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Banking options for expats and nomads
The digital nomad or expat lifestyle sounds very appealing, but can often mean a rough deal when banking.
The combination of regulations, charges, and exchange rates can make simple things like receiving money, or spending, challenging.
Specialist expat and nomad bank accounts
Opting for a specialist account aimed at people travelling or living in a different country can make a huge difference.
Using a expat or digital nomad account will provide:
Better exchange rates on incoming and outgoing transfers
Multi-currency cards and access to local or IBAN account details
Support for things like marketplace support, specifically helpful for freelancers travelling the world
Ability to receive pension, pay and other regular payments
Best bank accounts for digital nomads
Rank | Bank | Best for | Visit |
|---|---|---|---|
🥇 | Revolut | Overall | |
🥈 | Wise | International transfers | |
🥉 | Chime | ATM withdrawals | |
4️⃣ | Payoneer | Business accounts |
Digital nomad international banks: A breakdown
Revolut is a regulated bank with access to a multi-currency account, competitive exchange rates, and free ATM withdrawals for in-network ATMs.
With a Revolut account, you can store over 30 different currencies and withdraw them from any in-network ATM around the world.
If you’re looking for a good alternative to traditional banks, Revolut could be the provider for you. It started life as a prepaid money card “designed for a global lifestyle”, but has expanded its offerings to digital bank accounts and various tiers of membership to suit your needs.
A key benefit of Revolut is the multi-currency account option, with all currencies stored in your account available to use via the same Revolut card. This is particularly useful if you frequently travel to countries that use different currencies.
To sign up for a Revolut account, you just need to enter your details. You don’t need to provide proof of address to open your account, but you will need to supply a postal address. The in-app budgeting tools are useful to help you manage your spending, but the customer service options are limited and sometimes slow to resolve problems.
Multi-currency account with access to over 30 currencies in 150 countries
You can open an account without providing proof of address
Free in-network ATM withdrawals
In-app budgeting and analytics tools
No monthly fees for standard account holders
No overdraft or loan options
No physical branches
Fee for premium features
Customer service could be improved
If you have a base in multiple countries and you need to transfer money overseas frequently, Wise is the bank for you. With a transparent fee structure, mid-rate exchanges and high transfer limits, Wise is the ideal bank account for digital nomads looking to transfer money overseas.
As a user-friendly platform with a fee calculator on its website to prevent any expensive surprises, Wise leads the market of international money transfers. Opening a Wise account is free, with no monthly fees, and you can transfer money between Wise accounts for lower fees than transferring to external accounts.
As well as easy transfers, Wise also offers multi-currency accounts, but it doesn’t support as many countries as other banks like Revolut. Its easy-to-use app also makes managing your finances quick and simple, and you can easily invest through the Wise app by using its ‘Interest’ function.
If you’re using your Wise card abroad and you have the currency you need in your account, you can use your card free of charge. If you don’t have the currency needed, Wise will charge a conversion fee.
High monthly withdrawal and spending limits
Transparent fee calculators for transfers
Multi-currency accounts available
Option for in-app investing
No overdrafts or loans available
You cannot open a Wise account if you have a permanent address in Nevada
Limited number of in-network countries
As a financial technology (fintech) company with no physical branches, Chime offers US citizens a great alternative to the high street giants. Through the Chime app, you can gain access to fee-free checking and savings accounts while you’re on the move.
The highlights include fee-free ATM withdrawals in over 60,000 locations worldwide, automatic savings features like round-ups and savings goals, and even the option to cover small overdrafts without fees.
As a fintech company rather than a bank, Chime partners with regional banks to offer Americans lower cost banking services and easy money management opportunities. Its key highlight is fee-free withdrawals at any of its 60,000 in-network ATMs globally, with a high daily limit of $515 and no monthly or annual limits.
This is also the only provider listed that offers an overdraft, although the amounts are small. Via the optional SpotMe service, if your account receives a direct deposit of at least $200 every month, it becomes eligible for a $20 overdraft. The overdraft limit may increase over time, based on your Chime account history.
You can also opt to receive direct deposit payments up to two days early with the ‘Get Paid Early’ scheme if you find yourself in need of money before your payday. Through this system, Chime releases the funds to you as soon as it receives a deposit guarantee from your employer, rather than waiting for the funds to clear.
No fees for in-network ATM withdrawals
Get paid up to two days early via direct deposit
Optional overdraft of up to $20 if eligible
Freely available for use overseas when signed up in the US
You must be a US citizen to open an account with Chime and use a US Post Office recognized residential mailing address
Transfers only possible with other Chime users, though non-users have 14 days to sign up if they wish to accept your transfer
As a fintech company rather than a bank, there are no Chime branches
Customer service ranked lower than some rival banks
If you’re managing your own business from abroad, you’ll need a first class business account to help manage the firm’s finances. Payoneer supports over 150 currencies for multi-currency accounts, a mass payout option for paying staff, and a global payment service for receiving payments from clients all over the world.
Although Payoneer isn’t technically a bank, its usefulness for digital nomads mustn’t be understated. Payoneer provides businesses with a multi-currency account so they can accept and make payments globally with ease.
The key highlight is the ability to pay all your business expenses around the world easily with one app, including paying your suppliers, your VAT, and other business expenses such as Google advertising.
Lots of ways to get in touch with the team
Comprehensive support for businesses
Integration of e-commerce and freelance platforms
Competitive exchange rates
Higher fees than some of its competitors
No in-person branches
Business must be registered in the US
What makes a bank digital nomad friendly?
As a digital nomad, you don’t want to be wasting your energy worrying about how to manage your finances. The best banks for digital nomads are easy to use, easily accessible on the move through online access and apps, cost effective, and can operate with multiple currencies.
Ease of use
Life on the road can be complicated enough; you need to manage your time, arrange somewhere to stay, and plan your next trip. Your bank needs to be easy for you to use so you can see and access your finances without the stress.
Availability on the move
If you can only manage your finances in-branch, that won’t be much use to you when you’re on the other side of the world. A good bank for a digital nomad should be accessible wherever you are, either online or via an all-encompassing mobile app.
Cost effective
The digital nomad lifestyle can be expensive; the last thing you need is additional charges for banking. The best banks for digital nomads will provide the varied services you need without extortionate, hidden charges.
Operational with multiple currencies
Be it through affordable conversion rates or multi-currency accounts, the capabilities to bank using multiple currencies is vital for a digital nomad. Whether you’re paying your employees in a different country, or depositing in your bank account back home, the best bank accounts for your lifestyle will need to handle multiple currencies at a time.
What’s the difference between digital nomad banks, challenger banks and neobanks?
There are two main differences between challenger banks and neobanks. Challenger banks operate a digital-first strategy, but still have a physical location for their main branch. Neobanks are entirely digital, so do not have a physical branch and must be interacted with online or via an app.
Digital nomad banks can be neobanks, challenger banks, or traditional high street banks, but many will find neobanks the best banks for digital nomads as they do not require physical documents to be sent, and it’s often easier to open them overseas as they do not have a physical presence in any one country.
In this list, we’ve recommended both neobanks and challenger banks.
Bank | Type |
|---|---|
Revolut | Neobank |
Wise | Neobank |
Chime | Neobank |
Payoneer | Neobank |
Difficulties digital nomads face with traditional banks
Traditional banking can throw up a few issues for digital nomads, as a lot of traditional banking requirements are designed for local residents, which become much more complex if you live overseas.
Proof of identity
A seemingly simple process of proving you are who you say you are can quickly become a nightmare if you live overseas. Traditional banks will often request original documents such as a passport, or worse, the dreaded proof of address.
Exchange rates
Traditional banks that conduct most of their business domestically charge high fees for exchanging currencies, often far above the mid market exchange rate. If you move between countries a lot, you’ll probably need to exchange currencies frequently. A good exchange rate is crucial to make sure your money doesn’t lose value every time you exchange it.
Customer service access
Accessing the customer service team in a traditional high street bank can be difficult, with most call handlers and online chat representatives only working domestic business hours. Most challenger and neobanks provide easily accessible in-app chatbots and some offer 24/7 customer support.
Difficulties digital nomads face when living abroad
Tax laws and regulations
As a US expatriate, you’ll need to think about your tax responsibilities in both your host country and back home. The US is one of the only countries in the world that calculates tax based on your citizenship, rather than your location, so any earnings you make in your host country will need to be reported to the IRS in your tax return.
Charges and fees
Some banks will charge you to set up a bank account overseas, while others require a regular fee to keep the account open. Often, you’ll also be charged to withdraw money from overseas ATMs.
Managing foreign currency
Managing foreign currency can be complicated, as some banks charge extra for holding multiple currencies in your bank account, and you’ll be subject to fluctuations in exchange rates. If you’re frequently using multiple currencies, it might be an idea to open a multi-currency account.
Why should you ditch your traditional bank for a global option?
Traditional banks can be very useful, but they do come with limitations that can make them difficult for digital nomads to use effectively. Here are some of the key differences between traditional banks, challenger banks, and neobanks.
Traditional banks | Challenger banks | Neobanks | |
|---|---|---|---|
Account setup | Often need to be completed in-branch | Usually offer a digital-first setup | Digital only |
ATM fees | Local ATM withdrawals are often free, foreign ATM withdrawals are charged | In-network ATMs are usually free, out-of-network ATM withdrawals are often charged | In-network ATMs are usually free, out-of-network ATM withdrawals are often charged |
Customer service | Online support usually preferred, telephone and in-person support available at set times | Online support is usually preferred, often with telephone and postal support offered. Operating hours are usually longer | Online support is preferred, with some providers offering telephone support. Chatbots are usually readily available via the app |
Exchange rates | Often high, way above the mid-market rate | More competitive, occasionally with flat fees or small markup percentages | More competitive, occasionally with flat fees or small markup percentages |
Transfer costs | Wire transfers, EFTs and international transfers are often expensive, with transfers overseas being most expensive | More competitive, with some offering specialist international transfer services. Domestic wires are often more expensive | More competitive, with some offering specialist international transfer services. Domestic wires are often unavailable |
What's the easiest digital nomad account to open?
Revolut is the easiest digital nomad account to open. You can download the app from the App store or Google Play, and there’s a QR code on the Revolut website that will take you there directly.
The full process of setting up a Revolut account is as follows:
Step 1 - Download the Revolut app
Step 2 - Enter your phone number and create a 4-digit passcode
Step 3 - Verify your phone number
Step 4 - Enter your personal details
Step 5 - Top up (optional)
Step 6 - Verify your identity
Do digital nomad bank accounts come with extra fees?
Like most accounts, different providers of digital nomad bank accounts charge different fees. We’ve compiled a list of the best banks for digital nomads based on the fees they charge, including management fees, withdrawal fees, and foreign transaction fees, so you can easily compare.
Bank | Setup | Management | ATM withdrawals | Transfers | Overdraft |
|---|---|---|---|---|---|
Revolut | Standard - Free; Premium - $9.99 per month; Metal - $16.99 per month | Standard - Free; Premium - $9.99 per month; Metal - $16.99 per month | In-network - no fee; Out-of-network - no fee up to $400 per month. 2% fee of the withdrawal charged above this | To other Revolut users - no fee; External bank accounts - charges may apply; Domestic wire - $10 | Unavailable |
Wise | Free | Free | Up to $100 per month - Free; Over $100 per month - $1.50 per withdrawal | Fees depend on destination and payment method | Unavailable |
Chime | Free | Free | In-network - free; Out of network - $2.50 per withdrawal | Free, only available to Chime users | Free, available via optional SpotMe service |
Payoneer | $29.95 | $29.95 annually | $3.15 | Same currency - Free; Exchanging currencies - Up to 3.5% | Unavailable |
Do digital nomad bank accounts have overdraft options?
Some digital nomad bank accounts have overdraft options, but they are rare, and often either offer minimal overdraft amounts or charge high fees. The only bank listed in our top five that permits overdrafts is Chime, which offers a $20 overdraft via SpotMe on any account that has a monthly direct deposit of $200 or more.
Should you use a digital nomad account for money transfers?
Some digital nomad bank accounts offer decent rates on international money transfers, particularly Wise which specializes in international transfers. However, you’ll usually get a better deal from an international money transfer provider, such as XE and WorldRemit.
Are digital nomad bank accounts regulated?
We strongly recommend only dealing with regulated banks and financial institutions. All the banks and providers we recommend on our website are fully regulated. However, some digital nomad banks are regulated by different institutions to the ones you may be used to in your home country.
Here are some examples based on our recommendations:
Revolut is licensed and regulated by the Bank of Lithuania and all partner banks are FDIC insured.
Wise is regulated by different institutions depending on the country your account is based in. For example:
In the US Wise is regulated by the Financial Crimes Enforcement Network (FinCEN)
In the UK Wise is regulated by the Financial Conduct Authority (FCA)
In Belgium and the European Economic Area (EEA) Wise is regulated by the National Bank of Belgium
In Canada Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
In the Philippines Wise is licensed by the Bangko Sentral NG Pilipinas (BSP)
Chime no longer calls itself a bank, but holds members’ account balances at regulated, FDIC-insured banks within the US.
Payoneer is registered with FinCEN and required to comply with their laws and regulations.
Check your chosen bank is regulated before you open an account
Scams are becoming all too common, so it’s a good idea to check that all banks you’re considering using have the appropriate permissions to do business.
Remember: We will only ever recommend regulated banks or financial institutions.
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