Best International Bank for Expats & Digital Nomads in 2023 | Hobo with a Laptop (2024)

Stretching your finances can be quite challenging when work and travel go hand in hand.

International banking fees are horrendous, and getting paid from companies or people from multiple countries can be a headache.

Ideally, you could do all of this in one place. One dashboard, one card to rule them all –with the lowest fees in the financial market to go with it.

Well, move over PayPal. This list of PayPal alternatives starts with the best there is, and then we go regional; United States, UK, Canada, India, the Philippines, and Thailand –with additions to the list every few months, so check back often and add it to Pocket for reading later.

This article is freshie fresh as of October 16, 2023 –a complete rewrite to reflect the current landscape.

Digital Nomad Banking on the Cheap

If you’re a digital nomad, you need a virtual bank that’s as easy to use as PayPal –without being PayPal, has excellent customer support, and doesn’t cost a fortune for international banking and ATM withdrawals.

In this comprehensive guide, you’ll learn about the top virtual banks, their competitive exchange rates, and key features that set them apart.

Whether you’re a freelancer exploring the world or a remote worker seeking financial ease, here’s everything you need to know before choosing the right online bank.

Best International Banks for Digital Nomads Like You –These Cover Just About Everyone, Globally

1. Wise –🏆 Top Pick by Our Readers

Wise (formerly Transferwise) has become the frontrunner in virtual banking for people who love to travel and work from anywhere. I use Wise for at least 80% of all my online banking because it’s the most versatile of the bunch.

Renowned for its innovative approach to cross-border transactions and effortless currency management, it offers users multi-currency accounts that simplify managing money in different currencies.

As in, you get your own bank account in 50+ currencies all under one dashboard, with a single ATM card. It has the best “most competitive” exchange rate of all the banks on this list with only CurrencyFair sometimes topping it, and there’s nothing else that compares IMO.

It is structured to help you save money and time so that you can focus more on the things you love without having to worry about exchange rates and hidden charges.

16 million people and businesses utilize Wise globally, which generates £9 billion in cross-border transactions monthly, saving customers around £1.5 billion a year over the competition.

“Great experience. Haven’t really had any issues ever since I started using their services. Highly recommended.” – Hossam Elharmil, Trust Pilot

Pros:

• Accounts are free to setup, small delivery fee to get your card delivered
• Converts at real mid-market exchange rates – one that’s closest to the global market
• Supports multi-currency borderless accounts within a single account for over 50 currencies —check if they have what you’re looking for
• Offers up-front, transparent, and low fees on international transfers. The exchange rate has no hidden costs, so individuals can always be sure of how much each payment costs before making it
• Provides a debit card for ATM withdrawals and hassle-free spending
• Provides a user-friendly platform and mobile app for convenient access and 2FA security
• Offers business accounts where individuals can access perks like adding team members to the account and accessing the API for workflow automation
• Offers integration options with various affiliate marketing and ad networks (ie. Ezoic), simplifying collecting funds from different programs
• Provides 2 free cash withdrawals every month. A fixed fee is applied from the third onwards. There’s also a limit to free withdrawals, depending on the country. If individuals exceed that limit, a variable rate is added, irrespective of how many withdrawals they’ve made. For detailed information, check the pricing here.
• Offers a Wise assets program through which individuals can invest money from their Wise account in the iShares World Equity Index Fund. It has 1500 stock holdings, including Apple, Microsoft, and Tesla.

Cons:

• Does not have credit card options, but it does have a Visa logo–it’s basically a prepaid Visa card, accepted wherever Visa is accepted (in addition to regular ATM machines in countries they serve)
• Has no physical branch
• Lacks comprehensive saving features –Canadians should check out Koho for that!
• Multi-currency account is limited to specific countries, make sure they’ve got what you’re looking for before you sign up

2. Payoneer

Payoneer is a global payment solution based in the UK tailored to freelancers, e-commerce businesses, and affiliate marketers who work remotely. It simplifies cross-border payments, enables easy access to funds, and offers a multi-currency account for convenient international transactions.

Its user-friendly interface and secure and fast payment method make payments hassle-free.

It’s almost as good as Wise, but I found sending money to other people to be daunting at times. I only use Payoneer to get paid from integrations with Amazon Associates or TextMaster, not to pay other individual non-corporate entities (ya’ know –people) because of this.

“Payoneer is a great one-stop-shop solution for marketing agencies that are looking to optimize their global payments, expand into new markets and securely pay for ads. Payoneer provides flexible ways to receive and use funds, and customized solutions for SaaS platforms.” – Linh Pham, Ecomdy Media on Payoneer

See Also

Molly's Money: How To Combine Finances After Marriage

Pros:

• Offers multi-currency accounts for more than 150 currencies
• Provides global payment services, enabling you to send and receive payments effortlessly from clients worldwide
• Provide mass payout options
• Provides an intuitive online platform and mobile app for managing accounts conveniently
• Offers debit cards for ATM withdrawals and smooth spending
• Offers integration with freelance marketplaces and e-commerce platforms
• Has relatively affordable international transfer fees. However, if individuals do not make a transaction for more than 12 months after opening an account, they will be charged an annual fee of $29.95.

Cons:

• Does not have physical branches
• Currency conversion and withdrawal fees less competitive than Wise
• Does not have budgeting or investment tools
• Limited services
• I think somebody has to press a big red button to approve withdrawals; I’ll initiate one, but only get an email during UK business hours later that it’s been received and got going

3. CurrencyFair

CurrencyFair is an online foreign exchange service that allows you to transfer money globally at exchange rates better than the current market rate. It allows you cross-border transfers to and from 150 countries.

Their customer support is one area they really shine, and frankly, I like them. They’re purpose-built, and great at what they do. Ideal for Americans, Europeans, and Canadians.

Best for sending money at the lowest surcharge, if you’re not in a rush because the lowest fee sometimes means waiting longer.

Full disclosure: At some point I believe I contributed to their blog.

“This is my go-to currency exchange site. Absolutely brilliant. Considerable savings vs. banks. The best feature is the ability to pick your rate, and when available, they exchange at that rate. Ace.” – Ugo Uzo, Trust Pilot

Pros:

• Better exchange rates, up to eight times cheaper than the banks
• Low transaction fees
• An intuitive mobile app
• Excellent customer support
• Secure and regulated
• Relatively quicker transfers (except for Wise, they’re fastest IMO)
• No minimum transfer limit and a generous maximum limit in place
• Choose between waiting for the best exchange rate or setting up an automatic transfer with ease

Cons:

• ATM cards and withdrawals are available only for US citizens
• Currency conversion fees are much higher than other virtual banks
• Not known for a great customer support experience, it’s pure trash
• Time for withdrawing funds can differ based on the linked bank account

4. PayPal –🧨Most Hated by Everyone

Paypal has been the most trusted online payment option by normies since its inception. Although it’s not really cost-effective for transactions, it provides a secure, user-friendly platform to send and receive money instantly across borders.

It’s the most mainstream act in town.

I obviously had to include it on the list, it has served me well in a pinch, but yeah –the fees are the worst. Hands down, the absolute worst IMO.

And they like to lock people out of their account from time to time. And if you’re an online personality, some blue haired Karen could get you canceled easy (PayPal loves pitchforks).

If you’re an absolute beginner, this will likely be your first online bank account.

From a report by Consumer Intelligence Ltd, published on January 16 2018; “In one example, PayPal took £147.66 when sending GBP 2000 to EUR. Wise charged £7.77 for the same transaction. That’s 19x less.”

Caveat emptor. It works, but it’ll cost ya’.

“Being a payment processor with almost no implementation skills required, it is only used by the Sales department. The problem of getting paid quickly and safely is the main concern for any business, and PayPal gives a head-start. It helps to avail the payment facility from around the globe within minutes of integration with our website and shopping cart.” – Rohit Langde, Trust Radius

Pros:

• Offers an online platform and mobile app for convenient access
• Individuals can send and receive money in multiple currencies
• Individuals can pay their clients using their email address or contact number
• Personal account comes with multiple features
• PayPal.Me link adds a personalized touch to receiving payments
• Individuals can transfer money to their linked bank account without any hassle

Cons:

• ATM cards and withdrawals are available only for US citizens
• Currency conversion fees are much higher than other virtual banks
• Not known for a great customer support experience, it’s pure trash (shoutout to Ireland support team, you’re always the best)
• Time for withdrawing funds can differ based on the linked bank account
• They’re partnered with the ADL, take that as you will

Top Virtual Banks in the US

1. Chime

Chime offers banking with no monthly fees, perfect for digital nomads and remote workers. Its innovative features and user-friendly approach make it a go-to choice for US-based banking needs.

Check their website for international ATM withdrawal fees.

“Chime has the best features that are always free from fees. I appreciate the ability to build my credit and bank with a company that is trustworthy. I’d recommend Chime to anyone!”- Marcia, Trust Pilot

Pros:

• No annual fees and minimum balance requirements
• Debit card with ATM withdrawals and contactless payments
• Fee-free overdraft upto $200
• With direct deposit, get paid up to 2 days early
• Pay anyone, in a fast, fee-free way through the Pay Friends feature
• User-friendly mobile app with instant notifications and budgeting tools
• Automatic savings feature
• Fee-free ATM network
• Checking and savings accounts with zero fees
• ATM access at over 60,000 locations without any extra cost
• Enjoy the SpotMe feature that covers small overdrafts without any fees(eligibility conditions apply)

Cons:

• Limited to US residents
• Lack of physical branches
• No multi-currency accounts
• No credit card or investment options

2. Charles Schwab

Charles Schwab stands as a reliable partner for US-based digital nomads and remote workers, offering a comprehensive banking journey. Backed by strong financial services and a dedication to customer contentment, Charles Schwab presents an effortless banking resolution for individuals engaged in global living and work.

I’ve never met an American digital nomad who didn’t have a Charles Schwab account. As a Canadian, I find that impressive.

“I have used this service for over two years. I use several brokers and I have found them the most cost-effective the most accessible, and they provide the best customer service.” – Bernard, Trust Pilot

Pros:

• No fees, no minimums which means more money to invest
• Single login, multiple accounts, and effortless money management
• Robust mobile app and online platform
• 0% overseas transaction fee and unlimited ATM fee rebates with a security guarantee
• Convenient payment with a mobile wallet or contactless debit card with global ATM access
• 24/7 customer support, including phone assistance and financial advisory services
• Accounts backed by FDIC insurance for added security

Cons:

• Limited to US residents, you lucky people, you
• Not exclusively tailored as a digital banking platform but fees are insanely low
• The account opening procedure might involve additional documentation, sign upbefore you hit the road

3. CapitalOne 360

CapitalOne 360 is an excellent companion for US digital nomads and remote workers, offering an inclusive financial solution. With convenience, flexibility, and modern tools, it ensures hassle-free money management during your travels.

“Capital One stands out with one of the best combinations of online bank perks — no checking or savings fees, a competitive savings rate and high CD rates — and a brick-and-mortar presence. It offers a top-of-the-line bank experience with strong customer support and doesn’t charge any overdraft fees.” – Nerdwallet

Pros:

• No fees, no minimum balance requirement, no worry
• Fee-free checking and savings account
• 24/7 mobile banking with excellent customer support
• 70,000+ fee-free ATM access worldwide
• Easy-to-use mobile app and online platform
• Debit cards for ATM withdrawals and contactless payments
• Credit card options with travel rewards and cashback
• Unlimited ATM fee rebates
• Wide range of investment services and financial advisory
• Integration with popular mobile wallet, Zelle for quick and secure money transfer
• FDIC-insured accounts (big deal right now)

Cons:

• No multi-currency accounts
• Opening an account may require additional documentation

Top Virtual Banks in Canada

Fun fact: If your Google or Apple store is set to Canada, you can download Fongo for free –a phone (VOIP) app that gives you a Canadia free phone number, and optional billed text messages as an upgrade, et al.

Even if your store is set to another country, you can find Fongo VOIP on APKPure for Android (it even works on LineageOS for Android). iPhone users live in a walled garden, can’t help ye. At least Android can side-load apps, Winston Smith.

I use Fongo for 2FA calls from my Canadian accounts to log in, and it rarely lets me down, even after a decade on the road. It’s probably a CSIS honeypot, but we don’t have anything to hide, riiiiight? Honk, honk.

1. Koho

Koho stands out as the ultimate bank for boosting credit scores for digital nomads in Canada (a central goal of this offering is to do just that). It not only offers free spending and savings accounts, but it also comes with a prepaid Mastercard, which is easy to access whenever, wherever. It makes budgeting, spending, and saving convenient. Using it abroad was cheap and easy.

Sign up before you leave Canada, and you won’t be disappointed.

Iloved Koho. Sadly, mere months after going full in with Koho they discontinued Philippines as a country they operate in. So if you don’t plan to start a family in the PH and settle-ish like I did, I highly recommend them. They still work in every other destination I’ve visited, and I hold onto them for such travel.

The app is top notch, money back, rounding up on expenses to add the difference to a savings pool (not sure if I can call it a savings account), they really take care of you. Even their support, which I personally used, was great.Big fan.

“Great for personal expenses, perfect for saving money in the background.” – Paco Martinez, Trust Pilot

Pros:

• Free account and ATM withdrawals
• Get paid ahead of schedule with direct deposit
• Instant cashback
• Integration with mobile wallets for added benefit
• Earn up to 4.5% interest on your spending and savings accounts
• Zero-interest overdraft protection
• Trusted financial services

Cons:

• Customer support is limited to chat within the app (but it doesn’t totally suck)
• 1.5% foreign transaction fee (not the worst)

2. Simplii Financial

Simplii Financial is formerly President’s Choice Financial, to which I’ve been a client since 1999. Their backbone is run by CIBC in some new modern Canadian twist on banking in our monopolistic financial market; kinda’ like how Wind Mobile ran on the back of either Bell or Rogers.

Fees for international ATM withdrawals abroad are NOT good, however, Simplii has been great to use in conjunction with Wise and Canadian companies who pay me back home. Especially if they pay via Interac.

Simply put, in general, there’s no fees for anything I’ve ever done with the platform except overdraft and a buck for an Interac transfer, and overdraft usage in an emergency is a flat rate under $5 CAD per month if you use it. Simplii was an easy way to get money into Wise before Wise had a Canadian banking partner and available Canadian bank account details. Redundancy is good, you never know.

“I never did Tangerine –Simplii has served me perfectly for what it’s intended since 1999; zero banking fees inside Canada, debit purchases for miles —no charges. Can’t go wrong. This is the OG of no-fee banking in Canada, and the only account I held onto after a decade abroad.” – Your Friendly Neighborhood Hobo (Yeah, I am quoting myself)

Google pays my Canadian Simplii account, I withdrawal through Wise to my Philippines bank account. I pay a couple bucks on a thousand or more. It ain’t too shabby.

No banking fees, period. Great performer as a local bank, on the ground in Canada as well.

Sign up before you leave Canada, youwill need redundancy if you want to be a digital nomad. This online bank account has been a staple for me my entire adult life –my ghost writer missed it, so I’ll circle back and do pros/cons another day.

3. Tangerine

Tangerine, an online bank in Canada, is the best choice when it comes to low-fee structure. It provides fee-free daily banking, making it an easy pick for digital nomads seeking convenient online access and cost-effective services. It’s a runner-up to Simplii.

Personally, I always viewed them as a Simplii Financial clone, with louder marketing.

Pros:

• Fee-free daily banking
• No fee and tax-free savings account
• No fee credit cards and investment opportunities
• No fee chequing with debit card option
• Excellent 24/7 customer support
• Online banking and mobile app with easy access
• Wide range of financial services
• CDIC-insured accounts for better security
• Flexible prepayment options, attractive upfront rate, and a dedicated mortgage account manager

Cons:

• Lack of in-person services
• Imposes overseas transaction fees that could add to the financial burden

Top Virtual Banks in India

India, you’re topping my traffic, I hear you, I will serve you. You’re not bigger than America, but let’s be honest, America ain’t doing so good. I make zero money off referring the following online banks from India, I’m only doing it because I see you, I respect you, and yeah, we’re all in this together so I hope you share this post.

Indian digital nomads should also be sure to learn from my Indian friend Jeremy. Check his sh*t out, he’s been nothing but a blessing in hard times for this Hobo, so be sure to visit his website.

1. Kotak Mahindra Bank

Kotak Mahindra Bank is one of the finest digital banks in India because of its innovative Kotak 811 account. And this part of the post was written by a very high quality writerfrom India that I’ve worked with for years –so she knows her sh*t first-hand.

It offers the option of opening a bank account through its online platform or mobile app with a virtual debit card, aligning perfectly with the dynamic needs of digital nomads while working around the brutal regulations of banking in India.

It also offers versatile variants, paperless processes, no minimum balance requirement, and is known as the best mobile banking app in the country.

“Kotak provide a best account fully digital or open online with full KYC. They provide credit card easily after opening account and this is a zero balance account. They also provide best customer support 247. This account is provide virtual debit card with on cheque book free.” – User from India

Pros:

• International transaction enabled free virtual debit card
• No minimum balance requirement
• Free IMPS, NEFT, and UPI transfer available
• Multiple cashback and discount programs
• Netbanking access
• WhatsApp—instant messaging app—banking access
• Interest rate same as a savings bank account
• Bill payment services
• Excellent customer service
• Investment and digital loan opportunities

Cons:

• Limited banking services
• Lack of comprehensive international accessibility and services

2. Axis Bank

Axis Bank is another leading bank that offers a hassle-free ASAP account – a zero-balance digital account via Axis Mobile Pay. It offers a virtual debit card that comes in handy for international and domestic transactions, especially for people who are always traveling. Its robust mobile app also caters to diverse banking needs.

“Axis Bank is very ethical and responsible organization. Axis bank’s website and app makes it easy for customers to bank online through mobile as well as laptop.” – Yaad Singh

Pros:

• No minimum balance requirement
• Virtual debit card with international transaction facility
• Access to both mobile and net banking services
• Cashback and reward programs
• Fund transfer facilities like IMPS, NEFT, or BHIM UPI
• Bill payment services
• Demat and investment options

Cons:

• Limited global reach
• Limited banking services for ASAP account

Other Regional Banks

1. Coins.ph

Coins.ph is the easiest way to buy, sell, and store cryptocurrency in the Philippines –with a twist– you can load your account with cash at any 7-Eleven, pay utility bills, do “tap” and/or QR code payments, move money around, and send it to other people whether they use Coins or not. It also happens to be the most established cryptocurrency trading platform in the Philippines, boasting over 16 million users (and I am one of them).

With Coin.ph instant, secure, and fee-free bill payments become a seamless reality, improving your financial ease. Additionally, the app lets you settle over 120+ types of bills right from your phone. It’s better than Gcash, but more on Gcash in a later update of this article.

Related: Digital Nomad’s Guide to the Philippines (Where I live when I’m not on the road)

“Have used Coins.ph for 100+ transactions without any problems. Straight forward platform, with many options to use. Sure the KYC verification is detailed. But it’s necessary with any e-wallet. Friendly, fast replies from customer service.” – Charlie, Trust Pilot

Pros:

• User-friendly platform
• Robust security features to ensure the safety of funds and personal information
• Convenient bill payment option
• Access a wide range of financial services
• Instant cashback
• Send funds to any bank account via instaPay fee-free

Cons:

• Supports only popular cryptocurrencies like Bitcoin, Ether, Bitcoin cash, Tether, and USD coins
• Occasional challenges with customer support
• Transaction fees may be applicable

2. Coins.co.th

Coins has a subsidiary in Thailand, too. Coins.co.th provides frictionless transfers and easy access through mobile phones and Blockchain Technology, making it Thailand’s leading hot wallet.

On the Coins app, buying and selling Bitcoin is not only fast and secure, it’s also free. Moreover, the mobile wallet empowers small businesses and individuals by giving them direct access to top-notch financial services.

Features and services vary from the Philippines variety, so look for the differences. I’d recommend the PH version of the TH version, as of today. That Thai version has slightly higher fees it seems, and strangely so, given Thailand’s pro-crypto stance in the public.

Pros:

• Seamless wallet service
• Mobile app with easy access
• Methods for depositing traditional currency (fiat)
• Efficient and fast customer service

Cons:

• Operates only in Thailand
• Expensive fees

PayPal in the News

I can’t help myself.

Click a headline below to read why PayPalisn’tthe best bank for expats:

• ‘It is killing my small business’: PayPal under fire for freezing money
• ‘PayPal locked up my money for 207 days’: What happens when an online company decides you’ve broken its rules

Related Article:

Ready to give the finger to FIAT?Learn about the 5 different types of cryptocurrency wallets.

Final words

There are quite a few options for choosing a virtual bank out there, depending upon your personal requirements. I plan to add more to this list before the end of 2023 because I’ve barely scratched the surface –these are just the ones I and my ghost writer know first-hand.

The good news is that these banks will make your life easier, they’ve been cherry-picked from my 10+ years abroad so you don’t have to test everything out like I did.

So, before making a choice, take a moment to evaluate factors like fees, currency support, ATM availability, redundancy, and customer service to confidently select the bank that matches your nomadic life.

Stay light, folks.

Related Topics

• Become Nomad
• Digital Nomad Travels
• Freelancer
• Make Money
• Tools