What are good US-based banks for digital nomads?

Question

For some of us maintaining a US Based Bank is just a necessity. Either we never pick up residency abroad, or have a US based business for which a US based account makes life easy.
Purely online personal banking is a growing trend. Schwab has a great checking account that reimburses ATM fees and has no international fees, Simple is a new online only bank with tons of great features (though not so great for nomads abroad).
Anyone know of similar services for small business online?
Features I’m looking for:

Business accounts (not a human name on the account)
Great website experience
Photo Check deposit
Cheap / below-average transfer and wire fees
Cheap fees / minimum balance requirements
I prefer storing my cash in personal accounts or investment accounts
Free international use of cards

yanokwa · Accepted Answer

Anyone know of similar services for small business online?
Yes. I use Wells Fargo for my LLC and I think they are reasonable.
Business accounts (not a human name on the account)
Yup. You will likely have to set it up in person though.
Great website experience
Its not Simple, but it’s reasonable for a bank. Integrates nicely with most accounting software. They show you your check deposits, they have PDFs of statements, bill pay is good.
Photo check deposit
On my account, it’s $2.5k daily limit and a $5k monthly limit. It’s kind of terrible.
I use Earth Class Mail for my business mail and they can deposit paper checks of any size. It’s $15 per mailing and $5 per check in the mailing. ECM ends up being a lot cheaper than paying the 3% on accepting Paypal.
Cheap / below-average transfer and wire fees
Most of my clients pay electronically through international wires or ACH. Incoming transfers are $15 for domestic transfers and $16 for international. Outgoing transfers are $30 for domestic transfers and depends for international. As with all wires, there is sometimes an arbitrary amount of money taken out by intermediary banks. It’s usually a small amount (under $50). See the simple business account summary and the Wells Fargo service fees for more.
To take money out of the company you can do bill pay to send checks to yourself or free/cheap transfers via ACH. You can also set up direct deposit and payroll, but those have monthly fees which are fair, but don’t really fit with my company’s variable revenue.
Cheap fees / minimum balance requirements
Depends on the type of account but for the basic account, the monthly fee is $10. That fee is waived if you have an average monthly balance of $500 and choose to receive online statements only.
Free international use of cards
$5 per ATM withdrawal outside of the US and 3% of international debit card purchase fee. There might also be currency conversion fees, but I don’t think so. See the simple business account summary and the Wells Fargo service fees for more.
I’d recommend getting a Capital One Spark Business credit card for your company purchases because they have no foreign transaction fees. And you can get a [Schwab Bank High Yield Investor Checking]  (http://www.schwab.com/public/schwab/banking_lending/checking_account) account for the free international ATM withdrawals and have the company reimburse you for the personal money you are using.
Personal banking
For personal banking, I like to have a primary and backup accounts. I like Schwab and Ally for checking. Both have free ATM withdrawals and Ally has crazy high limits ($50k) for photo deposit and good rates on savings accounts.
For credit cards, I like Capital One Spark Business (you can register yourself as a business) for it’s 2% unlimited cashback and the Chase Sapphire for good points on flights, hotels, and restaurants. Both have no foreign transaction fees.

ramblurr · Answer

I thought I’d share this review of small business bank:
Banks for business suck. Also, a SmallBusinessBank review. Definitely read the article and the comments.
The TL;DR is that SBB has sketchily closed people’s accounts for dubious reasons, their web  app is a mess, and the android app can’t make it through a check deposit without crashing.
Everbank might be the only alternative these days

ramblurr · Answer

Just got my application to Everbank rejected. The official reason was that they can’t open accounts for businesses operating outside the USA, despite the fact I am a US citizen, have (mostly) US clients, and do all my business legally from the USA.
As my address I gave them my mail forwarding address in SD, but they wanted a physical location. If I had given them some address, a friend or family, I suspect they would have given me the account without any hassle.
But I was trying to do it without any hinkyness, and, well, now I’m still stuck with BoA’s expensive business checking 
@Juan: Yea, the no incoming international wire transfer fees are why I can’t use Capital One 360.
So I’m still looking for an digital nomad friendly bank with small business products ala Simple.

wanderingdev · Answer

I use Capital One 360.  No minimums, interest paid on all funds, depending on balance, no ATM fees, No international fees, I can create as many named sub-accounts as I need which helps with budgeting, photo deposits, etc.  They used to be ING Direct.
https://home.capitalone360.com/business-savings-account

10kjuan · Answer

Having said that, @Ramblurr, I just used TransferWise for the first time today and because the money never travels across borders, you can use it to receive money from clients abroad just fine, even on Capital One 360 – free for the sender on the 1st transaction too, and with significantly less fees (and time + hassle) than PayPal etc. afterwards.
This is a godsend, though it doesn’t work in the country where I have the most clients (Brazil), at least not in the direction I need it to (Brazil=>USA), so I’m hoping they figure that out soon.

andrewkent · Answer

I opened up a Charles Schwab account and they’re great so far, but before I left the US, I called Capital One 360 (formerly ING) to let them know I would be out of the country. Initially, I was just going to use my Schwab account and keep my 360 account as a backup.
However, when I spoke with the customer service rep, he told me they don’t charge an international transaction fee, there are no international ATM fees, and they cover any ATM fees that might be charged by foreign banks.
My mind was absolutely blown. I honestly didn’t believe him at first, but it’s true. Been taking out cash and the amount withdrawn is exactly the amount of the exchange rate and no international transaction fees on any purchases yet.
I would also like to say that they have the best customer service of almost any business I’ve ever interacted with. I’m not one to plug corporations, but my god these people are ridiculously easy to work with. I’ll call in, thinking I’m going to wait on hold forever, be transferred twice, and then just be told they can’t help me, but every time I’ve had an issue, the rep is always very knowledgable, extremely helpful, very polite, and always tells me about some great (free) feature they have that I didn’t know about.
On top of that, if you need to send a check for some reason to someone (or a business) in the US, you can send one for free by logging on to your account, typing in their name and address, and clicking send. Usually arrives in 2-3 business days.
As I mentioned, Capital One 360 used to be ING and they are run as a separate branch of Capital One, so they shouldn’t be confused with the account that Capital One offers (confusing, I know). I’ve heard some horror stories about Capital One, but I’m seriously a raving fan of Capital One 360 (if you can’t already tell).

tkrunning · Answer

Riennn:

Anyone not from the US (maybe Belgium/Netherlands) has a Charles Swab international account? Looks like it’s the same as the one for US citizens, but with a $10 000 minimum deposit 
Not a lot of other/better options for me in Belgium I’m afraid…

Well, how about looking into Number26 in Germany for example? See my recent Medium post about it for details: https://medium.com/nomad-gate/the-world-s-best-bank-accounts-for-international-travelers-and-nomads-3257e6839cff
I think the international Schwab account is meant for investing, not regular checking accounts, so even with a $10K deposit you would be out of luck. Feel free to contact me if you have any questions regarding Number26 or any of the other banks I mention in the post.
Note: these are personal accounts, not business accounts, if that’s what you were looking for.

mementomoriblog · Answer

I just called Capital One 360 and here is what the rep told me:

no currency conversion fees
no foreign transaction fees
no ATM fees

However - she told me they do NOT refund the fees an ATM might charge you, which would be the main downside compared to Charles Schwab.
However, if you can’t open a Schwab account (like me) it sounds like Capital One 360 Checking may be your best bet…

10kjuan · Answer

If it’s like my 360 checking account, incoming domestic wires are free, but they don’t do incoming international wires – a big strike against it if you have overseas clients who pay by wire transfer only. Love the zero international fees, though. That includes ATM, too, @Ramblurr, yes. I lucked out and found a no-fee ATM close to my place in Barcelona, so between that and my debit card, it’s just like being home.

ramblurr · Answer

@wanderingdev, interesting! I had an ING Direct account back in the day, but I didn’t know they now had a business product offering. It looks like its just a savings account though… can you receive check deposits and wires? Also, you have an ATM card for the savings account?

ileitch · Answer

I have a Chase Sapphire Preferred credit card, not international fees and good points on travel + dining. Might not be easiest card to obtain however.
Word of warning about using Simple.com debit card abroad: DON’T

High fees.
They’ve blocked my card twice, despite me notifying them of travel.
They blocked the entire country of South Africa whilst I was there!!
No Chip, easy target of card skimmers (I got skimmed in London).

rabourn · Answer

You have to be resident in the US to open a Charles Schwab High Investor Savings Account now. I don’t really understand all the new US tax laws meant to ensnare people hiding money in offshore accounts etc. along with other applicable laws, but apparently it’s no longer possible to open an account that allows investing unless you can prove you live in the US (e.g. show an apartment lease, utility bill, etc.)

Thun Financial Advisors

Why US Brokerage Accounts of American Expats are Being Closed (2017)

Americans abroad are being informed by U.S. banks and brokerages that their accounts are restricted or being closed due to their non-U.S. resident status.

When I tried, the initial customer support person I spoke with at Charles Schwab said something about the Patriot Act, but maybe they were confused. Whatever the applicable law, it’s not possible to legally open such an account anymore if you plan on spending an extended time abroad.

wanderingdev · Answer

I don’t use it for business so you would have to read the description or contact them.  I just mentioned them because I know they have business accounts and their personal accounts fit your requirements so their business might as well.

ramblurr · Answer

Yea, my intention of this thread was to discussbusiness bank accounts, which is an even further under-served market than personal bank accounts for full time travelers.

kikikarpus · Answer

I have a Charles Schwab High Investor Savings Account. No foreign ATM fees. And for a credit card I use United Mileage Plus Card & Amex Platinum - no foreign transaction fees. For my business account I have a JPMorgan Chase - all of these are connected so I can transfer money easily. Typical married banking I use Ally - high interest on savings!

nomadcapitalist · Answer

Capital One is a good one if you have a SSN (or perhaps TIN), but they don’t let you wire money in or out (to me, domestic ACH is not a wire) and there are no business accounts.

riennn · Answer

Thanks for your reply Thomas
Actually I already read your article, good work! 
I even contacted them through their facebook page to ask when their service will be available in Belgium, since it isn’t yet. They told me they’ll let me know through the mailing list as soon as it is. The problem is, I need it now 
If you got any info on getting the number26 account without being German or Austrian resident, please do let me know.

riennn · Answer

Anyone not from the US (maybe Belgium/Netherlands) has a Charles Swab international account? Looks like it’s the same as the one for US citizens, but with a $10 000 minimum deposit 
Not a lot of other/better options for me in Belgium I’m afraid…

andrewkent · Answer

I absolutely LOVE CapitalOne 360, but they only offer a business savings at the moment. I called them not long ago and they said they’ll be offering a business checking sometime in the not-so-distant future. Otherwise, great bank.

itsmikechu · Answer

Ramblurr:

(though not so great for nomads abroad).

Totally agree with @Ramblurr. Simple is closing my account because I don’t have a US house or apartment.  It’s sad that a once cutting-edge bank that was the new hotness is now becoming old and busted.
I’m checking out Chime Bank and Charles Schwab next.

travelingpm · Answer

We’ve used Schwab’s brokerage and high-yield checking accounts for the last 4 years abroad and would definitely recommend them. No ATM fees, wires are super easy and quick, overdraft protection from your brokerage account at no cost, and excellent customer service. This is probably with all US banks, but it’s important to keep a US resident address active or they’ll close your account. I mentioned that I relocated to SA a few months ago and they said they’d need to close my account. I gave them my parents address and said I’m back in the states a few months a year, all was sorted.

worldtravel · Answer

I question Capital One’s ethics in my experience dealing with them.

worldtravel · Answer

all the research I’ve been doing I keep hearing Charles Swab is great for traveling… I use TDbank which also don’t have many fees and reimburses you for some fees also.

andrewkent · Answer

Yes, can understand that, but Capital One 360 is a separate branch of the company that used to be ING. I’ve had great service and no problems with in 8 years.

Nomad List

What are good US-based banks for digital nomads?

Suggested topics

Are there any digital nomads in the Islands e.g Bermuda, Barbuda, St. Kitts and Nevis?

Tax advisor for permanent nomads?

How to get into the digital nomad lifestyle?

What is the best online insurance for digital nomads ?

How to get SMS verifications for banks while traveling?

Any Ph.D students dissertating while a digital nomad?

Does international health insurance for digital nomads exist?

I dream of being a digital nomad? How do I do it?

How do digital nomads pay tax?

Best place for Digital Nomad in Latin America?

How do we solve housing for digital nomads?

How is Sicily for digital nomads?

How is Bari, Italy for digital nomads?

How is Mauritius for digital nomads?

Are there any digital nomad fitness retreats?

Best place to set up a company selling digital services?

Do you "out" yourself as a digital nomad?

Property Ownership - should digital nomads buy properties?

Apple TV and Netflix: Do these work for Nomads?

Ko Lanta or Ko Phangan - which island is better for a digital nomad?