Best Digital Nomad Banks

Digital banks aren’t new, but as technology advances, digital banks have continuously revolutionized how we manage our finances. Some of these banks have made the deal so sweet, as far as banks for digital nomads go, it’s impossible not to switch.

The times are a-changin’
– Bob Dylan

Travel perks, high-yield savings, software integration, accessibility, and incredibly low — or zero! — fees are only a few of the advantages of digital banking that will simplify your life. If you haven’t opened an account, this article will help you choose the best bank for your digital nomad banking needs.

What is Digital Banking?

Digital banking refers to the transformation of conventional banking products, processes, and activities into digital formats, enabling customer services through online channels. Through digital banking, all banking services offered at physical branches become available and accessible 24/7 via mobiles, computers, and compatible smart devices.

Traditional Banks vs. Fintech

As a digital nomad, one of the most important decisions you’ll make is choosing the right bank to manage your finances. In today’s world, you have two main options: traditional banks and fintech (financial technology) companies. Let’s take a look at the pros and cons of each:

Aspect	Traditional Banks	Fintech Companies
Pros	Well-established and familiar	Low fees and transaction costs
	Physical locations and in-person support available	User-friendly mobile apps and web interfaces
	Wide range of products and services	Cutting-edge technology and security measures
Cons	High fees and transaction costs	Lack of physical locations and in-person support
	Limited mobile app functionality	May have limited products and services
	May have outdated technology and security measures	May not be as well-established or familiar

Both traditional banks and fintech companies have their pros and cons, and the decision depends on individual preferences. If you value in-person support and a wide range of products, a traditional bank might be suitable.

Conversely, if you prioritize low fees and user-friendly technology, a fintech company such as Lili or Wise could be a better option. Researching, considering the pros and cons, and selecting the bank that aligns with your unique needs is vital for effectively managing finances in a digital nomad lifestyle.

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Top 6 Digital Banks for Digital Nomads in 2023

1. Axos

Axos Bank, formerly known as Bank of Internet USA, has a solid history of innovation and customer service since the early 2000s. As an entirely online bank, they offer lower fees and higher interest rates due to their lack of physical branches. Their diverse range of financial products, including checking, savings, loans, mortgages, and investment services, is complemented by user-friendly tools like mobile check deposit and budgeting features. 

With a dedicated team of banking experts providing 24/7 support, Axos ensures a customer-centric approach to help you effectively manage your finances from anywhere in the world.

Benefits & Drawbacks of Using Axos Bank

With its innovative online banking solutions and traveler-friendly features, Axos allows you to manage your finances effortlessly from anywhere. However, be aware of certain limitations, such as the absence of physical branches and limited foreign currency services, before making your decision.

Benefits of Using Axos as Digital Nomad Bank	Drawbacks of Using Axos as Digital Nomad Bank
Online banking: Manage finances from anywhere with an internet connection.	No physical branches: Limited in-person support and cash deposits.
Lower fees: Enjoy lower fees and higher interest rates without physical branches.	Limited international ATM network: Fewer fee-free ATMs for frequent travelers.
Mobile banking : Access your account on-the-go with the mobile app.	Limited foreign currency services: No foreign currency exchange options.
24/7 customer support: Get assistance at any time due to time zone differences.	Online-only experience: No in-person support or paper statements.
Travel rewards: Earn travel rewards for specific accounts.

Pricing for Axos Bank

Axos Account Types	Pricing and Fees
Essential Checking	No monthly maintenance fees
	$30 overdraft fee
	Potential out-of-network ATM fees
Rewards Checking	Higher interest rates
	ATM fee reimbursements
	$10 monthly maintenance fee (waivable with a $1,500 minimum daily balance or $1,000 in direct deposits per month)
CashBack Checking	Cash back rewards
	ATM fee reimbursements
	$8.95 monthly maintenance fee (waivable with a $1,500 minimum daily balance or $1,000 in direct deposits per month)
High Yield Savings	Competitive interest rate
	No monthly maintenance fees
	$5 excess transaction fee for each transaction over six per month

It’s important to note that these fees and pricing structures are subject to change, and there may be additional fees for certain services or transactions.

Is Axos a Good as Digital Nomad Bank?

Axos is an online bank that may be a good option for digital nomads due to its online banking capabilities, lower fees, and mobile app for easy account management on-the-go. However, the lack of physical branches, limited international ATM network, and limited foreign currency services may not make it the best fit for everyone.

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2. Brex

Brex is probably one of the youngest on our list of digital banks, but they’re backed by some really big investors. To name drop, PayPal co-founders Max Levchin and Peter Thiel are only two. They’ve targeted newly-founded startups, established tech companies, and eCommerce brands — and they’ve succeeded.

If you’ve ever had to get a loan for your business idea as a freelancer or entrepreneur, you’ll understand the frustration. That’s why Brex has done so well. They’re proudly helping founders and their teams grow without having to worry about banks turning them down.

Benefits of Using Brex as a Digital Nomad Bank

Brex offers several benefits and drawbacks depending on your specific banking needs. As a digital nomad, the drawbacks may outweigh the benefits since their services are primarily aimed at startups and small businesses rather than individuals. If you fall into the latter category, it’s crucial to consider the limitations before making a decision. However, for startups and small business owners, Brex presents unique advantages as a banking provider.

Benefits of using Brex as Digital Nomad Bank	Drawbacks to using Brex as Digital Nomad Bank
Credit cards for startups and small businesses	Designed for startups and small businesses, not tailored for individuals or digital nomads
Innovative underwriting approach	Limited ATM access: No ATM withdrawals available
Cash management accounts with no minimum balance requirements and no fees	Lack of foreign transaction fee waiver: No waiver for foreign transaction fees
Various business loan options including term loans, lines of credit, and venture debt	Limited credit card acceptance: Some merchants may not accept Brex credit cards
Expense management software to track and manage business expenses	Higher credit requirements: Brex may have higher credit requirements than other banks

Pricing for Brex

Brex Financial Products & Services	Pricing and Fees
Brex Corporate Card	No annual fees, foreign transaction fees, or fees for employee cards
	Transaction fees apply for cash advances and wire transfers
Brex Cash	No minimum balance requirements, monthly fees, or fees for ACH transfers
	Fees for wire transfers and incoming transfers from non-US banks
Brex Venture Debt	Pricing and fees vary based on loan terms and borrower’s creditworthiness
Brex Premium	Additional features and benefits offered at $49 per user per month

 

It’s important to note that these fees and pricing structures are subject to change, and there may be additional fees for certain services or transactions.

Is Brex a Good Option as a Digital Nomad Bank?

Brex might not be the ideal banking choice for digital nomads due to its focus on startups and small businesses. While some of their features, like expense management software, could be useful, limitations in ATM access, foreign transaction fee waiver, and credit card acceptance may make other options more convenient and cost-effective. Considering banking solutions tailored to digital nomads’ needs could be a better fit in this case.

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3. Lending Club

Radius Bank, is now part of the Lending Club family after its acquisition in 2021, is a comprehensive online bank offering various banking products and services. With user-friendly online banking through its mobile app and website, you can manage accounts, transfer money, pay bills, and deposit checks from home. 

LendingClub Bank provides competitive interest rates, fee-free ATMs, and a customer-focused experience, making it an excellent option for those seeking a versatile and user-friendly online bank.

Benefits of Using Lending Club as a Digital Nomad Bank

As a digital nomad, finding the right bank to suit your unique lifestyle is crucial. In this regard, Lending Club stands out as an attractive option, offering a host of benefits such as seamless international transactions, competitive fees, and the convenience of a multi-currency account.

Benefits of Using Lending Club Bank as Digital Nomad Bank	Drawbacks to Using Lending Club Bank as Digital Nomad Bank
Online banking services: Access accounts and manage finances from anywhere.	Limited physical branch access: No in-person access to banking services.
No foreign transaction fees: No charges on debit card purchases abroad.	Limited ATM network: Network may be less extensive than other banks.
Competitive interest rates: Higher returns on checking and savings accounts.	Limited international support: May lack extensive support for international banking.
Fee-free ATMs: Access to over 20,000 fee-free ATMs nationwide.	Potential account restrictions: Stricter requirements for account maintenance.

Pricing for Lending Club Bank

Lending Club Bank  Account Types	Pricing
Rewards Checking	Competitive interest rates
	Cashback rewards on debit card purchases
	No monthly maintenance fees
	No minimum balance requirements
	No foreign transaction fees
	$100 minimum opening deposit requirement
High-Yield Savings	Competitive interest rate on balances up to $25,000
	No monthly maintenance fees
	No minimum balance requirements
	$100 minimum opening deposit requirement
Superhero Checking	No monthly maintenance fees
	No minimum balance requirements
Personal Loans	Fixed interest rates
	No prepayment penalties
	Loan amounts from $2,000 to $35,000
	Repayment terms of up to 5 years
	Interest rates vary based on creditworthiness and other factors

Please be aware that the fees and pricing structures mentioned are subject to change, and some services or transactions may incur additional fees.

Is Lending Club Banking a Good Option as a Digital Nomad Bank?

LendingClub Bank can be an excellent option for digital nomads who prioritize online banking services and competitive interest rates, make money as a digital nomad, and do not need in-person banking. However, if you frequently travel to remote or less-populated areas or require comprehensive international banking support, it may be worthwhile to explore alternative banking options. Make sure to carefully evaluate your specific banking needs and preferences before reaching a decision.

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4. Lili Bank

Lili Bank is an awesome mobile banking app tailored for freelancers. It offers fee-free checking accounts, a convenient Visa debit card for business expenses, and seamless integration with various freelance platforms. With their user-friendly mobile app, tracking earnings and expenses becomes effortless. Additionally, withdrawing cash from network ATMs incurs no extra fees, making it an ideal choice for freelancers who desire easy and efficient financial management on the go.

Benefits and Drawback of Using Lili as a Digital Nomad Bank

LILI Bank offers numerous benefits to its customers, providing a seamless and user-friendly online banking experience. However, like any financial institution, it does have some drawbacks that need to be looked at.

Benefits of Using Lili	Drawbacks of Using Lili
No monthly fees for their checking account	Limited account types: Currently only offers a checking account
Visa debit card for all business expenses	No physical branches: Completely digital bank without physical locations
Integration with various freelancing platforms	No cash deposits: No option to deposit cash into the account
Real-time notifications for all transactions	Limited ATM network: May result in fees for using non-network ATMs
No foreign transaction fees abroad	Potential for account freezes due to standard security measures
38,000+ fee-free ATMs in their network
Categorization and tracking of business expenses
FDIC-insured up to $250,000 for secure money
Fast and easy online sign-up process for convenience

Pricing for Lili Bank

Service	Fee
Monthly Maintenance Fee	None
Overdraft Fees	None
Minimum Balance Requirement	None
Foreign Transaction Fees	None
In-Network ATM Fees	None
Out-of-Network ATM Fees	None (ATM operator may charge a fee)
Replacement Debit Card Fee	$10
Expedited Shipping for Replacement Card Fee	$25
Returned Check Fee	Up to $25
Same-day ACH Transfer Fee	$2.50

Kindly note that the fees and pricing structures mentioned may be subject to change, and certain services or transactions might attract additional fees.

Is Lili a Good Option as a Digital Nomad Bank?

Lili is an excellent choice for digital nomads, as it caters to the specific needs of freelancers and independent workers. With its fee-free banking, real-time expense tracking, tax tools, mobile app, and savings options, Lili provides a flexible, cost-effective, and convenient banking experience for digital nomads. This can save them time, money, and hassle, allowing them to focus more on their work and adventures.

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5. Revolut

Revolut is a fantastic app that simplifies banking and fits right in your pocket! It allows you to send and receive payments, exchange currencies, and invest in stocks and cryptocurrencies, all in one place. With support for over 150 currencies, it’s perfect for travelers and international clients. The user-friendly features, like real-time spending alerts and customizable settings, help you manage your finances effortlessly. 

Though there are some fees for specific transactions, overall, Revolut offers an affordable and unbeatably convenient money management solution. Whether you’re an experienced investor or just seeking an easier way to handle your finances, Revolut is definitely worth a try!

Benefits and Drawbacks  of Using Revolut as Digital Nomad Banks

Using Revolut provides a convenient array of financial services within a single app, featuring real-time spending alerts and cost-effectiveness; however, potential drawbacks encompass limited customer support and transaction limits.

Benefits of Using Revolut	Drawbacks of Using Revolut
Wide range of financial services accessible from one app	Limited customer support
Quick and easy sign-up process	Potential transaction limits
Ability to send and receive payments	Limited currency exchange limits
Ability to exchange currencies	Limited ATM withdrawal limits
Ability to invest in stocks and cryptocurrencies	Potential account freezes
Payments can be made in over 150 different currencies
Real-time spending alerts & Monthly spending limits
Customizable app settings & Low and transparent fees for most services
No fees for foreign currency transactions and ATM withdrawals up to a certain limit
Security features like biometric authentication and card freezing in the app
24/7 customer support through the app

Pricing for Revolut

Service	Pricing
Standard Account	Free \n Fee-free foreign currency spending \n ATM withdrawals up to a certain limit with real-time exchange rates
Premium Plan	$9.99 per month \n Higher ATM withdrawal limits \n Exclusive access to customer support \n Free intl. money transfers (up to a certain limit)
Metal Plan	$16.99 per month \n Higher ATM withdrawal limits \n Exclusive access to customer support \n Free intl. money transfers (up to a certain limit)
Currency Exchange Fee on Weekends	0.5%
Cryptocurrency Transaction Fee	1%
Additional Transaction Fees	Possible fees for certain services
Specific Fees and Limits	Varies by location and account

Please refer to Revolut’s official website or contact their customer support for the most accurate and up-to-date information on fees and limits.

Is Revolult a Good Option as a Digital Nomad Bank?

Revolut is a great option for digital nomads. It is worth using Revolut abroad because compared to traditional bank accounts and other platforms, Revolut can save you a lot of money. This is particularly advantageous if you frequently travel internationally or require frequent cross-border payments. With its fee-free foreign currency spending, real-time exchange rates, and low fees, Revolut provides a cost-effective and convenient banking solution for digital nomads on the move.

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6. Wise

Previously known as previously TransferWise, a reputable online service, excels in international money transfers by guaranteeing upfront and transparent fees. Its utilization of mid-market exchange rates ensures fair conversions and protection against hidden charges. Whether you need to pay overseas contractors or book activities abroad like Muay Thai training at Punch It Gym in Koh Samui, Wise offers a cost-effective solution compared to conventional banks or money transfer services. 

Renowned for its reliability and straightforward approach, it empowers users to save money and make informed financial decisions while sending or receiving funds across borders, making it an optimal choice for seamless global transactions.

Benefits & Drawbacks of using Wise as Digital Nomad Banks

As with any financial service, Wise comes with its own set of advantages and disadvantages that users should consider before opting for its services. We will explore the benefits and drawbacks of using Wise, providing valuable insights for individuals seeking a reliable and cost-effective solution for managing their global financial needs.

Benefits of using Wise as Digital Nomad Banks	Drawbacks of using Wise as Digital Nomad Banks
Variety of options for sending money	Higher transfer fees than some competitors
No markup on exchange rates	No options for cash delivery to home or business
Fast money transfers for some transactions	Limited customer support

Pricing of Wise

Transaction Type	Fee
Sending money	Fee varies by currency, from 0.43%
Spending with your card	Free
	(Up to 2 withdrawals of 200 EUR per month)
ATM fees over 200 EUR per month per account	+ 0.50 EUR per withdrawal
Account Funding transactions	2%
Getting the Wise debit card	7 EUR
Converting money	Fee varies by currency, from 0.43%
Holding money in your account	Free
	(Hold 40+ currencies)
Receiving money	Details for AUD, CAD, EUR, GBP, HUF, NZD, RON,
	SGD, TRY and USD – Free
	Receive AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD,
	TRY, and USD (non-wire) – Free
Receiving USD wire payments	4.14 USD per payment

Please note that the fees for some transactions vary depending on the currency, so the table shows the range (e.g., “Fee varies by currency, from 0.43%”). Additionally, some transactions have specific conditions or exceptions mentioned in the description.

Is Wise a Good Option as a Digital Nomad Bank?

Wise, also known as TransferWise, is a highly recommended platform for individuals with international financial needs, making it an ideal choice for digital nomads, expats, and anyone involved in cross-border transactions. Whether you need to spend money while traveling, receive funds from different countries, or send money abroad to friends, family, or business partners.

Wise offers a user-friendly and cost-effective solution. With its multi-currency account, low transfer fees, transparent exchange rates, and the convenience of a debit card,

Final Thoughts

Top digital banks for digital nomads in 2023, including Axos Bank, Brex, Lending Club (Radius Bank), Lili Bank, Revolut, and Wise, offer a wide range of services tailored to the needs of modern nomads. These banks provide essential tools and features, such as multi-currency accounts, low fees, and convenient mobile apps, making them valuable allies for digital nomads seeking seamless financial management during their global adventures.