Most banks aren’t geared towards working nomads. If they were, they’d never charge international transfer and withdrawal fees. They’d offer online account interfaces that allow you to plug in your next few destinations, along with the dates. They’d include currency exchange rates on your account page based on your travel preferences. They’d automatically refund all ATM fees from any bank, anywhere in the world. They’d handle all questions online without forcing customers to call or make an appearance.
That’s my banking wishlist. Unfortunately, I have yet to find a bank that incorporates all of the above, but here are three things I do on a regular basis to make working nomad banking as painless as possible.
1. Notify banks when traveling.
Banks can put a hold on your account if they see unusual behavior, and the last thing you need is to be stranded with no cash and no way to contact your bank. I just notify my banks by email–it takes about 30 seconds. If I had to make a phone call every time I was going to be traveling, I’d probably switch to a new bank.
2. Plan ATM withdrawals accurately.
If you’re going to be in a country for a fixed period of time, try to time your ATM withdrawals so that you don’t end up with too much or too little cash on hand. Too much cash means you’ll have to change it back or wait until next time you’re in the country to use it; too little means you’ll have to make another withdrawal (and probably pay an ATM fee).
3. Always have a back-up plan.
I learned this the hard way when my husband and I arrived in Delhi bus station with a few extra minutes to spare before buying tickets. Unfortunately, the ATM we’d planned to get cash from was out of service. We eventually found a working ATM and were able to pay for our bus tickets, but we could have avoided the whole situation by getting cash the previous day or by google mapping the closest ATMs before leaving for the bus station. Relying on one source for your cash is a needless risk. The same goes for relying on your credit card, a time-sensitive Paypal transfer, or a fair exchange rate.
Tell us what’s on your banking wishlist or how you handle your finances while traveling.
I want to help you find your calm center and experience travel with courage, curiosity and compassion.