As the world is more connected than ever, freelancers and long-term travelers need a fast and secure way to handle their money. The right bank can mean a lot, and it can provide you with advantages as no foreign transaction fees, access to the ATM around the globe, and powerful online banking tools. In this blog, I will share with you the details of the best banks for digital nomads and full-time travelers, so you will know which bank to choose.
Some of the factors that should be considered when selecting a bank include the following.
When you are roaming around the world, you can easily spend a lot of money on foreign transaction fees, which will cut your travel expenses. Selecting a bank with little or no foreign transaction fees is equally important. These fees are usually levied where you use your card to buy goods and services in a foreign currency or where you withdraw cash from an ATM in a foreign country.
It is important to be able to withdraw local currency at an ATM without being charged through the roof for the privilege of doing so and this means having a network of ATMs around the world. Institution with large ATM networks in the global market guarantee that you can always get your money irrespective of your location.
Another necessity is a stable and safe system of banking services that can be provided online. Some of these are a mobile application that is easy to use, transfer of money online, payment of bills, and account management online.
It is also important to note that good currency conversion rates can help you cut down the costs of exchanging money. Different banks have different rates and it is important for those who travel frequently to know which bank gives the best rates.
When it comes to financial matters, especially when they are being conducted in a foreign country, customer support should be available round the clock. Another benefit of multilingual support can also be the ability to solve the issues swiftly.
Measures against fraud and unauthorized transactions are well developed and provide high level of protection. Select banks with enhanced security measures including two-factor identification, fraud notifications, and account surveillance.
No foreign transaction fees.
No foreign ATM fees anywhere in the world.
Secure online banking and round the clock customer service.
The Charles Schwab Bank is one of the best options for a digital nomad because of no foreign transaction fees and unlimited ATM fee rebates. This implies that one can be able to withdraw his or her money without having to incur additional expenses, which is very important in cases where one is always on the move. Also, their round the clock customer support means that you can get help at any time you want irrespective of the time.
International coverage and the large number of ATMs.
Multi-currency accounts.
Advanced online banking features.
HSBC is suitable for the travelers who require an international bank with the extensive coverage of the ATMs and multi-currency accounts. Due to its operations in many countries, HSBC helps to organize the financial operations in different countries. Their online banking services are very developed and enable you to manage your transactions and accounts in a very convenient manner.
Designed for international travelers.
Foreign transaction fees are not charged to the premium accounts.
Good mobile banking app with real time alerts.
N26 is a perfect fit for the digital nomads as it does not charge foreign transaction fees for some of its accounts and has a very intuitive mobile application. This means that the app will send transaction alerts to the user as they happen, thus enabling them to monitor their spending patterns and financial status in real-time. N26 is a mobile bank and it is easy for a tech-savvy traveler to open an account with it.
Good for the exchange of money at a reasonable rate.
Foreign transaction fees on spending are not charged.
Comprehensive travel insurance options.
It is also popular for its currency exchange service and travel features such as no foreign transaction fee and travel insurance. The fact that Revolut allows to store and transfer several types of currencies at relatively low fees is useful when travelling through different countries. Also, as for insurance, their travel insurance options give nomads an extra layer of protection when they are on the go.
Global ATM network.
Flexible and multiple account types for the travelers.
Strong online banking services.
Citibank offers full-time travelers a strong ATM presence and solid online banking to help them manage their money around the world. They offer various types of accounts that suit the various needs of their customers and due to the enhanced online banking, customers can access their accounts from anywhere in the world.
Popular among digital nomads.
Fee-free spending abroad.
Savings and budgeting features of the application.
It is popular among digital nomads due to the lack of fees for spending in other currencies and useful budgeting tools. This app is perfect for tracking your expenses, setting up budgets, and saving money without even thinking about it. This makes the management of your finances easy and you are able to track your spending while at the same time having fun exploring new places.
It is possible to reduce risk through diversification, which is achieved by opening different bank accounts. If one account is problematic, you have options to get the money.
Tip: It is recommended to open accounts with at least two different banks in order to avoid problems and have more options.
It is important to keep money set aside for emergencies easily accessible. This can be in the form of a saving account, an emergency credit card or even cash reserve.
Tip: Make sure you have your emergency funds in a place where they can be easily withdrawn and are not locked up in some investment or account.
This way, you are always in touch with your accounts and can easily notice any fraudulent activity.
Tip: Get notifications for the transactions and low balance so that you are aware of the changes.
It is crucial to remain compliant with the local banking laws. The laws of various countries concerning foreign accounts and taxation are quite dissimilar.
Tip: It is important to study the banking laws in the countries of operation so as to avoid any legal issues.
Selecting the right bank is a very important decision for any digital nomad or full-time traveler. The best bank should have no or low fees on foreign transactions, many partner ATMs around the world, good online banking tools, reasonable exchange rates, good customer service, and good security.
Consider your criteria for selecting the banks based on your requirements and preferences. The independence and the ability to work from anywhere that comes with the digital nomad lifestyle can be boosted even further if you have the right financial partner that will allow you to work without worrying about the money aspect.
With the help of the options and tips provided in this blog, you will be ready to handle your money wisely and safely, whether you are traveling or not.
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