C6 Bank clients who have a global account with a US dollar or Euro balance are now able to withdraw cash from Chase ATMs free of charge beginning on February 24, 2022. The ATM network is available in the US and has over 16,000 units throughout the country.
As noted in an update from C6 Bank, this is one of the first benefits announced to C6 Bank customers after the “formalization” of the partnership with JPMorgan Chase, which acquired a 40% stake in the Brazilian banking platform. JP operates in the American retail segment “under the Chase brand, whose digital platform for banking products serves more than 55 million customers.”
Chase ATMs are reportedly part of the Cirrus network of self-service terminals, with over 2 million units across the globe. C6 Bank Global Account clients may use any ATM in the Cirrus network, “with a limit of four daily withdrawals for a maximum amount of USD 500 or €500 at a time, at a cost of USD 5 per withdrawal plus the fee charged by the local ATM.”
At Chase ATMs, these charges “no longer exist, saving you $8.50 per withdrawal.” And for the first few months, while the service is being implemented, the C6 Bank fee “will be debited from the customer’s account with each withdrawal and refunded the next day.”
In order to have a Dollar or Euro Global Account, you must be “an individual C6 Bank account holder and request the opening of the international account in the bank’s application.” Afterwards, the customer simply “transfers reals from his current account to his Global Account, where the amount is automatically converted.”
As explained in the update, the transfer takes place immediately and “can be carried out 24 hours a day.”
In order to convert the Brazilian currency to foreign versions, the reference used by the bank is the commercial currency, whose quotation “is lower than the paper sold for tourism.”
Transactions are “based on the IOF (Tax on Financial Operations) of 1.1% and a spread of 2%,” the announcement noted.
In order to get an idea of the advantage, in a purchase with a credit card abroad, the IOF transaction “is levied at 6.38% and an exchange spread of 4%.”
At the beginning of the year, the C6 Bank Global Account also “started to offer the transfer feature to other countries, allowing the account holder, in a few steps, to send and receive dollars from any bank account abroad.”