The best FinTech banks for digital nomads in 2022
FinTech is short for financial technology. It is a term that goes for all the technology that is being applied to innovate and improve traditional financial methods. Mostly begin their journey as start-ups, and are developing quite fast. Also, blockchain technology is part of this area. They are comfortable and easy to use. Downsides? From my perspective (beware, I am not an economist or an expert), the biggest problem is that most of our money goes digital. As with these companies, we tend to stop using cash because that option usually comes with extra costs.
With that in mind, I have listed here some of the best online banks & financial institutions for digital nomads based in your country:
- Europe: N26, Revolut, Monese
- United Kingdom: Monzo, Starling
- North America: CapitalOne 360, Chime, STACK (Canada)
- South America: Klar (México), Nubank (Brazil), Brubank (Argentina)
- New Zealand & Australia: ANZ, Airwallex
- Anywhere: (TransferWise), now only Wise, is one of the best options as you can have also multicurrency
We can only talk about the services that we tried or that we are still using, so here are our favorite choices when it comes to Fintechs:
N26 is a German neobank (which means it is only online, it does not have a physical branch, like most Fintechs) that offers private and business accounts in Euros.
To get a debit card and open an online account, you must be resident in one of the 22 countries of the European Union where they offer their services.
The standard option is free of charge, or you have the possibility of paying a monthly fee for extra services, check all the plans here.
This Fintech is very mobile-friendly, it has an appealing design, and it is really easy to use. Although, if you have to add cash into your account you will have to pay quite a high % of that amount, so we wouldn’t recommend it if that’s what you need it for. Another downside is that depending on the country you are in, you will be able to withdraw cash without a fee just a limited number of times (with the standard plan), so check it out beforehand.
Besides this, the account works great, as well as the customer service, it has free online SEPA payments, and the “spaces” feature in their app is quite comfortable to simply organize your money directly from your phone.
I had a Revolut for a very short amount of time, while I was testing which Fintech company I wanted to use.
Well, I think it is way too complicated, bad user experience, with too many useless features (for me). So I wouldn’t recommend it, as the N26 has improved designs and seem to work way better. Although, they also offer a free-of-charge VISA debit card, and you have the possibility to create multi-currency spaces inside your account (if this is what you are going for, I would rather recommend the next option: Wise).
The best thing about the TransferWise account (now just Wise) is that you do not need to be resident in the EU to get your multi-currency card here. This is very useful for people that are in countries with bad fluctuating currencies, but also any kind of travelers. You just need an address in the EU where your Mastercard debit card can be shipped (it can be a friend or really anywhere you are staying at, even for a vacation).
It takes around 2 weeks to arrive and a small fee – that will be later on added to your balance – to get your card “home”.
Once you have it, you can use it worldwide, free of charge, and receive payments on a European IBAN based in Berlin and between other users. Have multi-currency accounts with overall exchange rates (this doesn’t apply to Argentina if you need to change money there at a good exchange rate, check our guide).
If you are a digital nomad, in our opinion, this is a must-have card that can help you out in many situations. If you don’t plan to use it as a main account (which makes sense) get one as an emergency thing, you know, just in case!