Introduction

Brazil stands at the forefront of a digital payment revolution, transforming how businesses and individuals access financial services. Virtual accounts are emerging as a powerful tool for financial inclusion, especially when it comes to paying international suppliers. 

In today’s global economy, the ability to transact across borders is not just a competitive advantage, it’s a necessity. For businesses in Brazil, especially small and medium-sized enterprises (SMEs), the international payments landscape has long been complex, expensive, and inaccessible. But that’s changing thanks to access to virtual accounts 

What Are Virtual Accounts?

Virtual accounts are digital banking solutions that allow users to receive, hold, and send money in multiple currencies without the need for a traditional bank branch. These accounts, often provided by fintechs or specialized payment platforms, offer features like instant transfers, transparent fees, and seamless currency conversion, making them ideal for international transactions

Virtual accounts are emerging as a revolutionary tool, unlocking financial inclusion and enabling even the smallest Brazilian businesses to pay international suppliers with greater ease, transparency, and speed.

Here’s how they work:

1. A business in Brazil can open a virtual account in a foreign currency (like USD, EUR, or GBP).
2. They can use this virtual account to receive or send payments in that currency.
3. The virtual account doesn’t need a physical bank presence abroad, but still enables international payments like a local bank account would.

This innovation is bridging the gap between Brazil’s evolving digital economy and the global financial system.

The Financial Inclusion Boom in Brazil

Brazil has seen a dramatic increase in financial inclusion over the past decade. The rise of fintechs and Central Bank-led initiatives has brought millions of previously unbanked Brazilians into the financial system. In fact, since the start of the COVID-19 pandemic, around 16 million people have been enfranchised, and now 85% of the population has access to financial services.

A key part of this progress has been the adoption of digital payment solutions, such as Pix, which allows instant, 24/7 transfers between accounts at no cost to consumers. This infrastructure has made it easier for individuals and small businesses to participate in the digital economy, pay suppliers, and receive payments from abroad.

From the success of PIX to the national Open Finance initiative, the country is leading financial transformation in Latin America. These regulatory frameworks support greater transparency, interoperability, and competition, setting the stage for solutions like virtual accounts to thrive where Fintechs operating in Brazil are now able to partner with banks or operate under e-money licenses, enabling them to offer secure, compliant virtual account services that integrate seamlessly with the broader financial ecosystem.

Why Virtual Accounts Matter for Financial Inclusion

Financial inclusion isn’t just about giving individuals access to bank accounts. For businesses, it’s about having the tools to compete on a global scale.

Brazil has a vibrant SME ecosystem that contributes over 27% of the country’s GDP. Yet many of these enterprises are locked out of international markets due to the complexity of global payments. 

Virtual accounts democratize access to international finance empowering businesses regardless of their size, location, or balance sheet.

This means:

• A craft exporter in Minas Gerais can receive payments from a boutique in Paris.
• An Amazon seller in São Paulo can pay a supplier in Shenzhen.
• A startup in Recife can subscribe to global SaaS services in USD without a foreign card. The possibilities are endless and inclusive.

The Traditional Challenges in Paying International Suppliers from Brazil

Despite Brazil’s strong position as one of Latin America’s economic powerhouses, paying international suppliers remains a serious pain point, especially for small and medium-sized businesses. These challenges are deeply rooted in both Brazil’s domestic financial regulations and the complexity of global banking systems. Let’s break down the most pressing obstacles:

1. Stringent Currency Controls and Bureaucracy

Brazil has historically maintained tight controls over foreign exchange operations, regulated by the Banco Central do Brasil (BCB). While reforms have been underway, businesses still face considerable red tape when making international payments.

• Documentation requirements: To make a simple international transfer, businesses often need to submit invoices, contracts, tax ID numbers, and detailed justifications for the transaction.
• Delays in approval: Banks may hold up payments for verification or request additional compliance checks, delaying the process by days or even weeks.
• Restrictions on remittances: Certain types of payments, such as royalties, dividends, or service fees, can be subject to limitations or require prior authorization.

These constraints can make regular supplier payments unnecessarily complex, unpredictable, and resource-intensive.

2. High FX Conversion Fees and Poor Transparency

Foreign exchange transactions are one of the biggest hidden costs in international trade. Brazilian businesses using traditional banks often encounter:

• Unfavorable exchange rates: Banks commonly apply a markup (called the spread) on the base exchange rate, often without disclosing it clearly.
• Layered fees: In addition to the spread, businesses might pay intermediary fees, wire transfer charges, SWIFT fees, and more, each adding up to a significant percentage of the transaction.
• Lack of predictability: Without upfront visibility into final amounts, businesses can’t reliably estimate how much their suppliers will receive or how much they’ll end up paying.

For smaller companies operating on tight margins, these opaque costs can erode profits and disrupt supplier relationships.

3. Slow Settlement Times

Time is money, especially in international trade. Yet traditional cross-border payment methods can be painfully slow:

• SWIFT-based wire transfers can take 3–5 business days, especially when routed through intermediary banks.
• Manual processes: Paper-based documentation, manual bank reviews, and multi-step approval chains can introduce delays.
• Untraceable delays: If a payment is held up by an intermediary bank or compliance check, it’s often difficult to trace the problem or estimate when it will be resolved.

These lags can damage trust with international suppliers, many of whom require timely payments to release goods, schedule shipping, or maintain production cycles.

4. Limited Access to Foreign Bank Accounts

To minimize FX risks or simplify reconciliation, many international suppliers prefer to be paid in their local currency. However, Brazilian businesses face significant hurdles in opening and managing foreign currency accounts:

• Banking limitations: Most Brazilian banks don’t offer true multi-currency accounts for SMEs.
• Geographic restrictions: Opening an account abroad often requires a legal entity, physical address, or presence in that country.
• Compliance challenges: Managing international banking relationships means navigating different regulatory environments, which most small businesses aren’t equipped to handle.

This leads to overreliance on domestic banks to convert and transmit funds, usually at poor exchange rates and higher fees.

5. Lack of Financial Infrastructure for SMEs

Large corporations often have access to treasury departments, global banks, and legal teams to manage international payments.

In contrast, SMEs are:

• Underserved by major banks
• Priced out of advanced financial tools
• Lacking access to tailored cross-border payment solutions

As a result, many are forced to rely on inefficient, outdated, or overly expensive systems that limit their ability to scale and compete globally.

Why Virtual Accounts Are a Game Changer for Paying International Suppliers

Virtual accounts are not just a workaround for Brazil’s traditional banking limitations; they are a full-scale transformation of how businesses manage, move, and access money globally. By digitizing banking infrastructure and eliminating layers of intermediaries, virtual accounts create a direct, frictionless path for Brazilian businesses to pay international suppliers.

Here’s how they are solving the very problems that have historically held businesses back:

1. Seamless Access to Global Banking Without Borders

Traditionally, only large enterprises could afford to open and maintain foreign bank accounts. With virtual accounts, Brazilian businesses, regardless of size, can open local currency accounts in major financial hubs like the U.S., Europe, or Asia without establishing a physical presence there.

This access allows:

• Direct payments to international suppliers in their local currencies (USD, EUR, GBP, etc.)
• Reduced need for currency conversions and their associated costs
• Instant access to funds without the waiting periods tied to international wire transfers

It effectively gives Brazilian businesses a global financial footprint without the paperwork, travel, or legal costs.

• Stat: According to a 2024 World Bank report, over 72% of Brazilian SMEs cite access to foreign banking infrastructure as a barrier to international trade.

• Use Case :  ClaraModa, a fashion export startup in São Paulo, needed to pay a fabric supplier in Italy. Traditionally, they had to go through a local bank with high wire transfer fees and long processing times. With a virtual EUR account, ClaraModa now pays its supplier directly in euros within 24 hours—no need for international SWIFT transfers or local bank intermediaries.

2. Real-Time Currency Conversion and Holding Multiple Currencies

One of the biggest advantages of virtual accounts is the ability to hold multiple currencies in a single interface. This flexibility is crucial for managing payments to suppliers across different countries and time zones.

With multi-currency virtual accounts, businesses can:

• Convert BRL into USD, EUR, or GBP when rates are most favorable
• Avoid real-time conversion every time they make a payment
• Pay suppliers without worrying about daily FX fluctuations
• Settle invoices immediately without waiting for conversion approvals

This level of currency control was once only available to multinational corporations, but now, it’s accessible to startups and SMEs as well.

3. Faster Cross-Border Transactions

Virtual accounts are built on modern payment infrastructure, not the slow, outdated SWIFT network. Many providers leverage local payment rails and real-time settlement systems to process transactions quickly and securely.

This results in:

• Faster settlements (often same-day or next-day)
• Fewer intermediaries, which means fewer delays and fewer points of failure
• Improved cash flow, as businesses no longer need to wait days for funds to clear

The speed of settlement strengthens supplier relationships and can even unlock early payment discounts.

• Stat: Traditional SWIFT wire transfers can take 3–5 business days, while fintech-powered cross-border platforms now offer same-day settlements in over 60% of global corridors (McKinsey Payments Report, 2023).

• Use Case: TechLink Solutions, a Brazilian SaaS company, regularly pays freelance developers in Ukraine and India. Previously, payments were delayed and difficult to trace. With a Yogupay USD virtual account, they now send payments that arrive within 1 business day, dramatically improving freelancer retention and trust.

4. Streamlined Financial Operations

Virtual accounts simplify financial workflows by consolidating all payment activity into a single, easy-to-manage platform. This eliminates the need to juggle multiple banking interfaces, third-party FX brokers, or compliance tools.

Most virtual account platforms offer:

• Automated reconciliation: Match payments with invoices instantly
• Smart transaction tagging for reporting and audit purposes
• Real-time notifications so you know when a supplier has been paid
• APIs for integrating with accounting, ERP, or e-commerce platforms

This kind of efficiency is a game-changer for finance teams, reducing manual work and the risk of errors.

• Stat: 68% of SMEs say reconciling international payments with invoices is a major time drain (World Trade Organization, 2023).

• Use Case: BelezaViva Cosmetics was manually matching bank transactions to invoices across spreadsheets. After switching to Yogupay, they now receive automated reconciliation reports and real-time payment alerts. This cut their finance team’s workload by 40%, freeing up time for strategic planning.

5. Lower Costs Across the Board

Compared to traditional banking, virtual accounts offer a dramatically lower-cost structure. This includes:

• Reduced FX spreads
• Minimal to no wire fees
• Fewer intermediary charges
• No maintenance fees or minimum balances for most SMEs

For businesses that transact frequently across borders, the savings can be substantial, freeing up working capital for reinvestment and growth.

• Stat: Virtual accounts reduce cross-border payment costs by up to 70%, especially for businesses sending frequent low-to-mid-value payments (Capgemini World Payments Report, 2024).

• Use Case: Zebra Parts Auto Supplies in Curitiba used to pay ~$40 USD in fees for every international supplier payment. By using Yogupay’s virtual accounts, they now pay less than $10 per transaction, with transparent FX rates and no monthly maintenance fees. In just six months, they’ve saved over R$20,000.

6. Financial Transparency and Control

Transparency is crucial when managing cross-border transactions. Virtual accounts give businesses real-time visibility over their funds, including:

• Up-to-date balances in multiple currencies
• Transparent breakdowns of fees and FX rates
• Historical transaction records and downloadable statements
• Tools to monitor payment performance and supplier behaviors

This visibility not only enhances financial decision-making but also supports better compliance and audit readiness.

• Stat: 59% of businesses using traditional banks say they lack real-time visibility into international payments (EY Fintech Survey, 2023).

• Use Case: Green Tropics Exporters was often in the dark about when clients in the U.S. received payments or which intermediary banks were holding funds. Now, with Yogupay’s virtual accounts, they get instant notifications, access to transaction status tracking, and downloadable compliance-ready reports, ensuring no money goes unaccounted for.

7. Scalable Solutions for Growing Businesses

As Brazilian businesses grow, their financial needs evolve. Virtual accounts are inherently scalable; they can support growing transaction volumes, expand into more currencies, and integrate with new business systems. Whether you’re a local importer scaling up, a digital-first brand expanding into new markets, or a logistics firm working with global partners, virtual accounts grow with you.

• Stat: 87% of fintech-adopting businesses say virtual account platforms have helped them scale into new markets faster (KPMG Pulse of Fintech, 2024).

• Use Case: Smart Pet Products, a pet accessories e-commerce brand, expanded into Argentina, Chile, and the U.S. With Yogupay, they were able to set up virtual accounts in local currencies, handle supplier payments, and receive customer payments without opening foreign entities, cutting their market entry time by 60%.

How Yogupay Can Help Brazilian Businesses Pay International Suppliers

While the concept of virtual accounts is powerful, the provider you choose can make all the difference. Yogupay is at the forefront of cross-border payment innovation, helping Brazilian businesses unlock the full potential of virtual accounts with a user-first, transparent, and secure platform.

Here’s how Yogupay supports businesses in Brazil and beyond:

1. Multi-Currency Virtual Accounts

Yogupay allows users to open virtual accounts in key currencies like USD, EUR, GBP, and CNY, enabling Brazilian importers to pay international suppliers directly in their preferred currency without the hassle of opening overseas bank accounts.

2.  Real-Time FX at Competitive Rates

With Yogupay, users get access to competitive and transparent exchange rates. Unlike traditional banks that often bury fees within poor FX spreads, Yogupay provides clear pricing so businesses can better manage costs and reduce payment friction.

3. Faster, More Reliable Payments

International wire transfers can take days. Yogupay shortens the payment cycle significantly by leveraging global payment rails and local partnerships, so your suppliers get paid faster, and your business keeps moving.

4. Automated Reconciliation and Smart Reporting

Every transaction on Yogupay comes with built-in tracking and reconciliation tools, making it easy for businesses to manage their accounts, streamline bookkeeping, and stay audit-ready.

5. Compliance Without the Complexity

Yogupay handles the heavy lifting when it comes to regulatory compliance. From KYC to AML, the platform ensures that all payments are secure and fully compliant with both Brazilian and international financial regulations.

6. Tailored for SMEs and Growing Enterprises

Unlike traditional financial institutions that often prioritize large corporations, Yogupay is designed with the needs of SMEs and growing digital-first businesses in mind, offering simple onboarding, responsive customer support, and scalable services.

Yogupay is more than a payment solution, it’s your partner in global growth. By combining the flexibility of virtual accounts with a seamless, all-in-one platform, Yogupay empowers Brazilian businesses to pay international suppliers with confidence, clarity, and control.  Explore our solutions and see how we’re helping businesses in Latin America simplify cross-border payments, reduce costs, and build stronger supplier relationships.

The Future of Financial Inclusion in Brazil

Virtual accounts are not just a trend, they’re a fundamental shift in how Brazilian businesses interact with the global economy. By removing traditional barriers, reducing costs, and offering instant, transparent payments, virtual accounts are empowering a new generation of entrepreneurs and businesses to thrive on the world stage. And as Brazil continues to innovate and expand access to digital financial services, virtual accounts will play a pivotal role in driving financial inclusion and making international trade more accessible than ever before.

Virtual accounts are more than just a workaround, they’re a symbol of how digital innovation can open doors for economic participation, especially in emerging markets like Brazil. As global trade becomes increasingly digital, the ability to send and receive payments across borders without friction will define business success. For Brazilian importers and exporters, embracing virtual accounts isn’t just smart, it’s transformative.

Conclusion

The rise of virtual accounts marks a turning point in Brazil’s journey toward true financial inclusion in global commerce. For far too long, small and medium-sized businesses in Brazil have been sidelined by outdated systems, hidden fees, and regulatory roadblocks that made cross-border payments slow, costly, and difficult to manage. But that’s rapidly changing.

Virtual accounts are leveling the playing field. They allow businesses in Brazil to act like global players, sending and receiving payments in foreign currencies, managing cash flow with precision, and building stronger supplier relationships without jumping through bureaucratic hoops or relying on traditional banks that weren’t built for international agility.

But tools alone don’t drive transformation; the right partner does. That’s where Yogupay steps in.

With a modern platform built specifically for emerging market businesses, Yogupay delivers more than just virtual accounts. Whether you’re importing electronics, paying overseas freelancers, or scaling your e-commerce brand into new regions, Yogupay equips you with the global tools to do business without borders.