Passfolio launches IOF-free debit card for Brazilians to shop in the US

The American fintech Passfolio, which sells US shares and cryptocurrencies per application, is going to launch a debit card in dollars for Brazilians, according to Valor. Its advantage is to provide debt linked to a US bank account, which avoids the high value of the Tax on Financial Transactions (IOF). It is currently charged 6,06% of any international purchase.

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The news comes after the news that travel restrictions for foreigners will be reduced as of November. The company, which has been operating in Brazil since 2019, hopes to expand its business with the Brazilian public.

The card will be available in physical and digital versions, will have a MasterCard brand and have rates of 0,% for deposits in reais to the account and 1,38% exchange rate. Passfolio customers residing in Brazil will be able to request the new card from November 1st.

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Passfolio app for stock purchase (Image: Reproduction/Passfolio)

In addition to targeting the return of Brazilian tourists to the United States , Passfolio sees in the e-commerce of foreign products an opportunity to leverage the card. According to the Borderless Commerce Report 2021 by PayPal, 45% of Brazilian e-commerce consumers made at least one purchase abroad in the last year.

“US bank account and debit card provide freedom financial support to Brazilians, giving them the opportunity to send and receive dollars, buy abroad and online at their favorite stores in a quick and practical way”, said David Gobaud, founder of Passfolio, to Valor.

Source: Investe Value

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