How We Handle Money Across 17 Countries

Money management as a nomad is either totally fine or a complete nightmare, depending on whether you set things up correctly before you leave. Here’s our exact setup after 4+ years.

Our Banking Stack

Primary: Charles Schwab Checking

This is the account most American nomads swear by, and for good reason:

• No international ATM fees: Schwab reimburses all ATM fees worldwide, at the end of each month
• No foreign transaction fees: Use your debit card anywhere
• Real exchange rates: No hidden markup on currency conversion

The catch: you need to open a brokerage account with it (you don’t need to fund it). Apply before you leave the US — it’s harder to open from abroad.

Currency Conversion: Wise (formerly TransferWise)

Wise is essential. We use it to:

• Hold multiple currency balances (EUR, GBP, ALL, RON, etc.)
• Send money to landlords in their local currency
• Get local bank details in EUR (IBAN), GBP, and other currencies
• Convert at the real mid-market rate with transparent fees

We keep a EUR balance in Wise for European expenses and top it up from our US account as needed. The Wise debit card works everywhere and gives excellent exchange rates.

Backup: A US credit card with no foreign transaction fees

We carry a Chase Sapphire as a backup. No foreign transaction fee, and the points are useful for the occasional flight home. But we use Schwab or Wise for 90% of transactions.

Day-to-Day Spending

In most of Europe, we pay by card for everything. Even tiny purchases. The days of “cash only” are mostly over in Western Europe. Some exceptions:

• Albania: Still heavily cash-based. ATMs are everywhere in Tirana, less so in smaller towns
• Small tavernas in Greece: Some still prefer cash
• Markets: Cash is usually easier

We pull out small amounts of local currency at ATMs as needed. With the Schwab card, there’s no fee — withdraw 50 EUR at a time rather than carrying large amounts.

Tax Implications (Not Advice)

We are not tax professionals and this is not tax advice. But here’s what we’ve learned:

• You still file US taxes as an American abroad (yes, always)
• The Foreign Earned Income Exclusion (FEIE) can exclude up to ~$120,000 of foreign-earned income
• You need to pass either the Physical Presence Test (330 days outside the US in 12 months) or the Bona Fide Residence Test
• FBAR reporting is required if your foreign accounts exceed $10,000 at any point
• Get an accountant who specializes in expat taxes. It’s worth every penny

Monthly Financial Routine

1. First of the month: Review last month’s spending by category
2. Weekly: Top up Wise EUR balance from Schwab if needed
3. When moving: Convert enough local currency for the first week in the new city
4. Quarterly: Review subscriptions and cancel anything unused

What We Spend (Rough Monthly Average)

Across all our cities, our average monthly spend has been about 1,800 EUR for two people. This ranges from 1,000 EUR in Albania to 2,800 EUR in Florence or Barcelona.

The biggest variable is always housing. Food, transport, and day-to-day expenses are remarkably stable across Europe — it’s the rent that changes everything.

The One Mistake We Made

In our first year, we didn’t have Wise and relied entirely on Schwab ATM withdrawals. This worked but was inefficient — we were constantly withdrawing cash to pay landlords who wanted bank transfers. Setting up Wise with a EUR IBAN solved this immediately. Do it before you leave.