Best Banks for Remote Workers

The internet has changed the world of commerce in many ways, but perhaps one of the most notable has been the rise of remote workers. Before the internet, most people had to show up at work to do their jobs and get paid. Now, you can write, create content, take meetings, fill spreadsheets, and fulfil your deliverables from anywhere in the world. 

Naturally, many people have embraced remote work to expand their opportunities, make a living, and enjoy better work-life balance. But even as they do this, one major concern is which bank to use.

The bank you use to get paid is already a major part of your life, but this is especially true for remote workers. This is because remote workers typically live and work in a different place from their employers and clients. So, making sure they can get paid seamlessly is essential. If you’re a remote worker looking for the best bank to trust, this article is for you.

What Remote Workers Should Look for in a Bank

Choosing the best banks for remote workers starts with knowing what to look for. The things you’ll need from your bank as a remote worker might differ slightly from a typical worker, and here are some of them: 

• Low Fees

When receiving money as a remote worker, it may be sent in a different currency than the one you receive it in. This means that you have to consider conversion fees, transfer fees, and much more. To avoid this eating significantly into your take-home amount, choose a bank with very low fees. Some financial institutions geared toward remote workers and cross-border transfers offer no fees below certain amounts. So, this is one of the major things to consider.

• Global Accessibility 

As we’ve said, a core feature of remote work is often the client and the worker residing in different places. A major hurdle to getting paid is using a bank or payment platform that is not available in either region. If you want to use one platform to receive funds but it isn’t available in your client’s country, one or both of you will have to create a new payments account in a different app to make it work. So, when looking at banks for remote workers, consider how many countries they operate in. Specifically, check to make sure that the operating countries include where a majority of your clients or your employer is based.

• Robust App Features

Because you work remotely, you may have even less access to a physical bank branch than a regular worker. So most of your banking will happen online, whether through the official website or an app. The last thing you want is to get stuck trying to complete a transaction and not be able to do it in your app. 

So, before you commit to any bank as a remote worker, check what features their app offers. Ideally, you should be able to deposit and withdraw funds, freeze your card, order cards, invest, save, and much more. Think of every transaction you’d want to do with your bank, and make sure you can do it anywhere in the world.

• Local Bank Details 

Depending on the transfer method and other official requirements, you might need local banking details for the country you are in. Say you are a digital nomad and find yourself in a different country. Your clients might want to transfer money to you but will need local bank details for things like SWIFT transfers. 

Make sure your bank for remote workers can easily provide these details. Without this option, you might miss out on certain opportunities, and that is the last thing you want. 

Banking Options for Remote Workers

While there are myriad options in the market, these are some of the best options for remote workers.

Wise

In recent years, Wise has become a go-to option for remote and cross-border payments.  First, Wise typically charges zero fees for transfers. This means you can send and receive money very cheaply on both ends. Wise also supports up to 50 different currencies, depending on whether you have a Wise or Wise Business account. 

This shared diversity means that, regardless of where you and your clients live, you can almost certainly transfer money to each other. Wise is also notoriously transparent about fees, if any, so you’ll never be caught unawares. Wise also offers physical and virtual debit cards, so you can spend the money you receive with ease. 

Revolut

Revolut, as a business platform, is perhaps one of the best for remote workers because of the myriad features that support their activities. Like others, it supports about 30 currencies and offers virtual and physical debit cards. Revolut also offers travel insurance, making it convenient for remote workers. Its app also offers innovative budgeting plans that let you manage your finances easily, even on the go. Revolut offers zero transaction fees for under £1,000 on its free standard plan. Its growing popularity means remote workers are likely already using it. 

Charles Schwab

While this is primarily an option for US-based remote workers, its roster of features is fast becoming an industry standard. One of the first is the free ATM withdrawals worldwide with its debit card. Typically, remote workers have to factor in a charge whenever they withdraw money abroad using their debit card. But Charles Schwab has an interesting system. 

At the end of the month, it reimburses users’ international ATM withdrawal fees with no limit. They can also replace lost debit cards and ship them anywhere in the world, so you’ll never be without your card for long. Transactions also incur a 0% fee, making it extremely convenient for everyday use. 

Anyone can set up a Charles Schwab account with zero initial balance and no minimum monthly requirement. This affordable account option makes it very accessible for remote workers. 

Payoneer

A global payment platform, Payoneer is a highly recommended option for remote workers because it offers the flexibility of cross-border payments but with the stability of a local banking operation. Payoneer supports over 70 global currencies, meaning virtually every remote worker can pay and get paid using it. It also offers local banking details, so wire transfers and similar methods are still possible. 

For remote entrepreneurs, Payoneer connects to e-commerce platforms like Amazon, eBay, Upwork, and Fiverr, so you can receive payouts easily. For sending invoices or payments, it supports batch, individual, and recurring payments. This saves admin time and improves remote-work efficiency. Plus, its debit card lets you spend in multiple currencies at once. 

Conclusion

Your remote work does not have to be hampered by banking constraints. The market is always responding to needs, and there are many options today that let you pay and get paid with ease. Consider the best options we’ve listed and choose the one that best fits your needs.