Nomad’s “1%” is the ceiling, not the floor
Nomad advertises rates “from 1%”, but that is the rate of the top tier of Nomad Pass. The program has five tiers, and the 1% one (Tier 5) only unlocks once you accumulate more than 20,000 points, and every US$1 or €1 earns 1 point. New users pay 2%. And every tier still carries 3.5% IOF when you fund the account (1.1% only if the money goes to Nomad Invest). The full Nomad vs Ruvo comparison lays the numbers out side by side.
What each tier really costs
A conversion on Nomad costs the tier rate (the spread) plus IOF (3.5% when you fund the account). Ruvo has no tiers: you convert reais to digital dollars for 0.5%, with no IOF, from your very first transfer. Here is the math per tier:
Real cost per Nomad Pass tier vs Ruvo
| Nomad Pass tier | Ruvo | Nomad (spread + IOF) |
|---|---|---|
| Tier 1 — up to 1,000 pts | 0.5% · 0% IOF | 2% + 3.5% = 5.5% |
| Tier 2 — 1,000 to 3,000 | 0.5% · 0% IOF | 1.9% + 3.5% = 5.4% |
| Tier 3 — 3,000 to 10,000 | 0.5% · 0% IOF | 1.7% + 3.5% = 5.2% |
| Tier 4 — 10,000 to 20,000 | 0.5% · 0% IOF | 1.4% + 3.5% = 4.9% |
| Tier 5 — 20,000+ pts | 0.5% · 0% IOF | 1% + 3.5% = 4.5% |
| IOF | 0% always | 3.5% when you fund the account |
| Requirement for the best rate | None — from your 1st transfer | 20,000+ points (US$1 or €1 = 1 point) |
Even at the best tier, Ruvo wins
Look at the Tier 5 row, the hardest one to reach: Nomad still costs 4.5% per conversion (1% spread + 3.5% IOF). Ruvo charges 0.5%, with no IOF — a fraction of the cost, with no points to earn and no balance to keep. And at the entry tier, where most people start, the gap is even bigger: 5.5% vs 0.5%.
What it actually costs you
And there is the prerequisite: to reach the cheaper tiers you have to move serious volume with Nomad — Tier 5 needs more than 20,000 points (about US$20k) — paying these fees the whole way. Here is what a R$10,000 conversion costs at each tier, compared with Ruvo (which is R$50 in every scenario):
What you pay on a R$10,000 conversion
| Nomad Pass tier (what it takes) | Ruvo | Nomad |
|---|---|---|
| Tier 1 — up to 1,000 pts | R$50 (0.5%) | R$550 |
| Tier 2 — 1,000–3,000 pts | R$50 | R$540 |
| Tier 3 — 3,000–10,000 pts | R$50 | R$520 |
| Tier 4 — 10,000–20,000 pts | R$50 | R$490 |
| Tier 5 — 20,000+ pts (US$1 or €1 = 1 pt) | R$50 | R$450 |
When Nomad Pass makes sense
To be fair: Nomad Pass is not only an FX rate. The higher tiers unlock airport lounges, data on the travel chip and travel perks, and Nomad has investment products. If you already invest heavily with them and value those perks, the Pass has its place. But if what you want is the lowest cost to receive, convert and spend in dollars, Ruvo wins at every tier — without locking up US$20k to get there. Travel a lot? See also Ruvo vs Nomad for travel.
Sources
Published on June 30, 2026 · Updated on October 7, 2026
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