Discover more from Remso's On The Run Newsletter
Borderless Banking: Best International Banking Solutions for Nomads
The third part of our digital nomad series
We've charted our course through tech essentials and tax laws, and now it's time to sail into the waters of international banking. As digital nomads, traditional banking can be a hassle, filled with fees, red tape, and needless restrictions. What we need is a banking solution as boundless as our lifestyle.
Enter borderless banking, or as I like to call it, "banking without borders." It offers us a way to manage our money from anywhere in the world, minus the headaches of conventional banking. Let's dive in.
Digital Banks: Thanks to technology, banks no longer need brick-and-mortar branches. Digital banks offer full banking services online, including money transfers, bill payments, and even savings accounts. N26 and Revolut are two favorites among digital nomads.
Multi-Currency Accounts: A multi-currency account lets you hold and manage money in several currencies. This is a godsend if you earn in different currencies or spend significant time in different countries. Wise (formerly TransferWise) offers an excellent multi-currency account.
Crypto Banking: If you're open to the idea of crypto, crypto banks offer services similar to traditional banks but in cryptocurrencies. The advantage? Crypto transactions are borderless by nature. Check out services like Bitwala or BlockFi.
Offshore Banking: Having an offshore bank account isn't just for the super-rich or shady characters from movies. It offers advantages like currency diversification, privacy, and often, lower taxes. Just remember, it's not about hiding money but finding efficient, legal solutions.
Prepaid Travel Cards: While not a complete banking solution, prepaid travel cards offer a convenient way to manage money on the move, often with lower foreign transaction fees. Revolut and Monzo are worth checking out.
Remember, the right banking solution for you depends on your specific needs - your income sources, currencies, spending habits, and travel plans. As with all things in our nomadic lifestyle, flexibility is key.
And here's a tip - don't put all your eggs in one basket. Having a couple of different banking solutions up your sleeve can save you from unexpected problems, be it a blocked card or an unforeseen fee.
Just as we wouldn't let borders define our lifestyle, we shouldn't let traditional banking limit our financial freedom. With borderless banking, managing our money becomes one less thing to worry about, leaving us more time and freedom to live our adventurous life.
In case you need some additional education and entertainment on the way, check out one of my old episodes of my podcast On The Run which was all about becoming freer in an unfree world.
Until then, roam free and stay financially savvy, my friends!
A Few Reminders
Pick up a copy of my books “Stay Away From the Libertarians!” and “How to Succeed in Politics (and Other Forms of Devil Worship)”
Need someone to help with your digital marketing campaigns for your business or project? Book a call with me.