Digital nomads are heading out into the world once again, now that the pandemic has eased, but they often encounter difficulties with paying for services — and getting paid — due to the many transfer options that can be baffling, slow and expensive.
Now, Money Transfer Comparison, a popular service that reviews the top international and business transfer options, has unveiled the best firms and services that digital nomads can use while on the go.
In a guide, Money Transfer Comparison offers alternatives to such services as PayPal, which has fallen out of favour with many people due to high fees and poor exchange rates. Instead, wandering workers can use some of the many rivals that have established themselves in recent years, to pay for everything from accommodation and travel to getting paid for their work.
Favourite digital nomad destinations that regularly appear in surveys include Thailand, Indonesia and Malaysia, in Southeast Asia, and Portugal, Spain and Romania, in Europe — showing a clear preference for sun, sand and exotic culture.
Tops of the Digital Nomad Transfers
In top spot for digital nomad banking and money transfers is Wise, which has rebranded from TransferWise. Low fees and swift transfers are the attractions for digital workers abroad, and they can also benefit from Wise’s virtual nomad bank accounts that are available in a number of currencies. Wise also offers a connected, multi-currency debit card.
In second place, as recommended by Money Transfer Comparison’s experts, is WorldFirst. If you’re American, however, you won’t be able to use the service, and it’s geared more towards business owners and online sellers.
A HSBC International Bank Account is also beneficial for digital nomads, says Money Transfer Comparison, because they can open accounts in British pounds, euros, US dollars and other currencies, as well as transfer money between HSBC global bank accounts for free. Moreover, WorldFirst and Wise are not banks and so don’t offer savings accounts, which HSBC does. With HSBC, nomads who have cash in their bank account accumulate interest.
Digital Nomad Transfers: Fast and Cheap
Alon Rajic, managing director of Money Transfer Comparison, said digital workers needed more choice regarding the kinds of payment services they want to use.
“People who work while travelling won’t put up with the exorbitant fees and bad exchange rates that some transfer services have, and so they’re constantly looking for better options. We’re happy to have compiled our guide, and offer our expertise, so they can get what they want.”
You can’t do every job away from a desk or other type of workstation, but, generally, as long as you can work from a computer, you’re set to go a-wandering the world. The most common types of digital nomad work are digital marketing, programming, web development, teaching and writing.