If you are planning on moving abroad then it is sure to be an exciting but nerve-racking period in your life. One big risk at this time is that with so many issues to sort out you might end up neglecting your finances.
Keep your home bank account open
One of the big mistakes I made was closing my UK bank account when I left there. I never really gave it too much thought but kind of assumed that I wouldn’t ever need it again.
When I started working on the internet in my new country I realized that I could open a bank account but not a PayPal account. Well, I could open a PayPal account over here but it can’t be linked to local account, so I couldn’t really do anything with the money.
You just never know when your bank account from back home might come in handy later on, even if you can’t see any reason for keeping it right now.
Move your money smartly
Moving your money from one country to another can be a costly business. If you don’t really have a lot to transfer to your new country then it might not seem like a big deal but what if you plan to move over cash to buy a house or set up a business?
In this case, sending straight bank to bank transfers can see a fair bit of the money eaten up in commission charges. Thankfully, there are some specialist foreign transfer services that let you send your money from an account in one country to another account abroad for little cost. A few examples of the type of company you could use are XE, Xoom and Moneycorp.
Get a bank account when you arrive
It might be easy enough to use cash or your card from home when you first arrive but it is a good idea to get your new bank account set up as quickly as possible.
Depending upon where you are going this might be fairly difficult and time-consuming to do. However, it could be that you need a bank account urgently for one reason or another later on. This also applies to other important financial products such as insurance policies.
It’s also worth remembering that your credit score and history might not transfer over to your new country so you may be starting from scratch in that area too, so the quicker you can find out where you stand in this respect the better.
Get used to the local currency
When you first move to a new country it can be good fun to convert the cost of everything into the currency you are used to spending, especially if you have moved somewhere cheaper. However, if you do this for too long then it could mean that you pay too much for some things.
It is far better to try and settle in to using the local currency as soon as you can. If you are going to be living here for the rest of your life then you will want to get used to the real cost of living as soon as possible.
Learn the language and embrace the culture
One of the most fascinating aspects of moving abroad is that you will be learning about a new culture. Even if you don’t need to learn a new language you will still find plenty to keep you occupied in your early days there.
One mistake that a lot of people make is that of carrying on like they did back home. If you do this then as well as missing out on some of the best things the country has to offer you could also lose out financially.
Not being able to communicate well in the local language could mean that you get the wrong sort of bank account, pay too much at the market or otherwise lose out financially. Getting to grips with the culture will probably let you find cheap and fun things to do, and there are sure to be some local traditions you can enjoy without spending much money.
Would you like to move abroad?
Post contribution: Today’s post was written by Adam who runs the UK based personal finance blog Money Bulldog.
Are You New To Canadian Budget Binder?
- Follow Me on Social Media such as Facebook, Twitter, Pinterest and Google Plus!
- Don’t forget to Subscribe to the blog so you get my daily email.
- If you need to get in touch with me the best way is on Facebook.
- Get every recipe from Canadian Budget Binder> Check out my new Free Recipe Index
- If you like FREE then click this link for my FREE Excel Budget Spreadsheet and all my Free Money Saving Lists!
- Check out my new Ultimate Grocery Shopping Guide
- Emigrating to Canada: Should I rent out my house? (www.canadianbudgetbinder.com)
- New e-passport is around the corner for Canadians (www.canadianbudgetbinder.com)
- Top 5 things I love about Canada (www.canadianbudgetbinder.com)
Photo Credit: Freedigitalphotos.net/bigjom