If you’re a Canadian digital nomad currently living around the world or dreaming of becoming one, managing your finances while abroad can be one of the biggest challenges. Luckily, with the right accounts, credit cards, and financial tools, you can minimize stress and maximize fun. This Travel Finance Guide for Canadian Digital Nomads will help you manage your money while working and traveling across the globe.
Having been a Canadian nomad for over 7 years, I’ve experimented with different financial solutions that helped me manage my money efficiently while living abroad. In this guide, I’m sharing the must-have accounts and cards that every Canadian traveler should consider including in their financial kit as they embark on their nomadic journey.
Wealthsimple
Why You Need Wealthsimple for Your Finances Abroad
My personal favorite, Wealthsimple is a must-have for any Canadian traveler looking to manage their money efficiently abroad. While it’s primarily an investment platform, it also makes it easy to make your money work harder whether you’re investing or spending daily.
You get access to a free chequing account, which is already awesome on its own. On top of that, you’ll earn 1.75% interest on your balance and get 1% cash back on your purchases.
You can also order a physical prepaid Wealthsimple Mastercard to use for daily spending and ATM withdrawals, both internationally and in Canada. One of the best perks of this card is that they reimburse an unlimited number of ATM fees (up to $5 each), though this only applies while you’re in Canada.
Pro tip: When you’re abroad, keep only a small amount of money in your chequing account linked to your card, and be sure to lock your card when you’re not using it! You can easily lock and unlock it through the Wealthsimple app.
And if you sign up using the link below, you’ll earn $25!
Sign up here!
Scotiabank Passport Infinite Visa
Why It’s the Best Credit Card for Canadian Travelers
Some digital nomads stick to debit cards or cash to avoid getting scammed abroad or to bypass foreign exchange (FX) fees. However, I believe having a solid credit card can actually be one of the best ways to maximize benefits, especially with the right rewards and protections.
The Scotiabank Passport Infinite Visa is a no-brainer for Canadian nomads, and it comes with some incredible benefits:
- No foreign transaction fees: That means you won’t have to deal with the typical 2.5% fee most cards charge for foreign transactions. This is crucial when you’re hopping from country to country.
- Comprehensive travel insurance: With this card, you won’t have to debate whether you should add flight cancellation insurance at checkout. It covers emergency medical insurance, trip cancellation, purchase security, rental car damage, and even hotel/motel burglary.
- Safety: Worried about getting scammed abroad? You’re actually safer using this card! In the case of theft, the card reimburses any fraudulent charges, something that would be much harder to recover if you paid with cash or debit.
- Priority Pass Lounge Access: Now, this may just be my favourite benefit of having this card. You get Priority Pass lounge access at over 1,200 airport lounges, including 6 complimentary lounge visits. I was incredibly grateful for that glass of champagne when my flight was delayed and I got stuck at the airport in London!
- Scene+ rewards points: You can rack up points that are redeemable for flights, hotels, and car rentals.
The Scotiabank Passport Infinite Visa is globally accepted, and you can use it at millions of locations worldwide. Whether you’re traveling for business or pleasure, it’s the perfect companion.
Wise
Why It’s a Must-Have for Global Nomads
Wise is a top choice for international transfers, offering some of the best conversion rates around. With Wise, you can open accounts in multiple currencies, including USD, EUR, GBP, and more, making it perfect for digital nomads working across borders.
Wise gives you a free prepaid Visa or MasterCard that’s widely accepted worldwide. With this card, you can withdraw cash from ATMs and make payments in other currencies without paying foreign transaction fees.
This is a huge deal because most Canadian banks will hit you with foreign ATM withdrawal fees, plus a 2.5% foreign exchange fee on every purchase. With Wise, you can skip those annoying fees and keep more money in your pocket.
And, if you sign up using this referral link, you’ll enjoy zero fees on your first transfer!
Sign up here!
PayPal
Why It’s Essential for Remote Business Owners
If you’re running a remote business or freelancing internationally, PayPal is a crucial tool for sending and receiving payments. Here’s why:
- Universal Acceptance: PayPal is widely accepted by global businesses and online services, making it easy to get paid anywhere in the world.
- Invoicing: PayPal offers a free invoicing tool, perfect for freelancers and remote entrepreneurs who need to bill clients.
- Currency Conversion: While its fees are higher than Wise, you can still hold and convert multiple currencies, which is harder to do with traditional banks.
- Business Protection: PayPal offers buyer/seller protection, giving peace of mind when working with international clients.
- Quick Payments: With instant transfers, PayPal ensures that you can access your funds right away.
For remote entrepreneurs, PayPal is an essential tool to manage global payments easily. Sign up using this link to earn a $10 reward!
Additional Accounts & Tips for Canadian Digital Nomads
Tips for Managing Finances as a Digital Nomad
Always carry back up cards: There’s nothing worse than getting stranded abroad and being unable to access your money! Keep multiple cards on hand so you can withdraw cash if one gets stolen.
Avoid Currency Conversion Fees: Use cards that don’t charge foreign transaction fees, like Scotiabank Passport, to save on exchange rate markups.
Set Up Direct Deposits: Ensure you have direct deposit set up for income or freelancer payments, and choose an account with no monthly fees, so your finances stay simple and accessible.
Set Up an Emergency Fund: Always have backup money accessible. Consider using accounts like Wealthsimple for emergency funds that earn interest.
Track Your Spending: Use budgeting apps to track your spending across multiple currencies and countries.
As an advocate of traveling while we are young, becoming a digital nomad is an amazing way to experience the world and widen your perspective. It may seem daunting at first to manage your finances while traveling full-time, whether you work for a company remotely, freelance or run your own remote business. But with the right resources and a little bit of planning, you can thrive as a digital nomad!
Whether you’re looking to take the leap to a nomadic lifestyle or you’re already working from paradise but got burning questions about your global finances, reach out and we’ll navigate your journey together!
