For a full time traveler, one of the worst feelings in the world is having to constantly worry about money. Furthermore, even if you have plenty of funds on your account, it’s still a drag to ask yourself whether or not you’ll be hit with extra fees for using ATMs in foreign countries. From one digital nomad to another, trust me, you’d want to avoid this altogether.
That’s why we came up with this article to figure out the best solution once and for all. So, if you ever wanted to find out what banking option fits the digital nomad lifestyle just right, be sure to read the full article. Without further adieu, let’s begin.
Warning! The content you’re about to read will probably leave you breathless! All joking aside, but in case you never previously heard of Simple.com, you about to get blown away. The only thing you’re gonna need to open the account here is a social media profile, and you’ll be on your way.
But wait, what happens to fees? Well, it’s quite simple (no pun intended)! There simply aren’t any fees. Seriously, with no annual or monthly charges, it’s not hard to understand why this platform is exploding in popularity. Losing a card is a traumatic experience, but at least with Simple, you get a new one for free! Anything else we forgot to mention here? Sure, when it comes to ATMs, Simple has over 60 million stations from affiliate banks where it’s possible to withdraw money completely free of charge, and all other banks will only charge their percentage, Simple won’t take a dime! Sounds too good to be true? Head by their website, and see for yourself!
Schwab Bank High Yield Investor Checking Account
Without question, this is the most popular banking option for digital nomads at the moment. At least, when it comes to US citizens, as this bank unfortunately isn’t available to nomads from other countries. However, if you call yourself an American, Schwab Bank offers some brilliant solutions!
Similar to the previously mentioned one, it is absolutely free. Additionally, wire transfers from other major banks are also completely free, and that’s a great thing! However, perhaps the biggest reason for their success can be found in the fact that Schwab Bank High Yield Investor Checking Account reimburses all ATM fees at the end of the month, no matter where in the world you are. Considering that most nomads withdraw cash at least a couple times a month, the saving can mount up, big time! If you don’t believe us, calculate it for yourself. Withdrawal fees are usually set at around $5 dollars, then multiply that by the number of times you’re using ATMs, and the results may shock you. Call me old fashioned, but that seems like a fine deal to me.
Unlike the two previous banks, the Stripe Atlas offers a lot of unique solutions. In case your goals revolve around opening an internet business which has a massive international potential, this can be the way to go. So, in case your product has a global customer base, we advise you to check in on this option.
Naturally, their initial fee of $500 up front may be huge to some people, but with Atlas, at least you clearly know what you’re getting. Best of all, after their initial review of your business, which usually includes the website research, and some basic information regarding your product, they do all the work, including opening a US account with your name on it. Furthermore, you don’t even have to be located in the United States for this to happen. Sure, compared to other solutions, this does seem a bit expensive, but at the end of the day, it will be you who’ll be reaping the benefits. The potential is there, the only question is, are you gonna act fast?