Setting up your finances abroad
In the lead up to moving overseas one of the main considerations is how you will manage your money once you arrive. Whether you’re moving to London, Beijing or Sydney, there are some steps you can take to get set up before you land.
Open an account before you arrive
In some instances you will be able to set up a bank account before you arrive. This can be either an international account that enables you to access multiple currencies, or a bank account which you can apply for online and then go into a branch when you land to verify your identity.
Having an account set up means you can transfer money across straight away, so it’s ready when you arrive.
Explore more: Checklist for moving overseas
Work out the best way to transfer
How much and how often you need to transfer may determine the best way for you to move your money.
An international account will give you access to money in different currencies whenever you need, while an International Money Transfer gives you the flexibility to transfer a set amount at a set time – or at regular intervals. You may also be able to link global accounts with some international banks, for example HSBC Global View and Global Transfers enables customers to quickly send money without a fee and also see all their international accounts in one place.
Explore more: What you need to know about sending money to the UK
Consider what you need
Before you leave, are there changes you want to make to your current financial situation? Perhaps there is a credit card you don’t need or bank account that’s no longer required.
Once you arrive, think about what you’ll need in your new country. Remember, not all financial products will work identically in different countries. So before signing up to anything make sure you’ve done your research.
Explore more: How does banking work in the UK?
Sort out your pension and tax
Two of the bigger things to think about will be your tax and pension. Get in touch with the tax office in your current country to see if there’s anything you need to do before setting off.
If you will be working in your new country you may have to make contributions towards a pension. How do you want this to work with the pension you currently have? This will likely be something that depends on your longer term plans and doesn’t have to be sorted straight away, but it’s worth being aware of as you make any pension contribution arrangements in a new job.