Best banks for digital nomads: 2024 guide

Digital nomads live and work from anywhere. They don’t necessarily have a permanent home and instead choose to work remotely, often spending time abroad or moving between different locations.

These nomads need a banking provider that matches their flexibility and sense of adventure! The best banks for digital nomads have plenty of virtual capabilities, with good currency exchange rates and minimal foreign transaction fees.

We take a look at the best banks for digital nomads, including options for remote workers in the US, Europe, the UK, Australia, Canada, and worldwide. How can you find the right bank for you?

Banks vs digital banks vs international providers: what's the best for digital nomads?

Banks come with a certain prestige and reputation, but they often don’t have the same flexibility as digital banks.

If you’re a digital nomad, you need to be able to access your funds from anywhere – and it’s important to find a bank with 24/7 advice and support.

International money transfer platforms bring extra freedoms for digital nomads abroad. These global providers let you spend money in multiple currencies from one account – and you can avoid large exchange rate fees, too.

Best international banks/providers for digital nomads

Many banks offer helpful solutions for digital nomads. Let’s take a look at some of the most popular options.

Wise

Best for: Sending and receiving money in multiple currencies

Wise is a money services business (MSB) that provides convenient multi-currency solutions for digital nomads and global travelers.

Wise moves with you! Whether you’re jetting to Japan or working from the US, use Wise to spend money in 160 countries across the globe.

Key features:

• Send international transfers in 40+ currencies

• Wise uses the mid-market exchange rate – this is the standard ‘real’ rate

• Get 24/7 customer support whenever you need it

Let’s take a closer look at the pros and cons of Wise for digital nomads.

Pros	Cons
No monthly subscription fees – you only pay for what you spend Use Wise with Google Pay® or Apple Pay® Wise uses a transparent pricing structure* Access security features like real-time spending notifications	Wise isn’t a bank, so you can’t visit a branch You can’t pay by cash – but you’ll get 2 free ATM withdrawals each month

Types of available accounts:

Personal Wise Account
Business Wise Account

Not sure what Wise account is the right one for you? Check our Wise busines vs personal guide

Revolut

Best for: Everyday payments

Revolut® offers a range of international bank account plans for digital nomads.

Key features:

• Send money to 160+ countries¹

• Spend in 36 local currencies with your international travel card²

• Exchange up to 1000 USD per month without exchange rate fees³

Let’s take a look at some pros and cons of using Revolut as a digital nomad.

Pros	Cons
No subscription fees for a standard Revolut account 24/7 customer service Fee-free withdrawals at more than 55,000 ATMs worldwide⁴	You may need to pay subscription fees for advanced features The 1000 USD per month exchange rate fee-free allowance only covers 25+ currencies⁴ A weekend fee of 1% applies to all currency exchange transactions⁵

Types of available accounts:

• Revolut Standard
• Revolut Metal
• Revolut Premium

Best US banks for digital nomads

Let’s take a look at some of the best US banks for digital nomads.

Chime

Best for: Online or digital spending

Chime® offers a simple, fee-free checking account for digital nomads.

Key features:

• No monthly fees, overdraft fees, or minimum balance requirements

• Get a Visa® debit card to spend money in person or online

• Access 24/7 human customer support⁶

There are some pros and cons of using Chime.

Pros	Cons
No foreign transaction fees Manage your card from a digital app Access secure 2-factor authentication⁶	You can’t send a direct international transfer, so you’ll need to use a third-party service like Wise⁷ You’ll pay 2.50 USD to withdraw cash from an out-of-network ATM You’ll need to be a US citizen to apply for your account⁶

Types of available accounts:

Chime Checking Account

CapitalOne 360

Best for: Spending in the US

CapitalOne 360® provides convenient mobile banking solutions for digital nomads.

Key features:

• You won’t pay a monthly fee for your CapitalOne chequing account

• Withdraw money from 70,000 fee-free ATMs

• Access a range of overdraft options⁸

Let’s take a look at some of the pros and cons of CapitalOne 360 for digital nomads.

Pros	Cons
Make payments online or send cash with Zelle® No minimum balance requirements or monthly fees⁸ Manage your card from the CapitalOne mobile app	You’ll pay 2.75% for payments in foreign currencies⁹ You’ll need to be a US resident to apply for an account¹⁰

Types of available accounts:

CapitalOne 360 Checking Account

Best European banks for digital nomads

Let’s take a closer look at some of the best European banks for digital nomads, including key features, costs, and benefits.

N26

Best for: Travel rewards and bonuses

You can open a range of accounts with N26® – and the provider doesn’t charge foreign transaction fees.¹¹

Key features:

• Access an N26 Standard, Smart, You, or Metal account plan

• Get travel insurance with N26 You and N26 Metal¹¹

• N26 uses the Mastercard® exchange rate – this may change depending on when you send your transaction¹²

Let’s take a look at some pros and cons of N26 for digital nomads.

Pros	Cons
Make digital, contactless, and mobile payments Up to 8 free ATM withdrawals in euros per month, depending on your plan¹¹ Get insights on your spending and saving to help you stick to your travel budget	You may need to pay subscription fees for your N26 account plan¹¹ If you’re using the standard plan, you’ll pay a 1.7% conversion fee for cash withdrawals outside the Eurozone¹²

Types of available accounts:

• N26 Standard
• N26 Smart
• N26 You
• N26 Metal

Monese

Best for: Spending in GBP, EUR, and Romanian lei (RON)

Monese® provides online multi-currency solutions. It’s not a bank, signaling the move away from traditional banking systems for digital nomads.

Key features:

• Order and top up your prepaid Mastercard debit card to spend abroad¹³

• Access a range of different account plans, including Simple, Classic, and Premium

• Get travel insurance with your Classic or Premium account plan¹⁴

With a Simple Monese account, currency exchange fees start from 2% of the transaction value, plus an extra 1% at the weekend.¹⁴

Let’s take a look at some pros and cons of Monese for remote nomads.

Pros	Cons
Reduced currency exchange fees with a Classic or Premium account plan Get an account in GBP, EUR, and RON¹⁴ Make payments with Apple Pay or Google Pay¹⁵	You’ll pay 2% per transaction for card payments in foreign currencies You’ll pay 2% per ATM withdrawal¹⁴ Fees can differ depending on your account plan

Types of available accounts:

• Monese Simple
• Monese Classic
• Monese Premium

Best UK banks for digital nomads

We take a closer look at some of the best online banks for digital nomads in the UK.

Monzo

Best for: UK residents

Monzo® is a UK bank account, accessible via a convenient mobile app for on-the-go payments.

Key features:

• Monzo has a range of account plans

• Enjoy unlimited fee-free cash withdrawals abroad in the European Economic Area (EEA) if Monzo is your main bank account¹⁶

• Monzo has partnered with Wise to help you send transfers abroad¹⁷

Let’s take a look at the pros and cons of opening a Monzo account.

Pros	Cons
Get instant notifications when you spend money¹⁸ Receive international payments into your Monzo account¹⁷ Access extra perks and benefits with Monzo Extra, Monzo Perks, or Monzo Max¹⁹	Monzo uses Mastercard’s exchange rate The amount of money you can withdraw abroad may depend on your account plan²⁰ You’ll need to be a UK resident to open your account¹⁹

Types of available accounts:

• Personal account
• Monzo Extra
• Monzo Perks
• Monzo Max

Starling Bank

Best for: ATM withdrawals abroad

Starling Bank® offers a range of products for digital nomads traveling the world.

Key features:

• Use your Starling current account to send money to 35 countries

• Open additional accounts in other currencies, like euros²¹

• Withdraw fee-free money worldwide – you’ll still need to pay to exchange currencies²²

Let’s take a closer look at the pros and cons of Starling for digital nomads.

Pros	Cons
Withdraw money from ATMs in Europe and worldwide 24/7 customer support Use Starling’s currency converter tool to work out how much your transaction will cost²²	ATM withdrawals are limited to 300 GBP a day²¹ You’ll pay Mastercard’s exchange rate when you spend in a different currency²² Contactless payments are limited to up to 100 GBP²¹

Types of available accounts:

• Personal account
• Euro account

Best Australian banks for digital nomads

Let’s take a look at some of the most popular Australian banking providers for digital nomads.

Citibank

Best for: Digital nomads in Citibank® locations

Citibank is a popular choice for nomads traveling to Citibank locations, such as Citibank UK or Citibank Australia.

Key features:

• Apply for a range of everyday accounts and credit cards

• Use Citibank Global Wallet to spend abroad²³

• You’ll pay an international transaction fee of 3.4% for using your credit cards outside Australia²⁴

We take a look at a few pros and cons of Citibank for digital nomads.

Pros	Cons
Citibank Global Transfer lets you send instant transfers to other Citi accounts²³ Access a range of travel benefits when you use your Citibank credit card²⁵	You may need to pay up to £75 in monthly fees for your Citibank account²⁶ Citibank is a traditional bank, so you may need to visit a branch to access certain services

Types of available accounts:

• Current accounts
• Rewards credit cards, such as Citi Rewards Card

Commonwealth Bank of Australia

Best for: Sending online transfers in foreign currencies

Commonwealth Bank of Australia® provides a foreign currency account for digital nomads and global travelers.

Key features:

• Send and receive multi-currency payments without converting between AUD and foreign currencies

• Convert your money whenever you want to avoid exchange rate fluctuations²⁷

• It costs 22 AUD to send an international money transfer (debited and credited in AUD) via the CommBank app²⁸

Let’s take a look at some pros and cons of Commonwealth Bank for nomads.

Pros	Cons
No monthly subscription fees Earn interest on some currencies²⁷ Use the CommBank app to send transfers across the globe	To apply for a multi-currency account, you’ll need an eligible CommBank Everyday or Savings account²⁷ You’ll pay 1% to withdraw foreign currency It costs 30 AUD to send an international transfer via a branch²⁸

Types of available accounts:

Foreign Currency Account

Best Canadian banks for digital nomads

We take a look at the best Canadian banks for digital nomads, including key features, costs, and available accounts.

Simplii Financial

Best for: Digital nomads in Canada or the US

You can use Simplii Financial Global Money Transfer® to send payments to friends and family abroad.

Key features:

• Send up to 75,000 CAD to 130+ countries worldwide

• There are multiple ways to transfer your money, including Visa or international bank accounts

• You can earn cashback with Simplii’s Cash Back Visa Card²⁹

We’ve put together the pros and cons of using Simplii Global Money Transfer as a digital nomad.

Pros	Cons
Simplii Financial provides accounts in CAD and USD Get special deals when you send your first Global Money Transfer Your recipient should receive your transfer within 1 to 3 business days²⁹	Simplii Financial’s exchange rates apply to foreign currency transfers You’ll need a Simplii account to send your Simplii Financial Global Money Transfer²⁹

Types of available accounts:

Simplii Global Money Transfer – you’ll need a Simplii Financial chequing account, USD savings account, foreign currency savings account, credit card, personal or secured line of credit before you can use Global Money Transfer²⁹

Scotiabank

Best for: International payments in branch

Scotiabank® has a range of foreign currency accounts to help you send and receive different currencies.

Key features:

• You can send money to 200+ countries with Scotiabank³⁰

• Get a US dollar or euro currency account

• Transfer money between your Scotiabank accounts online³¹

Let’s take a closer look at some pros and cons of Scotiabank.

Pros	Cons
Send 2 free debit transactions – after that, each transaction costs 1.25 CAD Competitive foreign exchange rates with the Scotia Euro Savings Account and Scotia Euro Savings Account³¹	You may need to visit a branch to make a foreign transfer to someone else You’ll pay monthly fees for your foreign currency accounts unless you have a 200 USD minimum balance or you’re over 60 years old³¹

Types of available accounts:

• Scotia US Dollar Daily Interest Account
• Scotia Euro Daily Interest Savings

Key factors to consider when choosing the best bank for digital nomads

If you’re a digital nomad, there are a few things to think about before choosing the right bank for you.

Low or no fees

You’ll need to consider any fees or costs associated with your bank account.

Monthly fees and foreign transaction costs can add up, especially if you’re paying an exchange rate markup to convert currencies. Look out for accounts with low or no fees.

Global accessibility

Digital nomads regularly move between different countries. It’s inconvenient to open a bank account in multiple locations, so make sure to choose a bank that lets you send, spend, and receive money around the globe.

Multi-currency accounts

Look out for banking providers that let you manage your money in multiple currencies, like Wise or Revolut.

As well as spending money in your chosen country, you may want to send money back to the US while you travel – so multi-currency solutions are key.

International transfers

Many banks let you make international transfers, but some charge large fees or limit how many overseas transfers you can make each month.

If you’re working abroad, you need flexibility from your bank. Make sure to choose a banking provider with accessible global transfer options.

Customer support

Sometimes, not everything goes to plan. If you’re struggling to access your account while you travel, you want a bank with good customer support.

Look out for 24/7 support to provide you with help and advice when you need it.

Travel-related benefits or rewards

Many banks offer extra perks or rewards for travelers. If you’re a digital nomad, some providers may give you access to insurance discounts, miles, or Global Entry® memberships.

For example, you can get travel insurance with select N26 or Monese account plans.

Security

It’s important to keep your money protected while you travel. Some banks offer encryption, 2-factor authentication, or notifications when you spend to help you keep an eye on your money.

Digital nomad banking FAQs

What is the best account for digital nomads?

There are lots of great accounts for digital nomads. Wise is a good choice if you need to make regular multi-currency payments – and you can register for your account in minutes.

N26 is good if you’re looking for travel rewards and bonuses from your transfer provider.

Are there any banks or providers specifically for digital nomads?

Yes, providers like Wise and Revolut were set up with digital nomads in mind. You can send, spend, and receive payments in multiple currencies using just one account.

This is convenient if you’re living abroad or traveling to a range of different locations.

How do digital nomads manage their money while traveling?

If you want to become a digital nomad, you’ll need to effectively manage your money while you travel.

Many online money transfer providers let you set a monthly budget and track your spending via a mobile app. This can help you keep on top of your funds.

Can digital nomads open bank accounts in any country?

It can depend on the bank. You can open an account with many digital transfer platforms regardless of where you live.

However, more traditional providers like CapitalOne 360 may require you to be a local resident.

Bottomline: what's the best digital nomad account?

Providers like Wise and Revolut offer convenient digital options to send and spend your money online.

The best bank account for digital nomads can depend on where you’re based or what you need from your provider. However, it’s important to prioritize flexibility and fee-free international payments.

Look out for platforms that help you manage your money, send global transfers, and spend in multiple currencies – whether you’re working abroad or jetting around the world.

To start spending your money without borders, check out Wise.

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Sources:

1. Revolut
2. Revolut
3. Revolut
4. Revolut
5. Revolut
6. Chime
7. Chime
8. CapitalOne
9. CapitalOne
10. CapitalOne
11. N26
12. N26
13. Monese
14. Monese
15. Monese
16. Monzo
17. Monzo
18. Monzo
19. Monzo
20. Monzo
21. Starling
22. Starling
23. Citibank
24. Citibank
25. Citibank
26. Citibank
27. Commonwealth Bank of Australia
28. Commonwealth Bank of Australia
29. Simplii Financial
30. Scotiabank
31. Scotiabank

Sources checked on 05.09.2024