The best online banks for digital nomads

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Having access to your money is a top priority when you are a digital nomad. Especially when you hustled a lot to earn your income.

To keep your money safe as you travel globally, you would like to find the best online banks for digital nomads.

We have researched the internet to get a list of the best online banks for digital nomads.

With them, you can open an account without any difficulties, move money quickly and earn some interest.

Read on to find out more.

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Factors that can affect your choice of the best online banks for digital nomads

Professionals work full or part-time remotely through internet-enabled smart devices while traveling from one place to another. Note that where you live matter when picking the top online bank for your financial transactions. Also, you must consider the type of transactions you do.

Other factors are cash withdrawal fees, currency exchange rates, and automated teller machine fees. Likewise, options for Europeans can be different from those for Americans and Canadians. Lets’ take a look at the best online banks for digital nomads.

1. PayPal

PayPal is unarguably one of the best online banks for digital nomads. This company is the biggest and most widely accepted digital banking service in the USA. It carries out money transfers in more than 200 countries, and you can make transactions in 25 currencies. PayPal offers both a business and personal account. Advantages include SWIFT money transfer, opening an account without any deposit, contacting customer support in-app and on the telephone. Other benefits include linking your bank card with your pay-pal account to pay with funds in it.

Disadvantages include not paying interest on the accounts, international payments attracting a fee of 5% and 3% over the prime exchange rate. Another drawback is the fact that the company charges a cash withdrawal fee of $2.50 plus a foreign transaction fee of 2.5% for those using its PayPal debit card. Besides, the company charge a percentage for transfers, while most online banks charge a flat rate.

2. Charles Schwab Bank

Charles Swab Bank is in the US, and most US citizens living abroad love its services. That’s why it is one of the best online banks for digital nomads. As Americans, you can open an investment and checking account there.

The bank saves you money if you often travel and transact in different currencies. Swab bank will pay back ATM fees to you and does not charge foreign transaction and service fees. You have 24/7 customer chat service.

Earn interest of about 0.05% on your savings account. The disadvantages include opening an account in America, and you must be a citizen to open a Schwab Bank account.

3. N26

N26 is another contender in this list of the best online banks for digital nomads. This bank is a popular online banking option for digital nomads living in Europe. It started in Germany and is now operating in the US. You can use its services through your smartphone in platforms accepting Mastercard. Open an account without any deposit and earn about 2% interest on a savings account. Europeans are not charged cash withdrawal fees.

Advantages include not charging foreign transaction fee, you can contact its customer support 24/7 by chatting online, email and telephone. Drawbacks include charging customers from other parts of the world about 1.7% cash withdrawal fees. The bank limits countries that can use its banking services to Europe and the USA.

4. Wise

Wise formerly Transfer wise is a foremost international online money transfer organization. Wise transfer fees for sending and receiving money are among the lowest for amounts that are over $1000. That puts it among the best online banks for digital nomads.

Some of its advantages include opening an account with less than fifty dollars, transferring and receiving the money to over 55 countries.

Americans, Canadians, Europeans are eligible for the debit card, and there are no annual fees on the card. The disadvantages include restriction of the debit card to citizens of a few countries. It does not pay interest and cash withdrawal is limited, with different fees for each country.

5. Monese

Monese was launched in 2017 in the UK and serves only Europeans. You cannot exclude this online money transfer app from the best online banks for digital nomads. You can open an account by phone and transfer money in about twenty currencies in European countries.

Advantages include the bank not charging any fees when you use their card overseas. Your savings account earns interest at 2.2%. The disadvantage is that Monese is not licensed by the EU deposit Insurance, likewise, you are charged cash withdrawal fees of 2% after the initial withdrawal of €200.

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