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What's the best bank account for a global nomad?

 

by @barrybjjoubert 9yr  | 25 comments

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 itโ€™s possible.

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@seifip 5yr

Depending on how much money youโ€™re 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.

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@joshstraw 5yr

If you are doing business in multiple countries, then you need Transferwise borderless bank account. Itโ€™s 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 itโ€™s not spam just good advice /watch?v=urqtltmxiVw&t=108s

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Get Charles Schwab checking account. They refund all your ATM fees. Full stop.

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@nomadicme 8yr

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.

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@busdriver 8yr

@thomas : Did you check yourself?
I often hear โ€œgood exchange ratesโ€ but if you try those โ€œgoodโ€ exchange rates are usually 2-3% worse than the interbank rateโ€ฆ

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@tkrunning 8yr

Yes, Iโ€™m using N26 actively myself. They follow Mastercardโ€™s 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 rateโ€ฆ

An example:
These are MCโ€™s 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 thereโ€™s a currency markup of only 0.01333145% per transaction. Not bad.

And Iโ€™ve personally tested that both N26 and Schwab actually give the rates they claim.

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@busdriver 8yr

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 โ€ฆ

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@theArtivistEU you can send me a referal code :slight_smile:

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Of course! Send me your email in PM please :slight_smile:

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Sorry I canโ€™t because of some forum setup, hence the public proposal :smiley: you PM me :wink:

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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 Iโ€™m easy to please because banks are the enemy here at home and I donโ€™t know what else is out there. Do you know it? What do you think of it?

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In France Monabanque is not bad. Iโ€™m looking for alternative and waits for availability (and prices !) of Ipagoo.

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@manu 9yr

For German-speaking nomads, I recommend DKB and Number26. Both have no ATM fees.

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@busdriver 8yr

@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/โ‚ฌ/$ 1 or 2 the exchange rate is actually more important

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@tkrunning 8yr

They use Visaโ€™s and MasterCardโ€™s exchange rates (respectively) with no markup.

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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%.

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As you are South African, you should check out Standard Bank in the Isle of Man.

http://international.standardbank.com/

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Hi guys thank you so much for all the replies, I really appreciate your help.

Iโ€™ve been doing a lot of research and Iโ€™ve 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

Iโ€™m just nervous so please advise

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Iโ€™ll 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. Ivโ€™e got to a point where I donโ€™t have to work hard to keep business going (recurring revenue). The point would be to get local cash without the 3% โ€œconvenienceโ€ 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 โ€œimproveโ€.

We actually pushed our trip forward 6 months before the โ€œtravelling 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) itโ€™s 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. Itโ€™s also illegal to spend more than $80k a year abroad, so if your doing well you need alternate banking options.

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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 Iโ€™m 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 itโ€™s possible to setup an offshore corporation in Delaware (or similar) and receive a bank account that way. Something Iโ€™ve considered just to accept credit card payments online.

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@jonmyers 9yr

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 โ€œreceive paymentsโ€ there?

Iโ€™m assuming youโ€™re 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, etcโ€ฆ) - again, depends on jurisdiction and nationality.

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HSBC immediately comes to mind.

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Thank you for your reply Mandy

Iโ€™m 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 donโ€™t know any advice please.

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@skyler 9yr

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 thereโ€™s little hope of improvement. Keep expectations low.

Weโ€™ve also heard HSBC sucks too for Saffers, despite their branding, though havenโ€™t tried it.

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it would help if you tell us where you are from as each country has different rules about banking.

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Read and participate in 14,117 discussions on Nomad List

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Holร  ! What's the internet / wifi situation in Sayulita ?


in Puerto Escondido , Mexico by @ambroisedebret 3yr 3 years ago  | 0 comments

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Are restaurants, cafes and malls working in Mexico City taking into account COVID situation?


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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.

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What's the best thing to do with your phone/ your phone number when travelling?


in Poland by @davda1546 4yr 4 years ago  | 6 comments

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.

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What's the best SIM card you can get for traveling to Spain?


in Spain by @gabygarreau 4yr 4 years ago  | 3 comments

Hi! I want to relocate to Spain and I was wondering if someone can recommend a SIM card with a good data package.

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Any Ph.D students dissertating while a digital nomad?


by @larsheather 4yr 4 years 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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How is the health and safety in Bali right now amid the global crisis?


by @valentineworld 4yr 4 years ago  | 1 comment

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

@valentineworld

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How do you invest internationally as a nomad?


by @mateuszwieloch 4yr 4 years ago  | 17 comments

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? Iโ€™m a EU/Poland citizen, how would I transfer my money back and forth without incurring significant fees?

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


by @programmingmark 4yr 4 years 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!

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  • 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
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aka the $0 online business entrepreneur

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Central America - Where and what's next?


by @as11 4yr 4 years ago  | 11 comments

Currently in Playa Del Carmen, Mexico and heading to Santa Teressa, Costa Rica next week.
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Anyone know an accountant for Canadian nomads/expats?


by @noam_lightstone 4yr 4 years ago  | 16 comments

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What's the first step now that I can work remotely?


by @mariaplslourdes 5yr 5 years ago  | 4 comments

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? (Iโ€™m Italian but I live in Franceโ€ฆI donโ€™t know how long it will beโ€ฆ) )
Beyond that, any advice is welcome.
Thank you!
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Do you "out" yourself as a digital nomad?


by @larsheather 5yr 5 years 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).

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What's the best warm destinations in Europe in the winter?

 

by @jammingsloth 5yr 5 years ago  | 33 comments

Planning ahead for the winter. Iโ€™ll 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.

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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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What's the best CRM/system for managing remote work opportunities?


by @panoramica 5yr 5 years ago  | 3 comments

Iโ€™m currently doing some work through Upwork, but itโ€™s sporadic and Iโ€™m keen to get more active on other platforms like Freelancer, Toptal, CodeMentor, Fiverr etc

Currently Iโ€™m managing leads in a Google sheet. Basically itโ€™s 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.

Iโ€™m not actively following up anybody, and Iโ€™ve in fact โ€˜lostโ€™ 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 agreementโ€ฆ

Iโ€™m also keen to take on more small projects concurrently, without dropping the ball on any of them.

Iโ€™ve 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 isnโ€™t all that appealing, so I thought Iโ€™d ask here first :slight_smile:

Ideally Iโ€™d like something that integrates with remote job boards in some way.

Feature list

Iโ€™ve done some research and currently have this feature list:

Proposal building & tracking

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  • Quickly pull together a realistic/client friendly quote
  • Test and measure different approaches
  • Beat proposal deadlines while maintaining quality
  • Fine tune pitch material to bid more quickly and win more work โ€“ templates
  • Store history about past projects involving common needs and technological solutions
  • Learn which proposal content is working, and which is not

Lead generation and client management (CRM)

  • store info about regular clients
  • track remote projects which Iโ€™ve pitched for
  • Remote Job Board integration
  • search multiple job sites for keywords
  • track projects across multiple remote platforms โ€“ API integration / message alert/response

Project Management & Scheduling

  • Break projects down into granular tasks
  • Gantt chart to visualise overlapping jobs
  • Calendar to schedule daily work, deadlines, R&D
  • follow up, plan and schedule future work now, rather than once current work has dried up
  • offline reminders via a dedicated Android app
  • time tracking โ€“ to get an idea of true cost, to flag issues to client
  • BitBucket integration

Billing

  • Integration with Xero
  • tracking status of payments, actual payment date vs expected payment clearance date

Marketing

  • Get repeat business
  • Build Word Of Mouth
  • Proactive lead generation
  • Publish proposals as case studies

Cheers,
Dan

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What's the best place to incorporate an online business?

 

by @octave 5yr 5 years ago  | 63 comments

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 donโ€™t really have a high volume of small monthly transactions which i do. Im going around in circles and donโ€™t know where to start.

Ill also need a bank account for business and a personal bank account to pay my salary into

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Anybody recommend US health insurance with global coverage?


by @tylertringas 5yr 5 years ago  | 18 comments

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 (havenโ€™t 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?

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


in Singapore by @raphadk 5yr 5 years 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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What's the best mobile-data option in New Zealand for nomads?


in New Zealand by @goldsaj 5yr 5 years ago  | 2 comments

Hi All! Iโ€™ve heard Spark and Vodafone are the best. I plan to move around, so I care mostly about having good coverage, and all Iโ€™ll need is around 1 GB of data or so.

Any suggestions?

Thanks!

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