The way we live and work has transformed dramatically in the past decade. With the rise of remote work, easy international travel and global education, millions of people are embracing life beyond their home countries, either as digital nomads moving from country to country, or as expats starting a career in a foreign land. These borderless lifestyles come with new financial needs and traditional banking is not always the best option for them. That’s where fintech is stepping in, offering flexible, smart and truly global opportunities for managing your finance.
The disadvantages of traditional banking
Traditional banking systems were designed for people with fixed addresses, local incomes and stable lifestyles. But digital nomads and expats don’t fit into this category. Setting up a bank account can require proof of local residency, income and paperwork that many nomads or newcomers don’t have. Moreover, maintenance fees, poor currency exchange rates, terms of money transfer and unclear procedures make it very difficult for traditional banks to stay relevant and attract this audience.
That is why digital nomads and expats are increasingly turning to fintech apps, such as CFPS, which allow them to open accounts remotely, send international transfers smoothly and at a low cost, all without stepping into a bank branch.
How fintech has come forward
Fintech companies are building solutions specifically for highly mobile people on-the-go. Whether you’re freelancing from Hungary, studying in the Netherlands or launching a startup from Spain, the new generation of financial tools makes it easy to manage your money from anywhere.
Key benefits of modern fintech apps include:
- Seamless registration and onboarding, often requiring only a few documents and 10 minutes to get started
- Favorable exchange rates that are more transparent and beneficial than those offered by most traditional banks
- Instant notifications and spending tracking, so you’re always in control of your money
- International transfers with transparent low fees and simple procedures
How nomads and expats fuel change
What’s special about digital nomads and expats is that they don’t just adapt, they influence. These globally minded users often share tips and favorite apps with others in their community, fueling word-of-mouth growth for fintech brands. From expat Facebook groups to Telegram channels, recommendations for neobanks and smart money apps spread across the community.
The influence of digital nomads and expats can be seen on the governmental level. For instance, countries like Estonia and Spain offer digital nomad visas and have become centers of attractions for this audience. Fintech platforms that cater to these international communities are earning loyal users through transparency, convenience and ease of access.
Expats, nomads and the future of finance
Both expats and digital nomads are at the forefront of a global change toward more independent and mobile lifestyles. They want financial solutions that are just as smart and flexible as their lives.
Fintech is disrupting the industry to cater to their needs: be it an international student managing two bank accounts, a remote worker moving from one city to another, or an expat relocating for work to the EU, fintech tools are helping people take control of their finances wherever they are.
At CFPS, we’re building an app that empowers expats and digital nomads: from fast account set up to low fee smooth cross-border transfers. Whether you’re on the move or settling down in a new country, we are here to help you manage your money smartly.
