Additionally, if you truly are a digital nomad, you may find that your bank inexplicably cancels or suspends your ATM or credit card because it is being:
--used for the first time on an 'unknown' computer (i.e., at an Internet café) --is being used from a country that you have previously not traveled to.
The bank security procedures usually require an automated telephone call to the SIM number in the US that you haven't used in months during US business hours (it doesn't matter to them if you are on the other side of the world) and if you do not answer they will reverse the charges if you were lucky to complete the transaction in the first place. There is, of course, no number to call because the lost and stolen card section is different from the funds authorization section. Worse, if you have a small community bank in the US, they may outsource card services and that company has no relationship with you at all.
The only banks I am aware of that are not flummoxed by international transactions (and whose debit cards may routinely be processed as credit cards, greatly facilitating US car rentals) are Swiss banks. But good luck trying to open a Swiss bank account as an American.
In SE Asia, to apply for certain types of visas you must show financial stability and this means cash in local currency in a local bank. Not being able to open a local account means further discrimination.
One would think that in this day and age a bank would set up an expat desk to handle these things. I've heard that Channel Islands banks are good at this, but I really don't know.
Law enforcement assumes that foreign banks=criminal activity. You would think that the US hadn't joined the WTO.
reddit.com/r/churning or r/personalfinance might be better places to ask.
There are some other considerations though. If there's an emergency and you need to get in touch with someone, you will be bound to US operating hours. If your ATM card gets fraud charges while you're out of the country, you won't get a replacement card for weeks. There might be access problems to online accounts in suspicious countries or unknown devices. Certain banks like to proactively suspend your card and call your old phone number for suspicious activity, even when you have already listed out the trip ahead of time.
I now carry multiple debit and credit cards, and cash for international trips.
None of my banks have physical branches abroad, but this does not bother me. I also don't have to cash foreign checks or accept deposits from foreign banks, which may be a problem for you. I don't believe that Ally accepts international wire transfers, for example.
I've been using this system in Europe for about half a year.
When it comes to cash, I just pay the $5 ATM fee. When I visit an ATM, I pull out at least a few hundred dollars in cash, leave the majority at home, and carry what I need.
Groceries are by credit card, rent is online, so my only cash expenses are street food, going out to pubs, and other minor things. Therefore, let's say I take out a few hundred dollars a month. That's a $5 fee per month, or $60 per year. In my opinion, that's incredibly cheap, and I get the freedom to use any ATM for my cash withdrawals on my travels.