Best Business Bank Account for Digital Nomads

best business bank account for digital nomads
This guide will help you find the best business bank account for digital nomads.

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Becoming a digital nomad can take a lot of planning and hard work to make the dream reality. When done right, it can lead to an incredible lifestyle. A life without limits and boundaries. Work where you want, work when you want, and travel wherever you like – bliss!

It also requires a different approach from many standard business troupes. One of these things is a business bank account. For digital nomads, there are different considerations to make, and a business bank account that is suitable for a stationary business, may not necessarily be suitable for the wandering tradesperson.

In this guide, we help you find the best business bank account for digital nomads. We also discuss what to look for and what features are the most important.

What to Look for When Choosing a Business Bank Account?

Compared to traditional business bank accounts, a bank account for the successful digital nomad must have different features. Due to the varied locations, frequent travel, and online operation, there are other considerations to make. We have listed the main features to look for in your digital nomad business bank account below:

International payments

One of the most important factors is the ability to make and accept international payments. If you are working in different countries, you have to be able to make and receive payments within that country! Preferably, the bank account should have support for foreign currency payments too.

Currency exchange facilities

If you are regularly travelling to different countries, you may also need the ability to exchange currencies. This can be incredibly expensive and you can soon diminish your available cash flow by paying exchange fees or getting hit with the commission, or poor exchange rates.

Therefore, it is important to look if there are business bank accounts that have currency exchange facilities. Some banks provide foreign exchange services with no commission or incredibly low commission fees. Also, due to their large financial backing, some bank accounts can often offer exchange rates that are incredibly close to the current market rates.

Ideally, you want to stay away from banks or digital banks that have no exchange facilities at all. These could hamper your nomadic lifestyle and make currency exchange difficult.

Mobile account management

When travelling frequently, you may not always have quick access to your laptop or a desktop computer. There may also be instances where you need to access your business financial information on the go.

Therefore, it is preferable to choose a business bank account with a dedicated mobile app. This is becoming more and more common, and most digital bank accounts and traditional business bank accounts have a mobile app.

Usually, the app is available for download on iOS or Android devices. However, make sure you check that the app is compatible with your smartphone.

We also advise looking at the security features. Does it have two-factor authentication or advanced security like facial recognition? As you are travelling and working abroad, it is essential to protect yourself and your business finances.

Ideally, the app should also have real utility. Does it have a simple interface and can you easily view and manage your business finances? Can you use the app to make and receive payments? Does it allow for transferals to internal accounts? Look at the app and decide if it can actually be used to manage your finances effectively when you can’t access a computer.

Charges, payment fees, and payment limits

The actual cost of the bank account and the associated fees/payment limits are also highly important. Most bank accounts have limits on things like ATM withdrawals, and international payment limits, for example. The following are financial pointers you should look for:

  • ATM withdrawal limits
  • ATM withdrawal fees
  • Internal transaction fees
  • Payment limits to other accounts
  • Payment fees for transactions to other accounts
  • International withdrawals
  • Conversion fees for foreign currency

For a digital nomad, international withdrawals and payments, conversion fees, and ATM withdrawals are quite important.

Best Business Bank Account for Digital Nomads – Top 3

Here’s the top 3 choices that have excellent features for digital nomads and those operating their business remotely.

1. Revolut

Revolut is an excellent choice and has a range of different business bank accounts. These are split into “company” or “freelancer”. Freelancer accounts are much cheaper and are perfect for single-business digital nomads.

Revolut also offers a free account for both the company and freelancer categories although the utility is limited. For example, a free freelancer account gets no free international payments per month. 

We like the professional freelancer account which costs £7 per month. This allows for 5 free international payments per month, 20 free local payments, a £5k monthly limit on foreign exchange, and the “local” payments can be either GBP or EUR which gives extra flexibility if you mainly operate in Europe.

A Revolut business account also provides debit cards for you and any team members. These have advanced security protection, and you can also set spending limits on each card. We also like the financial management tools provided. You can easily manage payments, sort payroll if you have staff, and manage important financial items like invoices and expenses.

For solo digital nomads, this is certainly one of the best options. However, for multi-personnel companies, you may find the minimum £25 per month fee too high.

Based on it’s currency exchange features, we believe that Revolut is the best business bank account for digital nomads.

Here’s our full Revolut review.

Features

  • Multi-currency accounts with 30+ different countries
  • The ability to make scheduled and recurring payments
  • Make both domestic and international payments
  • Ability to have business debit cards for you and your team

Pros

  • Supports multi-currency accounts in 30+ countries
  • Excellent exchanges rates for foreign currency
  • Simple money management with payment receipts and payroll
  • Effective mobile app for on-the-go account management

Cons

  • The “Company” monthly subscription may be a little expensive

2. Monzo

Monzo is another digital bank that could be a great choice for digital nomads. This digital bank is better suited to digital nomads predominantly operating in the UK. This is because it does not have as many international features as Revolut. However, Monzo does not add any markups on foreign spending which is a huge bonus.

The business current account is just £5 per month which also makes it cheaper than Revolut for solo entrepreneurs or for small businesses. For this, you get a host of features that allow you to effectively operate your business and finances remotely from any location within the UK.

The basics include full payment and invoice management, mobile and web access, an included Monzo debit card, and 24/7 customer support.

Monzo also has some other unique features such as savings pots, the ability to create monthly budgets, and protection from the FSCS for up to £85,000. If your digital nomad business mainly operates in the UK, but you take business trips abroad, a Monzo business account could be a great choice.

Here’s our full Monzo review.

Features

  • Can integrate with accounting software like QuickBooks
  • Complete invoice management including send, track, and receive
  • 24/7 dedicated customer support
  • £85,000 insurance with the FSCS
  • Includes money pots to segment savings and funds

Pros

  • The pro account has an inexpensive service fee of £5 per month
  • Advanced security features like facial recognition
  • Can use the account with both Apple Pay and Google Pay
  • No mark-ups for spending abroad

Cons

  • Does not have as many features for international business as Revolut

3. Monese

Our last pick is Monese. This has a mixed offering that can cater to international and domestic digital nomads. 

For international payments, you can use the Monese international money tool which shows conversion rates. Their conversion rates are excellent and generally not too far apart from the current market rates. Also, you can make local payments in 30+ different countries.

Payments between Monese accounts, regardless of the country are also always free and instant where possible. We also like that you get six free ATM withdrawals per month – after this, it’s a small £1 charge per withdrawal. If you have a multi-lingual team for your digital nomad business, the Monese app and customer support team is available in 14 different languages.

You also get a host of standard bank account features such as payment and invoice management, and the ability to create standing orders and direct debits. This all costs £9.99 per month. The only thing to consider is that there is a 0.5% fee for foreign currency spending on the Monese debit card.

Here’s our full Monese review.

Features

  • Has an international money tool for cheap international payments
  • The ability to make local payments in 30+ different countries
  • The account includes a contactless debit card
  • Free foreign currency transfers between Monese accounts
  • Multi-lingual customer support for 14 different languages

Pros

  • Includes six free ATM withdrawals per month
  • Excellent account security for both desktop and mobile
  • You can easily set up direct debits and recurring payments
  • Instant money transfers between Monese accounts

Cons

  • There is a 0.5% fee for foreign currency card spending

The Best Business Bank Account for Digital Nomads

Living a digital nomadic lifestyle is the dream for many people. It gives an unparalleled sense of freedom and allows you to enjoy a flexible working life. 

If this is something you are working towards, a suitable digital bank or business bank account can help greatly. The right bank account can help you manage your finances on the go. It can also help save money that can go towards important things like accommodation, flights, insurance, and business investments.

Digital banks don’t typically offer credit cards. Check out this guide if you’re looking for business credit cards.

If this guide to the best business bank account for digital nomads helped you, please recommend DigitalSupermarket.

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