Digital nomadism, or in plain language, freelancing, is not a fruit of the pandemic. Even before the Covid-19 outbreak, echoes of the great resignation were increasing in intensity across industries, with millions of tech-savvy professionals and creators ditching the 9-to-5 routine for something better: working from anywhere.
While this has all the ingredients of a dream come true, banking remains one of the biggest challenges digital nomads face – how to get paid? How frequently to avoid incurring tons of debts? Below we explore some of the most common payment options for digital nomads. So, grab a brew and find a banking solution that suits your needs.
Digital nomad banking solutions to consider
PayPal was once the payment option of choice for everyone handling swift money transfers. That was until the mid-2000s. In 2015, when the platform introduced a bundle of hefty fees, not to mention the poor exchange rates have driven away freelancers who pivoted to other more affordable and quicker solutions such as Wise (former Transferwise) for example.
Besides, transfers from PayPal to a bank account can take up to ten days. So, forget on-time mortgage payments or bills, for that matter.
Next on our list is Wise (former TransferWise), one of the trendy banking options among digital nomads. Offering a choice of nomad multi-currency bank accounts, Wise is famous for its transparency and low fee structure – up to 0.5% on transfers, regardless of the amount being moved from one account to another or the currency. Wise charges you the same fee whether you are transferring money from your bank account abroad to Wise or expecting a foreign exchange payment.
However, while all these are positives, there are also some less positive facts you should consider before choosing Wise. Their customer support services need a lot of improvement. First of all, their support telephone number(s) are nowhere to be found on the website, and if you are facing an issue that needs urgent attention and you contact Wise’s support team online, you may have another surprise – instead of chatting with an agent, when clicking the “Contact Us” button, a pop-up saying their support gents are “busy” may strike you in the face. In addition, you should also know that Wise is available in only 100 countries around the world, including EU countries, the US, the UK, Australia, and New Zealand.
Saving the best for last, zazoo solves the digital nomad banking problem. zazoo facilitates SEPA transfers to and from EU countries, to and from anywhere in the world. Charging 1% on fund transfers, the platform takes pride in offering substantial discounts on large accounts – corporate or individual.
In addition, a zazoo branded debit card gives you access to your funds in the local currency, whatever it may be in your corner of the world. Moreover, it gives you an EU IBAN account immediately upon registration without requiring EU residence.
The registration process is straightforward and allows you to start within minutes. Depending on your business model, you can set up recurring and batch payments in just a few clicks. More importantly, zazoo-to-zazoo transfers are processed in seconds, with a comprehensive and transparent fee structure. Borderless payments are here! Make the wise choice – go zazoo.