The 15 Best Banks For Digital Nomads 2023 [Complete Guide]
In a world where remote work and traveling have become increasingly popular, finding a reliable and user friendly bank has become an essential factor for maintaining your financial freedom.
As the search for adaptability, accessibility, and cost efficiency continues, here is a comprehensive list of the 15 best banks for digital nomads that are sure to ease your global escapades.
The 15 best banks for digital nomads are tailored to meet the needs of those constantly on the move by offering features such as low or no fees on international transactions, seamless mobile app experiences, and multi currency accounts.
So whether you're embarking on a new adventure or simply considering the digital nomad lifestyle, these banks will help you stay focused on exploring the world while keeping your finances in check.
Understanding Banking for Digital Nomads
For digital nomads, traditional banking methods often fall short of accommodating their unique needs while working and traveling abroad.
Understanding Banking for Digital Nomads starts with a shift towards digital friendly banks that focus on providing seamless financial services designed specifically for a transient lifestyle.
Key factors to consider include:
- Online banking and mobile apps: Access funds, transfer money, pay bills, and manage accounts from anywhere with an internet connection.
- Multi-currency accounts and currency conversion: Benefit from competitive exchange rates when dealing with multiple currencies during international travels.
- Global ATM access and low or no international fees: Withdraw cash without incurring excessive fees when abroad.
- Swift account opening process: Easily open an account online within minutes without cumbersome paperwork or procedures.
- Robust security measures: Protection against fraud, identity theft, and unauthorized transactions.
By opting for banking solutions tailored to address these key factors, digital nomads can confidently concentrate on their work and travels while enjoying financial freedom.
It is crucial to research and select a bank like these top banks for digital nomads that will provide the ideal combination of features to meet individual needs.
What Makes A Bank Best For Digital Nomads?
When seeking a bank suitable for digital nomads, there are several factors to consider. Flexibility, low fees, and a user-friendly interface all play a crucial role in selecting the best financial institution to support a location independent lifestyle.
- Global Access: The ability to access an account from anywhere in the world and manage finances remotely is essential. Look for banks with online banking capabilities and robust mobile apps that provide 24/7 accessibility.
- Multi-Currency Accounts: Digital nomads often work and travel across multiple countries, making it convenient to have a bank account that effortlessly handles multiple currencies without hefty conversion fees.
- Competitive Exchange Rates: Nomads need banks that offer competitive exchange rates, ensuring they save money on currency conversions while optimizing their finances when working or traveling globally.
- Low or No Fees: Many traditional banks impose significant fees on international transactions and ATM withdrawals. Ideal banks for digital nomads minimize or waive fees related to global financial operations.
- Excellent Customer Support: As digital nomads move across different time zones, having access to prompt and helpful customer support services is invaluable. Look for banks with reliable live chat or email support, ensuring assistance when needed.
Top 15 Best Banks For Digital Nomads
The modern day digital nomad needs a bank that can keep up with his lifestyle. The best banks for digital nomads offer convenience, accessibility, and security for those who want to combine work and travel.
Here are 15 of the best banks specifically tailored to the needs of digital nomads:
1. Revolut: A Revolutionary Bank for Globetrotters
Revolut is a game changer for digital nomads, offering an array of services and features tailored specifically for those who travel the world while working remotely.
Sign-up process and account types
- Setting up a Revolut account is easy; simply download the app and follow the user friendly step-by-step process.
- Several membership plans are available, including Standard (free), Premium, and Metal, each with varying benefits to suit your needs.
- Visit Revolut's official website to make an informed decision on which account type is right for you.
International transfers and currency conversion
- Send, receive, or spend in over 150 currencies with fee free international money transfers.
- Benefit from real time exchange rates to save money on currency conversions.
- With Revolut's auto exchange feature, set your desired exchange rate so you can benefit from optimal conversion rates without monitoring them constantly.
Built-in budgeting tools
- Monitor your spending with their in app 'Analytics' tool that breaks down expenses into categories.
- Set monthly spending limits to control expenses and create custom budget alerts to notify you when the limit reaches close.
Partnered services for travelers
- Enhance your globetrotting adventures with partnered services like travel insurance through providers like IMG.
- Subscribe to Premium or Metal plans to access airport lounge access via LoungeKey™ perfect for travelers who value comfort during layovers.
With its exceptional range of financial solutions combined with traveler centric perks, Revolut is an attractive option for digital nomads seeking a banking partner that understands their unique needs.
2. N26: A Global Mobile Bank with Comprehensive Features
N26 is an online bank that offers a robust set of banking features tailored for digital nomads on the move and those embracing the mobile lifestyle.
Seamless account setup and mobile app experience
- Signing up for an N26 account can be accomplished easily within minutes via their website or mobile app.
- The N26 app interface is clean, user friendly, and accessible from any device, making navigation a breeze.
International money transfers with no hidden fees
- Take advantage of transparent pricing when sending money abroad in different currencies with Wise (formerly TransferWise), integrated within the N26 app.
- Save on hidden fees while enjoying the convenience of international transfers from your N26 account.
Saving & spending analysis within the app
- Easily track expenses and gain insights into spending habits thanks to N26's Statistics feature.
- Importantly, this helps you budget more effectively while staying informed of where your money goes each month.
Premium plans for added benefits
- Choose an upgraded plan like N26 You or N26 Metal for additional perks such as free ATM withdrawals worldwide, travel insurance, and lounge access through LoungeKey™.
- To discover which plan is best suited to your needs, visit N26's official website.
N26 provides a comprehensive mobile banking solution for digital nomads without compromising on quality or user experience.
With its array of features designed specifically for travelers and remote workers, it's no wonder they have become a top choice in digital banking.
3. Wise: Affordable Transfers for Nomads on the Move
Wise is a financial services provider whose mission is to make global transactions more affordable and transparent, making it an ideal choice for digital nomads who frequently send money internationally.
Transparent pricing with real exchange rates
- Wise uses the real, mid market exchange rate without any markup to ensure transparency in pricing.
- They charge a minimal fee for their services, which is clearly displayed upfront in the transaction cost.
- Compare fees on Wise's website before sending money and rest assured you're getting a fair deal.
Borderless accounts that hold multiple currencies
- Create a borderless account to hold and manage over 50 currencies in your account at once.
- Save on converting multiple currencies when holding funds from multiple sources or paying contractors in their local currency.
Fast money transfers to over 70 countries
- Enjoy speedy transfers of funds to more than 70 countries worldwide.
- Most transactions are completed within 24 hours, though some smaller currency routes might take longer.
Wise debit card spend in local currency
- Access the Wise Debit Card which allows you to spend directly in a local currency while traveling.
- Automatically converts the amount from your account balance with the lowest possible fees, saving on exchange rate charges.
Farewell to hidden charges and outrageous conversion costs Wise offers digital nomads an affordable and efficient means of navigating through different currencies while globetrotting.
4. Monzo: A Smart UK-based Bank with a Global Reach
Monzo is an innovative, UK-based bank that provides digital nomads with a range of financial services designed for seamless global experiences.
Easy account opening online or through the app
- Opening a Monzo account is simple and straightforward, whether you use their website or download the app.
- Complete the sign up process by providing your personal information and completing identity verification steps.
Fee-free spending abroad & international ATM withdrawals
- Enjoy fee free spending in any currency on your Monzo card while traveling abroad.
- Withdraw money from international ATMs without additional charges (subject to certain limits depending on your account type).
In-app budgeting tools to manage expenses
- Track and analyze your spending habits with Monzo's built in budgeting tools.
- Categorize transactions, set spending limits, and receive notifications to stay informed about your finances.
Compatibility with Apple Pay, Google Pay, and Samsung Pay
- Add your Monzo card to Apple Pay, Google Pay, or Samsung Pay for contactless payments using your smartphone or smartwatch.
- This compatibility provides digital nomads enhanced security as well as efficient payment alternatives during their international adventures.
Monzo's global focus banking solutions combined with top notch budgeting tools make it an attractive choice for digital nomads seeking a reliable financial companion while exploring the world.
5. Chime: An Online Bank Built to Simplify Your Finances
Chime is an innovative online bank that caterers to digital nomads looking for a hassle free banking experience without the extra fees.
No monthly maintenance or overdraft fees
- Enjoy zero maintenance or overdraft fees, allowing you to save money and focus on your nomadic adventures.
- Rainy day feels lighter with Chime's SpotMe feature; qualified members can access fee free overdraft protection, stress free.
Instant transaction notifications from the mobile app
- Keep track of your finances with instant notifications via the Chime mobile app so you never miss a beat.
- Access detailed account information, such as transaction history and account balance, at your fingertips.
Automatic round-up savings feature
- Accumulate savings effortlessly! Activate the Round Up feature, and Chime will automatically round up transactions to the nearest dollar and transfer the difference to your Savings Account.
- Enable Save When I Get Paid to automatically transfer a percentage of your paycheck into savings as soon as it arrives.
Fee-free ATMs across America
- Avoid ATM withdrawal fees with access to over 38,000 fee free MoneyPass and Visa Plus Alliance ATMs across America.
- Use Chime's ATM finder for hassle free location search.
With its user friendly interface, transparent practices, and a host of helpful features designed to simplify financial management, Chime is an excellent option for digital nomads – especially those with a strong connection to the US.
6. Ally Bank: A Convenient and Fee-Free Online Banking Option
Ally Bank is a customer centric online bank offering an array of services designed to make banking simple, seamless, and cost effective.
No Monthly Maintenance Fees
- Ally Bank stands out with its fee free approach. There are no monthly maintenance fees, allowing customers to maximize their savings.
- Visit Ally's official website to learn more about its fee structure and account options.
Accessibility and User-Friendly Interface
- Manage your finances effortlessly with Ally's intuitive mobile app and web interface.
- Access your account 24/7, deposit checks via mobile, transfer funds, pay bills, or find one of the 43,000+ Allpoint ATMs for free cash withdrawals.
ATM Network and Reimbursement
- As an online only bank, Ally doesn't have physical branches where you can do banking operations. Instead, it operates through a large network of Allpoint ATMs across the US.
- Save more on ATM fees – Ally reimburses up to $10 per statement cycle for fees incurred using an out of network ATM.
High-Yield Savings Account
- Grow your savings faster with Ally's high yield savings accounts that deliver competitive interest rates compared to traditional banks.
- Set up sub savings accounts (called buckets) to organize and allocate funds for specific goals like travel or emergency funds.
While not specifically targeting digital nomads as some other banks in this list(do), Ally Bank offers an attractive set of features that cater well to customers who value a transparent fee structure, easy access to their money on the go, and flexibility in managing their finances without any hassle.
7. Varo Bank: A Modern Bank for Today's Digital Nomads
Varo Bank is a fully digital, mobile only bank that targets modern consumers looking for seamless financial services on the go. With no physical branches, Varo offers a range of banking solutions designed for digital nomads and remote workers.
- Enjoy zero minimum balance requirements and no monthly maintenance fees, making it ideal for those who want a cost efficient solution.
- Benefit from fee free ATM access at over 55,000 locations using the AllPoint network, perfect for withdrawing cash during your travels.
Save on international transactions
- Say goodbye to foreign transaction fees when using your Varo Visa Debit Card, making it an attractive choice for digital nomads spending in different currencies.
- Utilize Varo to Varo, their instant fund transfer feature, allowing you to send money without any additional fees.
The Varo Savings Account
- Boost savings with the highly competitive APY (Annual Percentage Yield) offered by their High Yield Savings Account.
- Employ their financial tools such as Save Your Pay and Saving Circles to automate savings effortlessly.
Secure app experience
- Protect your finances with advanced security measures such as the Touch ID fingerprint lock and real time fraud alerts.
- Quickly block or unblock cards within the app if lost or misplaced during travels.
To learn more about Varo Bank's services or sign up, visit their official website.
Embrace location independent lifestyles with ease, as Varo Bank provides digital nomads with an intuitive banking experience designed for modern living.
8. SoFi Money: Streamlined Banking for Digital Nomads
SoFi Money has designed its banking services to reflect the modern needs of digital nomads. With an all in one cash management account, SoFi offers a seamless banking experience, allowing users to spend, save, and earn all in one place.
No account fees and interest earnings
- Enjoy a fee-free banking experience with no monthly maintenance fees, overdraft charges, or minimum balance requirements.
- Receive interest on your account balance with competitive APY rates.
ATM reimbursements and International usage
- Access over 55,000 fee-free ATMs in their network either in the U.S. or around the globe.
- Benefit from unlimited ATM reimbursements when using an out of network ATM.
- Use SoFi Money's debit card internationally with no foreign transaction fees to simplify overseas transactions.
Convenient mobile app and bill pay
- Stay on top of your finances with targeted budgeting tools available through the SoFi Money mobile app.
- Pay bills seamlessly by setting up recurring or one time payments directly from your account.
- As a SoFi member, reap additional benefits like exclusive discounts on loans and other financial services.
- Get access to SoFi's financial planning resources with their certified advisors providing advice tailored to your goals.
By offering personalized customer support, robust financial tools, and competitive rates on savings, SoFi Money empowers digital nomads with a reliable partner for international banking experiences. To learn more about this versatile cash management solution for digital nomads, visit SoFi's Money website.
9. Aspiration: A Sustainable and Socially Responsible Banking Option
Aspiration is a progressive, online only financial institution providing banking services that focus on sustainability and social responsibility. Designed for individuals who value ethical banking, it offers various features suitable for digital nomads.
- Aspiration goes the extra mile by committing to carbon-neutral debit card transactions, offsetting any carbon emissions by investing in reforestation projects.
- The bank also ensures that your deposits will not fund fossil fuel exploration or production, reflecting its commitment to the environment.
Access and Features
- Open an account quickly and easily through the Aspiration website or mobile app.
- Benefit from fee-free access to over 55,000 Allpoint ATMs worldwide.
- Use the Aspiration Spend & Save account for features like cashback on purchases, high yield savings opportunities, and zero monthly fees.
- Aspiration's Charity Benefits allow customers to donate to various environmental and social causes directly from their accounts.
- They also offer AIM - Aspiration Impact Measurement: a unique feature revealing the social impact of your purchasing choices based on environmental, social, and governance (ESG) performance scores.
By choosing Aspiration as your banking partner, digital nomads can make a meaningful impact while managing their finances from anywhere in the world. It is an excellent option for those seeking a trustworthy bank that aligns with their values without sacrificing functionality or convenience.
10. Robinhood Cash Management: Unleash the Potential of Your Uninvested Funds
Robinhood Cash Management is a financial tool offered to Robinhood brokerage account holders, aiming to help users make the most out of their uninvested funds. This feature allows you to optimize your spending, saving, and investing experience.
Seamless Integration with Your Robinhood Account
- Automatically links to your existing Robinhood account, so there's no need for a separate setup process.
- All your funds, investments, and cash are managed within one single app for convenience.
Earn Competitive Interest Rates
- Idle cash earns an interest rate on a daily basis, enabling users to gain returns on uninvested funds.
- Rates are subject to change and can be verified on the Robinhood website.
Accessible & Secure Spending
- Use Robinhood's debit card, which operates on the Mastercard Network, ensuring widespread acceptance worldwide.
- Withdraw cash from over 75,000 fee-free ATMs across the United States.
- Enjoy peace of mind with measures like real time transaction notifications, instant locking capabilities for lost or stolen cards, and FDIC insurance protection covering up to $250,000.
With Robinhood Cash Management in place, digital nomads can optimize the efficiency of their finances by earning interest on otherwise idle funds.
Furthermore, secure access to their money when traveling domestically makes this feature an attractive solution for those looking to maximize their earnings without compromising security and convenience.
11. Betterment Checking: Banking with a Purpose
Betterment Checking is a thoughtful banking solution for individuals valuing convenience and financial growth. It offers an innovative mobile first checking account designed to make your life easier while maximizing your personal finances.
- Open a Betterment Checking account with no monthly fees, overdraft charges, or minimum balance requirements.
- Unlike many conventional banks, Betterment reimburses all domestic and international ATM fees, providing you seamless cash withdrawals during your travels.
- Your funds are FDIC insured up to $250,000 through their partner banks.
Mobile Banking Experience
- Manage your account through the intuitive Betterment app with features like mobile check deposits, expense tracking, and bill payment options.
- Enable easy transactions using digital wallets (Apple Pay/Google Pay) and instant activation of your debit card within the app.
Integration with Investment Accounts
- Integrate Betterment Checking with their popular investment platform for easy fund transfers to taxable or retirement investment accounts (e.g., IRA or 401k).
- Benefit from personalized advice on saving, investing, and spending to improve your financial well being.
Card Design & Security
- The sleek and slim Betterment Visa Debit Card is available in three stylish colors: Blue Slate, Charcoal Black, or Harbor Green.
- Keep your account secure with card freeze/unfreeze options and notifications for transactions.
12. Current: A Modern Banking Solution for the Digital-Lifestyle Generation
Current is an innovative banking service designed to cater to the needs of today's mobile first generation, offering a seamless banking experience with user friendly features.
Innovative Debit Card Features
- Current's debit card offers instant transaction notifications and the ability to freeze your card if misplaced or stolen.
- Cashback rewards are available on select purchases made with your debit card, while Premium account holders enjoy even more opportunities to earn cashback.
Convenient Money Management Tools
- Access your account with a mobile app that provides real time balance information and spending insights.
- Use the app's budgeting tools to set aside funds for specific goals, making it easier than ever to save and manage your money.
- Easily transfer funds between linked accounts or send money instantaneously to other Current users - perfect for splitting bills!
Competitive Accounts & Overdraft Protection
- With three membership options Basic, Premium, and Teen Current offers suitable choices for various financial needs.
- They provide Overdrive™ protection (up to $200) for users without any additional fees helping you avoid overdraft charges and maintain financial stability.
To explore the benefits of banking with Current, check out their website here and decide if this modern banking solution fits your digital lifestyle.
With its adaptable features and emphasis on convenience wrapped in an intuitive platform, Current is sure to cater to tech savvy digital nomads who value ease of use in managing their finances.
13. Axos Bank: A Modern Banking Experience for the Digital Nomad
Axos Bank, formerly known as Bank of the Internet USA, is an online bank catering to those who prefer a fully digital banking experience. With cutting edge technology and user friendly features, it's the perfect choice for digital nomads looking to simplify their financial management.
Account options and features
- Choose from a variety of account types, including checking, savings, CDs, and money market accounts.
- Enjoy no monthly maintenance fees on their rewards checking account.
- To explore all your options and find one that suits your needs, visit Axos Bank's official website.
Mobile banking and accessibility
- Capitalize on the convenience of managing your finances through the Axos Bank mobile app.
- Deposit checks with Remote Deposit Anywhere feature a secure way to deposit checks by just snapping photos with your smartphone.
- Quickly transfer funds between accounts and pay bills without having to visit a physical bank branch.
Security and reliability
- Secure Socket Layer (SSL) technology encrypts all data transfers between your device and Axos Bank servers for maximum protection.
- Benefit from FDIC insurance (up to $250,000 per depositor) in case of bank failure providing peace of mind for your hard earned money.
- Enable Two factor (2FA) authentication for enhanced security measures against unauthorized access.
- Unlock unlimited ATM fee reimbursement in both the US and worldwide with their Rewards Checking account – an invaluable advantage for travelers.
- Apply for personal loans or mortgage solutions directly through the website or mobile app.
For digital nomads seeking an all digital banking option that offers convenience alongside competitive rates and benefits, Axos Bank delivers a comprehensive financial solution. Take control of your finances while traveling with confidence knowing Axos has got you covered.
14. Discover Bank: An Online Bank with Competitive Offerings
Discover Bank is a reputable online bank that offers a range of financial products and services tailored to meet customers' needs, which could be beneficial for digital nomads seeking an all in one banking solution.
High-Yield Savings Account
- Discover's high yield savings account boasts competitive interest rates and zero minimum balance requirements.
- Benefit from no monthly maintenance fees or hidden charges.
Cashback Checking Account
- Their cashback checking account offers 1% cashback on up to $3,000 in debit card purchases each month.
- No monthly fees or minimum balance requirements allow for hassle free account management.
Credit Cards and Loans
- Discover offers various credit cards catered to different customer needs, providing cashback and travel rewards.
- Get access to personal loans, student loans, and home equity loans based on your requirements.
Mobile and Online Banking Features
- Utilize their intuitive app or website to manage your accounts from anywhere in the world.
- Carry out convenient transactions such as bill payments, check deposits through mobile capture, and money transfers with ease.
As a branchless banking option, Discover Bank simplifies the process of managing finances while providing customers with competitive rates and offerings.
Despite the lack of international ATM partnerships or multi currency accounts that may deter some digital nomads, Discover remains a strong choice for those seeking straightforward online banking solutions.
15. M1 Finance: A Robust Investment Platform for Financial Growth
M1 Finance is an innovative investing platform designed to help users achieve their financial goals through a mix of automated and manual investments. Its unique features cater to those seeking digital banking solutions with a focus on building long term wealth.
Customizable Portfolio Management
- Create your own investment portfolio, known as Pies, by selecting from more than 6,000 stocks and exchange traded funds (ETFs).
- Benefit from the Expert Pies feature, which offers pre built portfolios based on specific investment strategies or themes.
- Use M1 Borrow to borrow against your portfolio at low interest rates, giving you additional financial flexibility.
Automated Investing and Rebalancing
- Utilize M1 Finance's auto invest feature that invests your cash balance into your chosen pie(s) when it exceeds a predetermined threshold.
- Enjoy automated portfolio rebalancing that maintains the target allocations of your chosen investments, ensuring you stay on track to meet your financial goals.
Integrated Spending Account and Perks
- Open a M1 Spend account, an integrated checking account offering cash back rewards on qualifying debit card purchases.
- Users can also opt for an M1 Spend Plus subscription for an annual fee that unlocks premium features such as higher cash back rates and lower interest rates on borrowed funds.
Check out the M1 Finance official website for more information on their platform, offerings, and comprehensive resources to help guide you in making sound financial decisions.
With its strong emphasis on personalized investing strategies and wealth building features, M1 Finance is perfect for individuals looking to actively manage their finances while enjoying the benefits of a modern digital banking platform.
FAQs Regarding Best Banks For Digital Nomads
What Is The Best Bank For Digital Nomads?
Revolut is one of the best banks for digital nomads. It offers multi-currency accounts, low fees and a great user experience.
What Is Nomad Banking?
Nomad banking is a digital banking service tailored for digital nomads and entrepreneurs, providing easy financial management while traveling. It offers features like global accounts, multi-currency support, low fees, international transfers, and investment options, making it ideal for a mobile lifestyle.
What Are The Advantages Of Using Digital Banks For Digital Nomads?
Digital banks offer convenience, accessibility, and flexibility for digital nomads. They provide 24/7 access to accounts, seamless international transactions, competitive exchange rates, budgeting tools, and user-friendly interfaces that simplify financial management while embracing a nomadic lifestyle.
How Do Digital Banks Work For Digital Nomads?
Digital banks provide online platforms and mobile apps that allow digital nomads to manage their finances remotely. They offer features like multi-currency accounts, low foreign exchange fees, real-time notifications, and convenient money transfer options, catering to the needs of nomads on the move.
When it comes to banking solutions for digital nomads, the 15 best banks for digital nomads Revolut, N26, Wise, Monzo, and Chime offer comprehensive features and services tailored to the unique needs of a digital lifestyle.
These banks provide multi-currency accounts, low fees for international transactions, real time spending notifications, and user friendly mobile apps, ensuring convenience, flexibility, and seamless financial management for digital nomads on the go.
While each bank has its own strengths and limitations, they all excel in empowering digital nomads with the tools they need to manage their finances effectively while embracing a location independent lifestyle.
Whether it's competitive exchange rates, fee free transactions, or efficient money transfer options, these top 15 banks have proven themselves as reliable and trusted partners for digital nomads worldwide, enabling them to focus on their adventures without worrying about their financial matters.