What’s the best bank account choice for a digital nomad?


Ever since I began my digital nomad journey, I’ve seen an increase in the number of digital nomads around me.

So what are digital nomads?

Digital nomads are individuals who use telecommunication and technology to earn their bread and butter and more specifically live a life in a nomadic manner. Such people specifically work remotely from a place of their choice, be it their home or shop, or any place on this earth. They achieve their desired goals that traditionally were conducted in a single, office or a workplace.

However, when you are a digital nomad, banking can be a bit pain in the ass.

There are a very few banks which do not charge any foreign transaction fee. If a nomad spends has to spend a lot on just foreign transaction fees, it doesn’t make sense and might even create an imbalance in monthly budget. I know this because it actually happened once right after I started my journey as digital nomad.

So, a digital nomad has to find a proper bank and have a special bank account which charges no extra fee on his/her foreign financial transactions. At least one credit card which charges no foreign transaction fee is a must for a digital nomad.


There are a few banks in the market that do not charge any monthly fees or foreign transaction fees. Also withdrawing money from the ATM of such banks becomes easy, as they do not charge any extra ATM fees, and even if they charge, they refund it. Though this might sound as some bluff, it is a very true fact.

Let me introduce you to the best banks for nomads in North America, Europe and Oceania.

The bank account choice depends on the place of your residence. If you are located in Europe, then Number 26 would be a best option. It is a newbie banking startup situated in Berlin and is currently only available to residents of Germany and Austria. But the best part is you need not prove that you are a registered resident.

You can easily find someone whose address can be used as a German mailing address, for receiving the debit card. Having a bank account in Number 26 has many advantages like it has no monthly or yearly costs, also not set up costs are there which you need to pay. Plus wherever you swipe your ATM card, you need not pay any extra charges or fees. The bank levies no foreign transaction fees and no currency exchange markup.

And most importantly you can open an account with the click of a button. It’s all online, which is perfect for a digital nomad.

Nemea could also be a good option.

It is purely an online bank which doesn’t even give a debit card. Nemea is an extremely user-friendly bank and may be the easiest euro account to open remotely. Its account opening procedure is very easy and purely online in nature.

It has no monthly or yearly fee. Plus no setup costs as well.

A nomad can sit anywhere and open a bank account remotely. This bank is planning to launch a MasterCard Debit in this fall. The main attraction of this bank is that it offers 4% annual interest for term deposits of a few years.

If you are nomad located in North America, Charles Schwab Bank can be a great choice.

Almost everything is free, global usage of cards as well as free checks. They also refund the unlimited amounts of ATM fees imposed by ATM owners worldwide.

Like most US banks it also requires you to be a US resident. But as long as you have a US address on your file, they presume that you are a US resident. If you don’t possess a US address while you travel, they can close your account.

You need not pay any monthly, yearly and setup costs. It charges no foreign transaction fees and no currency exchange markup.


Capital 360 is also a user-friendly bank on which you can rely while traveling. It is also a purely online bank and gives benefits like no monthly or yearly costs as well as no setup costs and no foreign transaction fees. The only thing is that it doesn’t refund the ATM Fees levied. But definitely, it is a good bank to bank upon.

If you are located somewhere in Oceania, Citibank can be your best buddy. If you possess a Citibank Plus Transaction Account, you get avail free banking all over the world and that too with no foreign transaction fees.

You can get the official Visa exchange rates with no extra charges for ATM withdrawals. It charges no monthly or yearly costs as well as setup costs. You can use your ATM card wherever you go without paying any additional fee. You can also avail the benefit of no currency exchange markup.

If you love to dine with wine, you must surely open an account with Citibank as it offers a free bottle of wine when you dine in some selected restaurants. It also gives you an option of fee-free international transfers.

These are some of the banks which you can rely upon, being a digital nomad.

In our next article, we will talk about how you can handle taxes when you are a digital nomad. To receive our new posts directly to your email, subscribe to our mailing list.


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