This article gives a detailed review of the 7 Best Banks for Digital Nomads in 2024.
Since the world realized that work can be done from any place, as long as the internet allows us to remain connected, the lifestyle of digital nomads has been on the rise.
Digital nomads experience all the fun of travel and exploration while maintaining a good work-life balance that supports personal growth.
However, traveling the work while working may seem like a dream, but it comes with its complications.
To begin with, most banking systems are designed to offer services to people who have the same street address and receive bills in the same currency every month
For digital nomads, things become a little tricky, as they travel from city to city or country to country on a routine basis. This can make traditional banks a little awry and unable to provide high-quality services.
Traditional banks can also charge high surpluses from their customers when banking from international boundaries, while their online services remain inflexible to adjust international servers.
To tackle this, we have created a list of 7 digital banks that offer adequate service for digital nomads, foregoing the challenges of using traditional banks to support a digital nomad lifestyle.
List of The 7 Best Banks for Digital Nomads in 2024
- HSBC
- Charles Schwab
- Wise
- N26
- Chime
- Monzo
- Monese
Why Opt for Digital Banks?
However, before we get into the best banks for digital nomads, you should first understand why they are considered to be the best banks out there.
Simply put, it is a lifestyle. Digital nomad, ‘ priorities in banking are to get minimal fees cut from financial transactions and accessibility to their banks from any point in the world.
Traditional banks, sadly do not offer such services. So, digital nomads have to resort to digital banking from certain banks. These digital banks are:
- Accessible: Whether you are in Australia, Greece, China, India, or South Africa, digital banks offer the same services at the same rate of transactions at any point on this globe, as long as you have internet.
- Almost free to use: If you have used traditional banks from an international location, you will know that service fees, foreign exchange, and transaction fees are just a few ways the bank can charge up to 5% of your transaction amount. Digital banks do charge, but at most, the charges can range to 0.5%, now that’s a deal!
- Great at managing customers: For banks that provide international financial services, their customer services can never sleep because somewhere in this world there is always daytime. Digital banks are therefore prepared to give you 24/7 around-the-clock support through live chat or customer support calls.
Detailed Review of The 7 Best Banks for Digital Nomads
1. HSBC
Our top pick of the best banks for digital nomads is HSBC.
HSBC offers the services of opening a Global Money Account, which allows digital banking to be conducted in any city.
Next, the bank includes making financial transactions and payments in approximately 8 different currencies.
When making an account with HSBC, the point to consider is that they are a traditional bank that provides a plethora of digital services.
Advantages of Using HSBC
- HSBC offers credibility by attaching a known and recognized brand of banking to your digital services
- HSBC has a global presence, with physical offices so any issues can be resolved sooner than other digital banks
- The official HSBC app is great for managing money and offering overseas benefits to traveling customers
Disadvantages of Using HSBC
- HSBC offers services in 8 currencies only; USD, AUD, GBO, CAD, and EUR. So if you are not banking in the mentioned currencies then you need to switch banks or make hefty payments.
- Being a traditional bank, it also charges like a traditional bank. Hefty transaction fees that can be up to 5% is common for HSBC to charge even in its global banking program
2. Charles Schwab
For American digital nomads, the next best pick is Charles Schwab. It’s the best banks for digital nomads. can be the most illustrious bank to go for. However, it is also internationally friendly for digital nomads, offering all the services that any digital nomad may need
Key offerings from Charles Schwab include charging no transaction fees when making financial payments, rebates for the ATM to international travelers, and charging no service fees on a monthly or yearly basis.
As Charles Schwab is also a traditional bank in the USA, therefore for frequent travelers to and from the USA, this option is the best
Advantages of Using Charles Schwab
- The fact that Charles Schwab does not charge surpluses of any kind in the form of transaction fees or service fees means that you are paying the least to this digital bank than any other bank mentioned on this list
- Charles Schwab is also known for returning ATM fees to its customers
- Being a traditional bank, it also offers services of opening a bank account with additional digital services that are perfect for users
Disadvantages of Using Charles Schwab
- Charles Schwab is based in the US, which is why the bank is easiest to use for US-based digital nomads, and using it gets trickier the farther away you get from America.
- VPNs have to be used to access the Charles Schwab website, as it does not offer the same services on an international territory as it does in America
3. Wise
Wise is primarily a digital bank and the first to operate in international territories by collaborating with known traditional banks in various regions to provide services.
Key offerings include international transactions and even a Wise Card that can be used to withdraw money or make payments in over 170 countries.
Advantages of Using Wise
- Customers enjoy paying in 56 currencies and 170 countries, making it the most feasible digital bank for digital nomads
- Fast Internet banking makes deposits, transactions, and payments faster and easier
- Openiancan account is so easy and fast that it can take 5 minutes
Disadvantages of Using Wise
- Although opening an account is easy if your transactions are higher than a certain limit, then documentation is needed, as per international law
- Customer service representatives have received complaints for being slow to respond and rude
4. N26
It is a European bank offering digital services. N26 is a German fintech company that provides banking services only on the digital platform.
What’s more, the key offerings from N26 include managing money directly from a mobile-based app, making transactions and payments through digital channels, and never needing to use physical money.
It is simple and easy to use, making it one of the top players in digital banking in the world
Advantages of Using N26
- The foreign exchange rate by N26 is matched to the real rate at the time of the transaction, instead of a fixed rate
- It does not charge international fees to customers
- Integrated financial services with Apply Pay, Google Pay, and Wise, which offers collaborative services for customers
Disadvantages of Using N26
- It only works on one currency i.e. euros
- N26 has also pulled out of the USA since last year, which means that the company is perfect for Europe-based digital nomads
5. Chime
Chime offers the same financial banking services that any other digital bank does. However, it has stood out from the rest because of its availability to open multiple accounts. With multiple territories and in multiple currencies.
Therefore, irrespective of your location in the world, Chime can offer the financial services of a traditional as well as digital bank at your disposal
Advantages of Using Chime
- Services of digital savings accounts are available at competitive APY rates for users
- Fast transactions that have cut time short by 2 days for financial transactions
Disadvantages of Using Chime
- Most services are available and based in the US, with foreign users having basic amenities of funds transfer and transactions
6. Monzo
It is a UK-based digital bank, which provides all of the financial services that any user may even need. Equally importantly, they account for multiple currencies and customers from various countries.
However, a source of attraction is the Monzo Pots, which allow your change to be saved separately and can be accessed by the client at any time.
Advantages of Using Monzo
- Additional features to budget, save, and split payments
- Pots for saving change
Disadvantages of Using Monzo
- The only currency that money can be held in is GBP
- ATM withdrawal fee is excessively more than other digital banks
7. Monese
Yet another Europe-based bank, it is a relatively new digital bank. Being new, it may lack the expertise, but offers easy-to-open accounts and free starter packs for customers
Advantages of Using Monese
- No proof of residence or home address needed to open an account
- Joint accounts can be set up
Disadvantages of Using Monese
- Monthly limits
Conclusion
We hope with this list, you can draw up the plethora of digital accounts that are available to you as a digital nomad.
These are the best digital banks that can be used by digital nomads, without the hassle of excessive transaction fees and delayed transactions that traditional banks are unable to keep up with.
Also Read:
- How to Become a Digital Nomad as a Software Engineer [2024 Step-by-Step Guide]
- The Ultimate Guide To Digital Nomad Jobs in 2024
- The 50 Best Digital Nomad Cities
- Digital Nomad Visas: Everything You Need to Know in 2024
