Bosfolio introduces IOF-free debit card for Brazilians to shop in the US

A Fintech USA Phospholio, Valor says, will issue a debit card in dollars to Brazilians who trade US stocks and cryptocurrencies for a single application. Its advantage is to provide credit linked to a US bank account, which avoids the high value of tax on financial transactions (IOF). Currently, 6.38% is charged for any international purchases.

The news comes after news that travel restrictions for foreigners will be eased in 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 be a brand MasterCard And the exchange rates are 0.38% and 1.45% for reais deposits in the account. Posfolio customers residing in Brazil can apply for the new card from November 1st.

Brazilian tourists are targeting a return to the United States and are looking for an opportunity to use the card in the e-commerce of foreign products Fosfolio. According to the report Boundary Business Report 2021 Do PayPal57% of Brazilian e-commerce consumers made at least one purchase overseas last year.

“The US bank account and debit card give Brazilians financial freedom, allowing them to send and receive dollars, shop abroad and shop quickly at their favorite stores online,” said David Cobat, founder of Posfolio.

Source: Value investment