Nomadic lifestyle has become the latest irresistible sensation to many people. Thoughts of living anywhere in the world without worrying about banking, paying limited taxes, and optimizing returns are irresistible. However, the process of shifting, settling, and operating demands a clear strategy. Here are the main reasons why you need a clear strategy for deciding to live a nomadic lifestyle.
Importance of a nomadic lifestyle strategy
Capability to work with the best banks
When a nomad prepares the right strategy, it helps one to look for the best bank. This means that the bank can guarantee you of its services no matter where you are located. A good bank should have affordable services and credit cards that can be accessed from any place for easy operations.
The stability of the selected bank is very important when crafting a banking strategy. An unstable bank will greatly peril your cash. It is advisable to pick a bank that operates in a stable jurisdiction such as Hong Kong. This will clear the fear of waking up and finding that bank has suddenly collapsed and sinking within your deposits. A stable bank gives the Nomad peace of mind because he does not have to worry about safety, accessibility, and interest among other things.
The charges by selected bank
If you are working on a nomadic strategy, the charges levied by the financial institution of choice are very critical. Banks that charge very high-interest rates will easily eat into the deposits and leave you in a more precarious situation at the end of the day. If you pick the bank well, it is possible to use their debit cards to avoid ATM or wire transfer charges.
The customer support of the respective bank
How well does the selected bank customer support operate. The best bank should be highly responsive to its clients needs to make them comfortable and more enjoyable. For example, if the ATM gets lost, how easily does the bank respond after notifying it?
Ease of accessibility
While the main focus when opening an offshore bank account is identifying the right bank account, a nomad needs to extend the objective to accessibility. Even if the bank of choice is already offshore, think of how well its services are accessible outside the location jurisdiction.
For example, if a bank is operational in Hong Kong, you are sure of accessing its services in Macau, China and many other countries. This means that you need not worry about accessing your cash for investment or other expenses.