Bradesco will have a global account for withdrawals and purchases abroad – 06/15/2023 – Market
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Bradesco is getting ready to launch its global account in July, aimed at bank customers looking for more convenience when making purchases while traveling abroad.
Called “My Account”, the new service will feature a Visa Plus debit card that will be accepted in around 200 countries. With the card, the customer will be able to make withdrawals at ATMs in the currencies of the respective countries, and buy products and services in stores that accept the flag, says Roberto Medeiros, international and foreign exchange director at Bradesco.
According to Medeiros, there is still a large number of Brazilians who carry cash when they travel abroad, and the global account seeks to offer more convenience and security.
“The objective is to improve the customer’s experience and add value to a product that, in reality, he already has in another way and, at the same time, retain this customer, offering a product that already exists in the market”, says the executive.
Spending by Brazilians with cards abroad has increased rapidly in recent months, in the wake of the gradual resumption of travel after the most acute phase of the pandemic.
Data from Abecs, an association that represents companies in the electronic means of payment sector, show that spending by Brazilians with cards abroad reached US$ 2.72 billion (R$ 13.47 billion) in the first quarter, an increase of 53% compared to the same period last year.
To make purchases with cards in other countries, an alternative increasingly sought after by Brazilians are precisely the global digital accounts offered by banks and fintechs.
Medeiros says that the project has been managed by Bradesco for about five years, a period in which the offer of global accounts in the competition increased significantly. The executive says that the bank needed to carry out all the operations of the business in-house, without resorting to the partnership model usually adopted by the competition.
The contracting of the new global account can be done through the bank’s own application, with the possibility of transferring funds from the account in Brazil to the global account 24 hours a day, seven days a week. At first, the service will only be available to Bradesco customers, but there are plans to expand the offer in the future, says the executive.
Medeiros says that the most conservative estimates point to a base of 100,000 customers using the global account within a period of five years. The most optimistic projections indicate a contingent between two and three million.
It is common practice for global accounts to offer a reduced rate of 1.1% IOF (Tax on Financial Operations) on purchases made abroad, compared to a rate of 5.38% for international purchases with a credit card issued in Brazil. Brazil. The reduced rate occurs because the operation is configured as a remittance to an account of the same owner abroad.
“The global account is equivalent to buying in cash, because the customer is making a transfer to himself. It is a model that has proven to be more efficient”, says Medeiros.
On another front within the international area, the bank is also preparing a contribution of US$ 230 million for its unit in Florida, in the United States. In 2019, Bradesco bought BAC Florida for US$ 500 million, renamed last year to Bradesco Bank.
“This is a strategy to strengthen the wealth area [gestão de forturnas]”, says the bank’s executive. The offer of investments and consultancy for high-income clients, as well as residential and commercial real estate financing, are among the main fronts of the bank’s activities in the United States.
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