The 6 Best Financial Apps for Canadian Digital Nomads

Updated on April 17, 2020
Matilda Woods profile image

Matilda is a part-time digital nomad and aspiring professional suitcase packer.

Budgeting Is Hard!

Budgeting and managing your money is not easy. It gets even more complicated as a digital nomad and, if you can believe it, even more complicated if you're a Canadian. Most companies pay digital nomads in US dollars, euros, or Chinese yuan; there are countless apps that don't even work for Canadians!

So, if you are a digital nomad from Canada, here are the best financial apps to help you make your money work for you.

Your phone does everything else for you, why not let it help manage your finances as well?
Your phone does everything else for you, why not let it help manage your finances as well? | Source

1. Tangerine

Tangerine is the new face of ING Direct. They provide the same services as other major banks, but deals almost entirely online.

Why I Love Tangerine

  • Because they deal mostly online, Tangerine avoids cost that are central to traditional banks like brick and mortar stores and bank tellers. The money they saves goes back to the customer in the form of better interest rates and lower fees. That means more money for me.
  • Although there are no tellers or advisors to see in person, I actually find banking with Tangerine much simpler than with a traditional bank. They have an easy to use interface and they make moving your money super easy.

If you want a free $50 when you deposit $250 within 60 days, use the code: 49455300S1 when you sign up.

2. TransferWise

TransferWise is an online money transfer service which lets users hold money in multiple currencies. They are also promising a debit card for Canadians which would let us spend money fluidly in multiple currencies.

Why I Love TransferWise

  • I get paid by VIPKID in US dollars and need to convert it to Canadian to use it in my account. Before I started using TransferWise, my bank would charge me nearly $100.00 in bank fees! Can you believe that?! My fees from TransferWise have been next to nothing—most months it only ends up being a dollar or two!
  • I am so excited for TransferWise to launch their debit card in Canada! I guess I can't say that I love this yet, but if the card works the way they say it will, it will change the way I bank and travel.

To get your first transfer free, use this link!

3. PayPal

You probably already know about the popular online money transfer service Paypal, but I had to include it in this list.

Why I Love PayPal

  • I can't tell you how many times my PayPal account has saved my butt when I needed to buy a plane, train, or bus ticket in a foreign country. Using a debit or even a credit card in a different country is always hit or miss and having that third option has been a lifesaver for me more times than I can count.
  • Being a digital nomad means that I often get paid through a money transfer service instead of through a bank. Guess which service almost always shows up?
  • Finally, I really appreciate the security I get when using PayPal. I use a lot of coffeeshop and airport WIFI and I am not exactly religious about using my VPN. Under those circumstances, I will also choose to use PayPal instead of directly using my bank account.

4. Mylo

Mylo is an app that rounds up your spare change and invests it for you. Honestly, it has changed the way I save my money.

Why I Love Mylo

  • My favorite thing about Mylo is that it gives those of us without much money the chance to let what spare change we do have grow.
  • Mylo charges only $1/month for a basic account and $3/month for a premium account. I love their premium account because it allows me to put my money in a TFSA and to choose an SRI (Socially Responsible Investment) portfolio. It's important to me to make sure that my money is supporting things I believe in and is divested from fossil fuels and $3/month is a small price to pay for that peace of mind.

To start off with a free $5 to invest, use this link.

5. Wealthsimple

Wealthsimple is an online investment fund that aims to make investing simple.

Why I Love Wealthsimple

  • Wealthsimple actually does make investing easy and I like that robo-investors have a proven track record.
  • I love that my Wealthsimple account is tailored to me. I can tell them how much risk I can deal with and choose to invest my money in a socially responsible manner that is specific to what I think is most important.

If you want to give Wealthsimple a try, click here.

6. Mint

Mint is an all around budgeting app that you can use to keep track of any and every expense.

Why I Love Mint

  • Mint is the best budgeting app I have ever used. Personally, I find it simple and comprehensive.
  • A lot of budgeting apps seem like they were made for Americans and only Americans, but not Mint. I've never had an issue adding my Canadian cards and that makes everything simpler!

Well fellow Canadian digital nomads, I hope these apps make dealing with your money simpler and help you all get rich!

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

Questions & Answers

    © 2019 Matilda Woods


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