Financial technology (also referred to as ‘fintech’) is currently booming in the start-up world and has a strong focus on providing better products and services for the consumer than its counterparts from the traditional financial industry. In this post, I want to share with you 5 awesome fintech services for travellers and digital nomads that will help you manage your finances better while on the road.
Trail Wallet is an iOS smartphone budgeting app targeted at travellers. It has an easy-to-use user interface and lets you keep track of your spending while on the road. If you are travelling long-term and are on a strict budget, it’s important to keep a close eye on your expenses. With Trail Wallet, you can do so in a quick and easy manner.
If you are travelling and you need to make international payments or if you are a location independent entrepreneur and you need to pay contractors in different countries, then I highly recommend using TransferWise
for your international money transfers. TransferWise lets you save up to 90% on international payments compared to your bank and their easy-to-use smartphone app and web-based platform lets you make payments in under 3 minutes. I personally use TransferWise regularly and have shared my first experience with their service in my recent post titled How I Saved Over 90% On An International Money Transfer Using TransferWise.
One of the worst things that can happen when you are travelling abroad is losing your debit or credit cards. If the ATM suddenly decides to swallow your card or you accidently drop your credit card on a boozy night out, you can easily find yourself without access to cash in a foreign country. Hence, getting a prepaid credit card (or several) is, therefore, a great way to hedge yourself against running out of access to cash. Revolut is a London-based FinTech start-up that issues prepaid credit cards with low fees and an easy-to-use smartphone app that helps you budget and lets you make free money transfers. An excellent service for long-term travellers!
SplitoMatic is a free smartphone bill splitting app tailored to travellers. It allows you to evenly split bills for your travel expenses with your fellow travellers. It’s an ideal app to use if you are on a tight budget and want to ensure you don’t accidently overspend on shared expenses.
World Nomads – International Travel Insurance For Independent Travellers
World Nomads offers affordable international travel insurance for holidayers, backpackers, and long-term independent travellers. Their services are also especially popular amongst so-called ‘digital nomads’, which travel the world while working remotely, as the process to get travel insurance coverage through World Nomads is faster, easier and cheaper than through most other insurance providers.
If you want to learn more about how you can use innovative new financial services from the financial technology sector to manage your money and improve your financial situation, download my ebook Everything You Need To Know About Money – The Complete Financial Intelligence Handbook.