Ecommerce companies and other exporters have been struggling with doing business in Brazil due to the complexities of Brazilian capital controls. B2B Pay has now developed a unique product to help foreign companies to solve this problem using virtual banking technology.
Brazil is one of the fastest-growing ecommerce markets in the world, making it an attractive global player. However, doing business within Brazil requires intimate knowledge of the country’s bureaucracy, which is among the most complex in the world. Foreign businesses wanting to open a local bank account are required to not only open a local legal entity, but also register it at the relevant public authorities which can make the process difficult and time consuming.
Aside from the maze of administrative burdens required for registering a business in order to open a local bank account, sending money outside of Brazil is extremely difficult and expensive due to capital controls in place. All corporate transactions are heavily taxed by the government which quickly eats into any profit. Currently there are a few options for sending money to/from Brazil on a private basis, such as Transferwise, but this is not an option for businesses.
So for those who currently have customers within Brazil or are looking to start doing business in Brazil, easy and/or cheap options until now have been pretty much non-existent. B2B Pay is revolutionizing and democratizing the financial market for foreign business’ operating or wishing to operate within Brazil, by providing a segregated local bank account that can be accessed via API. The account can be used to receive and transfer payments via bank transfer in the local currency (BRL). Currency can also be converted from BRL to either EUR or USD and then sent to any account in the world at the mid-market exchange rate.
Key features of B2B Pay’s virtual banking solution in Brazil
- Dedicated bank account in Brazil to receive payments from customers
- Convert and send funds outside of Brazil in Euro, USD, BTC or USDT
- Instant Settlement with major banks in Brazil
- Acces to B2B Pay’s virtual banking API
Background Info: B2B Pay is a global banking and payments provider founded in 2016. The fintech startup successfully took part in the Barclays Techstars and Nordea Banking Accelerator to develop its product. Aside of receiving several other startup awards, B2B Pay was also the proud winner of our EU Startups Pitch Competition 2017 in Berlin.
For more information about B2B Pay’s virtual banking solution in Brazil you can directly contact [email protected]