My personal Wise Card

The Ultimate Guide to Digital Banks: Wise, Revolut, and More

I used to dread the hassle of traditional banking while travelling. But then, I discovered the power of digital banks like Wise and Revolut. With their borderless accounts and seamless international payments, I can access my money and pay for essentials from anywhere in the world. In this ultimate guide, I’m sharing everything you need to know about digital banks and how they can revolutionize your financial life, just like they did mine.

Personal Experience 

I am a happy Wise customer! I have had my Wise account for the last 3 years and it has been a HUGE help throughout my travels. I discovered Wise because I was faced with a few particular problems when I moved to the Netherlands. You can’t have a bank account in the country until you’re a certified resident and this certification process ended up taking 3 months (gotta love bureaucracy). I was without a phone number and gym for an entire month. I needed a solution so while I was perusing the internet I came across this little company called Wise (Formerly transferwise). This was a lifesaver because with Transferwise you get a European IBAN international bank account number and this allows you to sign up for recurring payments in the EU. I was saved. I have taken this little card around the world with me ever since. 

Check out Wise.com here https://wise.prf.hn/l/dlOZ4wL  I can’t personally recommend Revolut but I have heard good things about it and that it’s very similar to Wise.

What are Digital Banks 

So to take a step back, you might be wondering what this digital bank is and why it is different from a regular bank. Digital Banks or Neobanks don’t actually hold your money, they are partnered with another real bank that holds your funds. These companies are just software essentially. They partner with multiple banks in different countries so they can give their customers access to many different currencies. 

Benefits of Digital Banks 

Due to the fact these banks are just software they do software extremely well. To elaborate on this I’m sure you have used a legacy bank in your country, how was their online service? From my experience with Canadian banks and Mexican banks, they are downright sloppy. They seem like they were designed 7 years ago. Digital banks are state of the art. I have never had a more smooth experience sending money than when I use Wise and remarkably quick also. With Wise, you also have the option to have “real” bank accounts in 9 different currencies including USD, Euro, GDP, and even Turkish Lira. You can also send and hold 47 different currencies. 

The Role Digital Banks Play in the Life of a Global Citizen 

As someone who values having flexibility and choice, I find it beneficial to maintain multiple bank accounts. For my day-to-day banking needs, Wise has proven to be a reliable option. Although I don’t keep substantial amounts of funds with them, I do maintain enough to cover most of my personal and business expenses. While I don’t consider digital banks to be my primary account holder, they do serve a vital function as the central intermediary between my various bank accounts across the globe.

Conclusion 

In conclusion, digital banks like Wise and Revolut are game-changers for anyone who values flexibility and choice in their financial life. These banks offer seamless international payments, borderless accounts, and state-of-the-art online services that traditional banks can’t match. As a digital nomad, I can attest to the power of these banks and the ease they have brought to my travels. Whether you’re a global citizen or just looking for a more convenient banking option, digital banks are worth considering. With this ultimate guide, you now have all the information you need to make an informed decision and revolutionize your financial life, just like they did mine.

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