What Is Nomad Bank®?
Nomad Bank is a Brazilian fintech offering U.S.-dollar international checking accounts for Brazilian residents, in partnership with an FDIC member bank.
Key features:
- Multi-functional digital banking: Offers currency exchange, U.S. investments, and incoming international transfers via app.
- Global spending capability: Use a physical or virtual card in 180+ countries; ATM withdrawals available.
- Fee structure: Approximately 2% exchange markup, 1.1% IOF tax, and a USD to BRL outbound fee of about $10.
- Account eligibility: Available to Brazilian citizens aged 18+, requiring CPF, address, and selfie-based ID verification.
- Security coverage: U.S. deposits insured by FDIC up to $250,000; investments handled by trusted brokerages protected under SIPC.
DogPay: A More Flexible Global Payment Platform
For users needing seamless international payments and multi-currency management, DogPay offers a compelling, modern alternative:
- Open to users worldwide, regardless of residency or nationality
- Manages both fiat and crypto currencies in one platform
- Supports virtual cards with Apple Pay/Google Pay, for global usage
- Accessible in 180+ countries without needing a bank account
- Low, transparent fees with near mid-market exchange rates and intuitive digital interface
Feature Comparison Table
| Feature / Function | Nomad Bank® | DogPay (Modern Alternative) |
|---|---|---|
| Who Can Open It | Brazilian citizens only | Anyone, globally accessible |
| Currency Access | USD and BRL | Multiple fiat + crypto currencies |
| Fees | ~2% markup, IOF 1.1%, $10 fee to BRL | Near mid-market rates, minimal/transparent |
| Access Method | App-based, with document requirements | Fully online, no document hassle |
| Global Spending | Available in 180+ countries | Supported via virtual cards and wallets |
| Financial Protection | FDIC (deposits), SIPC (investments) | Depends on issuer, typically secure |
