In 2024, there are more than 40 million digital nomads globally, with 17.3 million based in the United States. Freelancing is the most prevalent work arrangement, followed by full-time employment.
Remote workers, freelancers, consultants, and entrepreneurs running online businesses have formed a growing community of digital nomads who rely on technology to work from anywhere, some even while traveling, whether domestically or internationally.
However, managing finances as digital nomads can be challenging. This is mainly due to the complexities of banking on the go. Plus, many digital nomads work with international clients or employers, requiring them to handle multiple currencies, among other challenges.
In this article, we will explore the best banks and alternative non-bank options for digital nomads, detailing their features, pros and cons, key eligibility, and key fees to help you find the solution that best fits your needs.
Why Traditional Banking Can Be Challenging for Digital Nomads
The digital nomad lifestyle, with its freedom and flexibility, offers a unique work-life balance. However, managing finances while constantly on the move can pose challenges, especially when relying on traditional banking systems.
Here's why traditional banks might not be the best fit for the digital nomads:
- Difficulties in Account Opening: Many digital nomads work while traveling, either within their own country or abroad. However, traditional banks often require proof of address, such as utility bills from the past three months, and many require physical meetings at a branch to open an account.
- Limited Access: Some traditional banks rely on physical branches for certain services, which can be inconvenient for nomads who move around frequently.
- Potential for High Fees: Some digital nomads, especially those working with foreign clients or employers, might face substantial fees with traditional banks. These fees can include higher charges for international transactions, currency conversion, and ATM withdrawals abroad, which can significantly impact their income.
With that being said, there are still banks that are friendly to digital nomads, which is why we've compiled this list.
Alternative Options for Digital Nomads
While traditional banks are the default choice, there are now several alternative options available that might be better suited to your needs for managing finances remotely. This includes:
- Neobank: Digital-only banks that operate online without physical branches. They typically offer lower fees, better currency exchange rates, and user-friendly apps, making them ideal for mobile lifestyles.
- Fintech: Financial technology companies that provide online money transfers, mobile payments, and budgeting tools. These services are often more flexible, catering to the needs of modern nomads.
- Offshore banking: Banks located in foreign jurisdictions that provide international banking services. They often offer multi-currency accounts, lower fees, lower taxes, and greater privacy, making them suitable for nomads with global financial needs or those who are business owners.
Tip: Explore the top neobanks and best countries for offshore banking.
To simplify your search, we've compiled a list of the best banks and non-bank alternatives for digital nomads below.
The 10 Best Banks & Non-Bank Alternatives for Digital Nomads
Being a digital nomad is all about freedom and flexibility, and your bank or financial institution should support that lifestyle.
In this section, we've compiled a list of banks and financial institutions that offer features such as sophisticated mobile banking, multi-currency support, travel perks, no transaction or ATM fees, and other benefits tailored to the digital nomad lifestyle.
Let’s take a closer look.
- Wise: Best for international money transfers
- Statrys: Best for sole traders and businesses connected to the SEA region
- Capital One: Best for travel rewards
- Payoneer: Best for digital nomads receiving international payments
- Charles Schwab Bank: Best for US traders
- Monese: Best for expats and freelancers in EEA who lack credit scores or proof of address
- Ally Bank: Best for US-based high-yield savings account
- N26: Best for EU-based multi-currency support
- Monzo: Best for mobile banking in the UK
- Revolut: Best for UK-based freelancers
1
Wise (Formerly TransferWise)
Great for individuals, freelancers, and businesses needing affordable and reliable international money transfers and multi-currency accounts.
Established in 2011, Wise is a UK-based financial technology company headquartered in London. They provide international money transfer services and multi-currency accounts to individuals, businesses, and freelancers in 160 countries, having served over 300,000 business customers.
Although Wise is not a bank, it is a licensed payment service provider with regulatory licenses that allow the company to offer business accounts and payment services across various regions.
Contact details
- Website: https://wise.com
- Contact channels: In-app chats, website, no phone number or email information available publicly.
- Support hours: N/A
Wise Key Services
- Personal account and business account
- Account details in up to 9 currencies based on location
- Money transfer in 40+ currencies, including GBP, EUR, USD, AUD, CAD, HKD, CNY, CHF, and more
- Payment links
- Investment feature
- "Jars" feature for goal-based fund allocation
- Virtual and physical debit cards in select regions, namely the US, the UK, Singapore, and most parts of the EEA
Wise Key Eligibility and Fees
Key Eligibility | Individuals, sole traders, freelancers, and limited and public companies in most countries around the world can open an account with Wise. |
Key Fees | Wise fees vary by country and currency. Here is a snapshot for US-based and UK-based customers.
Please refer to this Wise pricing page for full details. |
*Wise is currently halting card issuance for US customers.
Wise Pros and Cons
Pros
- Available in a wide range of countries and currencies.
- No foreign transaction fees on cards (currency conversion or FX fees still apply)
Cons
- Services and fees vary by country.
- No credit cards
- Customer support channels are limited, especially for potential customers.
Interested in Wise? Explore our comprehensive Wise business account review and key things to know before opening a Wise account.
2
Statrys
Great for SMEs in Hong Kong, Singapore, and the BVI looking for multi-currency accounts and competitive FX rates.
Statrys is not a bank but a licensed payment service provider and business solutions provider. The fintech company offers multi-currency accounts that support holding and converting 11 major currencies, payment cards, and FX services.
Catering to SMEs registered in Hong Kong, Singapore, or the BVI, Statrys serves over 3,500 clients and has transferred more than USD 2 billion.
Among the choices in this list, Statrys is the best fit for entrepreneurs connected to the SEA region, as Hong Kong is a major business hub for Southeast Asia.
Contact details
- Website: https://statrys.com
- Contact channels: support@statrys.com, +852 2319 4622, +852 6452 3564 (WhatsApp), website live chats, WeChat, chatbot
- Support hours: 24 hours for chatbot support, 10 am - 7 pm Hong Kong Time (Mon to Fri) for human support
Statrys Key Services
- Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD.
- Send payments like a local using local payments in 12 currencies: AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND.
- Make SWIFT payments and track them in real-time.
- Benefit from FX rates based on real mid-market rates.
- Get physical and virtual payment cards.
- Integrate with Xero.
- Access company incorporation services in Hong Kong and Singapore.
Statrys Key Eligibility and Fees
Key Eligibility | Sole proprietorships or sole traders, partnerships, limited companies, and all business structures registered in Hong Kong, Singapore, or the BVI. |
Key Fees |
For full details, visit the Statrys pricing page. |
Statrys Pros and Cons
Pros
- 100% online application and operation
- Multi-currency support
- Competitive FX rates and fees
- Fixed fees for international transactions make costs predictable
Cons
- No personal account
- Limited to entrepreneurs, sole traders, and businesses registered in Hong Kong, Singapore, and the BVI
- No credit cards and loans
Interested in Statrys Business Account? Explore how to open a Statrys account step-by-step.
3
Capital One
Great for digital nomads who frequently travel and want to benefit from travel rewards credit cards, as well as those seeking no overdraft, monthly, or foreign transaction fees.
Capital One is an American bank known for its expertise in credit cards, auto loans, and banking products. It is now one of the most recognized brands in banking, serving over 100 million customers across different sectors.
The bank stands out for digital nomads with its award-winning mobile app, allowing financial management from anywhere, anytime. Their diverse travel rewards credit cards offer perks like points or miles, making them ideal for frequent travelers.
Contact details
- Website: https://www.capitalone.com/
- Contact channels: 1877 383 4802, 1804 967 1000 (outside the US), at branches
- Support hours: 8 am - 11 pm EST (Mon to Sun)
- Bank branches, cafe and ATM locator: https://locations.capitalone.com
Capital One Key Services
- Capital One 360 online checking account
- Various CDs and savings accounts
- 70,000+ fee-free ATMs nationwide
- Mobile checks deposit
- Various travel and Miles Rewards credit cards
- Early paychecks up to 2 days earlier
- Access Capital One branches & Cafés
- Add cash at any CVS®, Walgreens®, or Duane Reade by Walgreens® location
- Pay bills online
Capital One Key Eligibility and Fees
Key Eligibility | We cannot find specific information on the website. |
Key Fees |
For more information, please refer to the Capital One accounts and rates comparison page. |
Capital One Pros and Cons
Pros
- Online and on-site services
- Travel rewards credit cards with points or miles
- No overdraft, monthly, or foreign transaction fees
- Access to Capital One Cafes
Cons
- Limited eligibility information on the website.
- Fees are applied for domestic outgoing wire transfers.
4
Payoneer
Great for freelancers, entrepreneurs, and consultants needing to manage cross-border payments and multi-currency accounts.
Payoneer is a global payments platform that enables entrepreneurs, freelancers, and businesses worldwide to send, receive, and manage cross-border payments.
Operating in over 190 countries and territories and supporting 70 currencies, Payoneer serves digital nomads who collaborate with clients abroad.
The company offers account options tailored for freelancers, online professionals, ecommerce sellers, consultants, digital service providers, and more.
They serve millions of customers globally.
Contact details
- Website: https://www.payoneer.com
- Contact channels: CustomerServiceManager@Payoneer.com, 1888 290 3990 (US), 1646 658 3113 (international)
- Working hours: 24/7
Payoneer Key Services
- Freelancer accounts and business accounts are available.
- Manage multiple currencies in one account.
- Receive payments from international clients in 190+ countries and territories.
- Receive payments in USD, EUR, GBP, JPY, AUD, and CAD into local accounts.
- Invoice clients and receive payments via local bank transfer, debit/credit card, or ACH bank debit.
Payoneer Key Eligibility and Fees
Key Eligibility |
|
Key Fees |
Fees may vary by country and currency. For full details, please refer to the Payoneer pricing page. |
Payoneer Pros and Cons
Pros
- Tailored accounts for freelancers
- Global reach in 190+ countries with 70 currencies.
- 24/7 customer support.
Cons
- Suitable for business payment only
- Complex pricing structures
- International transactions may be high
Interested in Payoneer? Check out our Payoneer review and the Top Payoneer Alternatives.
5
Charles Schwab Bank
Great for US-based digital nomads who are traders needing linked banking and brokerage accounts with low fees and extensive international ATM access.
Charles Schwab Bank is a US-based bank founded in 2003 and a child company of Charles Schwab Corporation.
It's primarily used as an investment platform but also provides savings and checking accounts as an online banking solution. It's worth noting that the checking account offered by Charles Schwab Bank needs to be linked to a Charles Schwab One Brokerage account.
Digital nomads can appreciate some of their competitive fees, especially those who engage in trading and investing.
Contact Details
- Website: https://www.schwab.com/
- Contact channels: 877 519 1403, 1877 853 1802 (investment, in the US), +1415 667 7870 (investment, outside the US), website live chat
- Branch locator: https://client.schwab.com/public/branchlocator/accessschwab.aspx
Support hours: 24/7 for live chat and 24/5 from 1 am Mon - 1 a.m. Sat (U.S. EST) for investment support via phone call
Charles Schwab Bank Key Services
- Checking account and savings account built for investors
- Instant transfers between brokerage and checking accounts for trading
- Schwab Bank Visa® Platinum Debit Card with contactless payment
- Finance management via mobile: deposit, check balances, transfer funds, Zelle®, Apple Pay®, or Google Pay®
- Fraud alerts, travel notifications, and debit card lock/unlock in a mobile
Charles Schwab Bank Key Eligibility and Fees
Key Eligibility |
|
Key Fees |
Please refer to this Charles Schwab Bank fees page for full details. |
Charles Schwab Bank Pros and Cons
Pros:
- Highly competitive fees, including no foreign transaction fees and unlimited ATM rebates
- Designed for traders
Cons:
- You're required to open a Charles Schwab Brokerage account, which may not be necessary for you.
- The checking account is only for US-based customers.
6
Monese
Great for foreign nationals, expats, and freelancers in the EEA needing easy access to multi-currency accounts without traditional banking requirements.
Launched in 2015, Monese is a UK-based company that offers current accounts supporting Pounds Sterling, Euros, and Romanian Leu, along with money transfer services through its mobile-only platform. The service is available in 31 countries across the European Economic Area.
Monese aims to provide financial services for foreign nationals, expats, freelancers, and individuals without traditional banking options, including those lacking perfect credit scores or proof of address, making it an excellent choice for digital nomads.
As of January 2024, the Monese app has over 2 million downloads.
Contact details
- Website: https://monese.com/
- Contact channel: support@monese.com
- Working hours: N/A
Monese Key Services
- Access Mobile Money Account for spending, sending, and saving through the mobile app.
- Improve your credit score for better loan and credit product opportunities with Monesse Credit Builder.
- Get multi-currency account details to pay and receive payments in multiple currencies like a local.
- Send money to over 30 countries with competitive exchange rates.
- Access worldwide ATM cash withdrawals with minimal to no fees.
- Get a contactless Mastercard® debit card for secure global transactions.
Monese Key Eligibility and Fees
Key Eligibility | You must be at least 18 years old and reside in the EEA countries. You’ll need an email address, a phone number, and a valid ID, such as a passport. No credit history or proof of address is required, but you do need to verify a UK address to receive your physical card. Once your personal Monese account is set up, you can also open additional currency accounts, a joint account, or a business account for UK-registered businesses. |
Key Fees |
Fees vary by plan; see Monese pricing page for full details |
Monese Pros and Cons
Pros:
- No credit history or proof of address needed to open an account
- Multi-currency support
Cons:
- Requires residence in an EEA country
- Tiered pricing can be complex and may not be the most cost-effective.
7
Ally Bank
Great for US-based digital nomads seeking high-yield savings and checking accounts with no fees and extensive ATM access.
Ally Bank, an online-only bank, provides a range of banking services, including checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards, mortgages, auto loans, and more.
Although there are no physical branches, digital nomads can benefit from its extensive ATM network and competitive savings rates.
Contact details
- Website: https://www.ally.com/
- Contact channels: 711 (hard of hearing), 1877 247 2559 (general), 1757 247 2559 (outside the US), chat
- Support hours: 24/7
Ally Bank Key Services
- Online checking account
- High Yield CDs, Savings, and Money Market accounts
- 43,000+ no-fee Allpoint® ATMs; reimbursement of up to USD 10 per statement cycle for fees charged at other ATMs nationwide
- Early direct deposit: get paid up to two days sooner
Ally Bank Key Eligibility and Fees
Key Eligibility |
Please refer to Ally Bank account opening FAQs for full details. |
Key Fees | Here are the fee details for Ally Bank checking account
Please refer to this Ally Bank account page for more information. |
Ally Bank Pros and Cons
Pros:
- ATM reimbursement
- No overdraft fees
- 24/7 customer support.
Cons:
- Requires U.S. address and SSN/TIN.
- A deposit is needed within 30 days to keep the account open.
8
N26
Great for digital nomads in Europe who want a free mobile bank account with multi-currency support.
Founded in 2013, N26 is an online-only bank that operates exclusively through its banking app. It has held a full European banking license since 2016.
They offer a multi-currency account, debit card, currency exchange service and more. This bank allows digital nomads to hold and handle their funds in multiple currencies while on the go. Their account starts free and allows users to make basic transactions, but they start to incur fees with more advanced features.
N26 serves over 8 million customers across 24 markets worldwide.
Contact details
- Website: https://n26.com
- Contact channels: support@n26.com, live chat
- Support hours: 7 am - 12 am CET, including Sundays and bank holidays.
N26 Key Services
- Personal and business accounts
- Free online bank account
- Invest in stocks, ETFs, and cryptocurrency
- Free virtual Mastercard® debit card
- Tap to pay contactless with Apple Pay or Google Pay
- 3-8 free cash withdrawals per month from NFC-enabled ATMs
- If your employer accepts German IBANs, you can have your salary deposited into your N26 account.
N26 Key Eligibility and Fees
Key Eligibility | To be eligible, you must be 18 years old, reside in one of N26’s 24 supported countries, own a compatible smartphone, and have a supported ID. |
Key Fees |
Other fees vary based on tier plans. Please refer to the N26 plans page for details. |
N26 Pros and Cons
Pros:
- No monthly fees for the basic account
- Multi-currency support
- Support over 20 countries
Cons:
- Fees applied for domestic ATM withdrawal
- Support via call is reserved for premium account holders only
- Costs depend on the chosen plan.
Interested in N26? Check out our N26 business account review and how to open an N26 account.
9
Monzo
Great for UK-based digital nomads seeking comprehensive online banking services with travel-friendly features.
Monzo is a fully licensed UK bank that offers banking services fully online through its mobile app. They offer a range of banking services including debit cards, budgeting tools, and ATM withdrawal capabilities.
Monzo is considered a challenger bank that aims to compete against traditional banks in terms of the full range of services that they offer. The bank now offers personal loans and integrated savings accounts without the need for a physical branch.
The bank is considered one of the largest digital banks in Europe and it can be seen in their increasing popularity. In Monzo 2024 annual report, they have over 9.3 million personal customers, more than 400,000 business customers, and deposits of GBP 11.2 billion.
Contact details
- Website: https://monzo.com
- Contact numbers: usa-help@monzo.com, 415 200 4074
- Support hours: 24-hour support (Mon to Fri), limited Support (Sat to Sun)
Monzo Key Services
- Free personal and business current account
- In-app cheque deposits
- Cash deposits at all UK Post Offices and PayPoints
- No foreign transaction fees on debit or credit card payments
- Monzo Max for worldwide travel insurance
- Transfer money worldwide through Wise within the Monzo app
Monzo Key Eligibility and Fees
Key Eligibility | Personal account eligibility: Individuals must be at least 16 years old and reside full-time in the UK. |
Key Fee | Fee details vary by plan.
For full details, please refer to Monzo's fee information page. |
Monzo Pros and Cons
Pros:
- Entirely app-based banking with comprehensive services, including loans
- Travel insurances
- 24/7 customer support
Cons:
- Only available to residents in the UK
- Withdrawals outside the EEA are free up to only GBP 200 per month; this may not meet the needs of high-volume users.
🔎 Looking into Monzo? Read our review of Monzo’s business account and find out how to open a Monzo account online.
10
Revolut
Great for freelancers and businesses needing multi-currency accounts, international payments, and various financial services in one platform.
Revolut, a UK-based neobank, offers multi-currency accounts, currency exchange, and cross-border money transfers for individuals, freelancers, and businesses. It supports payments in various currencies and provides API connections for payment systems.
Revolut operates under two separate branches: Revolut Personal and Revolut Business. Revolut Business functions as a bank only within the EEA through a license held by Revolut Bank UAB in Lithuania. In the UK, it’s not a bank but provides e-money services, with secure deposits managed by a third-party licensed bank.
Revolut’s customer base grew rapidly from 2018 to 2024, reaching 40 million in March 2024. The company serves more than 150 countries.
Contact details
- Website: https://www.revolut.com
- Contact channels: support@revolut.com, in-app chat
- Support hours: 24/7 via in-app chat
Revolut Key Services
- Personal account, business account, multi-currency account
- Revolut Pro account, designed for freelancers, side hustlers, and sole traders
- Local accounts for GBP, USD, and EUR transactions
- Unlimited inbound transfers in GBP, EUR, USD, and CHF
- Support for 25+ currencies
- Up to 200 virtual cards
- Payment links
- FX services, including automated trades with limit and stop orders
Revolut Key Eligibility and Fees
Key Eligibility | For a personal account, you must be a legal resident of a country or overseas territory listed in Revolut's eligible countries, including the US, UK, Japan, Singapore, EEA, and others.
|
Key Fees |
Transaction fees and other charges vary depending on the plan. For more information, please refer to Revolut's personal plan and pricing page and Revolut’s business plan and pricing page. |
Revolut Pros and Cons
Pros:
- Multi-currency Support
- Account design specifically for freelancers
- 200 virtual cards
- Unlimited inbound transfers in GBP, EUR, USD, and CHF
Cons:
- Transaction and service fees depend on the plan and usage, potentially impacting overall costs.
- No information on phone call support
Want to know more about Revolut? Check out our review of Revolut’s business account and find out how to open a Revolut business account online.
Key Considerations for Digital Nomad Banking
In choosing the right bank account, there are a few things that a digital nomad might want to look for.
Accessibility
Seamless online and mobile banking is essential for digital nomads. You should be able to pay bills, transfer money, accept payments, and manage your accounts from your phone, wherever you are. Extra features like mobile check deposit and fully online account opening are a plus.
Additionally, check the card network's acceptance to ensure your card is widely accepted while traveling. There may be times when you need cash abroad, so a bank with a large ATM network will save you trouble.
Multi-currency capability
If you’re a digital nomad working with foreign clients or employers and dealing with various currencies, a multi-currency account is highly recommended.
A multi-currency account lets you hold multiple currencies in one place and convert them only when needed. This helps you avoid frequent, costly conversions and helps you manage payments in different currencies without losing money on poor exchange rates. Many banks and financial institutions offering these accounts also provide competitive rates, low FX fees, and sometimes even FX services.
🔎Tip: Learn more about multicurrency accounts and determine if you need one.
Fees
Here are the fee advantages that digital nomads should look for when choosing a bank or financial institution:
- No Monthly Fees: Banks generally charge monthly fees unless you maintain a minimum balance. However, these days, you can find banks or non-banks that offer zero monthly fees with no conditions. In fact, you’ll find several of these options in our list above.
- No Foreign Transaction Fees: Card’s foreign transaction fees can add up quickly when making purchases or transferring money abroad. Thankfully, many banks now waive these fees entirely. Note that this is different from conversion fees or foreign exchange fees, which many banks still charge. It’s still better to have only conversion fees rather than paying both foreign transaction and conversion fees.
- Low International Transfer Fees: Consider checking the fees specifically for the currencies you use most often. Some banks offer lower fees for international transactions in certain currencies by using local payment networks, which can save you a lot in the long run.
- ATM Withdrawal Fees or ATM Fee Reimbursement: Look into fees for withdrawing cash from ATMs while traveling. Many banks offer fee-free ATM withdrawals or reimburse you for ATM fees, which helps keep your cash access costs down.
Customer support
Digital nomads mostly rely solely on online access, so good customer support is as important as any features. Check the bank’s support channels, hours, and response times, if possible.
Responsive customer service through multiple channels—such as email, chat, and extended-hour phone support—can save you a lot of trouble and frustration since you can’t visit a physical branch. The best way to evaluate a bank’s customer service is by reading reviews. Ensure the bank has a solid reputation for answering calls or returning them promptly.
Recommendation: It is always a good idea to have more than one bank account to diversify your risk. This way, if you encounter issues with one account, such as a freeze, you’ll have another account to fall back on.
Final Note
Finding the right financial solution is an important step for digital nomads who navigate the world while managing their finances.
The options highlighted in this article offer a range of features designed to support various digital nomad needs. Whether you prioritize low fees, travel rewards, or easy access to international transactions, we hope there’s a solution on this list to meet your needs.
FAQs
What is a Digital Nomad?
Digital nomads are individuals who work remotely while constantly traveling from one location to another. They can be based in various locations around the world, relying on internet connectivity to perform their jobs. Typically, digital nomads tend to work in foreign countries where cost of livings are lower than their home countries.
What are the best banks for digital nomads?
What are the best banks for digital nomads in the US?
What are the best banks for digital nomads in the UK and Europe?
Why is choosing the right bank important for digital nomads?
.png?ixlib=gatsbyFP&auto=compress%2Cformat&fit=max&rect=0%2C0%2C680%2C680&w=680&h=680)
