As a digital nomad, managing your finances can be challenging. You may be constantly on the move, working from different locations and dealing with clients across different time zones. Having a reliable and flexible business bank account is crucial to your success. In this article, we will explore the best business bank accounts for digital nomads.
1. TransferWise Borderless Account
TransferWise is a popular option among digital nomads. Their Borderless Account allows you to hold multiple currencies and make international transfers at a low cost. You can also receive payments in different currencies and convert them to your preferred currency at the mid-market exchange rate. TransferWise also provides a debit card that you can use to withdraw cash from ATMs worldwide.
2. Revolut Business Account
Revolut is another digital bank that offers a Business Account for freelancers, sole traders, and small businesses. With Revolut, you can manage your finances on the go, track your expenses, and issue invoices. You can also hold multiple currencies and make international transfers at competitive exchange rates. One of the best features of Revolut is their instant payment notifications, which can help you keep track of your cash flow.
3. N26 Business Account
N26 is a German-based online bank that offers a Business Account for freelancers and self-employed individuals. With N26, you can manage your finances through their mobile app, which provides real-time notifications and spending insights. You can also make free withdrawals from any ATM worldwide and hold multiple currencies. N26 also offers a Mastercard debit card that you can use for online and offline payments.
4. Tide Business Account
Tide is a UK-based digital bank that caters to small businesses and freelancers. With Tide, you can open an account in minutes and get a dedicated account number and sort code. You can also set up automatic payments and manage your finances through their mobile app. Tide offers free transfers within the UK and competitive rates for international transfers. You can also issue invoices and receive payments directly into your Tide account.
5. Monzo Business Account
Monzo is a popular digital bank in the UK that recently launched a Business Account. With Monzo, you can manage your finances through their mobile app, which provides real-time notifications and spending insights. You can also hold multiple currencies and make international transfers at competitive rates. Monzo also offers a Mastercard debit card that you can use for online and offline payments.
6. Azlo Business Account
Azlo is a US-based online bank that offers a Business Account for freelancers and small business owners. With Azlo, you can manage your finances through their mobile app, which provides real-time notifications and budgeting tools. You can also make free transfers within the US and hold multiple currencies. Azlo does not charge any monthly fees or transaction fees, making it an affordable option for digital nomads.
7. PayPal Business Account
PayPal is a well-known payment platform that also offers a Business Account for freelancers and small businesses. With PayPal, you can send and receive payments in multiple currencies and manage your finances through their mobile app. You can also issue invoices and set up recurring payments. PayPal charges a small fee for each transaction, but it is still a convenient option for digital nomads who work with clients worldwide.
Conclusion
Choosing the best business bank account for digital nomads depends on your specific needs and preferences. Consider factors such as fees, currency conversions, international transfers, and mobile banking features when selecting a bank. The options listed in this article are all reliable and flexible, making them great choices for digital nomads who need to manage their finances on the go.