Nubank, a prominent neobank globally, is poised to venture into the worldwide account industry subsequent to its collaboration with UK fintech Wise.

In order to expand its worldwide account market, the Brazilian neobank has teamed up with Wise. Its initial target market will be ultraviolet customer bases, or high-income clients.

This is a component of Nubank's larger plan to increase the number of high-income societal sectors that make up its client base.

It also comes after an initiative to expand WhatsApp's capacity for money transfers between the US and Mexico in collaboration with Felix Pago.

Nubank: Increasing offerings through Wise

Nubank's first foray into the worldwide account market was announced on April 8, 2024, and it started with a pre-registration for UV sector consumers. The service is scheduled to launch in the upcoming weeks.

Nubank's worldwide account market offering will initially be accessible for booking trips or transferring funds in either US dollars or euros at the time of debut.

Nubank has not yet disclosed its intentions to make more foreign investments in the worldwide account sector.

"The travel segment is a priority for the high income public and we enter it with the ultraviolet differences that customers already know," stated Livia Chanes, CEO of Nubank in Brazil, as reported by Bloomberg.

Free internet when traveling abroad is one of the extra things Nubank plans to provide as it grows into international accounts. This includes a virtual SIM chip (eSIM) that can be activated once a year, along with 10GB of internet that can be used for 30 days in over 40 countries.

Additionally, Nubank is hoping to attract more clients by providing some of the lowest conversion costs available, with rates starting as low as 0.9% and going up to 2%.

Nubank's worldwide banking accounts will have connected debit cards that are usable in more than 200 countries and territories, extending its reach through the Wise Platform.

When Nubank launches its worldwide accounts, its high-end clients won't be charged a card issue fee, indicating that this service may eventually be extended to a larger member base.

Nubank: Deepening its Presence in the Banking Sector

Nubank is getting closer to providing the same range of services as a well-established, incumbent financial institution with its drive to provide worldwide accounts, which further solidifies its foothold in providing extended services.

In fact, FinTech Magazine recently asked what neobanks needed to do to maintain innovating in their effort to take increasing percentages of the banking sector, and highlighted how the battle lines between legacy and neobanks will be set in 2024.

It appears like Nubank is now responding to the inquiry by broadening its range of products even further in order to more effectively rival more seasoned competitors.