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Get the tips you need to save every penny when it comes to foreign currencies. From where to exchange to top tips and strategies, you'll find it here!
User avatar
By Nettles
#1
Hello Fellow Nomads!

I plan on spending a good amount of time travelling around South Eastern Asia and I'm looking at opening a bank account there.

Does anyone have any first-hand experience or suggestions on Banks?

Thanks,
User avatar
By Robert O'Kruk
#2
Hey Nettles,

What country are you from and do you know roughly which countries you will be visiting? I can give you more accurate advice once I know this! :)

A general piece of advice, check in with your home country bank to see if they have a chequing account that has unlimited foreign ATM withdrawals. In Canada and with my bank TD Canada Trust (other banks have it too) they offer a plan that is $30 per month which gives the unlimited foreign ATM withdrawals. TD Canada Trust waives the $30 monthly fee if you maintain a minimum monthly balance of $5,000.
User avatar
By digitalN0mad
#7
I would also recommend looking into a bank account that allows free foreign ATM use and other perks. I have a premiere bank account with my bank and that allows me to withdraw from an ATM for free, they reimburse me any fee's the foreign ATM charges me (up to 5 times a month), and they charge absolutely no foreign exchange fee. The entire process of pulling out cash and using my debit card is as fair and tax free as exchanging money gets. On top of that I get some amazing customer service from them.

I have never opened another bank account in another country but it sounds like a huge headache. One thing I have found is that sometimes it's better to pay a little extra for a lot less stress.
User avatar
By Nettles
#80
Thank you so much for your replies :)

I am from South Africa and these banks aren't an option for me as I won't be bringing any money into the country. South African tax on individuals is very high.

I will be spending 5 months in Thailand and then I'm off to Bali after that. I did just open an N26 bank account (https://n26.com/number26-is-n26/) in Germany which is completely online and looks awesome.
I also opened an account with Revolute (https://revolut.com/) which is a prepaid card. Both cards are free and don't charge foreign transactions fees.

Still waiting for the cards to arrive but if anyone has questions about them let me know and I'll share my experience.
User avatar
By Tilasmi Frigge
#87
I also opened an account on Number 26, a German Debitcard bank. To apply for this account one doesn't need to be in Germany. They called me on Skype and asked me to hold my passport in front of the camera and made a picture of me for this account. Wonderfull.
The only limitation is that you cannot use this account for business. As I called them for setting up a payment system for a webshop, they told me this is not possible...
I think this topic deserves a separate forum topic.

Namaste friends.
User avatar
By Robert O'Kruk
#90
Hey Nettles & Tilasmi Frigge,

I started a new thread for N26 banking here: viewtopic.php?f=19&t=33

I would love to hear from both of you, what exactly it is, who's it for and your experience with it. It sounds like something myself and several other forum members would be interested in!
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