How to Move Money Around the World Without Losing It to Fees
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If you travel frequently, work as a digital nomad, or live as an expat in another country, sooner or later you face the same problem: moving money between currencies and countries without fees and exchange rates eating up a significant part of your income. A multi-currency digital wallet is an online account that lets you hold balances in several currencies, receive international payments or remittances, and, in most cases, spend that balance with a virtual or physical card, all from an app.
The difference from a traditional bank account is that these platforms were built with cross-border movement in mind: they're usually faster to open, don't always require you to live in the country where they operate, and their core value proposition is reducing the cost and friction of moving money between currencies compared to traditional banking or physical exchange houses.
In this comparison we review six real options available in different countries so you understand, in general terms, which type of user each one suits. We don't invent rates or exact figures: each platform publishes its own conditions, fees, and available countries, so you should always confirm them directly on their site before deciding.
What is a multi-currency digital wallet and who needs it?
A multi-currency digital wallet is an online account, offered by a fintech (not necessarily a traditional bank), that lets you hold a balance in more than one currency at the same time and move it between them when you need to. Most integrate with a mobile app and, depending on the provider, offer a virtual card, a physical card, a local account number in another country, or the ability to receive international transfers directly.
It's useful for different traveler profiles:
- Occasional traveler: wants to avoid high fees when paying abroad or exchanging cash at the airport.
- Digital nomad: gets paid in one currency (for example, dollars) while living in another country, and needs to spend that money locally without losing too much in conversion.
- Expat or migrant: sends remittances recurrently to their home country and wants as much of the money sent as possible to arrive.
- Freelancer with international clients: receives payments from different countries and wants to centralize them in one place before deciding when and how to convert them.
General comparison of digital wallets for travelers
The following table summarizes, in general terms, the main focus of each platform. We don't include exact rates or limits because they change frequently and vary depending on your country of residence; always confirm them directly on each one's official website before opening an account.
Wise: international transfers and multi-currency account
Wise is one of the best-known platforms for sending and receiving international transfers and holding a balance in several currencies within a single account. It's usually a good option both for travelers who need to pay in different currencies and for freelancers and digital nomads who receive payments from abroad and want to centralize them before deciding which currency to hold or where to move them.
Vitawallet: digital wallet for Latin America
Vitawallet is a digital wallet aimed at users who want to hold balances in different currencies and move them between platforms or their own accounts. It can suit someone who already uses other digital financial services in the region and wants an additional way to manage money in more than one currency from a single place.
Arq: account and card for moving around Latin America
Arq offers an account and card designed for moving around within Latin America, useful for someone who travels or lives between different countries in the region and is looking for an alternative to traditional banking for everyday payments and managing a foreign currency balance.
Litio: savings and dollar management from Colombia
Litio is aimed at users who want to hold part of their money in dollars from Colombia, as an alternative to keeping everything in Colombian pesos. It suits someone looking to diversify the currency risk of their savings or who receives occasional income in dollars and doesn't want to convert it immediately.
UgglyCash: remittances and international money transfers
UgglyCash, in partnership with MoneyGram, focuses on sending remittances and international money transfers. It's an option worth considering for expats or migrants who send money recurrently to family in another country and prioritize making it easy for the recipient to receive it, whether in cash or into an account.
Meru: digital wallet with a referral and community focus
Meru is another digital wallet that lets you manage balances and money movements from an app, with a model that includes referral programs among users. It can be an alternative worth evaluating alongside the other options on this list, always comparing available countries and current conditions on its official website.
How to choose based on your use case
There's no "best" digital wallet in absolute terms: the choice depends on how often you move money between countries, in which currencies, and whether your priority is spending, saving, or sending remittances.
- Occasional traveler: prioritize an option with a card (virtual or physical) that's easy to use at points of sale or ATMs at the destination, to avoid physically exchanging cash.
- Digital nomad: it's worth choosing a platform that lets you hold a balance in the currency you're paid in (for example, dollars) and convert only what you need to spend in local currency, in addition to receiving payments from international clients or platforms.
- Expat sending remittances: what matters is comparing how much actually arrives in the destination account in the recipient's country, how fast the transfer is, and whether the recipient can easily receive it (local bank account, cash, or their own wallet).
- Freelancer with income in several currencies: a wallet that centralizes payments from different countries before deciding when to convert or withdraw that money is worthwhile.
As a practical recommendation, before moving large amounts for the first time with any of these platforms, do a test with a small amount to confirm arrival times, required identity verification, and the actual user experience in your specific case.
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General focus of each digital wallet
| Platform | Main focus | Recommended user profile |
|---|---|---|
| <a href="https://wise.com/invite/ahpn/franciscowuilfredov?utm_source=android-pill-hp-nativeshare&utm_medium=invite&referralCode=franciscowuilfredov" target="_blank" rel="noopener sponsored">Wise</a> | International transfers and multi-currency account | Digital nomads and freelancers with income in several currencies |
| <a href="https://app.vitawallet.io/menu?referrer=op2PFhXLgZwHJe1p" target="_blank" rel="noopener sponsored">Vitawallet</a> | Multi-currency digital wallet for Latin America | Users who already use digital financial services |
| <a href="https://www.arqfinance.com/es-CO/referrals/latam?referralCode=franciscovilor_zZ1" target="_blank" rel="noopener sponsored">Arq</a> | Account and card for moving around Latin America | Travelers and frequent residents between countries in the region |
| <a href="https://littio.co/?ref_code=QZLH" target="_blank" rel="noopener sponsored">Litio</a> | Savings and dollar balance management from Colombia | People in Colombia who want to diversify their savings in foreign currency |
| <a href="https://ugly.cash/es/uglycash-moneygram?referral=pachoseguros" target="_blank" rel="noopener sponsored">UgglyCash</a> | Remittances and international money transfers (MoneyGram partnership) | Expats or migrants who send recurring money to their home country |
| <a href="https://getmeru.com/referrals/?referralCode=ZWMOSB" target="_blank" rel="noopener sponsored">Meru</a> | Digital wallet with a referral program | Users looking for an additional alternative to compare against the other options |
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Frequently Asked Questions
Does a multi-currency digital wallet completely replace my bank?
Not necessarily. Many users use them alongside their traditional bank account, reserving the digital wallet for spending in other currencies, remittances, or international payments.
Which of these options is the cheapest?
There's no single answer: the real cost depends on the currencies you use, the amount you move, and the country you operate from. Compare the conditions published by each platform for your specific case before deciding.
Is it safe to keep money in a digital wallet instead of a bank?
Each platform has its own regulatory framework and security measures, which you can review on its official website. As a general practice, avoid keeping all your savings in a single account, whether bank or fintech, and always check the provider's reputation and regulation before using it.
Do I need several digital wallets or is one enough?
It depends on your use case: an occasional traveler may only need one for payments abroad, while a digital nomad or an expat who sends remittances frequently may benefit from combining two, one for daily spending and another focused on international transfers.
Do these wallets work the same in every country?
No. The availability of currencies, payment methods, cards, and supported countries varies by platform and your country of residence; check each one's geographic coverage before signing up.
Can I use a digital wallet to receive payment from a client abroad?
Several of these platforms are designed exactly for that, especially for freelancers and digital nomads, but each has its own methods and supported currencies for receiving payments; confirm this with the provider based on your situation.
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