When looking for a bank account for remote workers and freelancers, it is crucial to compare the pros and cons of each available bank account and which one is the right fit for you. When looking for a bank account for remote work income and freelancing, you should research account charges, fees, minimum balance requirements, annual charges, debit card fees, withdrawal charges, and so on.
All of those features are important because, as a remote worker or freelancer, you travel globally and must purchase things in other countries like booking hotels, visa fees, travel sims, online shopping, booking cabs, and other expenses.
Below are the best banking solutions for remote workers and freelancers:
1. Wise Bank Account for Remote Workers (ex TransferWise)
Wise bank accounts offer multiple benefits and a variety of financial solutions for remote workers and freelancers globally. Wise users are currently using financial services from around 170 countries. With a Wise account, remote workers and freelancers get smooth transactions and withdrawals everywhere.
It is very easy to register for a Wise account. You must provide all your details and official documents for verification, like your passport, national identity card, or any other proof Wise requires. Wise accounts can be used with Apple Pay. You can add your Wise Visa Debit card to Apple Pay from your Wise App. Register now and get a fee-free transfer of up to 500 GBP.
Below are some of the charges from Wise Account:
| Registering with Wise | |
| Register to Wise account | FREE |
| Sending Money | |
| Sending money (Fee varies by currency) | From 0.42% |
| Spending with Wise card | |
| Withdrawing 100 USD per month per account (2 or less withdrawals) | FREE |
| ATM fees over 100 USD per month per account (+ 1.50 USD per withdrawal) | 2% |
| Receiving money with a Wise account | |
| Receiving money (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire) | FREE |
| Receiving USD wire payments (Fixed fee per payment) | 4.14 USD |
| Receiving CAD SWIFT payments (Fixed fee per payment) | 10 CAD |
2. Payoneer: Online Payment Processing Platform
Payoneer is an online financial management and payment solution for remote workers, freelancers, and businesses. They are experts in managing your international payments and transactions and sending and receiving money from different sources. Day by day, the number of digital nomads is increasing, and more people are starting to freelance and do remote jobs earning in foreign currencies worldwide. For them, Payoneer is the best financial solution.
You can easily register for a Payoneer account from their website or the mobile app. You need your personal information to provide a verification document such as your passport, home address, and utility bill for proof of location and your name. You can also order your debit card in different currencies, and Payoneer will also provide you with a virtual card, which you can use for online transactions.
You can simply Register for your Payoneer account form here.
Below are some of the charges from the Payoneer Account:
| Description | Fees |
| Annual Account Charges | Free if you make at least one transaction per year. For inactive users $29.95 per year. |
| Currency conversion fee | 0.5% (3.5% if you use Payoneer Debit Card) |
| Transactions between Payoneer users | FREE |
| Top up with a credit card | 3% |
| Withdrawing money from an international account | $1.50 in local currencies. Up to 2% of the amount for others |
| Withdrawing money from an ATM | 1.95$ |
3. Elevate: US Bank Account for Remote workers
Elevate is another best solution that provides bank accounts for remote workers and freelancers. It is currently penetrating the digital nomad world because of its attractive fee structure. Sign up for the Elevate bank account from their website or mobile app. Elevate offers virtual debit cards within your mobile app, which you can add to Apple Pay and G Pay.
Below are some of the charges from the Elevate Bank Account:
| Inbound Deposit Fees | FREE |
| Master Card Debit Card | FREE |
| Send USD Home | 10$ |
| Send USD to Local currency | From 1.50$ |
4. Short Comparison Table between Wise, Payoneer, and Elevate for Remote workers
Although all the bank accounts mentioned above are good for remote workers, freelancers, and travellers, we are just comparing some points below to summarise the best one for you to decide.
| Description | Elevate | Payoneer | Wise |
| US Based FDIC Insured Bank Account | ✅ | ❌ | ❌ |
| Free Debit Card | ✅ | ❌ | ✅ |
| FX Fees | $ | $$$$ | $$ |
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