Digital nomad banking is an essential topic for digital nomads and frequent travelers. Unfortunately, traditional banking could be a nightmare for us because of the high banking fees.
I had the pain of managing finances in the last months. As I have online businesses, my income comes from several territories, so I have to deal with several currencies.
Therefore, I realized that traditional banking isn’t a solution for me. Traditional Banks charge me a lot of money when I withdraw money in a different country and currency.
So for me, the solution is online banking. However, I know that a lot of digital nomads and frequent travelers are in the same situation. Digital nomad banking is a hard topic. So, in this blog post, I’d like to help you to choose the best one for you.
What is the benefit of using an online bank account?
Traditional bank accounts are created for those who spend most of their time in one country and rarely use their card abroad. The problem is that banks often blocked these cards when you’re using it abroad. Therefore, a lot of stress and costs are caused.
However, with an online bank account, you can manage your finances online. As a result, it’s easier to use. And what’s the most important, you’re able to send and receive money in more currencies with one single card and account. The fees are very cheap compared to a traditional bank account. So, today digital nomad banking is an option, and we should live with it.
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The best digital nomad banking options
As I said, my income comes from several territories and several currencies. So for me, Transferwise is the best solution for digital nomad banking.
I get paid with zero fees. I can get UK, Eurozone, Australian and US bank details for free in minutes and no need for a local address. You can also use them to invoices clients or withdraw money from platforms like UpWork and Freelancer.com.
It’s also good for spending anywhere with no hidden fees. What’s more, if you don’t have the currency in your account, they’ll automatically convert the amount for you.
I also have to mention that their customer service is fantastic. No matter when I wrote to them, they always reply to me in an hour or two even on the weekends. What’s more, they knew that I’m Hungarian and I got a Hungarian people of the support team. So, the support is fantastic.
I also use Payoneer. It’s useful for business owners, professionals or freelancers. You can get paid online by your international clients and global marketplaces. It’s quick, secure and has a low cost. It’s perfect for e-commerce, online advertising, freelancing and vacation rentals. For instance, I get paid by Audible. Once you received online payments to your Payoneer account, you can withdraw funds to your local bank or at ATMs worldwide.
Revolut let you spend abroad in over 150 currencies with the interbank exchange rate, with a small 0.5% fee for anything above €6,000 in every month.
I also like that they give you €200 a month in international ATM withdrawals for free. If you exceed €200, there is a small 2% fee.
What’s more, you may get insurance as well from as little as £1.00 per day.
You are free to transfer money abroad in 24 currencies with interbank exchange rate and a small 0.5% fee for anything above €6,000 in every month.
This is a perfect nomad friendly bank in Europe. You can open an account from anywhere in about 5 minutes. The only requirement is to have a delivery address in Europe (in Germany, Austria, Spain, Italy, Ireland, Slovakia, Greece, France, Belgium, Estonia, Finland, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovenia, Norway, Sweden, Denmark or Poland). However, you can ask a friend to use their address for delivery. After that change the address.
You get a Mastercard, and can withdraw euros for free at any ATM.
In addition, It’s easy to manage everything in the app – set payment limits, lock your card, and send money.
There are no charge fees on the foreign transaction; you don’t need to tell that you’re leaving the country and you can make international transfers from your phone in 19 currencies using TransferWise.
They offer both free and paid accounts. However, the free one could be enough for most people.
With the free account, there are no costs for creating or maintaining an account, no foreign transaction fees, no exchange markups, and no ATM fees worldwide for up to five withdrawals per month.
If you choose the paid one, you have a monthly fee of either EUR 9.90 or EUR 16.90. With this kind of account, you can access features like unlimited no-fee ATM withdrawals, an Allianz insurance package, dedicated customer support, and exclusive partner offer.
Charles Schwab Bank
Charles Schwab Bank is a bank for digital nomads in the U.S.
There are no foreign transfer fees, no monthly fees, and free checks. They also have fully refundable fees on all foreign ATM withdrawals.
Charles Schwab Bank is an investment bank, so they have excellent interest rates.
They also offer a full guarantee of the security of your account, and it’s perfect for digital nomads as they’re living and working abroad.
They have a highly-rated, 24/7 online customer support chat.
The only requirement to get this account is to have U.S. residence.
HSBC is another perfect solution for digital nomad banking.
There’s a wide array of ATMs located all over the world, and it’s super because you can usually avoid foreign ATM fees. But don’t worry, if you can’t find an HSBC ATM, many HSBC accounts allow for foreign bank transfers and free foreign ATM withdrawals.
It’s also free to transfer money between any HSBC bank in the world.
In conclusion, there are a lot of digital nomad banking opportunities. So go and find the best bank for you to avoid losing your hard-earned money.