The Best Digital Nomad Banks
The best digital nomad banking solutions for U.S and European travelers.
Navigating banking as a digital nomad is not easy. Ideally, you need an account that allows you to spend in different currencies, without an additional charge on top. The following banks have the best solutions for digital nomads from the U.S, U.K and Europe.
Charles Schwab
Available to U.S Citizens
Charles Schwab is the most well known digital nomad banking solution for travelers from the U.S, and users rave about their customer service. They refund any fees on overseas cash withdrawals, making it free to use. You’ll also have access to the Schwab trading platform, allowing you to trade within U.S markets, wherever you are.
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Revolut
Available to U.S + European Citizens
While Charles Schwab is the most recognized within the U.S, Revolut is one of the newest digital banks available to U.S citizens. There are no fees on foreign transactions, and you can hold up to 28 currencies in the app - ideal if you’re sending or receiving in different currencies, too. Cash withdrawals are free up to $200, after that there is a 2% service charge.
The app interface is easy to use, and the insights allow you to get a great overview of where your money is going.
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N26
Available to U.S + European Citizens
N26 is a German bank, which has recently been made available to U.S citizens. As well as having an easy to use app and free foreign transactions, you have access to N26 Perks. They already have Luminary, Blinkist and Tidal on their Perks list, which is still growing.
Their charges for cash withdrawals are 'free', but you'll need to check the country you are using your card in. It varies between different currencies.
Monzo
Only available to U.K citizens/those who hold a U.K domicile
Monzo is leading the charge for digital banks in the U.K. The sleek app allows you to keep multiple ‘Pots’, making saving a breeze. Foreign transactions are free, and you can withdraw up to £200 per month, for free (after that, there’s a 2% interest charge). You can use Monzo anywhere that accepts Mastercard.
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HSBC
Available to U.S + European Citizens
If you’re looking for a bank with bricks and mortar branches, HSBC should be top of your list. They’re in thousands of cities all over the world, giving you peace of mind if you prefer to work with banks in person. The downside is that you will have to pay fees when withdrawing money, and when purchasing overseas, when using your HSBC card. Consider using this as a backup account, and using another more travel friendly bank for day to day spending.
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