Best Online Banks for American Digital Nomads

When it comes to good banks for American digital nomads, Charles Schwab Bank is often readily recommended. They offer great features for nomads, but they’re not the only good option anymore. Recently, more banks have popped up and are offering similar and better features.

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Hey Mike, thank you for reading. Schwab is definitely the best if your credit score is decent enough to sign up. Student loans messed me up so I couldn't sign up.

Both Schwab and Ally have given me a lot of trouble for not maintaining a physical address I actually live at. Ally actually closed my account and sent a $248K check to an old address without asking... geez. There are better boutique US and foreign banks, IMHO.

Hey Andrew, thanks for stopping by and commenting. I can’t speak for Ally (I’ve never used them—but geez indeed), but you’re right that Schwab will require you to keep a US address on file (not P.O. box). But it’s also not very hard to do, most mail scanning/forwarding services offering street addresses will do (Traveling Mailbox, VPM, ECM, etc). And according to the people at Schwab I’ve talked to, as long as you keep a US address on file they will assume you live there.

You’re also right that there are better banks in the world. In most respects Schwab is quite an average US bank, except for a few things that I would argue are paramount for most digital nomad types: low (even negative) fees for international use including ATM withdrawals, plus being willing to FedEx you a card to anywhere in the world if you need a replacement.

What other banks do you think would be a better fit for digital nomads?

I can vouch for the Schwab's customer service. 24/7 and very patient. Difficult to set up an account from abroad, but I've been nothing but happy with them otherwise.

Totally agree, Scott!

PS! As long as you use a US VPN, even opening an account while traveling abroad should be fine.

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I can vouch for Aspiration. I really like them!

WTF Simple :-1:

I’ve received a similar treatment from Capital One - they blackmailed me to turn up my residential address, because the Traveling Mailbox one I was using, was a “Commercial Mail Receiving Agency”: