By The Rio Times | Created at 2025-03-26 19:05:26 | Updated at 2025-04-05 02:01:13
1 week ago
Itaú Unibanco, Brazil’s banking powerhouse, partners with Wise Platform to launch instant foreign currency payments via its app, announced on March 26, 2025.
This move targets the frustrations of slow, costly international transfers. Customers now send euros and pounds instantly, bypassing old limits tied to banking hours.
This step builds on Itaú’s push to modernize. The bank already offers in-app currency booking and 24-hour ATM withdrawals for travelers. Now, it plans to add 12 currencies, including U.S. dollars and yen, by late 2025, serving its 60 million clients.
Brazil’s economy, with $339 billion in exports last year, demands efficient cross-border payments. Traditional transfers take days and charge steep fees, often 5-10%. Wise’s tech cuts costs and delivers funds in seconds, a game-changer for businesses and the 4 million Brazilians abroad.
Brazil’s Banking Giant Itaú Unveils Instant Global Payments. (Photo Internet reproduction)Itaú’s Global Payment Move Redefines Brazil’s Financial Pace
The Central Bank’s Pix system already handles three billion monthly domestic transactions. Itaú’s new service extends that speed globally, filling a gap Pix can’t yet bridge. Meanwhile, Wise reports 60% of its transfers settle instantly, setting a high bar.
Gabriel Rombenso, Itaú’s corporate products chief, drives this shift to meet rising demand. Steve Naudé of Wise praises the collaboration, highlighting shared goals of fast, clear, cheap transfers. Together, they challenge a sluggish status quo.
For Brazil, this means smoother trade and remittances. Small firms and freelancers gain from lower costs, while families abroad benefit from quick support. Yet, the rollout starts small, limited to same-account transfers, with bigger plans ahead.
Competition looms as Nubank and others eye similar moves. Brazil’s regulators may also push for broader global links, like the BIS’s Nexus project. Itaú’s scale—over R$300 billion in market value—gives it an edge to lead.
This isn’t a full upheaval but a sharp turn forward. Instant payments could save millions in fees and boost Brazil’s global reach. Itaú sets a new pace, and rivals must keep up or lose ground.
