Best Digital Nomad Debit Cards for Traveling the World
Hey there, it’s Mike Swigunski here and I’m the founder of global career and best-selling author of Global Career: How to Work Anywhere and Travel Forever.
I’m going to talk about the top three best debit cards for digital nomads, so I’m going to share with you what debit cards I’ve been using for the past ten years of traveling. I’m going to talk about how you can utilize these debit cards to really improve your financial situation while traveling or while living overseas so let’s go ahead and dig right in and discuss the top three best debit cards for digital nomads.
Now before we get started, if this is your first time seeing me, please make sure you’ve hit the subscribe button and turn on the notification icon to make sure you get notified and alerted when new videos go live again. Let’s go ahead and dig right in. Debit cards are one of the most important things. It’s going to be the easiest way to get cash while you’re living or traveling overseas, and I’ve talked extensively about credit cards, so I want to do a topic about debit cards.
I’ll go ahead and link some resources if you’re interested in learning more about credit card and travel hacking and how to utilize credit cards to earn free travel. Still, in this video, I’m going to focus on debit cards, which don’t have as many reward opportunities, but they’re still essential. They work very well while you’re utilizing credit cards. Coming in at number one is the Charles Schwab saving and checkings account and a brokerage account.
This is my go-to account, and I’ve been utilizing it for the past ten years. I’ve been extremely satisfied with their service. Again they don’t charge foreign atm fees. Knock on wood, essentially every time I go to an atm, no matter what that fee that’s charged directly, I get reimbursed every month, so if you’re taking out a lot of cash or if you’re utilizing cash withdrawals a lot overseas, this can save you a lot of money. Over the past decade, I’ve saved thousands of dollars in reimbursement, so this is a great card.
One of the other great things with the Charles Schwab account is you can link your brokerage account and actually trade stocks invest in ETFs. You can utilize their other types of investments very easily, all in one platform. Hence, it’s extremely easy to share your money between your savings and checking account and also between your brokerage account with trading stocks.
I will say one caveat, though is depending on if you’re in the united states, there’s not a lot of physical branches, so if you are looking for a physical branch depending on your location in the united states so this can be difficult for depositing money if you have cash that you want to deposit, but again it’s not that hard I’ve never had any issues with it, and I have one other local bank that I utilize in Missouri then I have my Charles Schwab account.
I’m going to talk about another great option for you as well if this doesn’t work out, so if you already have the Charles Schwab account. You’re looking for another debit card. I would highly recommend the transfer wise borderless card. Essentially this card allows you to hold multiple currencies, so if you want to hold your money in euros. When you’re traveling around Europe, you can essentially take out the money in euros and not get charged any crazy transaction fees.
One of the great things about transfers is that if you’re looking to transfer money between bank accounts or different countries, they have some of the most competitive rates and fees. Hence, it is a really great service, and the main thing is it comes with a debit card. A lot of these other online services don’t actually come with a physical card, so that’s the one differentiator for transfer wise. A few other alternatives are popping up depending on which region you’re located in the transfer wise will be great if you’re located in the UK or in the united states but living overseas and traveling quite frequently.
They have a lot of other great benefits. I’ll leave a link below. So that way, you can check out all these different cards and figure out which option is best for you. Finally, coming in at number three, this isn’t a particular debit card. Still, sometimes it’s best if you’re going to be living overseas as an ex-pat. The best option might be to open a local bank account, so I’ve opened local bank accounts in around seven different countries because I was either getting paid local currency, or it’s just a lot easier to kind of to pay for your utilities and other fees and to just really experience and integrate into the society.
So having a local bank account could also be the best option but I recommend having at the very minimum having two different types of debit cards in case one goes missing trying to split your cash up that’s the fear that a lot of people go through is if their wall gets stolen it’s much harder to get a debit card shipped overseas than a credit card and again it is a lot more risky to be carrying your debit card.
When I go out and about, I only carry a credit card, an id that I don’t mind losing, and a little bit of cash. I keep my debit card stored up either in my hotel my Airbnb and put it in a secure location, and that way, if something were to happen, I don’t have all my eggs in one basket. All three of these are going to be great options for you, and again if you made it this far, please make sure you’ve liked this video. It really helps increase my exposure on youtube. Make sure you’ve gone ahead and subscribed to this channel. I’m releasing two videos every week with similar content like this.
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