Finance Tips for Expatriates

Emigrating is often a difficult process, and with so many things to think about prioritizing the important things and taking care of issues in a cost-effective way can be complicated. However, communicating with established expatriates (via blogs, forums, and social networks) can be a big help and a great way of getting useful advice.

We want to help you out as well, so by listening to what other expatriates have told us about their own experiences we have put together a selection of tips, looking at a range of complicated topics and issues. If you’re moving to another country with a partner it is a good idea to put utility bills in both of your names. Also making sure that both of you are able to discuss the account, doing this means that you’ll both start to build a credit rating in your new country.

You can easily expect that the grass is always greener, but in order to avoid problems, you should thoroughly research the country you’re thinking of moving to long before you consider to take any serious steps towards moving. The cost of living is increasing internationally, and prices are going up even in countries that have a reputation for being ‘cheap’. Check out the cost of living in the country you’re moving to obtain a good idea of what it will set you back to be able to live the kind of lifestyle you’re hoping for. Set this against your potential income and make a plan of the outgoings and incomings you’ll have to control.

While it can be appealing to spend the cash and enjoy a high standard of living during your time in your new country, saving some money every month is strongly advised. So you have something to fall back on if your current situation should change, and something to make it easier for you if you should move home.

If you plan to move overseas for a long period of time you’ll most likely need to open a bank account in your new country. It will be a lot easier if you have all of your financial documentation in good order and with easy access. If you’re renting or buying an overseas property, or you need to arrange to pay a child’s school fees, having various copies of your documentation will save you a lot of worries and stress.

Getting all the ins and outs sorted that are associated with the legal and taxation system of your host country can take time. Before you make any big decisions or major financial obligations look for reputable, independent financial advice and find out everything you can about the gray areas, potential fines, and hidden fees.

And lastly, most people who move overseas find that sooner or later they need to transfer foreign currency. While using your bank for those type of transactions might seem like the easiest way, using for example a currency broker is actually a more cost-effective option to move funds between countries, and if you organize your transfers early on you can safeguard your money from currency risk.

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