Frontpage
๐ Dark mode
โค๏ธ Your favorites
๐ Nomad insurance
You won't be notified by email when a reply is posted, to change your notification settings. Posts must follow the TOS: No ads, self promotion, commercial posts, surveys etc. For customer support questions, don't post here but use the feedback box in the bottom right of this page instead.
Dear all
As a wanna be nomad figuring out a way to get free of the rat race, I was wondering what is the best bank account to have while travelling the globe? I need an account where is easy for me to receive payments from all over the world and it also need to be a bank that I can find almost anywhere in the world. I want to avoid carry cash on me if itโs possible.
Depending on how much money youโre talking, a good option can be Bank of Georgia SOLO + TBC Status accounts in Georgia.
You can open a bank account with just a passport, qualify for personal banking with a much smaller deposit than in most countries, and get an Amex Platinum, free withdrawals around the world, etc. + access to term deposit options with very favourable interest rates.
If you are doing business in multiple countries, then you need Transferwise borderless bank account. Itโs the boss and having run the numbers, it comes up trumps.
I did an explainer video on youtube, just add this to the end of the YouTube URL. I promise itโs not spam just good advice /watch?v=urqtltmxiVw&t=108s
Get Charles Schwab checking account. They refund all your ATM fees. Full stop.
I used https://www.xoom.com/ to transfer money to myself when I arrive at certain countries. I did this before paypal bought them though so not sure how they work now. Worth a look though - worked fantastic when I visited Argentina a few years ago.
@thomas : Did you check yourself?
I often hear โgood exchange ratesโ but if you try those โgoodโ exchange rates are usually 2-3% worse than the interbank rateโฆ
Yes, Iโm using N26 actively myself. They follow Mastercardโs rates, which you can find here: https://www.mastercard.com/global/currencyconversion/
Exact markup compared to interbank varies a bit per currency pair, you can check the spread yourself on the page above. But from my experience, any bank that says 1% currency conversion fee really means 1% in addition to the MC or Visa rates, not the interbank rateโฆ
An example:
These are MCโs rates for yesterday:
1 USD in EUR = 0.887705
1 EUR in USD = 1.126200
At these rates you can start with 100 EUR, change them to USD and back and end up with
100 EUR * 1.126200 * 0.887705 = <13>99.9733371 EUR
That means thereโs a currency markup of only 0.01333145% per transaction. Not bad.
And Iโve personally tested that both N26 and Schwab actually give the rates they claim.
Yes, that is indeed not too bad.
If I am withdrawing from my HK HSBC card at a foreign ATM, I would usually have a difference of some 2% - same with Citibank HK.
I just received a Revolut card (a MasterCard). They claim to charge no fee / markup on most currencies. Well, we will see โฆ
@theArtivistEU you can send me a referal code 
Of course! Send me your email in PM please
Sorry I canโt because of some forum setup, hence the public proposal 
you PM me 
Hello everyone
I am from Buenos Aires, up until recent it was not possible to own dollars here unless the government gave you permission to. I managed to workaround all the issues this brought to me by using Payoneer. What do you think of it? I am very happy with the service and support service. I have received payment from market sites like freelancer.com and guru.com airbnb.com but also companies and individuals all around the globe. The debit card has worked everywhere I tried it, Europe, Ecuador, Brazil, Uruguay both for ATM withdrawals and payment method. Also online. The rates seem reasonable, but maybe Iโm easy to please because banks are the enemy here at home and I donโt know what else is out there. Do you know it? What do you think of it?
In France Monabanque is not bad. Iโm looking for alternative and waits for availability (and prices !) of Ipagoo.
For German-speaking nomads, I recommend DKB and Number26. Both have no ATM fees.
@manu: DKB and Number26 might be an option for EUR.
Did you check the exchange rate?
Citibank for example does not charge an ATM fee if you use their ATM overseas but their exchange rate is not that great.
With an ATM fee only being ยฃ/โฌ/$ 1 or 2 the exchange rate is actually more important
They use Visaโs and MasterCardโs exchange rates (respectively) with no markup.
If you set up a foreign bank account, you can use TransferWise to move money between your accounts for .05% fee. Way better than most forex fees of 3%.
As you are South African, you should check out Standard Bank in the Isle of Man.
Hi guys thank you so much for all the replies, I really appreciate your help.
Iโve been doing a lot of research and Iโve pinned it down to two different accounts they need to get.
Orbit visa credit card
Multi currency cash passport
Hopefully both of these will work fine with direct deposits and paypal
Iโm just nervous so please advise
Iโll be on holiday basically (travelling as a tourist with my family), all my customers will pay to the same bank account in my home country as they always do. Ivโe got to a point where I donโt have to work hard to keep business going (recurring revenue). The point would be to get local cash without the 3% โconvenienceโ fees + exchange fees + atm fees.
I found a local bank with an extremely low fee option for international withdrawals but once again its hyper restricted and illegal to use the card overseas under certain circumstances (including not having a return air ticket).
I would rather deal with the Thai restrictions then the local ones, whatever cruel laws other countries can think of, the South African government can and will โimproveโ.
We actually pushed our trip forward 6 months before the โtravelling with childrenโ law comes into affect on June 1 since they are taking too long to process documents, so 4 hours after I leave I am not allowed to ever return until I find an embassy that can print an unabridged birth certificate.
South Africa is fantastic and beautiful if your visiting, but as a local (who pays tax) itโs like waking up to a punch in the face everyday. We are now forced to pay VAT on international purchases and if you touch an online casino or lottery you go to jail for 10 years. Itโs also illegal to spend more than $80k a year abroad, so if your doing well you need alternate banking options.
I have looked into as many banks as I can think of online and none express any interest in banking a South African. Technically if you receive and spend money without first converting it to ZAR (and loosing a bunch of it) and then converting it back (and loosing a bunch of it) you are committing a crime. Paypal frequently remind me Iโm breaking the law, even if I receive $5 then spend it on fiverr. You are actually required to convert the money to ZAR in 30 days or return it to the sender, and you are not legally allowed to spend a cent.
With that in mind it means you can do whatever you want, since your always breaking the law or loosing almost 10% of everything. I am going to just walk in to some banks in Thailand and try my luck, if it fails itโs possible to setup an offshore corporation in Delaware (or similar) and receive a bank account that way. Something Iโve considered just to accept credit card payments online.
Your nationality makes a big difference.
For Americans, Charles Schwab is probably one of the better ones.
Reimbursement for foreign exchange fees, etc.,
Not sure for other nationalities.
However, what exactly do you mean when you say โreceive paymentsโ there?
Iโm assuming youโre implying more than just wires, and thus, implying you need a merchant account.
In that case, you might be talking about more structure needed (billing companies you incorporate, etcโฆ) - again, depends on jurisdiction and nationality.
Thank you for your reply Mandy
Iโm currently based in South Africa, but if all my plans work out I will be traveling all over the world. So I need to start thinking about opening a bank account that will facilitate that. Do I go offshore? Do I go american express? I donโt know any advice please.
Hi @BarryBJJoubert, my better half uses Sable FX for her transfers from SA to Europe. Their customer service is slow but good, and they charge good forex rates in addition to handling the capital controls documentation with the central bank. All SA banks suck when it comes to nomads, and thereโs little hope of improvement. Keep expectations low.
Weโve also heard HSBC sucks too for Saffers, despite their branding, though havenโt tried it.
it would help if you tell us where you are from as each country has different rules about banking.
After being told it's unworkable in Puerto Escondido, looking for alternatives :)
I am planning to travel to Mexico City next weekend and stay for 7-10 days there. I wonder if cafes, stores and other places like these work? And if cafes work, do they work as usual or only for take away&delivery? Will be very thankful if someone can help here.
Hey, hope everyone is well!
We're leaving in a month to go travelling. Our first destination is still to be confirmed, but will likely be Poland or Slovakia. We will be moving around every month or two to different destinations.
The question we have is: what do people do with phones/ phone numbers when hopping from country to country? Ideally we'd just like one number for the whole trip (even better, the number we already have) wherever we go, rather than getting new SIMs with different numbers.
This is just so it's easier to keep in contact with family/ clients/ etc.
Hi! I want to relocate to Spain and I was wondering if someone can recommend a SIM card with a good data package.
Thanks
Anyone know of any groups or resources for Ph.D. students working on dissertation while living as a digital nomad? I know there are several virtual writing groups around, but wondered if there were any specifically for digital nomads, particularly those who are dissertating.
Thanks!
I would like to avoid having to come right back home, ya know? <3
I plan to be in Bali a lot, but if this is a terrible time to go,
it could stunt my future plans of being in Bali for an extended period of time.
Would love to see you guys! <3
I have finally saved enough money to start investing. What company gives good, diversified access to stock, ETFs and mutual funds? Does it make sense to use company like Vanguard or Fidelity for that? Iโm a EU/Poland citizen, how would I transfer my money back and forth without incurring significant fees?
Hello digital nomad!
I dream of being an independent digital nomad. But it feels very elusive & unattainable with my success rate. In full disclosure, whilst I have dreamed about making money online since high school; I have not earned a single cent making money online. $0, nada, zilch!! On the contrary, I have spent a lot of time & money on books, podcasts. Even though I have spent a lot of time reading/listening to others, I do not have anything to show for it!
I have made attempts in the past to start an online business, but these fizzle out quite quickly when I do not see traction especially when the goal I have set myself is too high.
Instead of reaching for the ultimate nomadic lifestyle goal, I want to start much smaller. Really small! I am simply looking to make $50 profit per month from a new online business. Thatโs it.
I need some advice from you please!
Is $50 profit too low? How long did it take you to earn $50 profit per month?
What is a good way of achieving this goal?
Thanks
Mark
aka the $0 online business entrepreneur
Currently in Playa Del Carmen, Mexico and heading to Santa Teressa, Costa Rica next week.
Then Aruba in the Caribbean Sea for Christmas and New Year.
However I feel I want to head back to Central America to bring living costs down, rather than staying in the Caribbean Sea among the expensive Islands.
This means I have around 2 - 2,5 month of unplanned travelling.
Any digital nomads who have ideas about where to head in that timeframe?
Hey guys, this was my first year as a Canadian nomad.
As far as I know of, Canadians donโt pay taxes if they do not live in the country for 6 months.
But Iโd like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.
Does anyone know someone who specializes in Canada who can help? Iโve seen plenty of US recommendations but none for us canucks.
Thanks guys!
Hi everyone and nice to e-meet you!
finally, after so long I found a job that allows me to work remotely.
But now? Do you have any practical advice that I can use to approach this new world?
In particular, I have to put my tax situation in order, do you know a good tax advisor from whom I can ask for advice? (Iโm Italian but I live in FranceโฆI donโt know how long it will beโฆ) )
Beyond that, any advice is welcome.
Thank you!
Maria
When you meet new people or reconnect with old friends, do you โoutโ yourself as a digital nomad? The simple question โwhere do you live?โ makes us uncertain now. We wonder if some places may be less welcoming to digital nomads, or if โdigital nomadโ has a negative connotation in some places. If you are forthcoming from the start, does your status as a digital nomad make it hard to form friendships?
We would love to hear how other people navigate thisโฆ how to balance being authentic in relationships vs. withholding the context (and allowing people to assume youโre on vacation, for example).
Thanks!
Planning ahead for the winter. Iโll be in Spain in the Fall and want to go someplace warm for the winter in or near Europe, but not Schengen. Was first thinking Cape Town, but the internet is slow and it is very far. Was also thinking:
Israel - but airbnb listings are very pricey.
Morocco?
Turkey - maybe a little chilly.
Any other suggestions?
Looking for recommendations for reliable accountants who understand how remote businesses with off-shore freelancers and clients work. Thanks!
Iโm currently in Penang, Malaysia and I was thinking to head to Thailand next. What are the best islands in Thailand to get some work done? I was considering either Ko Lanta or Ko Phangan because those both islands have coworking spaces. I might need to take some client calls, also video. Is the wifi good enough? Are there any other differences between the islands?
Iโm currently doing some work through Upwork, but itโs sporadic and Iโm keen to get more active on other platforms like Freelancer, Toptal, CodeMentor, Fiverr etc
Currently Iโm managing leads in a Google sheet. Basically itโs just a list of projects I pitched for, how much I bid, what I did differently from the last pitch/bid, how much time went by before I got a offered a job etc.
Iโm not actively following up anybody, and Iโve in fact โlostโ a few jobs where the client was keen, but then disappeared without a trace. I guess I need to keep in touch with those people to ensure that they remain focussed on our agreementโฆ
Iโm also keen to take on more small projects concurrently, without dropping the ball on any of them.
Iโve done a quick Google and turned up a few names including Salesforce, Zoho, Nutshell, HighRise, Base, Nimble, etc etc. But testing out all these products isnโt all that appealing, so I thought Iโd ask here first
Ideally Iโd like something that integrates with remote job boards in some way.
Iโve done some research and currently have this feature list:
Cheers,
Dan
I have an commerce website. We get around 1000 orders per month and this is going to get quite a bit bigger in next few years.
I am British. I live in Thailand.
Im not allowed to majority own a Thai business and small foreign entrepreneurs are not really welcome. So i need an offshore company.
I need PayPal and an ecommerce internet merchant account. Also looking at alternatives like worldpay. 2checkout etc
Does PayPal need me to be a resident to the country i register my account to? Are there complications being a non resident to get other payment solutions?
Apparently in Hong Kong you need 2 years trading history to get an Internet Mechant Account and they generally turn their noses up at those with less than $1m(us) a year turn over. Singapore seems a bit easier.
I really want to avoid paperwork and book keeping. I hate it.
So i was looking at Seychelles, Panama, BVI, Belize.
Does anyone have experience with payment providers in these countries?
Most nomads i see donโt really have a high volume of small monthly transactions which i do. Im going around in circles and donโt know where to start.
Ill also need a bank account for business and a personal bank account to pay my salary into
Any US nomads found health insurance with global coverage? My current approach has been to have US health insurance, essentially a waste of money but if I ever got very sick I could go home and have coverage. My actual healthcare is a combination of travel insurance (havenโt really used it much though) and paying cash in cheap places like SE Asia and Latin America. The cobbled together approach is neither simple nor very cost-effective. Love to find a product with global coverage that also satisfies Obamacare requirements. Any leads?
Hey guys, hereโs a question Iโve been asking nomads I meet everywhere, but still havenโt found good information. My startups mostly focus on american and european markets but I donโt have a registered company, nor I live permanently on any of these countries.
I get the cash payments online in paypal (or adsense) and transfer it to Thailand (or Malaysia, or Bali, or Brazil, or wherever Iโm at). The thing isโฆ for low volume living expenses it seems fine, but as I scale the business, Iโm starting to think more and more about fiscal law.
A fellow nomad told me to transfer it to Singapore, Hong Kong or The Virgin Islands, and then use an international credit card anywhere. I donโt know if itโs the best way to optimize thisโฆ any ideas?
Also, could there be any problems in selling to these countries without a registered local company?
Can't login? See the FAQ
Nomads.com
By signing up, you agree to our terms of service and community guidelines.
One-time-payment: $39.98 $19.99 ๐ซ 0% off
Billed once. Then never again
Nomads.com members
work remotely at
Nomads.com
๐ Thanks for signing up! I hope you like my site. I put a lot of effort into making it.
๐ฌ First, please go to your email and click the confirm link first to verify your email address, check your spam folder if you can't find it
๐ After you confirm your email we'll send you an email with more info
๐ฉโ๐ป You can start using Nomads.com's member-only features now!
