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The life of a digital nomad is full of surprises. A digital nomad is someone who makes their living remotely from any location that has a reliable connection to the outside world. These people can work from anywhere in the world managing online operations that bring in revenue streams that can support their lifestyle.

This frees them from the 9-5 grind so many of us are familiar with. These are people that would much rather not be tied down to anything and any single place, instead opting to be a citizen of the world and go places whenever they feel like it.

With this sort of income source, they can do just that. Digital nomads can be vacationing somewhere exotic and just open up their laptops and make the income necessary to keep being in places like that. This is a lifestyle that more and more people are aspiring towards in light of the improved technology platforms that enable this.

Having said all of this, there are many amenities that digital nomads could use for an even more smooth experience. For instance, there are flexible money management alternatives for digital nomads, like this online bank review at investor junkie, that are helpful for those constantly on the move. This is just one of the many developments that help digital nomads manage money more easily, often through their phones or tablet.

managing money as a digital nomad

Online Banking and Digital Nomads

A prominent benefit of online banking is the convenience that it offers to digital nomads. Whereas a traditional bank would only be open during office hours, online banking offers banking services at all times. So, no matter what time zone you are in vis-a-vis your bank’s headquarters, you do not need to revolve your day around the bank’s schedule in order to get something done. For digital nomads to manage their money more efficiently, flexibility is of course important with their situation.

On top of this, a big benefit for digital nomads with banks that are online, is that although you lose out on the physical touch, if that is at all important to you, this also means that operational costs are drastically reduced and are as low as they can be without being completely free.

In fact, a lot of services that usually come with service fees can be offered by fully online banks without charge because of their very streamlined business model. For those of us who do not care for this sort of human interaction and instead want to lower these expenses as much as possible, this is as perfect a solution as anyone can find.

Specifically for digital nomads, what this means is that you can go to countries as remote and exciting as possible and as long as you have a reliable internet connection, you are not only able to make your living to continue affording to be in beautiful places, but you can manage that money from your laptop just as easily.

Some online banks cater to digital nomads even further by offering debit cards tied to the person’s account that can be used for transactions in just about any currency you can think of. This is of course very important for international digital nomads as this take away a major headache of international travel, and that is having the correct currency in adequate amounts.

One of the last things digital nomads, and tourists in general, want to deal with is not having useable funds in a country, especially if you find this out after you have eaten your meal and are not able to pay for it. Any good online bank, such as Chime Bank and others, are more than capable of solving this issue once and for all by letting customers use their debit card for just about any currency at a certain exchange rate.


Not Having Your Style Cramped

Not having access to your funds in any situation is not only something that might get you into legal and social trouble, but it is just plain embarrassing to be at the counter having asked for something from the store clerk and cannot pay for it because of some silly reason.

You probably will not go to that shop ever again simply out of embarrassment. Luckily for you, there are people out there that have setup and maintain services that help prevent these unfortunate situations from happening. Good thing too, considering the fact that so many of us aspire to a lifestyle that risks putting us in these exact situations.

Indeed, the proliferation of online banking in recent years, whether it be traditional banks establishing a complementary online presence to their regular one or new banks that reside completely in the virtual world, has made life far more convenient than it otherwise would be.

Ultimately, this, along with many other conveniences made possible by technology in general and the internet in particular, will make the digital nomad life far more attainable and will almost certainly result in more people embracing this lifestyle as an alternative to what we have as a default today.

In our increasingly globalized and mobile world, you now have to come up with reasons why you have not seen at least a bit of the outside world and all it has to offer, and hopefully you are not one of those people that need to answer this question.

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Got a question? Wanna comment? I'd love to hear from you

7 thoughts on “Managing Money as a Digital Nomad

  1. Good to know that some banks cater for digital nomads. Thinking of moving to India as a freelancer

  2. What a great list with lots of variety! Thank you for such brilliant ideas!Awesome Pictures! Keep it up! Great post! I’m definitely going to bookmark this.

  3. Really loved the way you explained everything.Thank you So Much for the Article and for sharing such beautiful pictures.
    Keep Blogging!!

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