Travel

How To: Banking For Digital Nomads

By May 30, 2020No Comments

Traveling and life on the go for a digital Nomad has a few requirements. One of them being financials with banking, how do you get paid from clients, transfer money and take care of basic expenses. As someone who’s been doing this since 2002 it first started out as cash, and direct deposits. Convention old school banking, could do it, you could write a check to cover stuff. Over the past few years, and decades, and especially now stuff went digital. Debit Cards replaced checks, and cash.

I recommend keeping a credit card, or debit card with a bank that has 24/7 365 service. You never know when the unexpected compromise can happen or when they flag something as fraud. Currently I still bank with my former local bank in Maine. At one point I had most of my business accounts running with them as well. It was really important for me to be able to support my community. Unfortunately they weren’t with the times so we had to find other options that had 24/7 support teams. While it’s great to have someone you know by name, and when you call they know your life story. However when you’re left on the side of the road for 72 hours with no support or funds due to an oversight it’s tough to keep that door and relationship open.

Find an institution that banks online with a good system, has support around the clock, and fail safe measures to ensure one you don’t get compromised, and two they don’t compromise you. Another thing that’s convient is having the online option to chat vs the phone. Especially if you’re going international it’s not always easy to pick up a phone. We all do have readily and easily access to the internet.

Recently as I type this article I recently experienced that scenario with my hometown bank. They thought my funds were compromised on a Friday, made phone call, turned of my card, and then provided no support solution until Monday. That’s 54-72 hours. I’m lucky I was able to find a solution on my own, and at no shortage of an inconvenience. While the people at this intuition are nothing short of amazing; the system put in place by their executives sets them up for failure.

Unfortunately I can not endorse nor recommend this institution until they get up to speed with the 21st century. There’s solutions, systems, and fail safes. Too much red tape, and no emergency after hour contact leaves you at risk. Right now I wouldn’t even recommend them to the homebody. When you can afford to finance/ fund/ sponsor an area which is useless but not put fail safes in places, it’s nothing short of the definition of unacceptable.

Ask these questions of the system before you do business with any institution.When they leave you high and dry multiple times, no email contact, random phone call, cut the ties. Fool me once shame on you, fool me twice shame on me.

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