I like the Fintechs, my two choices are Transferwise who offer a business account which is very hands off compared with UK high street who are very invasive and expensive.......and I use Bitwala out of Germany, a Euro/Bitcoin account with a Mastercard .....I also use Monese which links to paypal.........all for passing money the less the better, my main bank is Trezor
Hi, I heard fees are high. Lets say someone wants to transfer Turkish lira from his Turkish bank to Brazilian rial in his Brazil bank. How much fees should be paid for equivalent of lets say 5000 USD. ?
Great topic and really is of high interest to me. While I have never ran a fintech start-up, I have contacts here in Estonia who have and is a really interesting topic to learn about. Also, a side note, fintechs tend to have some of the highest valuations of all start-ups with the lowest amount of revenue. It is for this reason many fintech "billionaires" or multimillionaires have companies that sometimes have very little revenue in their books. The real future though of fintech's is via machine learning and bridging these two areas together, as some of the problem points of fin techs require machine learning solutions which are at times extremely difficult to integrate into a platform. On this same note machine learning is where the future of almost all digital solutions lies and where there still exist many many opportunities in almost every sector.
I really like the idea of how neobanks work. If you loose your usually included debit card - you can just lock and unlock it in your app with just a tap. You forget your PIN - got to the app and get a new PIN in real time. Often you go to a supermarket and generate a code they scan that just gets you 300 bucks in cash from your bank account without touching an ATM. You can just do so much stuff very quickly. Its not like "normal" banks couldnt do that - but at least here in germany this is just not a thing unless you are at N26, bunq or Vivid Money or whatever. The insanely huge problems is how they handle kriminals. They do it the following: You recieve a payment - the AI randomly flags it as suspicious for no reason - finance authorities start investigating, GSG9 raids your home as if you were hiding kilos of cocaine in your chouch pillows and ontop of that you dont even get your money back you had in that account unless you go the very exhausting and expensive way of taking this case to court after providing proof that youre not actually a super duper Hollywood criminal. While the real criminals get away with everything - and these banks are especially attractive to criminals because making new accounts is very easy, while at N26 or bunq you can even get a german IBAN which looks very trustworthy to most people. But this still is not a reason to treat every customer like Pablo Escobar for no reason. Using a Neobank bank account as your main or worse even only bank account its not a very good idea if you ask me. But in germany there are not really good banks from my experience. All of them have major flaws in one spot or the other. But is it really too much to ask to have a bank that simply has a good app, while also not potetially putting me in jail randomly?
Funny situation: in order to open an high street bank account in the UK, I had to show a bank statement... from a fintech! And that really worked. Just arrived in the country and got both accounts for free. Anyway, if people still think the regular banks will be killed by fintechs, they should listen to Andrew and change their minds.
You mention Argentina in your Joe Rogan video. As I understand it they are having a currency crisis. Can you do a video on how Argentina is still a place nomad capitalist should consider.
Here are some banks related to the topic of this video for nomadcapitalists to explore: 1. Revolut 2. N26 3. Monzo In terms of market cap N26 is at the top, but when it comes to services I think everyone has his own priorities.
If you have legal residency, use guardadito digital from Banco Azteca, if you want returns use Finsus or Kubo Financiero. Crypto, Bitso. They're all legal and regulated by the banking authority.
Large banks are very good for their corporate and HNW clients. They only do small to midsize retail because their underlying governments push them and their corporate image.
The best way to save yourself is with teh Japans new finacial tech called Walahala they have changed the way current banking system works. they have given back the power back to the people to control their money in their possesion like the old times. I am usin it here in Frankfurt and i am a great fan
If you are dealing with a fintech. There is absolutely no live person to talk with. This is the same with all the tech companies. Try to talk to a live person with Google or Microsoft
last time I was this early Andrew was still an American citizen
I had no clue what a Neo-bank was until now. Time to go down the banking rabbit hole........ again
I like the Fintechs, my two choices are Transferwise who offer a business account which is very hands off compared with UK high street who are very invasive and expensive.......and I use Bitwala out of Germany, a Euro/Bitcoin account with a Mastercard .....I also use Monese which links to paypal.........all for passing money the less the better, my main bank is Trezor
Hi, I heard fees are high. Lets say someone wants to transfer Turkish lira from his Turkish bank to Brazilian rial in his Brazil bank. How much fees should be paid for equivalent of lets say 5000 USD. ?
Great topic and really is of high interest to me. While I have never ran a fintech start-up, I have contacts here in Estonia who have and is a really interesting topic to learn about. Also, a side note, fintechs tend to have some of the highest valuations of all start-ups with the lowest amount of revenue. It is for this reason many fintech "billionaires" or multimillionaires have companies that sometimes have very little revenue in their books. The real future though of fintech's is via machine learning and bridging these two areas together, as some of the problem points of fin techs require machine learning solutions which are at times extremely difficult to integrate into a platform. On this same note machine learning is where the future of almost all digital solutions lies and where there still exist many many opportunities in almost every sector.
Good trend analysis on ML.
Could you make a video about decentralized finance, DEFI, and could this make life easier for nomads?
Yes, that would be very interesting.
Yes, defi is where it's at; decentralized, permission-less, trust-less.
You can already be your own bank and it is only getting better everyday.
Sir witch is the best bank for offshore account in uae?????
Defi is where it's at; decentralized, permission-less, trust-less.
You can already be your own bank and it is only getting better everyday.
Except onramp/offramp to fiat and you're sniffing bankers balls again
Defi does jackshit right now. Can you use defi to accept your pay? Can you use defi to pay at shops? Nah
*Any online banks for internationals (worldwide countries) ?*
how about Bank Novo?
I really like the idea of how neobanks work. If you loose your usually included debit card - you can just lock and unlock it in your app with just a tap. You forget your PIN - got to the app and get a new PIN in real time. Often you go to a supermarket and generate a code they scan that just gets you 300 bucks in cash from your bank account without touching an ATM. You can just do so much stuff very quickly. Its not like "normal" banks couldnt do that - but at least here in germany this is just not a thing unless you are at N26, bunq or Vivid Money or whatever. The insanely huge problems is how they handle kriminals.
They do it the following: You recieve a payment - the AI randomly flags it as suspicious for no reason - finance authorities start investigating, GSG9 raids your home as if you were hiding kilos of cocaine in your chouch pillows and ontop of that you dont even get your money back you had in that account unless you go the very exhausting and expensive way of taking this case to court after providing proof that youre not actually a super duper Hollywood criminal. While the real criminals get away with everything - and these banks are especially attractive to criminals because making new accounts is very easy, while at N26 or bunq you can even get a german IBAN which looks very trustworthy to most people. But this still is not a reason to treat every customer like Pablo Escobar for no reason. Using a Neobank bank account as your main or worse even only bank account its not a very good idea if you ask me. But in germany there are not really good banks from my experience. All of them have major flaws in one spot or the other.
But is it really too much to ask to have a bank that simply has a good app, while also not potetially putting me in jail randomly?
Funny situation: in order to open an high street bank account in the UK, I had to show a bank statement... from a fintech! And that really worked. Just arrived in the country and got both accounts for free. Anyway, if people still think the regular banks will be killed by fintechs, they should listen to Andrew and change their minds.
You mind sharing the fintech name?
Would you ever look at having your own bank in some of the smaller countries that you recommend and deal with?
For those looking for neo banks in the US, Mercury is by far the best neo bank I've dealt with
Valuable view on online banking.
Love the statement of "Onshore is the new offshore", specially when I look at the dutch banks.
ING bank to me seems to be the best hands down
O,! good,! I tried to open an account with Revolut, but they could not read their photos of my passport, soI f igured that I should stop trying . .
Hey Andrew. You should have more likes! Thanks for the video
Being able to get bank account numbers in several countries could be useful but I would want at least something at a local branch just in case.
Any comments on payments to China?
Great video. Seems im going to have to subscribe to this channel.
You mention Argentina in your Joe Rogan video. As I understand it they are having a currency crisis. Can you do a video on how Argentina is still a place nomad capitalist should consider.
@Midnight Phister Not to mention 2 years naturalization (+ several months of bureaucracy waiting time so really more like 2.5 years)
@Midnight Phister Which one have you been to yet?
@@dalethepalemale6855 Did you get an Argentinian passport?
Here are some banks related to the topic of this video for nomadcapitalists to explore:
1. Revolut
2. N26
3. Monzo
In terms of market cap N26 is at the top, but when it comes to services I think everyone has his own priorities.
What's the best bank for digital nomads in Mexico?
One service you could check out is Transferwise or N26 is another good option!
If you have legal residency, use guardadito digital from Banco Azteca, if you want returns use Finsus or Kubo Financiero. Crypto, Bitso. They're all legal and regulated by the banking authority.
Do you maybe know if Bulgarian banks accept crypto profits chash outs?
Large banks are very good for their corporate and HNW clients. They only do small to midsize retail because their underlying governments push them and their corporate image.
why not using both ? I don't get why you oppose them
Hi. You could show us some good fintech?
The best way to save yourself is with teh Japans new finacial tech called Walahala they have changed the way current banking system works. they have given back the power back to the people to control their money in their possesion like the old times. I am usin it here in Frankfurt and i am a great fan
I'll stick to my chilean bank, they don't report to the irs and they're safe
Good choice
@@amir5593 Which bank do you deal with? Website?
If you are dealing with a fintech. There is absolutely no live person to talk with. This is the same with all the tech companies. Try to talk to a live person with Google or Microsoft
Gekko's opinion... That's hilarious... I watched that movie on Friday 🤣
"One" for the win 3% apy savings credit building program, no fees credit line, the features go on
Woah. This dude is like a young American version of Richard Quest.
Summary for the Japanese
・カスタマーサービスが銀行のがいい
・市民権申請で銀行口座が必要とされる
Comments
PayPayとかのFinTechも口座みたいになりつつあるけど、まだまだ社会は対応してないよなあ
Prefer an orchid
I own a neo-Bank, 220 bank, the digital private bank, we offer offshore solutions also, reach out!
Team Credit union
Bitcoin
First?! WOOHOO
Can I get a ❤️ 😜
Bullrun is coming. XRP the standard. Ledger Nano X