Which bank do you recommend for a perpetual traveler?

[lawrencemcdonald123]

I’m not American but I like my US banks because

1. I can recieve my cards to my TEMPORARY address in ANY country in A FEW days with DHL express or similar. This is free or costs like $15 max
2. I get about 2% cash back on my spending anywhere in the world.
3. I can get free $200-800 money from the bank when I create a credit card account and hit the spending amount required e.g Chase Sapphire Preferred gives you $600 sign up bonus if you spend $4K in 3 months
4. If a business overcharges me, scams me or fails to deliver what I paid for, I get my money back by doing a chargeback. I fill out a tiny form and that’s all.
5. If my cards are stolen and used, I’ll get my money back quickly without going through hassles.

I’m looking for alternative countries. Which bank in which county can be an alternative I can use? I don’t need sign up bonuses or cash back but it would be nice to have. I’d appreciate if you can share your personal experience.

PS I’m looking for actual banks. Not fintech companies.

PPS I have a residence permit from a Schengen country but banks there are not good.

 

[lutheransamurai]

@lawrencemcdonald123 This is the EU. Regulated to death. You won’t find anything similar or convenient here. I know it’s not what you’re looking for but Revolut is an actual bank. I’d go with them for my secondary account.

 

[wehyee]

@lutheransamurai In the UK (where revolut is from), it's not actually a bank. I believe in the EU they are registered as a bank. Depending on your situation, this may or may not be useful knowledge.

 

[lutheransamurai]

@wehyee They are are registered bank in Latvia. Here’s the fineprint for UK customers

Revolut Ltd is registered in England and Wales (No. 08804411), 7 Westferry Circus, Canary Wharf, London, England, E14 4HD and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Firm Reference 900562). Revolut Travel Ltd is authorised by the Financial Conduct Authority to undertake insurance distribution activities (FCA No: 780586). Our insurance products are arranged by Revolut Travel Ltd and Revolut Ltd, which is an appointed representative of Revolut Travel Ltd. Revolut’s stock trading products are provided by Revolut Trading Ltd (No. 832790), an appointed representative of Resolution Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority.

Revolut Ltd is also registered with the Financial Conduct Authority to offer cryptocurrency services under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Revolut's commodities service is not regulated by the Financial Conduct Authority.

 

[tfosria]

@lawrencemcdonald123 Check Wise, the benefits are nowhere close to what US banks offer, but it works everywhere and is reliable (unlike n26 and revolut).

BTW ever wondered why US banks offer such great travel benefits? It's just the richest of their customers who travel internationally, so it's a really good thing to offer such benefits to keep their best customers happy. In Europe it's easy to travel for everyone, so banks couldn't care less as it would cost them dearly.

There's also regulated interchange fees in Europe, making card acceptance much cheaper, which is great for consumers, but means that banks don't make much from it, so can't have crazy credit card benefits, points and promotions. Those are mostly paid from interchange.

 

[resjudicata]

@tfosria Revolution has been consistently reliable in my experience.

 

[reneesinz45]

@tfosria As much as it hurts me to say but Wise has proven to be unreliable recently though. People have complained about getting their funds blocked for months with no actual reason.

 

[tfosria]

@reneesinz45 Ah damn, thanks for letting me know!

 

[j0nni3]

@lawrencemcdonald123 Revolut

 

[llee]

@lawrencemcdonald123 If you're not American, how did you open an American account? Have you been living in the US for some time?
Just wondering, sorry for not answering the question but the benefits you mentioned look quite appealing

 

[kevin_n]

@llee I’m not American, too, and I had an account in Bank of America back in 2015.
You just have to personally visit any branch in the US to open it.

My passport and temporary address (for card delivery) were enough. There was no need to have any residence permit whatsoever

 

[vwprincessuk]

@kevin_n I have problems accessing my BoA account because I don’t have an US phone number, so unless I go there in person, they make a big hassle and they always ask “when are you coming back to live in the US?” I have been thinking to close the account

 

[gentlenight87]

@vwprincessuk In theory they allow you to change your address to an international one, and set your status as a foreigner in one of those W9 forms (or something). So my guess is they should allow you to be a non-US person after opening your account.

The us office number is a problem, but you can also use a Google US virtual number.

 

[vwprincessuk]

@gentlenight87 Thank you. I need to contact them then

 

[innerinnocence]

@lawrencemcdonald123 Do you have a green card or something? Those are American citizen level kind of bank benefits. Non-resident aliens can’t really get any of that

 

[lawrencemcdonald123]

@innerinnocence Source?

 

[wehyee]

@lawrencemcdonald123 Many bank offer free accounts. IMO, your best bet is to get multiple accounts, and pick and choose which bank to use depending on specific needs. Also, credit cards offer many of the advantages you mentioned. One final think I haven't heard anyone mention is Curve. I don't know of any other setup like it. They give you a card, but are neither a bank or credit card company. They act as a kind of proxy between your bank(s) and where you spend your money. Worth looking into.

 

[lawrencemcdonald123]

@wehyee What’s your suggested banks?