Tech roundup: Brazil turns to international accounts to send money abroad

Photo: Heena Rajput / Shutterstock

Welcome to our Tech Roundup, where we bring you the biggest stories in technology and innovation in Brazil and Latin America. This week: The fintech revolution is making it easier for Brazilians to send and receive money abroad.

International accounts Brazil’s favored way to send money abroad

A growing number of fintechs and banks are offering Brazilians international digital accounts – U.S. dollar or euro-denominated accounts opened from Brazil that allow individuals and companies to send money abroad more conveniently and cheaply than through traditional bank transfers.

State of play. Remittances and spending by Brazilians abroad are growing above pre-pandemic levels.

In 2022, individuals sent USD 4.7 billion abroad, according to the Central Bank — 22 percent and 63 percent above 2021 and 2019 levels, respectively. And the trend continues, with USD 1 billion sent in the first quarter — the most recent data available — almost the same as last year.
In addition, Brazilians spent USD 5.95 billion on credit cards in the first half of this year, up 35.2 percent from 2022, according to data from Abecs, the association representing the electronic means of payment industry in Brazil.

Why it matters. If international...

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation, and cities in Brazil. The latter recently took her back to the classroom and made her a Master in Urban Management from PUCPR. At TBR, she keeps an eye on economic policy, game-changing businesses, and people driving innovation in Latin America.