Tips on handling your finances when moving abroad

More and more UK citizens are choosing to relocate abroad upon retirement or to live and work. Many move to the USA, Australia and European countries, amongst others. Whether the move is for work or personal reasons, making the decision to move overseas is daunting and exciting. One thing that you will definitely need to do if you make that decision is to have your finances in order to make it work. By looking after your money when moving abroad, you will be able to live your new life to the full and really enjoy it.

If you are a little stuck on how to handle your money and protect it when moving, then don’t worry. Our handy tips below will mean you can make your finances work for you, wherever you are in the world.

Set up a local bank account

Perhaps the first and best thing you can do when moving abroad is to open up a local bank account. Doing so will make it much easier to handle your finances when living overseas, compared to having to make all your transactions through a UK account. Indeed, many countries will insist you have a valid local bank account if you intend to stay for a protracted period. Once opened, an account will make it simpler to get paid for any work and also help you pay bills and make transactions with less hassle. It is also a handy way of verifying your status and ID if required at any point.

Use online money transfer services

When abroad, it is often necessary to send money back home or to receive money. This could be receiving a regular pension payment or needing to send money back home to a family member for a special occasion. While you could let the banks handle it, it is better if you use an online money transfer services. These generally have much lower fees and also better exchange rates – they are also fast and secure. If you were living in Australia for a while, then finding the best rates for Australian transfers in this way is certainly advised. That is also true for anywhere else in the world.

Set a budget

This is actually just a great tip for looking after your finances in general but is certainly worthwhile when you move abroad. If the cost of living is higher, then you will definitely need to create a budget and stick to it! Even if that is not the case, it is sensible to set a realistic budget. This will mean you have less financial stress in your new life abroad and can simply enjoy your new home.

Make your finances work for you

Moving abroad is a massive step and something that you need to prepare for carefully. A major part is making sure you have your finances in order and taking positive steps to look after your money whilst you are living there. Financing your new life should be near the top of your agenda when planning a move to live abroad.

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