Banco XP, in a strategic collaboration with Wise and Visa, has launched its new multi-currency Global Account for the Brazilian market. This initiative aims to enhance its international offerings for an investor-focused clientele, capitalizing on the rise in overseas travel and spending. The new account, supporting dollars, euros, and pounds, is a significant upgrade from the previous dollar-only version.
A Strategic Partnership for Global Finance
The partnership leverages the unique strengths of each company to deliver a comprehensive financial solution for international use. Wise Platform provides the core infrastructure for fast and transparent global payments, while Visa ensures worldwide acceptance and security for the new Global XP Card. This synergy is central to XP's strategy of building a complete financial ecosystem for its clients.
For Banco XP, this launch represents a key step in solidifying its position as a global financial platform for investors. Ciro Moreira, Head of Cards at Banco XP, emphasized that the new account reflects a commitment to providing a truly functional and high-quality experience. The fully integrated solution allows clients to seamlessly manage their international finances directly within the main XP application.
Enhanced Features and Client Benefits
The revamped Global Account allows users to hold and transact in US dollars, euros, and British pounds, a major enhancement from its predecessor. The accompanying Global XP Card will support modern payment methods, including digital wallets like Apple Pay and Google Pay. The service is being rolled out first to existing users, with a gradual expansion planned for XP's entire client base.
To encourage early adoption, Banco XP is offering special introductory benefits for a limited period. These incentives include a waiver of the card issuance fee and a reduced foreign exchange spread, making international transactions more cost-effective. This promotional strategy is designed to attract clients and quickly build momentum for the new, more robust international offering.
Responding to a Competitive and Growing Market
This launch occurs amid fierce competition in Brazil's financial sector, as institutions like Itaú, Inter, and Bradesco also expand their international services. XP's strategic move is a direct response to the increasing demand from Brazilians for sophisticated global banking solutions. The trend is largely fueled by a significant rise in international travel and cross-border spending in the post-pandemic era.
Recent statistics underscore the market opportunity XP is targeting, with Brazilians' overseas card spending reaching US$4.8 billion in the third quarter alone. This figure represents a 16.5% year-over-year increase, alongside a notable rise in international trips. XP aims to capture a significant share of this expanding market with its enhanced global account and integrated user experience.
The launch of the new Global Account marks a pivotal moment for Banco XP, significantly strengthening its value proposition for Brazilian investors. By partnering with industry leaders Wise and Visa, XP is well-positioned to meet the evolving demands of a dynamic global market. The company plans to introduce further enhancements, including international transfers, in the first half of 2026, signaling its long-term commitment.