Banking is a major consideration for expatriates and digital nomads. As an international traveller, you have likely encountered issues with fees, slow transfer times, and transaction limits at some time. But, many banks offer great services for international users, and new ones are popping up all over the world. This article will list the best global accounts that you can choose from.
Nomad-Friendly Banks Available Globally
Wise, formerly TransferWise, is a popular money transfer service. It lets you transact in over 60 currencies from a single account, making it ideal for frequent travellers and international workers.
You can transact from the Wise mobile app in a few clicks. Just download the app on your smartphone, register, and start sending or receiving money. Similarly, you can order a Wise debit card and carry it across the globe to ensure you transact at all times.
Payoneer is another popular digital banking platform that allows users to transact across borders. You can create virtual accounts for different currencies and receive or send money with them. You can withdraw your earnings at any time to a local bank account.
Like with most banking platforms, you can order a Payoneer debit card to transact with the balance in your Payoneer account. You can use this card at stores, ATMs, or to purchase things online.
Silverbird is one of the best global accounts you can pick. It lets you transact with over 30 currencies from a single account. You can hold, send, and receive payments with no transaction limits. Silverbird lets you open virtual, local EU, UK, and US bank accounts to get paid faster. This helps you take advantage of payment systems, including SEPA, SWIFT, ACH, and FPS.
Onboarding for a Silverbird account is entirely one and easy to do. You’ll get access to the same features you expect from a traditional bank.
Nomad-Friendly Banks In Europe
N26 is a neobank originating from Germany. It offers digital banking features geared at European users. The platform operates with a full German banking license, so your money is insured for up to €100,000 in accordance with EU directives.
You can download the N26 app and open an account with ease. The onboarding process is entirely online; you can access direct support if you need help. You can order an N26 card to spend money online. The app gives you real-time insights into your spending.
Nomad-Friendly Banks In North America
Charles Schwab Bank
Charles Schwab is a popular bank for American residents. Almost everything with this bank is free; transfers, withdrawals, balance checks, etc. You can also get refunds of ATM fees accrued on your card.
The drawback of this bank is that its online features are lacking. The interface is not as modern and intuitive as what you’d get with rival banks. Features are also lacking in the app.
This bank requires you to be a U.S. resident to open an account. However, you can still open an account if you’re abroad and retain a U.S. address.
Nomad-Friendly Bank In Oceania
Citibank Plus is a virtual account offered by Citi Australia. It doesn’t charge any fees for transfers and withdrawals. You can request a debit card to make purchases online or at physical stores and withdraw money from ATMs without fees.
This bank lets you take advantage of Mastercard Travel Rewards and get cashback as you spend across the globe. You can also get competitive interest rates on your savings.
Note that you must be an Australian resident to open a Citibank Plus account.
Transferring Money Between Banks
If you open an account with one of the platforms listed above, you might wonder how to fund the account. You can use Wise to fund it with instant speed and low fees. You can also do a wire transfer, although it can take many days to settle and usually has high fees.
We have mentioned the best global accounts that frequent international travellers and digital nomads can use. Each has its pros and cons, but they generally work well and make it easy to transact across borders.