Avoid the Hidden Bank Tax
Save 3-5% on every transaction with multi-currency accounts. Compare Wise and Revolut to find the best no-fee banking solution for nomads.
What is the "Hidden Bank Tax"?
Traditional banks charge a 3-5% markup on every foreign transaction through hidden fees:
- ATM Fees: $3-5 per withdrawal + 3% foreign transaction fee
- Currency Conversion Markup: Banks add 2-3% above the real exchange rate
- Monthly Fees: Many accounts charge $10-15/month for international access
For a nomad spending $2,500/month, this adds up to $75-125 in hidden fees every month—that's $900-1,500 per year! Multi-currency accounts like Wise and Revolut eliminate these fees, using real exchange rates and charging minimal transparent fees.
Wise vs Revolut Comparison
| Feature | Wise | Revolut |
|---|---|---|
| Monthly Fee | Free (or $9/month for premium) | Free (or $10/month for premium) |
| Currency Conversion | Real mid-market rate + 0.35-0.65% | Real rate + 0.5-1% (free tier limited) |
| ATM Withdrawals | $250/month free, then 1.75% | $200/month free, then 2% |
| Best For | Lowest fees, frequent transfers | Best app, spending features |
| Action | Open a Free Account | Open a Free Account |
How Much Can You Save?
If you spend $2,500/month as a nomad, traditional banks charge approximately:
That's enough for an extra month of nomad life every year!