Nomad is a financial technology platform designed to provide Brazilian residents with easy access to the United States financial system. It offers a US-based bank account, a global debit card, and an investment platform, allowing users to save, spend, and invest in US Dollars (USD).
The platform addresses the “currency devaluation” risk faced by Brazilians holding assets exclusively in Reais (BRL). By moving funds into a USD-denominated account, users can hedge against local inflation and reduce the costs of international travel and digital purchases.
What Nomad is structurally
Nomad is a fintech company, not a bank. Structurally, it acts as a digital interface that connects Brazilian users to US-regulated banking and investment services.
The banking services are provided by Evolve Bank & Trust, a member of the Federal Deposit Insurance Corporation (FDIC). This means that while the user interacts with the Nomad app, the actual funds are held in a US bank account where they are insured up to $250,000 per capita. The investment services are managed through Nomad Securities and its partner broker-dealers in the US.
How it works in practice
The user begins by opening an account within the Nomad mobile app using their Brazilian tax ID (CPF) and a valid passport or RG.
Funding the Account (BRL to USD)
To add funds, users make a domestic transfer in Reais from their Brazilian bank account to Nomad’s local partner in Brazil. By 2026, the platform fully integrated Pix, allowing for instant BRL-to-USD funding triggers. Nomad then handles the foreign exchange (FX) conversion into USD and deposits the amount into the user’s US bank account. This process typically takes one to two business days for the final settlement in the US ledger.
Spending and Withdrawing
Users receive a virtual Visa debit card (with the option for a physical card) that can be used globally. When spending in USD, there are no foreign transaction fees. If used in other countries (including Brazil), the card settles the transaction in the local currency using the Visa exchange rate.
Investing in the US Market
The integrated investment platform allows users to buy fractional shares of US-listed stocks and exchange-traded funds (ETFs). This bypasses the need for a separate international brokerage account and provides a more convenient way for Brazilians to build a diversified global portfolio.
Fees and pricing mechanics
Nomad’s pricing model is built into the exchange rate and specific service fees.
- Exchange Markup (Spread): Nomad charges a markup on the interbank exchange rate when converting Reais to Dollars. As part of the Nomad Pass loyalty program launched in 2025, this markup typically ranges between 1% and 2%, with higher tiers (Level 5) achieving the lowest rates based on cumulative conversion volume.
- IOF (Tax): Since the transaction involves an international transfer of funds out of Brazil, the Brazilian government applies the IOF (Imposto sobre Operações Financeiras) tax. For transfers to one’s own account (savings), the tax is currently 1.1%, whereas for investment accounts, it is lower (0.38%).
- Physical Card Fee: While the virtual card is free, there may be a shipping fee for the physical card unless the user meets a minimum deposit threshold.
- ATM Withdrawal Fees: Nomad offers some free withdrawals at specific network ATMs (like Allpoint), but third-party ATM operators may charge their own fees.
Limits, eligibility, and availability
Nomad is exclusively available to residents of Brazil who are at least 18 years old. It requires a Brazilian document for registration.
Transfer limits are determined by the user’s financial profile and the documentation provided during onboarding. Nomad follows strict compliance rules from both the Central Bank of Brazil (BCB) and US regulators (FinCEN). Spending limits on the card are generally competitive with standard US retail bank accounts.
Tradeoffs, risks, or limitations
The primary tradeoff of using Nomad is the “lock-in” within the US system. While funds are safe and insured, moving them back into Reais to spend in Brazil involves another round of exchange fees and taxes, which can erode the value of the savings if done frequently.
Other considerations include:
- Tax Reporting Responsibility: Users are responsible for declaring their foreign assets and any capital gains from investments to the Brazilian tax authority (Receita Federal). While Nomad provides reports to help with this, the administrative burden remains with the user.
- Dependency on US Banking Partners: Because Nomad is the digital layer, any issues or changes at Evolve Bank & Trust can affect account availability.
- Limited Cash Deposits: Unlike a traditional bank, there is no way to deposit physical cash into a Nomad account. All funding must be digital.
