Chances are you have likely heard of Nubank, one of the leading digital banks in the world, on a mission to provide a seamless and modern banking experience.
Founded in 2013 in São Paulo, Brazil, Nubank has since experienced significant growth, currently boasting over 100 million users across South America and supported by a team of over 6,000 employees.
Nubank’s standout feature is its no-fee credit card, which has become immensely popular due to its simplicity and ease of use. Additionally, Nubank offers personal loans with competitive rates and an innovative rewards program, Nubank Rewards, that allows users to earn points for every purchase and redeem them for a variety of benefits, including travel and entertainment.
In this review, we will dive deeper into the key features and benefits of Nubank. The platform is particularly popular for its user-friendly interface, instant spending insights, and comprehensive money management tools, making it a favorite among tech-savvy users and those looking for a hassle-free banking experience.
Overview
One of the unique aspects of Nubank is its focus on customer service. The company prides itself on providing exceptional support, with highly responsive and friendly customer service available through its app. This dedication to user satisfaction is reflected in Nubank’s high customer ratings and strong word-of-mouth growth.
Moreover, Nubank’s mobile app is designed with simplicity and efficiency in mind. It offers features like real-time spending notifications, easy bill payment options, and advanced security measures, such as facial recognition and two-factor authentication, ensuring users can manage their finances securely and conveniently.
Despite its many strengths, Nubank does face some challenges. Its services are currently limited to certain Latin American countries, and it does not yet offer traditional banking features like joint accounts or extensive investment options. However, Nubank is continually expanding its offerings and geographic reach to address these limitations.
Pros and Cons
Pros
- No monthly fees
- Free TED and Pix
- Direct debit and payment of invoices
- Intuitive, easy-to-use app
- Excelent customer service
- Robust in-app security measures
Cons
- Each withdrawal costs R$ 6.50
- Charges a 4% tax on the dollar on purchases and withdrawals abroad
- No overdraft or joint accounts available
- Not possible to have an account in other currencies
Account Types
With Nubank, you have only one options for current accounts:
- Nubank account – free of charge
This account is correlated to a debit card, but you can also request a credit card (that you need to be eligible for).
The Nubank account comes with:
- No maintenance fees or costs
- Free and unlimited transfer to any bank
- Debit card to make purchases and withdrawals
- Credit card option available
- R$6,50 for which ATM withdrawal made
- 4% spread in international transfers
- Up to 20 virtual cards at the same time
- 1% cashback for purchases with credit card
- Much more features
How to open an account
In order to use Nubank, you will need to download the application and credit your account to start using the platform.
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
- Are able to verify yourself in one of our supported languages
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
As there is no credit analysis, even those with a negative name can open a digital account and receive a Nubank debit card. On the other hand, the credit is subject to approval!
The Nubank Card
Your Nubank card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Another strong point of Nubank is the ease of making payments with a physical or virtual card. In addition to being able to add in Apple Pay and Google Pay, you can also make payments through WhatsApp and split accounts between friends with the Split Value function within the app.
Furthermore to the debit function, Nubank also offers a MasterCard-branded credit card. With no annual fee or membership fee, it is an attractive alternative to traditional bank cards. But you need to pay attention to the interest!
Fees
Interest paid with Nubank credit card
As already said, the credit card comes with an interest, for the following:
- Revolving credit interest: 2.75% – 14% per month
- Invoice installment interest: 0.99% – 13.75%
- In case of delay: interest + late payment of 1% per month
- Late Fee: 2%
- Interest on credit card withdrawals: 9.75% per month
The tip is to avoid making withdrawals in the credit function and always pay the invoice on time. In the case of delays, the interest and penalties will certainly weigh on your pocket.
Cash Withdrawal Fees
For cash withdrawals, Nubank account holders will pay a fee of R$ 6.50 for each withdrawal with the debit card (there are no fee-free ATM withdrawals).
Safety Measures
Although it is not exactly a bank, Nubank is a reliable financial institution with a solid reputation, being duly authorized and supervised by the Central Bank of Brazil (Bacen).
Moreover, it is worth noting that customers’ money is completely separated from Nubank’s assets – either in a specific account at the Central Bank or invested in federal government securities.
In fact, Nubank policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.
In order to ensure your card’s security, Nubank offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Nubank is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Nubank primarily offers its financial services to customers in Brazil, Mexico, and Colombia, making it one of the most prominent digital banks in Latin America.
This regional focus allows residents of these countries to easily open an account and access Nubank’s wide array of financial services.
Costumer Service
Nubank’s call center is open 24 hours a day, including weekends and holidays. In order to talk to an attendant and ask questions, you can use the chat in-app or the phone line available.
Bottom line
In conclusion, Nubank has established itself as a leading neobank in Latin America, reshaping the digital banking landscape with its seamless and user-friendly mobile banking experience.
Originating in São Paulo, Brazil, Nubank excels in providing straightforward and efficient financial solutions, prominently featuring its no-fee credit and debit cards. These cards are renowned for their simplicity and transparency, offering features such as real-time transaction notifications and spending control tools directly through its intuitive mobile application. The Nubank credit card, in particular, is widely appreciated for its lack of annual fees and customer-centric approach.
Despite these strengths, Nubank does have a few limitations. Services are currently limited to Brazil, Mexico, and Colombia, and traditional banking features like joint accounts are not available. Additionally, cash deposits can only be made through specific third-party locations.
However, Nubank remains committed to simplicity, transparency, and continuous innovation, ensuring it remains a strong competitor in the neobank sector. Its dedication to enhancing user experience through ongoing enhancements and expansions makes it a dependable choice for everyday banking needs and more sophisticated financial management.
In summary, whether you seek a fee-free credit card, a versatile debit card, or a secure and intuitive mobile banking experience, Nubank offers a dependable and adaptable financial solution tailored to the needs of modern consumers in Latin America.
