The Top 5 Bank Accounts for Digital Nomads
Introduction
It barely seems like a day goes past without seeing an advert for the latest banking or personal finance platform. In the crowded world of consumer finance, it can be incredibly confusing deciding which banking services to use in one country, let alone for someone who lives, works or studies across borders. With that in mind, we've decided to round up the best bank accounts and services for digital nomads in 2022.
HSBC
Number one on our list is the HSBC Expat account. This account has been specifically designed for people who regularly move around and don't have a permanent address. It comes with no monthly fees and no minimum balance requirements, making it perfect for digital nomads on the go. The account also offers free international ATM withdrawals and online banking.
N26
Number two on our list is the N26 account. This account offers similar benefits to the HSBC Digital Nomad account, with no monthly fees and free international ATM withdrawals and online banking. However, one added bonus of the N26 Digital Nomad account is that it comes with travel insurance for up to €100,000. This can be incredibly helpful for digital nomads who often find themselves on the go.
Revolut
Number three on our list is the Revolut account. This account offers a number of great features for digital nomads, including no monthly fees, free international ATM withdrawals and online banking, and commission-free foreign exchange transactions. What's more, the Revolut Digital Nomad account also comes with a free Global Entry pass, which gives you access to expedited airport security screening.
Charles Schwab
Number four on our list is the Charles Schwab Bank checking account. This account offers unlimited free ATM withdrawals worldwide and no minimum balance requirements. It's perfect for digital nomads who need a place to store their money. Digital nomads will also appreciate the fact that there are no monthly fees and they can access an array of financial services with this account, including a free credit card and access to call centres in over 30 countries.
Citibank
Number five on our list is the Citibank Basic Banking Plan for Digital Nomads (more details coming soon). This account has been specifically designed for people with no permanent address. Digital nomads will also appreciate the fact that there are no monthly fees and they can access an array of financial services with this account, including a free credit card, online banking with bill pay features and call centres in over 30 countries.
Multiple accounts simultaneously
It's also not necessary to limit yourself to just one of these accounts. Digital nomads are already incredibly busy people, so why not have multiple bank accounts? This way, you can take advantage of the different benefits that each account offers. For example, you could use the HSBC Digital Nomad account for your day-to-day transactions and the Charles Schwab Bank checking account for your savings.
Account Aggregation
No matter which bank account or services you decide to go with, make sure that you do your research first. Each of these accounts has its own unique set of benefits and drawbacks, so it's important to find the one that best suits your needs. This is especially true given that it is now possible to manage these accounts simultaneously using open banking. For example, it would be very simple to upload even all 5 of these accounts to your Strabo dashboard and manage them simultaneously. It might be frustrating to carry multiple cards, but on the other hand you would retain benefits from all cards and continue to be able to perform your monthly finance review in minutes. The platform analytics will show you all the aggregated data and trends in one place, and allow you to transfer money between the accounts at your whim across currencies. Inbuilt tax document wallets for each account make sorting out your tax situation for these accounts simple too.
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We hope you've found this list helpful. Do let us know if you have any questions or feedback in the comments section below. And be sure to check back soon for more content like this!
