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As digital nomads, how are you concerned with money transfers?


by @juliendevoir | 5yr  | 14 comments

Hi guys !

I want to know, as digital nomads, how are you concerned with money transfers ? How do you manage this if you are used to send money to your original country ?

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@trvllinglight | 5yr

I would love to use Transferwise to receive payments, but sometimes I am billing really big companies with whole finance/accounting teams and strict ways of doing things, so I donโ€™t think I can really ask them to pay me using Transferwiseโ€ฆcan I?

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@chrispreynolds | 5yr

Iโ€™m a big fan of Transferwise, I always get nervous about this, but have never had a problem and Iโ€™ve sent thousands of dollars through it. :smile:

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@adrienbetweets | 5yr

Hi Julien,

I wrote a detailed article about this very topic: http://www.grownupplayground.com/banking-solutions-for-travelers-digital-nomads/

In a nutshell:

There are further details in the article for all these services. And links to further resources on the topic :wink:

Adrien

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@codam | 5yr

https://revolut.com/ is great.
They take no transaction fees, and it is not fake value proposition, I used it to transfer $6000 with no fees.
It seems they do that as a marketing operation to promote their payment card.

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@stratigos | 5yr

Ive been using the Intuit Payment Network for about 2 months, and like it - very small fees!

https://ipn.intuit.com/

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@travelmore | 5yr

I use Transferwise for business but not sure if you can use it for personal transfers to yourself (would be nice if you could but Iโ€™m sure they are concerned about money laundering). If you are in the US, you can use Venmo for US to US transfers.

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@rbruce | 5yr

Iโ€™ve pretty much exclusively used it for self-to-self payments (IRE->US), they donโ€™t seem to mind! Iโ€™ve done 10-15 transactions, with prob 8,000 USD in total over two years.

Iโ€™ve recently signed up for Revolut, just as an experiment to see if itโ€™s cheaper than what my Irish bank charges for non-EUR transactions (Iโ€™ll try it in Iceland first).

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@juliendevoir | 5yr

Thanks !

I know Transferwise, i think this is one of the best solution regarding fees.

I discovered and used http://neomy.io too, itโ€™s a good way to know when transfer at the right time to have the best exchange rate possible.

But as you said, itโ€™s a mess if you need money on hand.

I heard about http://Revolut.com, it sounds good. I have to try, any feedback?

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@nomadtax | 5yr

You can read my article on the subject:

And my review of Revolut:

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@juliendevoir | 5yr

any feedback without promoting your blog ? :slight_smile:

Like a human exchange in this topic :wink:

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@nomadtax | 5yr

Why write again the same thing when itโ€™s available in one click? If you donโ€™t want to read my article then by all means donโ€™t click.

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@jflaflamme | 5yr

I must admit, I am quite impressed with your site and worth the few affiliates links.

I am interested to the topic and found your data pretty accurate. Would love to chat on #nomads :slight_smile:

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@jflaflamme | 5yr

There is plenty of options

For most nomads, the problem is getting paid and having the money on hand โ€ฆ for that there is multiple tricks like payoneer (huge fees), paypal (huge fees) or (canโ€™t wait to use bitwage to get paid)

For sending money to your own country or people I would suggest Transferwise and bye bye to almost all the fees in a pretty clever way.

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@kathrynoh | 5yr

I use Payoneer and I think โ€œhuge feesโ€ is an exaggeration.

I use to get my Amazon royalties paid to me. Before using Payoneer, I got bank transfers from Amazon to my Australian bank and was slogged with $30 per payment - ie. if I had sales on the Amazon stores in the US, UK, Canada and a few of the European stores, Iโ€™d have to pay $30 per payment.

Payoneer has an annual fee of around $30, I think plus charge 1%. That means I have to earn over $3000 in each store before I lose out. I sometimes go over that in Amazon US but not enough to both changing back to bank payments.

In short, every time you move money anywhere, you will be slogged with fees. Thatโ€™s how the banking/finance systems work. You canโ€™t avoid fees, well not unless you have a private arrangement that would involve a lot of trust, you can just work out the best options for your circumstances.

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Read and participate in 13,983 discussions on Nomad List

Suggested topics

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What is the best online insurance for digital nomads ?


by @berberos | 9d 8 days ago | 4 comments

Hi guys ! hope you are doing well.

I would love to get your feedback regarding the best insurance for digital nomads. i'm traveling around Asia since 1 year and for next 4 or 5 years. Would love to buy an insurance to cover especially :

- health

- laptop, phone ...

- Flights

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Any Ph.D students dissertating while a digital nomad?


by @larsheather | 5mo 4 months ago | 5 comments

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!

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Does international health insurance for digital nomads exist?

 

by @al_steffen | 5mo 4 months ago | 59 comments

Hey Nomads!

Iโ€™m looking for an international health insurance (no travel insurance) for my nomadic life. It should cover the basic services and at least be accepted in the EU (itโ€™s ok if itโ€™s not accepted in the US as Iโ€™m aware they rarely are). Nice to have: enter into a contract online. Anyone got a good experience or a recommendation?

Thanks in advance!

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


by @programmingmark | 6mo 5 months ago | 2 comments

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. Thatโ€™s 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

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How do digital nomads pay tax?


by @rodriigovieira | 7mo 6 months ago | 19 comments

Hello everyone! Iโ€™m new here and probably this is a very newbie question, but it doesnโ€™t leave my head.

How do you, nomads, pay your taxes? I mean, if youโ€™re constantly traveling, how are you going to pay taxes for a certain country if you are going to stay there a short period of time?
Or do you return to your โ€œoriginal countryโ€ and then pay them?

By the way, this forum has very nice cool formatting features! :smile:

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Best place for Digital Nomad in Latin America?


by @rose_davis | 9mo 8 months ago | 7 comments

Hi!

I am planning to move to Latin America for 3-4 months (Oct-January). Iโ€™ve narrowed down 6 different places that I want to visit before committing to settling down, but Iโ€™d love to get some community input.

Here are the cities Iโ€™m considering:

  • Quito, Ecuador
  • Cuenca, Ecuador
  • Medellin, Columbia
  • Cartagena, Columbia
  • Antigua, Guatemala
  • San Marcos La Laguna, Guatemala

The most important things Iโ€™m looking for:

  • Fast/easily accessible internet
  • Easy to meet other nomads/make friends in general
  • Safe for women
  • Some sort of spiritual community (Iโ€™m also a yoga teacher)
  • Easily walkable city

Anyone have any experience with these places and can give some insight? Iโ€™m also completely open to other recommendations.

Thanks!
Rose

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How do we solve housing for digital nomads?

 

by @levelsio | 9mo 8 months ago | 61 comments

Thereโ€™s been a lot of discussion on this recently.

Nomads usually stay in hostels, hotels and short-term apartments. But itโ€™s all not very optimal.

Iโ€™ve heard people suggest getting funding and building a network of houses you can stay at for a subscription price (e.g. Bruno Haid is working on that).

I donโ€™t want do physical stuff, so Iโ€™m thinking of building a platform around making housing better for nomads.

What are the housing problems nomads face? And how can we solve them with products/services?

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How is Sicily for digital nomads?


by @gaelm | 11mo 10 months ago | 15 comments

Hi all, I was looking for a cool spot in Southern Europe for winter and Iโ€™m considering Sicilyโ€ฆ Have you ever been there? If yes, how was your experience? If not, why?
thanks!

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How is Bari, Italy for digital nomads?


in Bari, Italy by @mitch_dina | 11mo 10 months ago | 7 comments

Greetings!
Does anyone have experience in Bari, Italy please? We are thinking of going from Dubrovnik, Croatia to Bari by boat in mid-March. Has anyone taken a boat across? Is it nice or can it be choppy? (We are trying to avoid planes, to reduce our carbon footprint, so adding more surface travel.) Also, any info you might be able to offer about Bari and the surrounds? Next step will likely be trains up Italy as the Spring progresses.

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How is Mauritius for digital nomads?


in Mauritius by @wakkos | 11mo 11 months ago | 14 comments

Hello all,

Iโ€™m planning on spending a couple of month in Mauritius Island and even when Iโ€™ve been there for a week, never rented or worked there.

Does anyone here has tips or experience to share about Mauritius?

Cheers!

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Are there any digital nomad fitness retreats?


by @ryanjames | 11mo 11 months ago | 1 comment

Hey all:

Does anyone here have any experience attending a full time fitness bootcamp or a fitness resort while working? I know there is one in Cambodia for digital nomads (Fitness Retreat Resort Kep Gym), unfortunately the time difference vs my work schedule would make my life suck if I tried to go there. Iโ€™m looking for a place between US and Europe timezones that lets you live with them, kicks your butt with fitness, but would also have good WiFi/accommodate working eight hours a day. Iโ€™m also open to other tangential ideas for something close-ish to get that same experience.

Thanks for any help!

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Best place to set up a company selling digital services?


by @pras_k | 1yr 1 year ago | 10 comments

Whatโ€™s the best place?
For residency Iโ€™m looking at Portugal and they have the NHR (non habitual resident) program which would exempt dividends from foreign income.
So all Iโ€™m really looking for is the best place to actually start the company.
Biggest factors are of course low taxes and ease of setting up the company plus a business bank account that enables me to receive payments through Stripe.

What I found so far:
Hong Kong
Corporate tax rate of 16.5% (8.25% for the first HK$2 million)
โŠ•/โŠ– offshore income from outside HK is exempt from taxation but itโ€™s not clear whether this can be done in the first year and prorated or if itโ€™s only through filing the offshore exemption claim. This might take two years and requires not income from HK at all. More info on that would be great
โŠ– seems very difficult to get a business bank account
โŠ– necessary services and fees are roughly around โ‚ฌ2000 / year
โŠ– accounting requirements seem to be very strict
โŠ• Doesnโ€™t require local partner
โŠ• Agencies available that seem to handle most of the work

Singapore
Corporate tax rate of 17% (0% on the first S$100k, 8.5% up to S$300k)
โŠ– requires a local director. What are the implications of this?

Malta
Corporate tax rate of 35%
There is the โ€œfull imputation systemโ€ but I donโ€™t really understand it.
"In most cases, the tax refund to the shareholder is 6/7 of the tax paid by the company on profits distributed as dividends. The tax refund rate may be different in the following cases: " This would result in an effective corporate tax of around 5%.
โŠ– European customers would have to pay VAT and Iโ€™d have to deal with that

Cyprus
Corporate tax rate of 12.5% and there seem to be ways to lower this
โŠ– European customers would have to pay VAT and Iโ€™d have to deal with that
โŠ– requires staying in Cyprus for 2 months / year

I find it surprising how much research this requires and how much โ€œit dependsโ€ information is out there when Iโ€™d assume that there are probably thousands of digital nomads who probably have very similar requirements.

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Do you "out" yourself as a digital nomad?


by @larsheather | 1yr 1 year ago | 2 comments

When you meet new people or reconnect with old friends, do you โ€œoutโ€ yourself as a digital nomad? The simple question โ€œwhere do you live?โ€ makes us uncertain now. We wonder if some places may be less welcoming to digital nomads, or if โ€œdigital 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 thisโ€ฆ how to balance being authentic in relationships vs. withholding the context (and allowing people to assume youโ€™re on vacation, for example).

Thanks!

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Property Ownership - should digital nomads buy properties?


by @sparrow_23 | 1yr 1 year ago | 16 comments

I have been a digital nomad for the last couple of years. I have always worked in tech and now run a couple of profitable online businesses that give me a reliable income and allow me to fund a nomadic lifestyle.

I recently exited one of my businesses and I am considering to invest the income from the sale in properties, mainly for 2 reasons:

a) I donโ€™t want to keep wasting my money in renting apartments across the cities I stay

b) I believe in properties as investment and I want to diversify my investment portfolio (mainly stocks)

After years of constant wander from one place to another, now I am the type of digital nomad who sticks to few locations: I mainly rotate across 4 places each year (San Francisco, Medellin, Berlin, Bali). Buying a house in each of those location would be difficult and too expensive. Therefore, I was wondering if there was any sort of service that combines an investment opportunity with the ability to access different properties around the world (even if just for a limited time per year) ?

Imagine living in 4 cities per year and having a house in each place that you can exclusively use for 3 months and at the same time having your investment growing (this depending on the market, of course). Wouldnโ€™t that be great? I believe it could be done via a property fund selling you a share and giving you access to some of their properties for a limited timeframe each year.

Has anyone heard of anything like that?

Thanks!

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


in Ko Lanta, Thailand by @melinda | 1yr 1 year ago | 6 comments

Iโ€™m 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?

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Do any digital nomads travely solely by motorcycle?


by @fraserdeans | 1yr 1 year ago | 10 comments

Last summer I spent some time travelling through Thailand and Cambodia and jumped on mopeds to get around. I fell in love with them, the freedom, the ability to get off the tourist trail and see areas of a country not written about in tour books.

Recently a friend of mine cycled from London through Western Europe down to Morocco. His journey, stories and photo blog have all inspired me to see Europe by road rather than missing it all by plane.

Iโ€™ve been encouraged to do the same longer term through Europe. Next month Iโ€™m heading off to Spain to start that journey.

I was wondering if any nomads here are on similar journeys? Does anyone motorcycle between cities setting up to work for a couple weeks then moving on?

If so, have you got any advice/tips for someone just starting that journey?

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Where should I register my company as a digital nomad? Singapore, Hong Kong?


in Singapore by @raphadk | 1yr 1 year ago | 14 comments

Hey guys, hereโ€™s a question Iโ€™ve been asking nomads I meet everywhere, but still havenโ€™t found good information. My startups mostly focus on american and european markets but I donโ€™t 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 Iโ€™m at). The thing isโ€ฆ for low volume living expenses it seems fine, but as I scale the business, Iโ€™m 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 donโ€™t know if itโ€™s the best way to optimize thisโ€ฆ any ideas?

Also, could there be any problems in selling to these countries without a registered local company?

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Best online Bank for Digital Nomads


by @nilanjan | 2yr 2 years ago | 0 comments

Hi All,
Can you suggest a cheap but reliable online Bank for Nomads?
What I meant by " cheap" is decent " service charges".

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What's the best bank for South African digital nomads?


in South Africa by @kirst85 | 2yr 2 years ago | 12 comments

Iโ€™m a South African about to become a Nomad next year. I will still be employed by a South African company and receive a salary into my FNB bank account monthly.

I will be mostly based in Serbia but plan on travelling a lot. Does anyone have any advice on the best bank account to have? Is there a way to not get charged a small fortune in ATM charges and avoid getting my account frozen for using it in lots of countries?

Iโ€™m unsure of the best way to handle things. Should I try get another bank account outside of SA (Can I even do that)? I also have a British Passport if that makes a difference.

If any of you have any experienced advice I would be very grateful, Thanks in advance!

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Where to stay in Budapest as a digital nomad?


in Budapest, Hungary by @pparma | 2yr 2 years ago | 2 comments

HI, Iโ€™m from Argentina: new to Nomad List, and to digital nomad life in general :slight_smile:

I want to travel to Budapest on March for two months, can anyone recommend
the best area to stay?

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