Online Banking for Remote Workers and Developers

John D K -

Is online banking convenient option for remote workers? Yes! Because it allows digital nomads to manage their finances from anywhere with an internet connection. This means as a digital nomad you can check your:

  • account balances
  • transfer money
  • pay bills
  • save money
    • save money on international money transfers
    • lower fees
  • less time for transfers

without having to physically visit a bank branch.

Advantages of online banking

Online banking can be more secure than traditional banking methods. Many online banks have advanced security measures in place to protect their customers - personal and financial information, secure transactions.

Additionaly online banking can save time and effort for remote workers, as they can perform banking tasks at any time of day, without the need to take time off work or visit a bank branch.

Lastly, online banking can also offer more financial tools, such as budgeting and saving tools. This helps remote workers to better manage their finances, and with the help of mobile banking, workers can even manage their accounts on-the-go.

Wise - personal finance

Wise (formerly TransferWise) is a fintech company that offers a variety of services for personal finance, including:

  • international money transfers
  • borderless accounts
  • debit card payments.

Why to choose Wise?

  • Save 8x on average compared to banks
  • Get the real exchange rate
  • Send money to 80+ countries

One of the main benefits of using Wise for personal finance is that it can help users save money on international money transfers. Wise uses the mid-market exchange rate for foreign currency transactions, which is typically more favorable than the rates offered by traditional banks and other money transfer services. This can result in significant savings for users who frequently make international transactions.

From my experience you can save on $1000 up to $50 because of better:

  • international transfer rate
  • currency convertion

Another advantage of using Wise is that it offers a borderless account, which allows users to hold and manage multiple currencies in one account. This can be useful for people who travel frequently or have financial obligations in multiple countries.

Wise also offers a debit card, which can be used for online and offline payments in over 130 countries. This can be a convenient option for travelers or people who frequently make international transactions, as it eliminates the need to carry multiple cards or convert currency.

Lastly, Wise also provides a transparent fee structure and simple user friendle mobile app, which makes it easy to manage your money and track your spending.

Deel - global teams

Deel - is advertised as:

Building a global team? Join Deel to hire in 150 countries in minutes without worrying about local laws, opening a new entity, or managing international payroll.

Deel is a platform that helps digital nomads and remote workers to:

  • easily find and apply for remote jobs
  • manage their legal and financial needs related to working remotely

One of the main benefits of using Deel as a digital nomad is that it simplifies the process of finding and applying for remote jobs. The platform allows users to create a profile and search for job listings that match their skills and experience. This can save a lot of time and effort compared to searching for jobs individually on different websites.

Deel also offers a number of services that can help digital nomads manage their legal and financial needs related to working remotely. For example, Deel can help users to set up a remote work agreement and handle taxes and insurance. This can be particularly useful for digital nomads who are working for companies based in different countries, as it can be confusing to navigate the legal and financial requirements of different jurisdictions.

Lastly, Deel's platform also provides community and resources for digital nomads, which can be beneficial to help them connect with other remote workers, find housing or co-working spaces, and get advice on topics such as visa, healthcare, and more.

As a company you can get great service like:

To hire an employee in another country, you usually need to open a local entity and navigate regional payroll, benefits, taxes, and HR laws. And if you're hiring contractors, if your business doesn't set things up correctly to ensure your team is working compliantly, your business can pay hefty fines. Deel takes care of local payroll, benefits, taxes, and compliance, so you can bring on contractors or employees in 150 countries in minutes.

Revolut - private banking

Revolut is a digital banking alternative that offers a variety of features such as:

  • foreign exchange at interbank rates
  • multi-currency accounts
  • fee-free spending abroad
  • contactless payments

It also offers features such as cash withdrawals, stock and crypto investments, and a built-in budgeting tool.

Additionally, it offers a number of premium features such as travel insurance and discounted currency exchange rates for users who pay for a monthly subscription.

One of the main benefits of using Revolut is the convenience and cost savings it offers for travelers and for people who frequently make international transactions.