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Telecommuting has become a convenient option for many people in recent years and this has led to the need for flexible banking services to meet their needs. Some data from Forbes indicates that 74% of professionals expect telecommuting to be the norm.

Savings Accounts For Digital Nomads: Accessing Funds While Living And Working Abroad

These people, who can be called digital nomads, depend on technology to work while traveling between places. At the same time, they need solutions that are affordable and flexible.

Best Bank For Digital Nomads

In this article, we will look at the 8 best banks for digital nomads, along with their features and limitations, to help you find the best bank for you.

Digital nomads are mostly remote workers who frequently travel to different countries around the world using different technologies and the internet.

Many digital nomads take jobs as freelancers, consultants or business owners that are very flexible.

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With their work always on the go, digital nomads need a flexible bank account to handle transactions with customers, clients or partners. Here are some options to consider.

There are several things a digital nomad wants to look for when choosing the right bank account.

First, convenient international access. Digital nomads need to be able to easily access their funds from anywhere. Many banks offer multiple currencies along with a user-friendly mobile platform so their customers can manage their finances on the go. So this should be something digital nomads can think about.

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Another thing to consider are fees, especially when doing international transactions. As digital nomads send and receive payments in different countries, these transactions can accumulate and incur high fees at some banks. Digital nomads must consider these transaction fees, as well as other fees, such as ATM withdrawals, when abroad.

It is also important to consider the availability of customer service and financial security, among other things. Therefore, we encourage you to take the time to review these points for each option.

💡Tip: It’s always a good idea to have more than one bank account in case there’s a problem with one of them. There is nothing worse than putting all your eggs in one basket abroad and not having access to funds or access to cash.

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PayPal, the largest global digital banking platform, offers a global currency exchange service that enables money transfers around the world.

PayPal is one of the largest payment service providers with over 430 million customers by the end of 2022.

Although PayPal is not a bank, you can open an account similar to a bank account where you can store and receive funds, as well as transfer money.

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With PayPal, you have the option of opening a personal account or a business account, each with its own purpose.

Payoneer is another online payment platform that was founded in 2005. The platform allows users to transfer between countries around the world.

They also have additional features including a debit card and multi-currency account for efficient transfers between countries.

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Payoneer has a user base of 4 million and they collaborate with other companies like Zoho to provide payment services to more users.

Revolut is a European digital bank that offers transfers between countries. It was founded in 2015 and has grown in popularity over the past few years.

Revolut also has a mobile app to manage your digital bank accounts. It is an app-based bank mainly aimed at young users.

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According to Statista, Revolut has had a growing customer base since 2018 and now has over 25 million users by 2023.

Like PayPal and the other options on this list, you have the option of opening a personal account or a business account.

If you are interested, we have instructions for opening a personal Revolut account and a Revolut business account.

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Charles Schwab Bank is an American bank founded in 2003 and a child company of Charles Schwab Corporation.

It is primarily used as an investment platform, but also provides savings and checking accounts as an online banking solution. Note that a checking account offered by Charles Schwab Bank must be linked to a Charles Schwab One Brokerage account.

Despite this, Charles Schwab’s customer base continues to grow as the number of accounts opened with them has increased dramatically in recent years and now opens around 8 million accounts a year.

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Monese is a UK-based financial services provider of international money transfer services and current accounts that aim to challenge traditional banks.

Today, Monese only offers multi-currency accounts in these three currencies – GBP/EUR/RON and is available to European citizens.

They transfer money to other countries and currencies with extra foreign transactions and they also offer debit cards.

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Monese is most popular in the UK, France and Romania, as evidenced by the number of mobile app downloads from these countries.

They offer a multi-currency account as well as other services such as debit cards and currency exchange. This bank allows digital nomads to hold and manage their funds in multiple currencies, which is very useful for travel.

N26 is a digital bank that aims to provide services similar to those offered by traditional banks. Their account starts free and allows users to make basic transactions, but starts charging for advanced features.

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Together with Revolut, N26 has seen an impressive growth in its customer base from 1 million in 2018 to 7 million in 2021 and the trend continues in this direction.

They offer cross-border payment services as well as currency exchange services, while marketing low fees and competitive rates.

Wise remains one of the big money transfer services, worth £76m in 2022.

Best Banks For Digital Nomads

Wise has also launched its global account where users can hold and manage funds in different currencies directly from the app. In some countries, you have your access information with Wise.

Monzo is a digital bank in the UK that offers banking services entirely online through its mobile app. They offer a variety of banking services, including debit cards, budgeting tools, and ATM withdrawals.

Monzo is a challenger bank that aims to compete with traditional banks in terms of the comprehensive range of services they offer. The bank now offers personal loans and integrated savings accounts without the need for a physical branch.

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The bank is one of the largest digital banks in Europe and this is reflected in their increasing popularity. By 2023, they had more than 13 million downloads of their mobile app, up from just 5 million customers in 2021.

Digital nomads are people who work remotely while constantly traveling between locations. Typically, digital nomads work in foreign countries where living is cheaper than in their home countries.

Choosing the right bank is important for a digital nomad as they need to send and receive payments. If something goes wrong with their bank account, they can’t get paid for their work or pay their living expenses if they don’t have a backup account. Thailand is a popular digital nomad destination for Singaporeans and other people from around the world to live and work. With its low cost of living, expat-friendly culture and English-speaking population, Singaporeans can easily call Thailand a few months or more on their digital nomad journey.

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For those interested in becoming a digital nomad and working remotely while traveling abroad, opening bank accounts, transacting across borders, and finding a way to receive and pay large bills locally can seem overwhelming.

The good news is that digital nomads have more and more options to open bank accounts in Thailand over the years. Currently, many banks offer to open bank accounts for foreigners with a valid visa and staying in Thailand for at least one month.

However, the process of applying for a bank account in Thailand differs from Singapore, as the systems and processes are generally the same for each bank and a standard set of forms and documents are required. Each Thai bank branch (even the big ones) operates a little differently from the others, with its own customs and practices, which can be a bit confusing for the uninitiated.

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If you use your Singapore credit card to withdraw money from local Thai ATMs, you may be charged very high ATM withdrawal fees of 200-350 THB (9-$13). With a local Thai bank account, you can withdraw money cheaper

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