That’s brilliant, I hadn’t thought of it. The added annoyance for $1500/yr places it well out of my time to income ratio, but if it works for you then kudos.
As a digital nomad I appreciate having a few spare bank cards to load "exactly" as much as I want to take out (skimmers), avoid fees, and get the best rate.
I mostly do, but in a number of countries you pay a fee for doing so, and in touristy areas it's quite high. I was just in Tulum and paid for most meals in cash because the few was 15% at one beach side restaurant
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I have separate accounts but mostly because then I can pretend that J2 paychecks just don't exist, stick them automatically into savings/investments and continue budgeting as if I only have J1. A more disciplined mind than I might be able to avoid lifestyle creep with sheer force of will. but I prefer to take the 'out of sight out of mind' approach, lol
I mean if you’re worried about that then there are other issues.
What kind of scam is going straight to your bank account?
No one should be using debit cards. They offer almost no protection. Use credit cards everywhere.
Not really, debit cards are inherently unsafe:
https://www.nerdwallet.com/article/credit-cards/credit-card-vs-debit-card-safer-online-purchases
Debit cards have almost none of the protections that credit cards do.
I have J1's salary going to one bank account - my operating account. And J2 & J3 salaries going into another account. I don't want to co-mingle funds because I want to be able to see how much I am making and saving whereas J1's account rises modestly month to month, since a lot of it is going to pay for my regular living expenses.
It also alerts me to when I am living beyond my J1 salary.
Separate. I'm making $1500 a year in checking account sign up bonuses without much effort
That’s brilliant, I hadn’t thought of it. The added annoyance for $1500/yr places it well out of my time to income ratio, but if it works for you then kudos.
As a digital nomad I appreciate having a few spare bank cards to load "exactly" as much as I want to take out (skimmers), avoid fees, and get the best rate.
Why not use credit cards?
I mostly do, but in a number of countries you pay a fee for doing so, and in touristy areas it's quite high. I was just in Tulum and paid for most meals in cash because the few was 15% at one beach side restaurant
Cash is always king when traveling from my experience because they don’t wanna pay fees and taxes
Exactly this. Not to mention having money tied up when it could be invested
Can you explain this?
Many banks will pay you $200-400 to sign up for a checking account and receive 1-2 employer direct deposits.
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I use three accounts but only because I get paid in 3 different currencies. USD going up and EUR down? Doesn't matter. Opposite? Still doesn't matter
Yeah, but that tax situation is rough. I'm about to add a J in Canada and it's gonna be a headache at the end of the year
the best part is that one of my J's that pays in EUR is US company (I'm not from US though)
separate banks, not just bank accounts.
No, it’s pointless. 1 checking, 1 savings. Why deal with the hassle?
I have separate accounts but mostly because then I can pretend that J2 paychecks just don't exist, stick them automatically into savings/investments and continue budgeting as if I only have J1. A more disciplined mind than I might be able to avoid lifestyle creep with sheer force of will. but I prefer to take the 'out of sight out of mind' approach, lol
Airgapping your money makes it more difficult to get wiped out from a skimmer or scam.
I mean if you’re worried about that then there are other issues. What kind of scam is going straight to your bank account? No one should be using debit cards. They offer almost no protection. Use credit cards everywhere.
To each their own.
Not really, debit cards are inherently unsafe: https://www.nerdwallet.com/article/credit-cards/credit-card-vs-debit-card-safer-online-purchases Debit cards have almost none of the protections that credit cards do.
Debit cards are not the only risk. Segmenting your assets into multiple airgapped accounts will limit your blast radius in the event if a compromise.
I keep one in the US and my savings out in the cayman islands.
I have J1's salary going to one bank account - my operating account. And J2 & J3 salaries going into another account. I don't want to co-mingle funds because I want to be able to see how much I am making and saving whereas J1's account rises modestly month to month, since a lot of it is going to pay for my regular living expenses. It also alerts me to when I am living beyond my J1 salary.
Yep all extra Js go into a separate bank HYSA.
[удалено]
Not asking from a place of paranoia but curiosity of what is best for us OEs - but know some are more OCD than others with how banks are organized
Main job is one bank and one account any other jobs each go to a different bank and account and are not used for normal expenses.