Why This Matters
Traditional banks hate nomads. Earn in dollars, spend in euros, get paid in pounds? That'll be a 3% fee. ATM in Thailand? Another $5. Convert currency? Enjoy our terrible exchange rate.
I was losing hundreds a year before I figured this out.
Fintech fixed most of it. Multi-currency accounts let you hold, spend, and convert at actual exchange rates. No mystery fees. The right setup saves real money.
Quick Comparison
| Account | Currencies | Monthly Fee | Free ATM | Best For |
|---|---|---|---|---|
| Wise | 40+ | $0 | $100-200/mo | Currency exchange |
| Revolut | 30+ | $0-13 | $200-400/mo | All-in-one |
| Mercury | USD only | $0 | $0 | US business |
| Payoneer | 4 | $0-30 | $3.15/txn | Freelancer payments |
| Charles Schwab | USD | $0 | Unlimited | US citizens abroad |
My picks: Wise for exchange rates. Revolut for everything in one app. Charles Schwab if you're American and want free ATMs everywhere.
What Actually Matters
Exchange Rates: The mid-market rate is the real rate. Banks mark up 2-4%. Wise and Revolut? Mid-market plus a tiny fee (0.3-0.6%). That difference adds up fast.
Foreign Transaction Fees: Most cards charge 1-3% on "foreign" purchases. When every purchase is foreign, that's brutal. Get a 0% fee card.
ATM Access: Some accounts give $200-400/month free. Others charge per withdrawal. Charles Schwab? Unlimited refunds worldwide. That's the one.
Multi-Currency: Hold balances in USD, EUR, GBP without converting back and forth. Saves on repeated conversions.
International Transfers: Banks charge $25-50 to send money internationally. Plus terrible rates. Wise charges a fraction.
Card Security: Virtual cards, instant freezing, transaction alerts. Fintech apps have this. Traditional banks usually don't.
The Accounts
Wise
This is what I use for currency stuff. 40+ currencies. Local bank details in 10+ countries so clients can pay me without wire fees.
Mid-market exchange rate plus 0.3-0.6%. No monthly fee. $100-200 free ATM per month.
What I like: Real exchange rates. Local receiving accounts. Just works.
What's annoying: Not a real bank. No overdraft. Limited interest.
Revolut
Banking, investing, crypto—all in one app. Free tier is solid. Premium adds travel insurance and higher ATM limits.
30+ currencies. Mid-market rates on weekdays (small markup on weekends). Free tier is $0, Premium is $13/month.
What I like: Everything in one place. Good app.
What's annoying: Support can be slow. Weekend exchange rates aren't great.
Mercury
Modern business banking. US only, but if you're American and freelancing, this is it.
No monthly fee. Virtual cards. Accounting integrations. Clean interface.
What I like: Finally, business banking that doesn't feel like 2003.
What's annoying: US only. USD only.
Payoneer
Built for receiving payments from Upwork, Fiverr, Amazon, clients. You get local bank details so people can pay you locally.
What I like: Easy to receive international payments.
What's annoying: 2% withdrawal fee. Higher fees than Wise overall.
Charles Schwab
The unlimited ATM hack. Every ATM fee worldwide, refunded. No foreign transaction fees. $0 monthly.
Catch: You need to open a brokerage account too (can leave it empty).
What I like: Never worry about ATM fees again.
What's annoying: US citizens only. USD only. No multi-currency.
My Stack
Most nomads end up with 2-3 accounts:
- Daily spending: Wise or Revolut card
- ATM backup: Charles Schwab (US) or similar
- Home bank: Keep it active for taxes, government stuff
- Business: Mercury or Wise Business if freelancing
Getting Paid Internationally
Use Wise or Payoneer's local bank details:
- US clients pay to your US account (no wire fees for them)
- EU clients pay to your EUR account
- Convert at mid-market when you need to
Saving on Fees
- Always pay in local currency (decline "pay in your currency")
- Batch conversions—fewer, larger amounts
- Match card to currency when possible
- Never use airport exchanges. Ever.
Emergency Backup
Cards get lost. Stolen. Frozen for "suspicious activity" while you're abroad.
Always have:
- Two debit cards from different providers
- One credit card
- $200-500 cash in USD/EUR
- Virtual cards for online stuff
Frequently Asked Questions
Wise and Revolut just need ID verification. Traditional banks want addresses. Use a family member's or a virtual mailbox.
Maybe. US banks generally don't care. UK and EU vary. Keep it active with occasional transactions.
Wise and Payoneer give you local bank details. Clients pay locally, you receive in your currency. No wire fees.
Multiple cards from different providers. Charles Schwab for unlimited ATM. Keep some USD/EUR cash.
Not legally required. But it separates finances for taxes, looks professional, and often has higher limits.
Bottom Line
Wise for exchange rates. Revolut if you want everything in one app. Charles Schwab if you're American and hate ATM fees.
Open accounts before you leave. Verification is easier with a stable address and phone number.
Takes some setup. But the right accounts save hundreds and make international life way smoother.
Also check: taxes for remote workers and crypto-friendly banks.
