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15 Best Banks for Digital Nomads in the US (2024)
If you’re looking for the best banks for digital nomads as an American or US resident, you’re in the right place!
As digital nomads since 2019, we’ve learned that having the right bank is crucial for a seamless nomadic lifestyle. Dealing with different currencies and complex banking systems can be a logistical nightmare.
That’s why we maintain ongoing research to ensure access to the best financial institutions catering to our nomadic needs.
We’ve personally used the top 3 options and seriously considered the other 12. However, juggling too many banks can complicate finances so we just stick with our top trio.
In this article, we’ll explore the best banks for digital nomads, their pros, cons, fees, and requirements. Whether you’re a seasoned nomad or just starting, having the right bank can streamline financial management while on the move. Let’s go!
The Best Banks for Digital Nomads
We can only speak to the best banks for digital nomads in the US as that’s where our personal experience lies. Plus, we are not financial advisors, so the recommendations here are solely based on our personal experience and research for our personal use.
That said, our research has been pretty exhaustive so we hope this list is as helpful for you as it has been for us.
1. Wise
Formerly known as TransferWise, we have been using Wise for several years, and love the ability to take up to $250 at a time from an ATM without fees.
It’s got 11 million+ users worldwide, making it one of the most popular best banks for digital nomads – and regular folks – on earth. You can use your physical card or the digital card, which is compatible with both Apple Pay and Google Pay.
A feature that I personally really like about using Wise is the fact that you can hold money in over 50 different currencies and actually set an alert for when you want to exchange the currency.
Probably the best part of having a Wise bank account is that it’s completely free to set up and run. There isn’t even a premium version that gatekeeps some of the better features.
Wise Pros
Wise Cons
2. Fidelity Cash Management Account
I’ve had a Fidelity Cash Management account since 2019. Anyone who has any sort of Fidelity retirement account is eligible to apply for one. Yes, even if you still have a tiny 401K account with a company you worked for 15 years ago.
They refund all ATM fees at the end of a month, and charge no international usage fees when you pay for things either. This is my favorite debit card to use because it’s so flexible and versatile.
They also give whatever the actual exchange rate is at the time the withdrawl or payment is made and don’t charge extra conversion fees, so the exchange is always very favorable.
Fidelity Pros
Fidelity Cons
3. National Bank of Kansas City (NBKC)
Since 2019, we’ve been using an NBKC account, which has proven to be an excellent choice for digital nomads. My favorite feature is that they don’t charge any foreign usage transaction fees for purchases, making it a great option when traveling abroad.
Plus, they refund ATM fees up to $12 USD per month, which can be a significant cost-saver when withdrawing cash in different countries. We primarily use our Fidelity Cash Management account for day-to-day transactions.
This is in part because NBKC’s customer service is available only during US business hours, which can be challenging when you’re in a different time zone.
We’ve made calls as late as 10 PM from Bali to reach their reps. Despite the late hour, their customer service is friendly, knowledgeable, and worth it.
NBKC Pros
NBKC Cons
4. Revolut
Revolut offers a multi-currency account supporting over 150 currencies, real-time exchange rates, and no-fee FX transactions up to a monthly limit. It provides budgeting tools, analytics, and access to cryptocurrencies and investments.
Plus, its app facilitates instant peer-to-peer payments, debit card with contactless payments, and free ATM withdrawals up to $1,200 in the US and 5 withdrawals or €200/£200 per month in the EU/UK.
With premium plans, Revolut offers travel and device insurance, making it attractive for digital nomads. Licensed by the Bank of Lithuania, this option is favored by remote workers and travelers for its innovative tools and straightforward banking approach.
Revolut Pros
Revolut Cons
5. Betterment
You can use your Betterment Checking account debit card at any ATM worldwide where Visa cards are accepted, and Betterment will reimburse any associated fees. If we picked up another best bank for digital nomads option, this is on our short list!
It will even reimburse the 1% currency conversion fee from Visa that applies to foreign transactions, purchases, and ATM transactions. That means you can get free ATM access anywhere you travel.
Betterment Checking provides a user-friendly mobile app for easy account management. It offers contactless payment, no minimum deposit, robust features, fee-free global ATM access – perfect for digital nomads.
Betterment Pros
Betterment Cons
6. Capital One 360
Capital One 360 is a traditional US bank, making it one of the best banks for digital nomads who frequently travel back to the States. The account setup is quick and easy, taking only around five minutes with no initial deposit required.
While not an ideal choice for international travelers, Capital One 360 offers free ATM withdrawals and a 50% discount on drinks at CapitalOne cafes when in the US.
Plu, the Capital One Venture X credit card is tailored for digital nomads, providing 2 points per $1 spent without international transaction fees.
Capital One Pros
Capital One Cons
7. N26
N26, a German fintech company, provides Euro-centric banking with an 8-minute setup, high security (Euro license and German IBAN), and up to 100,000 Euros protection.
There are no fees for transfers up to 50,000 Euros, but withdrawal fees apply for Free and Smart plans. The You (€9.90) and Metal (€16.90) plans offer free global ATM withdrawals and travel insurance.
N26 holds Euros and uses the day’s exchange rate. Higher-tier plans offer bonuses, while the Free plan suits budget users.
N26 Pros
N26 Cons
8. Charles Schwab
Charles Schwab has long been one of the best banks for digital nomads and remote workers who are US-based and value a comprehensive banking experience.
With its robust financial services and commitment to customer satisfaction, Schwab delivers a seamless banking solution for those living and working around the globe.
Get a High Yield Investor Checking account with no monthly fees, unlimited global ATM fee rebates, contactless payment debit card, full-service brokerage, investment options, mobile app, 24/7 customer support, and FDIC-insured accounts for added security.
However, be aware that they do a hard check on your credit before opening an account, which wasn’t disclosed during the application process and could potentially impact your credit score.
Charles Schwab Pros
Charles Schwab Cons
9. Ally Bank
Ally Bank is an online-only bank that offers a range of products and services tailored for digital nomads and frequent travelers.
While there is an international transaction fee of up to 1% when using an ATM located outside of the U.S., Ally Bank provides several benefits that make it a convenient choice for those on the move.
The Ally Everyday Cash Back Mastercard® has no foreign transaction fees, allowing you to make purchases abroad without incurring additional charges.
Ally Bank provides access to the Allpoint ATM network with over 55,000 ATMs globally, allowing fee-free cash withdrawals. Note: Additional fees may apply when using a non-Allpoint ATM abroad.
Ally Pros
Ally Cons
10. Chime
Chime, a US bank, offers a unique way to build credit. Use your credit card like a debit card, topping up and spending only what you have.
Each transaction is recorded as a credit transaction, which helps boost your credit score. This is the only bank I know of that does this!
Plus, Chime provides a fee-free experience for digital nomads. You can use your Chime card worldwide without transaction fees and manage your money through their app. Plus, you’ll earn a 0.5% Annual Percentage Yield on your savings account.
Chime Pros
Chime Cons
11. HSBC Premier Checking
HSBC, a global bank on multiple continents, is one of the best banks for digital nomads seeking in-country support. Use HSBC ATMs to skip withdrawal fees, but expect charges for international transactions.
One main advantage of HSBC’s Global Money Account is the ability to hold money in eight major currencies and enjoy fee-free international transfers. However, the exchange rates may not be the most favorable.
HSBC is known for its exceptional customer service, a crucial factor for digital nomads seeking reliable banking support. It’s a well-established global bank, but some accounts may have monthly fees to consider.
HSBC Pros
HSBC Cons
12. Wells Fargo Prime and Premier Checking
When it comes to ATM fees per transaction, Wells Fargo doesn’t charge you a dime! That’s right, no fees for cash withdrawals, balance inquiries, or funds transfers at any ATM.
Even better, Wells Fargo will reimburse all fees charged by non-Wells Fargo ATM operators, so you can use any ATM without worrying about extra costs.
There’s a $35 monthly service fee but you can avoid it by maintaining $250,000 or more in linked bank deposit accounts each month. A nice perk for those with substantial balances, but this may not be the best option for budget-conscious digital nomads.
Wells Fargo Pros
Wells Fargo Cons
13. Citibank Citigold
Citibank’s Citigold account is ideal for digital nomads. It waives foreign exchange fees on international transactions with your Citibank Banking Card, saving you money if you travel frequently or live abroad.
Plus, Citibank will reimburse you for any ATM fees charged by other banks during the statement period, provided you have the Citigold Account Package.
This feature can be incredibly convenient, as you can withdraw cash from any global ATM without any additional fees.
Citibank Pros
Citibank Cons
14. Chase Bank Premier Plus and Sapphire Checking
The Chase Sapphire Checking account is an excellent choice for digital nomads as it charges no fees for foreign ATM use, allowing you to withdraw cash from ATMs worldwide without incurring additional charges.
Chase charges a 3% international transaction fee, waived with Chase Sapphire Preferred. ATM withdrawals with credit cards have a $10 USD or 5% cash advance fee, while debit card withdrawals cost $5 USD.
So, the Chase Sapphire Checking account, combined with the Chase Sapphire Preferred card, can be a convenient and cost-effective option for your international travels.
Chase Pros
Chase Cons
15. Monese
Monese is a rising digital nomad banking solution with currency flexibility. It holds money in GBP, EUR, and RON, and deposits directly in 19 currencies, making it versatile compared to other banks.
One of the standout features of Monese is its PayPal integration. You can link your PayPal account directly to your Monese account and spend the money in your PayPal account through your Monese card.
This is a great option for digital nomads who get paid via PayPal, as it eliminates the need to deal with PayPal withdrawal fees or log in every time you want to access your money.
Monese Pros
Monese Cons
What Makes a Bank Best for Digital Nomads?
As digital nomads, our banking needs are unique. We’re constantly on the move, traversing borders, and dealing with multiple currencies. A traditional brick-and-mortar bank simply won’t cut it. So, what makes a bank truly digital nomad-friendly?
✔️ Low or No Foreign Transaction Fees
The best banks for digital nomads either waive these fees entirely or keep them to an absolute minimum. One of the biggest pain points for nomads is the exorbitant fees charged by banks for international transactions.
Whether it’s withdrawing cash from an ATM or making a purchase abroad, those pesky foreign transaction fees can quickly add up, eating into our hard-earned money.
✔️ Global Accessibility and Worldwide Availability
As nomads, we’re constantly on the move, and our banking needs don’t take a break. We need a bank that has a global presence, with a vast network of ATMs and branches (or at least partner institutions) worldwide.
This ensures that we can access our funds, make withdrawals, and conduct transactions seamlessly, no matter where our adventures take us.
✔️ Multi-Currency Accounts and International Wire Transfers
Juggling multiple currencies is a way of life for us digital nomads. The best banks for digital nomads cater to this by offering multi-currency accounts, allowing us to hold and manage funds in various currencies without incurring excessive conversion fees.
Plus, seamless international wire transfers are a must, enabling us to move money across borders with ease.
✔️ Mobile App Accessibility and Online Banking
In our fast-paced, connected world, mobile banking is a necessity. The best banks for digital nomads provide robust mobile apps and online platforms for managing finances on the go, from anywhere.
Checking balances, transferring funds, and paying bills all require a user-friendly mobile experience.
✔️ Robust Customer Support
When you’re constantly on the move, dealing with banking issues can be a nightmare. That’s why exceptional customer support is a must-have for digital nomads.
The best banks offer 24/7 assistance, whether through phone, email, or live chat, ensuring that our financial concerns are addressed promptly and efficiently, no matter where we are in the world.
✔️ Travel Perks, Rewards, and Security Features
Digital nomads are frequent travelers, and the best banks recognize this by offering travel-friendly perks and rewards.
From complimentary travel insurance and airport lounge access to cashback on travel-related purchases, these added benefits can make our nomadic lifestyles even more rewarding.
Plus, robust security features, such as fraud protection and two-factor authentication, provide peace of mind while we’re on the road.
Comparison of the Best Digital Nomad Banks
With so many options out there, choosing the right bank as a digital nomad can be a daunting task.
To make your life easier, we’ve compiled a comprehensive comparison of the top contenders, highlighting their key features, fees, and pros and cons.
| Bank | Foreign Transaction Fees | ATM Fees | Multi-Currency Support | Mobile App |
|---|---|---|---|---|
| Wise | None | None up to $250 per withdrawal | 50+ | Yes |
| Fidelity Cash Management | None | All ATM fees refunded | No | Yes |
| NBKC | None | Up to $12 per month refunded | No | Yes |
| Revolut | None up to monthly limit | Free up to monthly limit | 150+ | Yes |
| Betterment | None | All ATM fees reimbursed | No | Yes |
| Capital One 360 | None | Free in the US | No | Yes |
| N26 | None | Free up to monthly limit | Euro only | Yes |
| Charles Schwab | None | All ATM fees reimbursed | No | Yes |
| Ally Bank | Up to 1% on ATM withdrawals | Fees may apply | No | Yes |
| Chime | None | None | USD only | Yes |
| HSBC Premier Checking | Fees apply | Free at HSBC ATMs | Up to 8 | Yes |
| Wells Fargo Prime and Premier | Fees apply | All ATM fees reimbursed | No | Yes |
| Citibank Citigold | None | ATM fees reimbursed | No | Yes |
| Chase Bank Premier Plus and Sapphire | None on Sapphire Preferred | No foreign ATM fees | No | Yes |
| Monese | None on premium plans | Free up to monthly limit | GBP, EUR, RON | Yes |
As you can see, each bank offers its own unique set of features, fees, and limitations. The key is to evaluate your specific needs as a digital nomad and choose the bank (or combination of banks) that best aligns with your lifestyle and financial requirements.
Final Thoughts: The Best Bank for Digital Nomads
While there’s no one-size-fits-all solution, a few standout options deserve special recognition as the best banks for digital nomads. Our personal favorites are Wise, Fidelity, and NBKC.
Ultimately, the best bank for digital nomads is the one that aligns with your specific needs, travel patterns, and financial goals.
Whether you prioritize low fees, multi-currency support, or a robust mobile app, there’s an option out there that can make your nomadic lifestyle more seamless and financially rewarding.
So, embrace the freedom of the nomadic lifestyle, but do so with a banking partner that understands and caters to your unique needs.
With the right bank by your side, you can focus on exploring the world, secure in the knowledge that your finances are in capable hands.
Best Banks for Digital Nomads FAQs
Do you still have questions about the best banks for digital nomads? Here are answers to some frequently asked questions.
What is the best overall bank for digital nomads?
Wise (formerly TransferWise) stands out as the top choice for digital nomads. With multi-currency support for over 50 currencies, low fees, and a user-friendly interface, it offers unparalleled convenience for those constantly traveling. Its exchange rate alerts make managing finances seamless.
Do digital nomad banks require a credit check?
The requirement for a credit check varies among digital nomad-friendly banks. Wise, Revolut, and N26 do not require one when opening an account.
However, banks like Charles Schwab may perform a hard credit check, which can temporarily impact your credit score. Research each bank’s policies before applying.
What fees should digital nomads expect from banks?
Digital nomads should prioritize minimizing fees, especially those related to international transactions and ATM withdrawals. The best banks either waive these fees entirely or keep them minimal.
Plus, many nomad-friendly banks waive monthly account maintenance fees or offer ways to avoid them, such as maintaining a minimum balance or meeting account activity requirements.
