Best Bank Account for a new Nomad

banking

(Jon B) #1

Hi Everyone,

My first post here (yes, I know, I need to do an introduction post also in a moment :slight_smile: ) I am 42, in full time employment in the UK and about to take the leap to becoming a nomad and seeing the world.

I currently bank with Halifax in the UK and am looking for the best bank account for starting this Nomadic lifestyle, Im guessing the things that are essential are bank accounts that accept money in all currencies for when obtaining work in that country, Im thinking Spain (Euro) and Turkey (Lira) at the moment and also one that doesn’t charge for overseas usage.

Ive looked at N26 but from what I can tell they only accept payment in GBP if I open this as Im a UK citizen?

Welcome everyones help please

Thanks


(Craig Ferguson) #2

I’d recommend Starling bank for payments abroad. I have a personal & business account with them.
You can sign up within 5 mins just need a passport or driving licence.
They are just about to introduce a Euro account as well.


(Thomas K. Running) #3

If you want an account where it’s easy to receive EUR you can look at Monese and Revolut. They are regulated financial institutions, but not technically banks. Starling is as mentioned good for ATM withdrawals abroad.

You can also open an N26 account once you get to a eurozone country (to get a EUR denominated account instead of GBP).

Turkish Lira is a bit more tricky. You can hold Turkish lira with Revolut, but they don’t give you a receiving account in your name for it. It’s still possible to receive it via a SWIFT transfer to an account in Revolut’s name, with a personal reference number to help them route the payment to your account. If you are planning on working locally in Turkey, you might save some money by opening a local account.


(Jon B) #4

Thanks everyone.

Hard to pick between N26 and Starling, it seems the N26 Metal isn’t worth the money, especially not in the UK


(Thomas K. Running) #5

Why not open an account with each? It’s quick and easy to do online, and you’ll find out which one you prefer over time. Plus, it’ll give you a backup account, just in case. Not a bad idea when living and traveling abroad for an extended period.


(Jon B) #6

I was thinking the same but read people have had their N26 accounts closed if not used much.


(Mario) #7

Perhaps if not used at all, but I rarely used it and didn’t have any complaints from their side :slight_smile:
Plus, if you leave some money on it, I doubt they would close it just like that.

And I’m using Revolut even less, no problems with that one whatsoever.


(Mario) #8

Also, welcome to the community :wink:


(Jon B) #9

Thanks everyone.

N26 and starling opened, it does seem starling is the more mature product and doesn’t charge for ATM withdrawals yet n26 want you to upgrade to black or metal to avoid these charges.

Can’t see how n26 can compete with starling now (although i do like the look of their metal card!)


(Wayne John Vovil) #10

I use Monzo for GBP payments into account. I then transfer to TransferWise and can receive funds in GBP, EUR and AUD. I can then transfer to any currency and bank in the world. I used to use traditional banking which would take weeks and bad exchange rates and large fees. Now I get paid and money is in my account instantly, instant transfer to TransferWise and then almost instantly to two bank accounts in Vietnam. No delay and negligible fees with good Forex.


(Jon B) #11

Thanks everyone. :grinning:


(Jay Dax) #12

Have a look at Bunq an account was easier to open than N26 and they don’t sent you a card unless you request it, basic account is free fully regulated by NL and deposit protected up to 100.000EUR :+1:t3: