different time, at a different location, for a different transaction amount, or involving a different payment media (including but not limited to bank-notes, checks, wire transfers, etc.).

@Kurterino

Hey Kurterino, I have a lot of experience with Brazilian banking, so feel free to private message me if you have questions. Personally, I have friends who are very happy just having NuBank (by the way, I am not sure how likely you are going to be able to use Remitly easily as NuBank has a relationship with Wise). 

I have found that using Remitly is pretty darn good.  I don't use Wise, although many friends do and like it.

I have a NuBank account and a C6 account (they are free, so what the heck?). In the USA, the length of time one has an account is important, perhaps not here.

I also just opened an Itau account, and I find their platform and password reset a pain; it will be the second time in 2 weeks that I have had to go there personally to ask so kindly to have Agencia reset it for me.).  I started in February of 2022 with Bradesco and have been very lucky with them.  I have a prime account, for which they charge me BRL 91.50/month.  They gave me a free Amex and never charged me a monthly or annual fee for Visa Infinite (I am not in the Amex Centurion.  or Atheaum Visa category.).  I have a great manager, and I keep almost nothing in the account (w/o investments). 

I also have a Santander account since November, which I use for everything because I very much want the American Airlines Back Master Card.  Miles and points down here are much less generous and very confusing promotions, etc., at least for me, so having a card that earns miles in an Airline where I have a status for life and knows the "sweet spots" is very helpful, or conceivably if they ever give me the card.  Finally, in March, I offered (though the app- my current manager is useless) the Unique Black MasterCard, which I have been using quite a bit.  I think it will take 6 months (i.e., August) until they give me the card I want- they declined me a 3rd time 2 days ago due to no physical RNM.  Ok, you didn't ask about miles and points, but as long as I am going on, the best card for that in Brazil is the BRB Dux Visa Infinite from Brasilia.  You need BRL $100,000 invested in them, and the minimum credit line is $50,000 BRL.  You get far more points than with any other card besides perhaps the Bradesco Amex Centurion. 

Anyway, a very important point (or at least used to be) with transferring with REMITLY, they default use Banco Decover, but you can call them during or directly after the transfer and request they use a transfer agent of   

Banco Redimento- this is VERY important because Banco Decover can be a nightmare unless you are transferring US$2,000 or so.  Anything over US$5,000, unless that is the amount you always transfer in dollars and expect to wait a week possibly, I know from experience.  I hope this helps not only with your REMITLY but also with your focus on how to get some benefit. If you use credit cards, you should ALWAYS pay in full every month or DO NOT USE THEM.  Banks here charge from 250-300% per year APR!  Buyer beware.  Roderick

@nadiamorim2

I can assure you I have transferred with Remitly, and their rates are sometimes fractionally higher than wise, sometimes fractionally.  For me, the 2 services are identical.  The real problem that nobody other than I seems to be addressing is the 3rd party Transfer agent" which is often Banco Daycover.  They are horrible, and both remitly and wise use them.  I am an important and frequent enough client of remitly they have removed any transfer limit, not the 3 stages of different transfer amounts.  HOWEVER, if banco Decover gets involved, it will be a nightmare for frequent transfers. 

Remitly has 24/7 customer service, and just last night I saw they had not transferred with PIX immediately, which they usually do.  I was transferring only $1,500 so I called them and asked them to change the "transfer agent" to banco redimento.  You simply call Remitly and ask to speak to a manger and get the transfer agent changed.  By this morning transfer completed.

THIS IS CRUCIAL because you don't want to transfer, say 2,000/month then all of a sudden try to transfer 10,000 at once withBanco Decover in the middle, or you will be in for a world of pain, a 7-page thick Portuguese legalize that I had to have an attorney let me know how to fil out, and it never happened after a week, the transfer I canceled./

@rsrenfrew

I have no experience with Remessa, perhaps they don't use a transfer agent.  I just noticed you were asking about remessa not Remitly.

That said, NuBank has an agreement I believe to default all their transactions to wise.  "Wise Platform Teams Up with Nubank to Power International Payments"

   
That said, NuBank has an agreement I believe to default all their transactions to wise.  "Wise Platform Teams Up with Nubank to Power International Payments"
   

    -@rsrenfrew

I don't think the Wise agreement applies to all of Nubank's international operations. They seem to still have a partnership with Remessa (which I will never use again) for one-time transfers. In any event, it is easy to use Wise with Nubank via Pix for one-time transfers. Here is the full description of the April agreement between Wise and Nubank, which seems to refer only to the Nubank international debit card and the new global account.

"Today, Wise Platform, Wise's infrastructure offering for banks, financial institutions, and enterprises around the world, announced its partnership with Nubank, one of Brazil's largest financial institutions, to power their global account and international debit card.

The partnership marks yet another major step for Wise Platform as it continues to attract major global banks and businesses as partners – the likes of Bank Mandiri, Shinhan Bank, IndusInd, BPCE, Monzo and Google Pay are also signed up, with Wise Platform now counting more than 85 partners worldwide.

Nubank has more than 90mn customers across South America, with more than 85mn in Brazil. Nubank is Brazil's largest digital bank and its second largest overall.

At launch, this partnership will power:

Nubanks's new global account and international debit cards for Nubank's ‘Ultravioleta' (premium tier) customers

Customers' ability to hold USD & EUR, and spend with local currencies in 200 countries and territories around the world with the card"