International accounts for people living or working abroad

Thursday, 10 March 2011 10:56

If you are planning to live or work abroad you will have plenty of things to think about, one of the most important of which will be sorting out your international banking arrangements.

Learning to adapt to a new climate, language, culture and work environment can all prove to be a real test when you relocate to a different country, but there is no reason for your personal banking to add to your worries.

Opening an international account before you move can help to smooth the transition to your new life abroad, as it will help to address issues such as where to pay your salary into and transferring funds between currencies.

A good international account will allow you to manage your personal finances in the currency of your choice.

That should mean you can have your salary paid in the local currency, rather than having to exchange it from sterling and pay fees before being able to spend it.

It will also allow you to withdraw money from ATMs and arrange to pay bills in the local currency, again potentially helping you to avoid overpriced foreign exchange charges.

International accounts from reputable banks are also likely to come with a debit card that is part of a global network, making it easy for you to make purchases in your new home town.

Although your day-to-day banking will need to be in your local currency, you are unlikely to completely sever financial ties with the UK when you take up a new job in another country or retire abroad.

You will still need the ability to receive money from and transfer it to the UK, particularly if you have a mortgage or investments back home.

While it is possible to arrange this on an ad hoc basis every time you want to send money to family members or transfer funds from your savings in the UK, you will find the process to be much easier if you have a good international account.

Using a reputable bank will ensure that international money transfers are simple, whether you want to make one-off payments or set up standing orders to send or receive funds.

When choosing a bank account in the UK you probably look for one which will allow you to manage your finances in a variety of ways.

The issue of accessing your money is even more important when selecting international accounts, as you will want to be sure you do not encounter any problems with the language barrier.

Try to find an account which has internet banking, along with English language telephone support around the clock so that you can discuss and solve problems at your convenience.

While you are living abroad, you may want to consider using other international personal banking services.

As well as helping to set up foreign currency accounts before you move and to manage your day-to-day banking needs while overseas, an international banking service can also provide you with a range of other personal finance products and you get the benefit of dealing with a company that understands the needs of expatriate customers or those with an international lifestyle.

Whether you plan to invest in property in the country you work in or have retired to, or want to investigate the potential of offshore savings accounts and investments, your bank should be able to help.

Sorting out your banking arrangements will be one of the most important decisions you take when moving abroad, so make sure you do plenty of research before deciding which international accounts and services to choose.



blog comments powered by Disqus

Finance articles

View More Articles

Related stories

Student Finances: The top five student bank accounts for 2013

Managing your money as a student helps reduce your student debts

A-level results arrived this week and thousands of students are set to start university next month. Find out what are the best student bank accounts and how to manage your money.

Barclays’ CEO says restoring trust could take 10 years

Barclays was one of the first banks to be implicated in this year's trading scandal.

Antony Jenkins, CEO of Barclays, has announced that he expects it could be up to ten years before public trust is be restored in the bank.

A guide to the 7-day current account switching service

The switching process has become easier

This week has seen the biggest shake-up in current account banking for years with the introduction of a new 7-day current account switching guarantee that should lead to millions of people switching bank accounts.

Forward Guidance: How will it affect savers and investors?

Mark Carney, the new Governor of the Bank of England

Pete Comley, author of 'The Plan To Deal With The Debts' gives his insight into the new central bank policy of forward guidance on interest rates and what it means for your money.

RBS admits decades of underinvestment cause of IT problems

Some RBS group customers were unable to complete debit card transactions yesterday

An IT issue left millions of shoppers unable to pay for items with their credit or debit on the biggest online shopping day of the year and RBS & NatWest branches open early to resolve problems.

Parents give their children £44 billion in support every year

Parents give their children £44 billion in support every year

Adult children across the UK have £44 billion handed to them by their parents every year

Inflation falls to Bank target for first time in 4 years

Inflation fell to a four-year low in December 2013

The consumer prices index fell to 2.0 per cent in December, the first time it has reached the Bank of England target since November 2009.

Zero-hour contracts workers get work/life balance right

Zero-hour workers more likely to be happy

New research has found that workers in the UK who are on zero-hour contracts are more likely to be happy with their work-life balance.

Newsletter sign up


In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: