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In this day and age, more and more people prefer remote work instead of working the ordinary nine-to-five or shift jobs from their employer’s office or workspace. And with the tech industry seeing new advancements at an enormously rapid rate, today’s work environment has changed greatly.
Oftentimes, a digital nomad’s life demands having a convenient way to receive payment, transact, and access money despite your current location. This definitely means having a bank account that you’re sure will take care of your unique needs as a digital nomad.
Who’s A Digital Nomad?
You can work remotely from pretty much anywhere you like these days as long as the job involves using a computer, a mobile device, internet connectivity, and telecommuting tools. If you work remotely and live a nomadic lifestyle (moving from one place to the other), that makes you a digital nomad.
Why Digital Nomads Should Be Careful Choosing a Bank Account
Since your lifestyle will often involve crossing borders, the last thing you want is to encounter problems while trying to access your funds, shop locally, or convert currency while abroad.
Besides this, you will also want a bank account that provides you with features that best suit your personal or business financial needs.
Thankfully, many modern banks and FinTech companies provide a range of digital banking solutions that help make life easier for digital nomads.
Common Categories of Bank Accounts
Business Bank Accounts:
On the other hand, a business bank account is literally as the name suggests. It’s dedicated to handling funds and transactions related to your business, which is what the banks concentrate on when you approach them for a business loan.
Undeniably, this makes it important for entrepreneurs living a nomadic lifestyle to open a business bank account as soon as the point of launching your business – and to do it cautiously since not all bank accounts are the same.
It also means that while choosing which bank to open a business account with, you may want to consider factors like:
- Monthly account fees
- Overdraft fees
- Rates on business loans
- The bank’s reputation
- Your tax obligations and designation
- Convenience when transacting across borders
Personal Bank Accounts:
A personal bank account is basically an account where you stash cash aside for a rainy day and receive payments from an employer.
Some types of personal bank accounts will even earn interest on your savings. Such an account can allow you to apply for a personal loan, depending on factors like your credit score and your history with the bank.
Besides choosing a bank that supports your digital nomad lifestyle, some considerations to make when opening a personal bank account include.
- Types of accounts and their features
- Interests on savings or loans
- Digital banking services provided
- Bank account fees
- The bank’s overall reputation
- ATM and POS coverage and acceptance
- Convenience when transacting across borders
Great Banks to Consider If You’re A Digital Nomad in 2022
1. Revolut
With its main offices based in the UK, Revolut can be a great place to open a bank account for any digital nomad. Their mobile app or online platform makes it easy to add funds, transact, or spend money while on the go despite the currency.
2. Capital One 360
Long gone are the days you had to wait for hours in the queue just to set up an account that will help you manage your finances, conduct electronic funds transfers, pay bills, or pay crucial expenses such as rent.
An account with Capital One 360 checking accounts can help you do all that right from the comfort of your home or office. Besides personal and business bank accounts, the American-based online bank also provides CDS accounts for digital nomads who might be interested in growing their money through investing in shares.
Apart from these, other great solutions for digital nomads looking for a conventional bank account may include:
- Chime
- Monese
- Transferwise (now Wise)
- Monzo
- Citibank
3. Citi Bank Online
They are affordable and offer a wide range of features you will rarely find from most banks or FinTech services. Citi’s mobile app, for instance, allows you to hold, spend, or even save money during your trips while receiving real-time notifications on any transactions hitting your account, debit, or credit.
The Takeaway
For the digital nomads out there, choosing the right bank account for your needs doesn’t have to give you sleepless nights. The pointers above should help make the seemingly daunting task easier and even more enjoyable while guaranteeing your financial convenience despite living a nomadic lifestyle.
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