Living the expat digital nomad lifestyle the easy way

Becoming a digital nomad is many younger expats’ dream, but complications can occur in the practical aspects of life on the road.

Over the past decade or so, digital nomads have taken the place of old-style travel writers and created their own world and way of living based on a love of travel and the discovery of hidden gems in all corners of the world. It’s a logical way to go wherever pleases you, paying your way by taking on remote work. It’s not just travel which fuels these unconventional expats, it’s the searching for new destinations and the thrill of discovery.

As with all alternative lifestyles, practical issues occasionally crowd out the need to live life as you please, with travel around diverse regions giving a new set of issues, especially on the financial front. Managing finances on the road – unless that road circumnavigates the EU’s euro-land – can be a real hassle unless you’ve a multi-currency bank account. Multi-currency accounts convert your cash requirements in as many currencies as are needed, all of which can be used in the relevant country without incurring conversion fees. It’s also possible to withdraw cash from ATMs, allowing digital nomads to live like locals wherever they’re staying.

To match the convenience of a multi-currency account, digital nomads would need to open bank accounts in every country they visit – a technical impossibility for short-stayers in the majority of states worldwide. Using a home country Visa card is one answer, but first-world banks are getting reluctant to allow this, and charges can cut down the amount of currency delivered. In addition, planning an itinerary and a facility for each country saves losing out on sudden exchange rate blips.

It’s now possible to add currencies as you go, giving you more freedom to move where and when you hear of a new place to spend some time. Providers such as Revolut cover more than 150 world countries using the interbank exchange rate, making managing money on the go an easy task. It’s not even necessary to store foreign currencies in another account, as making a transaction automatically converts your base currency to that of your current country.

If you’re country-hopping in Southeast Asia, Africa or parts of the Middle East, carrying large amounts of the local currency isn’t recommended for safety reasons, with storing each currency in your MCA and only withdrawing from an ATM when it’s needed the way to ensure your personal security. It’s a fact that the digital nomad lifestyle is very different than that of settled expats, but it’s getting easier as non-traditional online banks realise the potential of supporting those who choose an alternative lifestyle rather than a conventional job.