Scholarship funds from prepaid cards can be transferred to local bank accounts, helping students manage their living expenses
Miami, 20 April 2015 – Banco do Brasil Americas today announces the launch of its international transfer service from multi-currency prepaid cards for students. This solution, enabled by Earthport’s cross-border payments service, is a multi-currency scholarship disbursement card, which accelerates availability of funds for cardholders and simplifies the process of sending and receiving scholarship disbursements globally.
Students can use the card to safely and conveniently take scholarship funds abroad. The prepaid card is a safe and convenient solution for both the sponsors supplying the funds, and the student who can transfer their scholarship funds from the prepaid card into a local bank account.
The secure, fast, and efficient card-to-bank international transfer service is enabled through a connection into the network of Earthport, the largest open network for global bank payments.
Banco do Brasil Americas’ CEO Antonio Cassio Segura, said: “We always aim to develop and adapt our multi-currency product portfolio to deliver products and services that meet the needs of our customers. By working with Earthport we’ve been able to launch this convenient mechanism for money management for students in a very short space of time. We believe it is going to be of great benefit to prepaid card customers as well as our scholarship sponsors.”
Banco do Brasil Americas has been built on Earthport’s multi-currency payments network, ensuring that fees and rates are known up-front and the receipt of funds are predictable. Using the prepaid card to transfer funds students will incur lower fees than they would by transferring money internationally using other methods.
Hank Uberoi, CEO at Earthport said: “We are delighted to see the work of this exciting partnership come to fruition. The Banco do Brasil Americas prepaid card is a great example of how a bank can leverage the Earthport service to develop innovative products for customers and create a truly value added service. With this card, students can move their precious scholarship funds internationally safely, cost-effectively and predictably.”
Luis Bittnecourt, student prepaid card holder, added: “The advantage of the service is being able to transfer money directly from Banco do Brasil Americas’ prepaid card to an international bank account. The system works without any problems, improving scholars’ access to their scholarship funds as the card allows access to payments without conducting several withdrawals.”
The service is available immediately to students in Portugal, Spain, France, Germany, Greece, Ireland, Italy, the Netherlands and the UK.
About Banco do Brasil Americas
For over 200 years, Banco do Brasil SA has offered high standard products and services to customers in Latin America and in over 24 countries worldwide. In 2012, the bank expanded its model of quality and service to the US market. Banco do Brasil Americas was opened to deliver innovative solutions with personalized service in English, Portuguese and Spanish. The financial services we offer include personal and business checking, savings, and money market accounts; CDs; debit, prepaid, and credit cards; and domestic and international funds transfers. We also offer a full line of residential and commercial loans for all of our clients’ banking needs.
In addition to providing the high-quality products and services that have made Banco do Brasil SA a trusted name throughout the world, Banco do Brasil Americas continues the proud tradition of its parent company through supporting local education, culture, and sports through community outreach, financial support, and volunteer work. Visitwww.bbamericas.com for more information.
Earthport plc powers cross-border payments for financial institutions, digital commerce, money transfer companies, payment gateways and public sector entities. One connection to Earthport brings clients access to the largest open network for global bank payments, with integrated sophisticated validation and compliance services. Our in-country experts across the globe deliver solutions to our customers, who are among the most admired and innovative brands in the world and rely on Earthport to support their global trade, digital commerce and remittance operations.