We will not lie; moving abroad is expensive, so to succeed, you need to get your finances in order. We want to help you fulfill your dream of international relocation and avoid some of the most common financial mistakes many make.
According to SDC International Shipping, these are the top things to consider when relocating:
Try Online Banking
Maybe your plan was to settle in your new home, open an account in a local bank, then transfer funds from your old account to the new one. Unfortunately, these international transfers can be pretty expensive. So we want to offer you a cheaper alternative – online banking. Online banking makes you transfer funds quickly with little or no cost.
We advise you to retain your bank account in your home country for some time after moving. It is crucial to set up your online banking and electronic bank statements before you move. You may not be familiar with the language of your new home ( except if you’re moving to the UK ), so to perform transactions, you may still need to register for online banking with your old bank.
Close Your Bank Accounts At The Right Time
Your credit score is a determining factor for your eligibility for health insurance, accommodation, financial services, etc., so keep that in mind. You need to be conscious of keeping your credit score high. One way to do that is to avoid closing multiple bank accounts and credits cards simultaneously. Your funds can still be helpful even when you are abroad, and they also serve as proof of your good credit score and financial health.
Close your bank accounts over an extended period if you have multiple accounts and credit cards, so your credit rating is not affected.
Your Bank Should Know About Your Plans
Your bank should be one of the first people to know about the move. Not telling them can result in a close/freeze of your account, and you will not be able to make withdrawals or transfers overseas. If your bank requires you to have an address within the country, you may be able to change it to a trusted relative’s address. You should also register for online banking or download the bank’s app to receive relevant notifications about your account or service.
Get Your Documents in Order
International relocation isn’t only about getting into a country. Still, you’ll need to go through many immigration processes to get settled in your new home. Know that there’ll be many papers to sign and forms to fill out to get set up for your new life.
These forms will legalize you as a citizen so you can be eligible for healthcare and be able to apply for schools, jobs, etc. Some schools or employers will want you to present official proof of your citizenship status before giving you access to their facilities. Without the proper documentation, you could face delays, extra expenses, and unnecessary stress.
Just some of the documentation that you may require includes:
- Birth certificate
- Change of name certificate
- School, college, and university certificates
- Past payslips and bank account statements
- Medical records
It is not wise to be without insurance, especially in a foreign country. Getting the proper health, life, and home and contents insurance can save your life or at least make your stay comfortable. Also, insurance gives you a sense of protection should the worse happen. Before buying insurance, compare the prices of the various insurance deals or offers so you can make the best choice.
Check the details of each policy very carefully to make sure that you are not over or underinsured. Find out the mandatory insurance requirements in your new home country, so you are not caught on the wrong side of the law. For example, health insurance, car insurance, etc.
*Photos by Karolina Grabowska