10 Best Cross-Border Savings Accounts for Digital Nomads

This article will focus on which cross-border savings accounts are most suited for Digital Nomads.

I will focus on things like banking flexibility on a global scale in terms of access, low banking fees, and multi-currency banking options.

This is important as remote abroad workers manage banking expenditures and savings on a daily basis as they cross borders. This guide will focus on banking accounts for international banking.

Key Points & Best Cross-Border Savings Accounts For Digital Nomads

10 Best Cross-Border Savings Accounts For Digital Nomads

1. Wise Multi-Currency Account

Wise provides a “”borderless”” money management service, you can retain and convert over 40 currencies (50+ in some instances), get local bank details (IBAN/routing) in various countries.

This implies that you are paid by international customers, you can receive in their currency, and convert when it is reasonable – avoiding substantial foreign exchange losses.

The transparency in fees, and mid-market and fair exchange rates make it a good service. This account is cost-efficient and offers flexibility to freelancers and remote workers in dealing in many currencies.

2. Revolut

Revolut offers multi-currency features and a comprehensive app-based banking/budgeting platform – ideal for nomads who prefer banking, travel, and financial tools consolidated in one app.

The ability to hold, exchange, and use multiple currencies, as well as interbank rates are beneficial when traveling.

Plus, budgeting features, transaction alerts, and for premium/pro users, perk bonuses like travel extras and ATM cash withdrawals. For digital nomads, it’s frequently a “one app fixes all” banking solution.

3. N26

N26 is a European based, mobile first digital bank with streamlined and intuitive UX that is very helpful for nomads who manage all their banking online.

This account comes with no foreign transaction fees, flexible ATM withdrawals, and offers Euro-denominated accounts — great if you’re located or travel to the Eurozone frequently.

N26 also offers spending notifications, virtual, and sub-accounts (for budgeting or saving) — which add additional safety and flexibility.

N26 is generally considered a smooth, low-hassle banking option for people living or working in Europe (or passing through frequently).

4. Charles Schwab High Yield Investor Checking

For travelers, the Schwab High Yield Investor Checking account is in high demand since it has no foreign transaction fees and unlimited ATM reimbursements across the globe.

This account is fully serviced and offers the ability to have a brokerage account linked if you want to invest. Schwab has a good and (for Americans) accessible travel checking account which has much of the usual travel fees and restrictions removed.

5. HSBC Expat Account

HSBC has accounts tailored to expats or global accounts and are made for people who relocate often with multi-currency support, global account transfers, and customer service made to support expats and frequent travelers.

Most debit cards work across borders and let customers access a global network of ATMs and branches.

For customers splitting their residence across numerous nations and relocating frequently, HSBC is a Full-Service International Bank.

HSBC minimizes the complexities of banking for customers as they do not need to open a new bank account every time they move to a new country.

6. Monzo

Monzo is a Mobile app first designed UK Digital Bank for travelers and frequent movers. they are based in the UK.

No foreign transaction fees and and access to mastercard’s exchange range makes it beneficial for frequent travelers and remote workers.

Powerful management tool in the app such as Spending notifications in real-time for money management auto budgeting savings pots for goals spending rounded ups for goal and quick bill splitting.

for full mobile first and simple overseas banking accounts the nomad are decentralized and transparent and they bank abroad and for basic features convenience is offered.

They are GBP based and prioritise nomadic accounts. They do not fully offer multi currency accounts.

7. Citi Global Currency Account

Citi’s Global Wallet/Global Currency Account is beneficial for people who want to keep and transact in different foreign currencies within one account, for which they get a debit card.

This debit card substitutes the currency balance on the account to save users from incurring additional costs.

For people who travel frequently, having this account saves them the hassle of managing several accounts and offers them convenience.

8. Payoneer Account

Payoneer is not a bank but is a popular solution for global remote workers and freelancers who need to get payments in different currencies from numerous clients globally.

With Payoneer, you have the option to have either virtual or real, physical bank accounts for major currencies, like USD, EUR, or GBP. This makes international transactions cheaper and more manageable.

Their prepaid debit cards have the same features you would expect on a regular bank card, like withdrawing cash abroad, but have the added benefit of being payoneer-abled. This makes them useful for people on the move.

9. Starling Bank

Offering a completely app-based service, Starling Bank is a digital bank based in the UK. They charge no fees on international transactions and use Mastercard’s rates for currency conversion, a useful feature when abroad.

Starling provides real-time notifications for transactions which is a helpful feature for those situated across multiple countries.

However, Starling does not allow users to have multiple active currency accounts or local bank account numbers due to their digital nature, which does limit the service.

This results in Starling being more of an option for everyday spending and banking rather than receiving international payments.

10. Capital One 360 Savings

As of this time of writing, Capital One 360 is a US-based online bank that comes with a free checking (or savings) account with no monthly fees

foreign transaction fees on its debit card, and no minimum balance perfect for remote work or nomad that is stuck with a US account.

With a user-friendly mobile interface and digital banking features, this is a perfect “home-base” account for US nomads that need simplicity and online flexibility.

That being said, this account is a little less interoperable and a local ATM fees might apply when withdrawing cash internationally

Which is usually not covered and is usually unreimbursed with these cards so view this account as not a global banking solution, as it might be interconnected, but as a stable base.

Cocnlsuion

To summarize, Wise multi currency accounts or globalized banks like Revolut, Monzo, HSBC Expat or Global

Citi Global Currency accounts also provide great flexibility for digital nomads who require flexibility, ease for cross-border transactions, and efficient pricing for currency costs.

From Flexibility perspective, the right fit is dependent on the base country, frequency of relocations and flow of currencies.

FAQ